The HSBC Premier Metal Credit Card, known for its premium benefits and unrestricted reward categories, is set to undergo significant changes starting April 1, 2025. Previously offering a 3% reward rate with no exclusions, the card will now impose several restrictions on earning reward points, making it less attractive for high-value customers.
Key Changes to HSBC Premier Credit Card Rewards
The bank has revised its reward structure, and the following categories will no longer earn reward points from April 1, 2025:
- Bail & Bond Payments (9223)
- Education & Government Payments (9399, 8299, 8220, 8211, 8241, 8244, 8249, 9222, 9402, 9211, 9405)
- E-wallet Transactions (6540)
- Financial Institutions (6011, 6012, 6010)
- Fuel Purchases (5541, 5983, 5172, 5542, 5552)
- Jewelry Purchases (5944, 5094)
- Money Transfers (4829)
- Non-Financial Institutions (6051)
- Real Estate Transactions (6513)
- Tax Payments (9311)
Partial Reward Restrictions on Insurance and Utilities
Cardholders can still earn points on insurance (6300, 5960) and utility bill payments (4900), but only up to a maximum combined spend of ₹1 lakh per month. Any spending beyond this limit will not earn rewards.
HSBC Premier Rewards Platform Revamp
Alongside these restrictions, HSBC has announced a revamp of its rewards platform, bringing enhancements such as:
- Instant redemption of rewards
- Integration of 20+ airline and hotel transfer partners
- Expanded rewards catalogue
- Simplified tracking and redemption via the HSBC India Mobile Banking app
To facilitate this transition, reward redemptions will be temporarily unavailable from March 15, 2025, to March 31, 2025. After this period, all redemptions will be exclusively accessible via the HSBC India Mobile Banking app, eliminating options like HSBC PhoneBanking, Online Banking, and the HSBC website.
Is the HSBC Premier Credit Card Still Worth It?
To qualify for this card, customers must maintain a Total Relationship Balance (TRB) of ₹40 lakh or have a corporate salary account with a monthly salary credit of ₹3 lakh or more. However, with the removal of reward earnings on jewelry, e-wallets, and other key categories, the value proposition of this card has weakened.
Despite maintaining a strong banking relationship, Premier customers may now find better reward-earning opportunities with other banks. The upcoming changes significantly reduce the benefits that once made this card stand out in the premium segment.
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