American Express Membership Rewards Credit Card (MRCC) vs HSBC TravelOne
A field-by-field comparison of fees, reward rates, accelerated categories, caps, exclusions, lounge access and forex markup, using each issuer's own published terms. Affiliate payout never decides the verdict.
Short answer
American Express Membership Rewards Credit Card (MRCC) and HSBC TravelOne differ first on recurring cost: American Express Membership Rewards Credit Card (MRCC) has an annual fee of ₹4,500 + GST against ₹4,999 + GST for HSBC TravelOne, so American Express Membership Rewards Credit Card (MRCC) is cheaper to hold. On rewards, American Express Membership Rewards Credit Card (MRCC) earns 1 Membership Rewards point per ₹50 on eligible spend while HSBC TravelOne earns 2 Reward Points per ₹100 on eligible spend; CardMasters models a conservative ₹0.30/point because issuer redemption values vary. Both publish the same 3.5% forex markup. Neither card wins outright: the better choice depends on which accelerated categories match your spend, the monthly caps, the exclusions and issuer approval fit.
Source: CardMasters issuer-evidence catalogue, release 2026-08-01. Confirm final terms with the issuer.
| Feature | American Express Membership Rewards Credit Card (MRCC) | HSBC TravelOne |
|---|---|---|
| Issuer | American Express | HSBC |
| Joining fee | ₹1,000 + GST | ₹4,999 + GST |
| Annual fee | ₹4,500 + GST | ₹4,999 + GST |
| Fee waiver | ₹1,50,000 annual eligible spend | ₹8,00,000 annual eligible spend |
| Base rewards | 1 Membership Rewards point per ₹50 on eligible spend | 2 Reward Points per ₹100 on eligible spend; CardMasters models a conservative ₹0.30/point because issuer redemption values vary |
| Accelerated routes | None recorded | airlines, travel aggregators and foreign-currency spends |
| Reward exclusions | fuel, insurance, utilities, cash advance, emi | fuel, rent, wallet load, insurance, education, government, utility, jewellery, tax, money transfer, financial institution, bail bond, cash advance, fees |
| Forex markup | 3.5% | 3.5% |
| Domestic lounge | none | 6/yr (HSBC TravelOne lounge program, 50+ lounges) |
| International lounge | none | 4/yr via LoungeKey |
| Card networks | Amex | Mastercard World |
| Best suited to | disciplined monthly spender, points collector | miles transfer, travel, flexible points |
| Issuer evidence | Checked 2026-07-30 | Checked 2026-08-01 |
Frequently asked questions
Is the American Express Membership Rewards Credit Card (MRCC) better than the HSBC TravelOne?
Neither is universally better. American Express Membership Rewards Credit Card (MRCC) charges ₹4,500 + GST a year and earns 1 Membership Rewards point per ₹50 on eligible spend; HSBC TravelOne charges ₹4,999 + GST and earns 2 Reward Points per ₹100 on eligible spend; CardMasters models a conservative ₹0.30/point because issuer redemption values vary. The better card is the one whose accelerated categories, caps and exclusions match your actual spending, after subtracting the annual fee and GST.
Which of the two has the lower annual fee, American Express Membership Rewards Credit Card (MRCC) or HSBC TravelOne?
American Express Membership Rewards Credit Card (MRCC) has the lower recorded annual fee at ₹4,500 + GST. A spend-based waiver may reduce the effective cost of the other card, so check the waiver threshold before deciding.
Which is better for international spending, American Express Membership Rewards Credit Card (MRCC) or HSBC TravelOne?
Both publish a 3.5% forex markup, so compare international reward eligibility and lounge access instead.
Can I hold both cards together?
Yes, provided each is approved on its own merits and you can pay both statements in full. Holding both makes sense only when their accelerated categories do not overlap; otherwise the second card adds an annual fee without adding rewards.