HSBC’s 10% cashback card comes in a Visa and a RuPay/UPI version. The headline basket — 10% on dining, food delivery and groceries — is the same; the fee, the cap and lounge access differ.
In-depth review
HSBC RuPay Cashback Credit Card
The UPI-linked sibling of HSBC Live+ — 10% on dining, food delivery and groceries, payable straight from PhonePe, GPay or Paytm, plus up to 10 lounge visits a year that Live+ does not offer. The constraint is a ₹400 combined monthly cashback ceiling: about ₹4,000 of accelerated spend exhausts it, after which you are holding a 1% card.
Read the full review →Key features
What this card is built to do — the highlights that actually matter.
10% cashback at Swiggy, Zomato, restaurant dining
10% on dining and food delivery — ₹400 is the combined monthly ceiling across the 10% and 1% categories
10% cashback at BigBasket, Blinkit, Zepto, Swiggy Instamart
10% on groceries — ₹400 is the combined monthly ceiling across the 10% and 1% categories
Airport Lounge Access
Complimentary: 8 domestic airport lounge visits a year (2 a quarter) and 2 international
Annual Fee Waiver
Fee of ₹499 + 18% GST (₹589 all-in)/yr fully waived when you spend ₹2,00,000/year
UPI Linked
Pay UPI QR codes from your credit line. What UPI payments earn can depend on the app you pay through, so check the rewards details.
✈️ TRAVEL BENEFITS
Lounge access, miles, forex rates and travel perks at a glance.
AIRPORT LOUNGE ACCESS
8 visits/yr
Domestic lounges
✓
International lounges
₹6,000
Estimated annual value
3.5%
Forex markup
- Domestic + international airport lounge access (8 domestic visits/yr, worth ~₹6,000)
🍽️ FOOD & DINING BENEFITS
Dining rewards, food delivery cashback and partner benefits.
10.0%
Dining cashback rate
PARTNER PLATFORMS
- 10% cashback on dining and food delivery
- Accelerated earn on: Swiggy, Zomato, restaurant dining
💰 CASHBACK STRUCTURE
How much you earn back on each type of spend — no points math required.
10.0%
dining cashback
1.0%
Base rate (all other spends)
₹400
Monthly cap (accelerated)
- 10% cashback on dining
- 1.0% on all other spends — no restrictions
- Accelerated cashback capped at ₹400/month
UPI-first users who want credit-card cashback on PhonePe/GPay/Paytm spends and a couple of lounge visits without paying for the pricier Live+. If your dining + delivery + grocery basket is moderate (≈₹4,000/month earns the ₹400 cap) this returns the cap every month.
Full reward structure
What you earn on every rupee, per spend category — as of 11 Oct 2026.
| Category | Type | Rate | Monthly cap |
|---|---|---|---|
| Diningonly at Swiggy, Zomato, restaurant dining | cashback | 10% | ₹400one cap shared with Groceries, Other |
| Groceriesonly at BigBasket, Blinkit, Zepto, Swiggy Instamart | cashback | 10% | ₹400one cap shared with Dining, Other |
| Other | cashback | 1% | ₹400one cap shared with Dining, Groceries |
Dining: 10% on dining and food delivery — ₹400 is the combined monthly ceiling across the 10% and 1% categories · Swiggy, Zomato, restaurant dining
Groceries: 10% on groceries — ₹400 is the combined monthly ceiling across the 10% and 1% categories · BigBasket, Blinkit, Zepto, Swiggy Instamart
Other: 1% cashback on all other spends — ₹400 is the combined monthly ceiling across the 10% and 1% categories
Earns nothing on: Fuel · Wallet Loads · Rent · Insurance · Education · Government & Tax · EMI Conversions · Cash Advances · Online Gaming · Tolls & Road Fees · Jewellery · Charity · Brokers
These spends earn no rewards at all — not a reduced rate, and not the base rate. They are also normally left out of any milestone or fee-waiver calculation.
Fees & charges
The numbers that matter beyond rewards — verify on the issuer site before applying. Fees below are shown inclusive of 18% GST, as of 11 Oct 2026.
| Charge | Amount |
|---|---|
| Annual fee (incl. 18% GST) | ₹589 |
| Joining fee (incl. 18% GST) | ₹589 |
| Finance charge (APR) | 3.75% p.m. |
| Forex markup | 3.5% |
Perks & benefits
Estimated annual value beyond rewards — ~₹6,000/yr in total.
Up to 10 lounge visits a year — 2 domestic per quarter (8/yr) plus 2 international per year, per the product page (Aug 2026); the Feb-2026 service guide states only 4 visits (one per quarter), so confirm your entitlement with HSBC before relying on it
Should you get it?
- Best for: UPI-first spender who pays everything via PhonePe/GPay, Moderate quick-commerce + dining basket (~₹4,000/month), Wants occasional lounge access on a cheap card, Existing HSBC customer wanting a RuPay/UPI card
- Mid tier — a solid all-rounder for steady monthly spend.
- Strongest value if you spend heavily on everyday spends (1% back; 10% only at Swiggy, Zomato, restaurant dining).
- Frequent travellers benefit from the included airport lounge access.
Pros & cons
✓ Pros
- UPI-linked — pay from PhonePe/GPay/Paytm and still earn cashback
- 10% on dining, food delivery and groceries, at half the Live+ fee
- Up to 10 airport lounge visits a year, which the Visa Live+ does not offer
- Lower ₹499 fee, waived at ₹2 lakh annual spend
✕ Cons
- ₹400/month combined cashback cap is low — about ₹4,000 of accelerated spend exhausts it
- 1% base rate trails the 1.5% on the Visa Live+
- 3.5% standing forex markup, which makes it a poor everyday card abroad
- HSBC has fewer ATMs and branches than major Indian banks — limited in-person support
Eligibility & documents
This is the figure for salaried applicants. Where HSBC sets a separate one for the self-employed, its own eligibility page gives it.
Documents required
- 📄PAN card
- 📄Aadhaar / valid address proof
- 📄Latest 3 months bank statement
- 📄Income proof — salary slips (salaried) or ITR (self-employed)
- 📄Recent passport-size photograph
How to redeem rewards
Ways to convert what you earn into real value.
- 🎁Statement credit / cashback adjustment (auto-credited)
- 🎁UPI transactions earn cashback like card swipes
What your Cashback are worth
Realistic value per point by redemption route — the difference is what most people leave on the table.
Direct cash adjustment — no conversion
The combined cashback cap is just ₹400/month — roughly ₹4,000 of accelerated spend exhausts it, after which you are on a 1% card. Heavier spenders are better served by Live+'s ₹1,200 cap.
Frequently asked questions
Can I link it to UPI?
What is the cashback cap?
How is it different from HSBC Live+?
Is there lounge access?
What is the annual fee waiver?
How has the HSBC RuPay Cashback Credit Card changed over time?
The bottom line
A neat UPI/RuPay cashback card: 10% on dining, delivery and groceries, you can pay from any UPI app, and you get lounge access Live+ lacks. Just size it right — the ₹400 monthly cap and 1% base make it a lighter card than the ₹999 Live+, which still wins for heavy quick-commerce spenders. For UPI convenience plus a few lounges at ₹499, it earns its place.
How this page was built
Counted from this card’s own record: 3 earn rules, 3 of them capped, 2 paid only at named merchants, the spends listed as earning nothing and 1 recorded perk. The renewal fee is conditional — it is waived on a published spend target, so the fee you pay depends on what you spend.
Last updated 11 Oct 2026.
Sources & verification
Fees, reward rates, and benefits for the HSBC RuPay Cashback Credit Card are taken from HSBC's official Most Important Terms & Conditions (MITC) and fee schedule — see the card's official page. Last updated 11 Oct 2026. Reviewed by Devchandra Sah. Always confirm current details on the issuer's site before applying. How we research →
Independence. CardAdvisor is an independent editorial publication. We are not affiliated with, endorsed by, sponsored by, or authorised to act for HSBC. All issuer names, product names, and payment-network marks are the property of their respective owners and appear here for identification and comparison only. Card faces shown on this site are our own original illustrations — we do not display or host issuer card artwork or logos.
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Guides and reviews related to this card.
HSBC RuPay Cashback Credit Card
The UPI-linked sibling of HSBC Live+ — 10% on dining, food delivery and groceries, payable straight from PhonePe, GPay or Paytm, plus up to 10 lounge visits a year that Live+ does not offer. The constraint is a ₹400 combined monthly cashback ceiling: about ₹4,000 of accelerated spend exhausts it, after which you are holding a 1% card.
Best RuPay (UPI) Credit Cards in India (2026): What Actually Earns on UPI
RuPay credit cards let you pay by UPI and earn rewards — but the earn rate on a UPI-QR scan is rarely the headline rate. Here's an honest map of the best RuPay/UPI cards in 2026, the UPI earn trap to avoid, and when the RuPay version of a card beats its Visa twin.
HSBC RuPay Platinum Credit Card
Lifetime free, links to any UPI app, and runs on JCB for acceptance in 160+ countries. The base rate is forgettable at about 0.33% cashed out — the reason to hold it is the fuel surcharge waiver worth up to ₹3,000 a year plus rotating partner discounts, all at zero cost forever. No lounge access, and 3.5% forex rules it out for travel.
Value timeline
Every real-world change to this card's rewards, fees and benefits we've tracked — newest first, each linked to its source.
Tracking since 2025 · last change Jul 2025
2025
- ◆ LaunchEffective Jul 2025
HSBC launches its first RuPay cashback card
HSBC India introduced the RuPay Cashback Credit Card alongside a RuPay Platinum card — its first cards on the domestic RuPay network and among the first from a foreign bank in India. The UPI-linkable ₹499 card launched with 10% cashback on dining, food delivery and groceries (₹400/month combined cap), 1% on everything else, up to 10 airport lounge visits a year, and a 0% forex-markup promo. It can be linked to HSBC SimplyPay or any third-party UPI app.
Verification: CardAdvisor Research · Confidence: Reconstructed
Each change links to the issuer's own document — bank T&C, MITC, notice, press release or product page — where one is public. Where the bank published nothing, it's marked CardAdvisor Research and verified against the card's current terms. Independent of the live terms shown above. This timeline is one card's slice of our market-wide change record across every tracked card.
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