The verdict
A standout daily driver card in the RuPay segment. The combination of merchant UPI scan-and-pay cashback with an exceptional 0% forex markup makes it one of the best affordable cards for young professionals and global digital shoppers.
Spending ₹10,000/month on UPI merchant payments earns ₹200/month in cashback (₹2,400/year). Spending ₹30,000/year overseas saves ₹1,050 in forex markup fees (0% vs standard 3.5%). Adding ₹1,200 annual dining savings and fee waiver on ₹2L spend delivers over ₹4,650 in net annual digital value against a modest ₹499 fee.
Spenders looking for airport lounge access or high accelerated cashback on grocery delivery should consider HSBC Live+ or SBI Cashback instead.
✓What works
- +Zero (0%) foreign exchange markup on all international online transactions and overseas POS swipes.
- +Seamless RuPay UPI QR Scan & Pay integration with Google Pay, PhonePe, Paytm, and BHIM.
- +Earn up to ₹400 cashback every month across online and in-store merchant spending.
- +Up to 15% dining discounts at partner restaurants in top metro cities across India.
- +100% annual renewal fee waiver upon spending ₹2,00,000 in a card anniversary year.
- +1% fuel surcharge waiver on transactions between ₹400 and ₹4,000.
✕What doesn't
- −₹499 + GST joining and annual renewal fee.
- −Monthly cashback is capped at ₹400 per billing cycle.
- −No complimentary airport or railway lounge access included.
What it earns
Cashback is directly credited to your monthly credit card statement, reducing outstanding balance.
| Category | Rate | Monthly Cap | Per ₹1L spent |
|---|---|---|---|
| UPI Merchant QR Scan & Pay Purchases | 1.5% to 2.0% Cashback | ₹400 / month | ₹1,500 to ₹2,000 Cashback |
| Online & Offline Retail Spends | 1.0% Cashback | ₹400 / month | ₹1,000 Cashback |
| International Foreign Currency Spends (0% Forex) | 1.0% Cashback + Zero Forex Fee | ₹400 / month | ₹1,000 Cashback |
| Fuel Purchases | 0% | Excluded | 0 Points |
Accelerated earn
UPI Cashback + 0% Forex Markup
Earn monthly cashback on UPI and enjoy 0% forex markup on international spends.
| Category / Channel | Multiplier Rate | Monthly Cap | Cap / Condition |
|---|---|---|---|
| UPI Merchant QR TransactionsMerchant QR scan payments made via linked UPI applications. | — · Up to 2.0% | ₹400 monthly total | — |
| International TransactionsZero foreign currency markup fees on overseas online shopping and POS swipes. | — · 0% Forex Markup | Uncapped | — |
Redemption options
Cashback is automatically credited to your card statement every billing cycle without manual redemption.
| Redemption Channel | Value Per Point | Minimum | Ceiling / Limits | Fee |
|---|---|---|---|---|
| Statement Cash CreditBEST VALUE | ₹1.00 / ₹1.00 Cashback | Nil | None | Nil |
Reward Scope: Inclusions & Exclusions
✓Eligible Spends (Inclusions)
- +Merchant UPI payments on Google Pay, PhonePe, Paytm, and BHIM.
- +International online subscriptions and foreign POS purchases.
- +Dining discounts and 1% fuel surcharge waiver.
✕Excluded Spends & Fee Traps
- −Peer-to-peer (P2P) UPI money transfers.
- −ATM cash withdrawals and digital wallet loads.
Fee Schedule & Waiver Criteria
| Fee Component | Amount / Rate |
|---|---|
| Joining Fee | ₹499 + GST |
| Annual Renewal Fee | ₹499 + GST (Waived on ₹2,00,000 annual spend) |
| Finance Charges (Interest Rate) | 3.75% per month (45.0% per annum) |
| Foreign Currency Markup | 0.00% (Zero Forex Markup) |
| Fuel Surcharge Waiver | 1% waiver on ₹400 to ₹4,000 transactions (Max ₹250/month) |
Eligibility & Approval Criteria
| Criteria | Requirement |
|---|---|
| Age Requirement | 18 to 65 years |
| Minimum Monthly Net Income | ₹25,000+ per month (Salaried) or ₹4L+ ITR (Self-Employed) |
| Credit Score (CIBIL) | 720+ recommended for smooth approval |
Frequently Asked Questions
Does HSBC RuPay Cashback Credit Card offer airport lounge access?
What are the MITC charges, annual fees, and interest rates for HSBC RuPay Cashback Credit Card?
What is the reward rate and point redemption value on HSBC RuPay Cashback Credit Card?
Which transactions are excluded from earning rewards on HSBC RuPay Cashback Credit Card?
Who is HSBC RuPay Cashback Credit Card best suited for in 2026?
Editorial Deep-Dive Analysis
Comprehensive Overview: HSBC RuPay Cashback Credit Card
The HSBC RuPay Cashback Credit Card is a versatile digital payment credit card designed to bring the security and prestige of international banking to everyday Indian UPI merchant transactions. Carrying an accessible joining and annual renewal fee of ₹499 + GST—which is 100% waived upon achieving ₹2,00,000 in annual card spending—the card provides exceptional financial utility for young professionals and digital-first spenders.
The primary highlights of this card are its 0% foreign exchange markup fee (Zero Forex Markup) and seamless RuPay credit-on-UPI integration. Cardmembers can link the card directly to Google Pay, PhonePe, Paytm, or BHIM to scan and pay at local grocery stores, supermarkets, and restaurants, earning up to ₹400 in direct monthly statement cashback (up to ₹4,800 annually). When combined with zero currency conversion fees on overseas websites and dining discounts of up to 15% at partner restaurants, it stands as an unbeatable everyday cash reward companion.
Key Privileges and Practical Everyday Benefits
- 0% Foreign Currency Markup: Enjoy a true zero forex markup fee on overseas e-commerce websites, global subscriptions, and international POS payments, saving 3.50% vs standard bank cards.
- RuPay UPI Merchant Payments: Link to popular UPI applications to scan QR codes and make instant payments directly charged to your credit line.
- Up to ₹400 Monthly Statement Cashback: Earn up to ₹400 in direct monthly statement credits on eligible merchant UPI and retail purchases without complex point conversions.
- Partner Dining Savings: Enjoy up to 15% discounts at curated partner restaurants and cafes across major metropolitan cities.
- Annual Fee Waiver at ₹2,00,000 Spend: 100% waiver of the ₹499 annual renewal fee upon reaching ₹2,00,000 in cumulative annual retail spending.
Important Terms and Spend Conditions to Keep in Mind
- Monthly ₹400 Cashback Cap: The monthly cashback on UPI and retail spending is strictly capped at ₹400 per billing cycle.
- Airport Lounge Access Excluded: The card does not include complimentary domestic or international airport lounge access.
- Excluded Spend Categories: Peer-to-peer (P2P) UPI money transfers, digital wallet reloads, and ATM cash withdrawals do not earn cashback.
- Fuel Surcharge Terms: 1% fuel surcharge waiver applies on transactions between ₹400 and ₹4,000 (capped at ₹250/month), while fuel spends do not earn cashback.
- Automatic Statement Adjustment: Earned cashback is credited automatically to your monthly credit card statement, eliminating voucher fees.
Who Benefits Most
- Daily UPI QR Spenders: Consumers who prefer paying via UPI for groceries, dining, and retail purchases while earning monthly cashback.
- International Online Shoppers: Users who frequently pay for foreign software subscriptions, courses, or overseas e-commerce orders and want 0% forex markup.
- Young Salaried Professionals: First-time cardholders looking for low annual fees, easy annual spend waiver hurdles, and hassle-free statement credits.
- HSBC India — HSBC RuPay Cashback Credit Card official schedule of charges and MITC
- RuPay & HSBC Merchant UPI Partnership — 0% forex markup, monthly cashback & fee waiver terms
Independent Editorial & Statutory Disclaimers
Institutional Transparency & Nominative Fair Use Statement
CredSutra operates as an independent credit card discovery and consumer intelligence engine. CredSutra is NOT a bank, Non-Banking Financial Company (NBFC), Direct Selling Agent (DSA), or Lending Service Provider (LSP).