HSBC
TravelOne
The HSBC TravelOne is 2026’s breakout travel card, featuring a rare 1:1 transfer ratio to over 20 global airline and hotel partners. While its 3.
Direct link to the issuer's website. Terms apply — verify current offer with the bank.
Data last updated 31 May 2026.
At a Glance
Annual Fee
₹4,999
Joining Fee
₹4,999
Fee Waiver
Spend ₹8,00,000 annually
Lounge Access
See details
Forex Markup
3.5%
Effective Yield
2% – 4.8%
Our Take
The HSBC TravelOne is 2026’s breakout travel card, featuring a rare 1:1 transfer ratio to over 20 global airline and hotel partners. While its 3.5% forex markup is steep, the new complimentary chauffeur-driven airport transfers and a solid 4% reward rate on travel make it a formidable, uncapped alternative for points-pro users fleeing devalued rivals.In a landscape of shrinking benefits, TravelOne stands out by maintaining instant redemptions and a massive partner list including Singapore Airlines and Marriott Bonvoy. An unbiased look reveals its "hidden" strength: unlike the Axis Atlas, it has no restrictive annual transfer caps on premium partners. However, the 50,000 monthly point cap on accelerated earnings and the high forex fee are significant "cons"—though a 0% forex promotional rate (valid through June 2026) offers a temporary reprieve. With 6 domestic and 4 international lounge visits plus a ₹12 lakh milestone bonus, it is the best mid-tier choice for those who value flexibility over brand loyalty.
Pros
- Elite 1:1 Transfer Ecosystem: Offers a 1:1 transfer ratio to 20+ global airline and hotel partners including Singapore Airlines (KrisFlyer), Marriott Bonvoy, and Accor Live Limitless. Unlike Axis, HSBC has not implemented restrictive 'Group A/B' sub-caps, allowing for much larger luxury redemptions.
- Superior 2%–4% Baseline Rewards: Earns 2 Reward Points per ₹100 on general spends (2% value-back) and 4 Reward Points on Travel/Forex (4% value-back). Since 1 RP = 1 Mile, this is currently the highest 'base' mileage earn rate for any card with a sub-₹5,000 fee.
- Premium Chauffeur Perk (2026 Upgrade): In a rare mid-tier move, HSBC added 4 complimentary chauffeur-driven airport transfers per year (1 per quarter) in 2026. This, combined with 6 domestic and 4 international lounge visits, provides a VIP travel experience that rivals many ₹10k+ cards.
- Promotional 0% Forex Markup: As part of a 2026 'travel season' push, HSBC is offering 0% forex markup on all international spends until June 30, 2026. For readers traveling in the first half of the year, this makes it the absolute best card for overseas shopping.
- Lucrative Platform Discounts: Provides a flat 15% instant discount (up to ₹3,000–₹5,000) on platforms like Yatra, EaseMyTrip, and Cleartrip. Unlike reward points which take time to credit, these instant 'up-front' savings provide immediate value for vacation bookings.
Cons
- The Post-June Forex Cliff: Once the 0% promotional period ends on June 30, 2026, the markup reverts to a steep 3.5% + GST. Unless HSBC extends this, the card becomes highly inefficient for international use in the second half of the year.
- High Threshold for Fee Waiver: The annual fee of ₹4,999 + GST is only waived upon reaching ₹8 Lakhs in annual spending. For a mid-tier 'Travel' card, this is a very high bar, effectively turning the card into a paid product for moderate spenders.
- Aggressive Monthly Reward Cap: Accelerated 2X rewards (on travel/forex) are capped at 50,000 Reward Points per month. While high, it limits the card's utility for business owners or ultra-high spenders planning one-off large international bookings.
- Strict Spend Exclusions: As of 2026, the card earns zero reward points on 'mandatory' categories including Insurance, Utilities, Education, Government payments, Wallets, and Fuel. These categories are also excluded from the ₹8 Lakh fee-waiver calculation.
- Geographic Approval Constraints: HSBC remains notoriously selective, generally only approving applications for residents of major Tier 1 cities (Top 12-14 metros). This 'postal-code' rejection policy can be a source of frustration for your broader national audience on CreditGully.
Earning & Redemption
How You Earn
| Category | Reward rate | Yield % | Cap |
|---|---|---|---|
| Travel & Foreign Currency | 4 Reward Points (RP) per ₹100 | 4.00% | 50,000 accelerated RP per month |
| All Other Retail Spends | 2 RP per ₹100 | 2.00% | No Upper Cap |
| HSBC Rewards Marketplace | Up to 12 RP per ₹100 | 12.00% | Varies by Offer; upto 18,000 RP per month |
| Excluded Categories | No Points Earned | 0.0% | — |
Milestone Rewards
| Spend | Benefit | Value | Summary |
|---|---|---|---|
| ₹1 Lakh | Bonus Points3,000 pts | 3,000 Air Miles | Awarded for spending ₹1 Lakh within the first 90 days of card issuance. |
| ₹8 Lakh | Fee Waiver0 pts | ₹4,999 + GST Savings | Annual fee is reversed if the previous year's spend exceeds ₹8 Lakhs. |
| ₹12 Lakh | Bonus Points10,000 pts | 10,000 Air Miles | Ongoing annual bonus for high spenders, effectively increasing the base yield. |
Redemption Value
| Channel | Value per point | Verdict |
|---|---|---|
| Air Miles / Hotel Points (Transfer) | ₹1.00 per RP1:1 Ratio (Most Partners) | Best Value (Partners include Air India, Singapore Air, Marriott, Accor, etc.) |
| Apple Products / Vouchers | ₹0.25 - ₹0.40 per RPVariable | Avoid (Value is significantly lower than travel transfers) |
What You Need to Know
Accelerated Cap Reversion
After hitting 50,000 RP in a month, travel/forex earnings drop from 4 RP to 2 RP.
Impact: Relevant for 'whale' spenders booking business class or long group trips.
Fee Reversal Logic
The ₹4,999 fee is charged on the anniversary and then reversed if the milestone is met.
Impact: Users must ensure liquidity to pay the fee initially before the reversal reflects.
Forex Markup vs. Rewards
The card has a 3.5% forex markup but gives 4% back in miles.
Impact: Effective net gain of ~0.5% on international spends, which is rare for non-premium cards.
Instant Transfer Perk
Unlike Axis or HDFC which can take days, most HSBC transfers are near-instant.
Impact: Excellent for 'last-minute' award seat bookings where availability is volatile.
Essential Fine Print
Reward Exclusions
Excluded Categories: Fuel, Rent, Wallet loading, Insurance, and Government payments do not earn Reward Points.
Welcome Offer
Bonus Reward Points
3,000 Reward Points when you spend ₹1,00,000 in the first 90 days.
Cashback worth 1,000
When you spend ₹10,000 within the first 30 days.
PostCard voucher worth ₹3,000
When you spend ₹10,000 within the first 30 days.
3 months' EazyDiner Prime Membership
When you spend ₹10,000 within the first 30 days.
Lounge Access
Domestic Lounge Access
6 complimentary visits per calendar year to domestic airport lounges in India.
International Lounge Access
4 complimentary visits per calendar year to international lounges.
Travel Benefits
Point Transfer Ratio
Transfer Reward Points to over 15 airline and hotel partners at competitive ratios.
Accelerated Rewards
Earn 4 Reward Points for every ₹100 spent on travel, including airlines and hotels.
Duty-Free Shopping in India
Save up to 20% at select duty free stores in India
15% Discounts on Travel Bookings
Save 15% on domestic and international holiday Bookings at Yatra, EaseMyTrip, PayTM Travel, Goibibo and ClearTrip
StayVista Discounts
Save when booking your getaway at StayVista
Dining Benefits
HSBC Dining Program
Discounts and offers at partner restaurants across India.
Golf Benefits
Access to the top golf courses in India
Enjoy 4 complimentary rounds of golf and 12 complimentary lessons per calendar year (max 1 per calendar month). Plus, get 50% off your green fees for additional rounds.
Milestone Benefits
Annual Fee Waiver
Renewal fee of ₹4,999 waived on annual spends of ₹8,00,000 or more.
Additional Features
Instant Redemption
Instantly convert Reward Points into airline miles or hotel points via the HSBC India mobile app.
Savings on movies and events with the District app by Zomato
Enjoy up to 10% off events with promo code HSBCTOEVENTS, and dining with promo code HSBCTODINING. Plus, buy 1 movie ticket and get 1 free twice a month with promo code HSBCTOMOV.
Up to 20% off duty-free with AdaniOne
Save 20%, up to INR3,000, on their app or website when you spend INR8,000 or more, once per card per year. Just use promo code: HSBCTRAVELONE.
Fees & Charges
| Fee Type | Amount / Details |
|---|---|
| Joining Fee | ₹4,999 |
| Annual / Renewal Fee | ₹4,999 |
| Fee Waiver Threshold | Spend ₹8,00,000 annually |
| Forex Markup | 3.5% |
| Fuel Surcharge Waiver | 1% surcharge |
Eligibility Criteria
Minimum Income
Minimum annual income of ₹4,00,000 for salaried individuals.
Age
Primary cardholder must be between 18 and 65 years of age.
Ready to apply for TravelOne?
Annual fee: ₹4,999 · Waived on ₹8,00,000 spend
Annual fee
₹4,999
2% – 4.8% yield