Credit Cards from HSBC Bank has been designed to complement the lifestyle requirements of the users. The product extends an array of offers ranging from shopping, travel, entertainment, dining and so on. Apart from the use of the card for domestic purpose, it has an option of setting up for international usage facility.
HSBC stands for Hongkong and Shanghai Banking Corporation.The bank’s name HSBC is derived from the initials of the Hongkong and Shanghai Banking Corporation. It is a British multinational banking and financial services holding company which has its origin to a hong in Hongkong.
It is one of the seventh largest bank in terms of total assets in the world and the largest in Europe with total assets amounting to US$2.374 trillion as of December 2016.
The bank was established in the year 1991 in London by The Hongkong and Shanghai Banking Corporation to act as a new group holding company. HSBC was first incorporated in the year 1866.
It has around 3,900 offices spread across 67 countries around the globe. HSBC’s four business groups include Commercial Banking, Global Banking and Markets (investment banking), Retail Banking and Wealth Management and Global Private Banking.
The following are the features of HSBC Credit Card:
• Digital Platform – The cardholders of the HSBC bank are entitled to access the money easily round the clock without facing any hurdles. One has to simply log in to the account through HSBC’s Personal Interest Banking or HSBC Mobile Banking and make secure transactions any time, anywhere.
• Fast Access – Account holder of the bank as HSBC Advance customer can do day-to-day banking any time of the day be in day or night and can enjoy higher cash transaction limits across the globe without facing any kind of hindrance.
• Loan on Phone – HSBC Credit cards provide a unique opportunity to the account holders, wherein the cardholder can pay for the purchases through a new feature known as Loan on Phone feature. The cardholder can conveniently pay for the purchases through the card in easy monthly installments. The cardholder has to call HSBC PhoneBanking within a period of 50 days from the date of purchase to convert the purchase loan.
• Cash on EMI – This facility from HSBC offers the credit cardholders to avail cash advance facility and the same can be repaid in Equated Monthly Installments (EMI). The tenure for the repayment of the loan can be chosen by the customer ranging from 6 to 36 months.
Aspiring customers can visit the official website of HSBC Bank at http://www.hsbc.co.in/1/2/homepage# and click on the Credit Card option on the home page of the bank’s web portal.
Now the customer can go through the list of available cards under the credit cards section to understand the features, benefits, fees, eligibility criteria and so on before zeroing on the best credit card suitable for the individual as per the requirements.
After selecting the desired card as per the requirement now click on the Apply Now button which is present against each credit card in the web portal of HSBC Bank. This will take to the individual credit card page which shows a tip which suggests that the aspiring customer need to have Aadhaar Card and PAN card number available at the time of applying for the respective card.
Moving on the customer has to fill in the PAN and Aadhar details under the personal details section to progress further. The customer has to fill in the employment details and move on the review those details to cross-check that the provided details are correct and need not require any changes.
The customer will be asked to fill in the additional details before proceeding to the last step of consent and submitting the duly filled in online form to HSBC Bank for securing the desired credit card.
Once the details are filled in, the bank will check whether the candidate is eligible to avail the credit card for which they have applied for. Based on the eligibility of the customer, they may or may not receive the credit card, it will be on the discretion of the HSBC Bank to decide if a customer has to be given Credit Card or not.
The individuals can apply for credit card with HSBC Bank via offline by visiting the nearest branch of HSBC Bank. The applicants have to fill in the application form provided by the bank executives to secure a credit card and have to submit the required documents as mentioned in the application. If they meet the eligibility criteria, then the bank will provide the credit card to the customer. The decision to provide the credit card to a customer is solely based on the bank's discretion.
Customers can also procure credit card by placing a call to the Customer Care of HSBC Bank at 1860-266-2667 which is operational 24X7.
An individual should satisfy the below-mentioned criteria to secure a Credit Card with HSBC
• Should be a resident of India.
• Should have attained at least 21 years at the time of applying for the credit card.
• Income requirements of the cardholder differ from one credit card to another.
• Should have a clean credit record.
The following mentioned documents are required
• Completed Credit Card application form
• Latest Credit card statement for an employee of other credit cardholders
• Form 60
• Recent color photograph
Anyone of the following self-attested copy for income proof
For Salaried Employees/ MNC Corporates:
• Latest payslips for 3 months and Bank statements reflecting salary credit.
• Latest Income Tax Returns
• Form 16
For Self Employed
• Latest Income Tax Returns
Anyone of the following self-attested copy for identity proof for both salaried and self-employed individuals:
• Government employee ID Card
• Election / Voters Identity Card
• Driving License
• PAN Card
Once the bank receives the completed application form with all the required documents, then the application will be processed within a period of two weeks. The applicant will receive the desired credit card within 7 days once the application is approved. The bank will send in the timely alerts on the status of credit card application via SMS to the mobile number as mentioned in the application form.
The following is the steps that the cardholder has to follow in order to register for e-statements.
Step 1: Log into HSBC’s Internet Banking.
Step 2: Set up a one-time request by clicking on the ‘Request e-statements/e-Advice’ option on the main menu.
Step 3: The bank will send a secure mail and an SMS alert informing the cardholder when the e-statement is ready.
Q: How many days does it take to receive an HSBC Credit Card?
A: If you are applied for HSBC credit card along with all the required documents, your application will be processed within two weeks. You will receive your new credit card in 7 working days, once your application is approved. The Bank will send you timely alerts on the credit card application status by way of an SMS on your registered mobile number stated on your application form.
Q: What are the different types of credits cards available in HSBC?
A: HSBC offers 4 credit cards to its customers each of which is carefully designed to suit their needs and wants. They are as follows:-
1. HSBC Visa Platinum Card
2. HSBC Smart Value Card
3. HSBC Premier MasterCard
4. HSBC Advance Visa Platinum Card
Q: Are there any extra charges if I use my HSBC credit card overseas?
A: Your HSBC cards are internationally valid cards and there is no extra charge for usage at the Point of Sale. You will be charged a transaction fee for cash withdrawal of ₹100 at overseas ATMs.
Q: How can I change my credit card PIN?
A: You can request a new PIN in any of the following ways:
· Call our Phone Banking numbers
· Send a secured message after logging into Internet Banking
· Visit the branch to place the request
The ATM PIN will be dispatched to your mailing address within 7 working days of placing the request.
Q: How does Balance transfer on EMI benefit me?
A: This feature allows you to transfer other bank credit card outstanding dues for repayment at lower interest rates, hence, saving your interest costs that may have been applicable on the other card, in case of part payment.
Q: What is the rate of interest that is charged for the Balance Transfer facility in HSBC?
A: The interest rate chargeable depends on the type of credit card you hold and the plan you choose. The interest rate range ranges between 15% p.a. to 19.8% p.a. There is also a one-time processing fee ranging from 1% to 2%. For more details, you can call customer care from your registered mobile number.
Q: What is Cash-on-EMI?
A: The Cash-on-EMI facility allows the Cardholder to avail the cash advance facility on his/her HSBC Credit Card without any documentation and also save your interest costs and repay the same in Equated Monthly Instalments (EMIs). The minimum amount eligible for the Cash-on-EMI facility will be ₹5,000 subject to eligibility.
Q: What is Loan on Phone (L.O.P)?
A: Loan on Phone (L.O.P.) is a facility through which the cardholder can make purchases on the HSBC Credit Card and then convert the purchase amount into instalments. The cardholder can make the purchase at any merchant establishment and post-purchase; get the transaction converted into a L.O.P. within 15 calendar days of the purchase transaction.
Q: What is an instant EMI?
A: Instant EMI facility, is a kind of facility by which the cardholder can convert his/her purchases into equated monthly instalments at the point of sale while purchasing a product at select merchant outlets.
Q: What is the rate of interest that I will be charged for the Instant EMI facility?
A: The interest rates chargeable are as follows:
· 3 months - 12.5% interest
· 6 months - 12.5% interest
· 9 months - 13.5% interest
· 12 months - 13.5% interest
· 18 months - 13.5% interest
· 24 months - 15% interest