HSBC TravelOne vs IndusInd Bank Tiger
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
HSBC TravelOne and IndusInd Bank Tiger differ first on recurring cost: HSBC TravelOne has an annual fee of ₹4,999 + GST against ₹0 for IndusInd Bank Tiger, so IndusInd Bank Tiger is cheaper to hold. On rewards, HSBC TravelOne earns 2 Reward Points per ₹100 on eligible spend; CardMasters models a conservative ₹0.30/point because issuer redemption values vary while IndusInd Bank Tiger earns 1 Reward Point per ₹100 on eligible spend. IndusInd Bank Tiger has the lower forex markup at 1.5%. 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 | HSBC TravelOne | IndusInd Bank Tiger |
|---|---|---|
| Issuer | HSBC | IndusInd Bank |
| Joining fee | ₹4,999 + GST | ₹0 |
| Annual fee | ₹4,999 + GST | ₹0 |
| Fee waiver | ₹8,00,000 annual eligible spend | No waiver recorded |
| Base rewards | 2 Reward Points per ₹100 on eligible spend; CardMasters models a conservative ₹0.30/point because issuer redemption values vary | 1 Reward Point per ₹100 on eligible spend |
| Accelerated routes | airlines, travel aggregators and foreign-currency spends | None recorded |
| Reward exclusions | fuel, rent, wallet load, insurance, education, government, utility, jewellery, tax, money transfer, financial institution, bail bond, cash advance, fees | fuel |
| Forex markup | 3.5% | 1.5% |
| Domestic lounge | 6/yr (HSBC TravelOne lounge program, 50+ lounges) | 8/yr (no spend condition) |
| International lounge | 4/yr via LoungeKey | 2/yr |
| Card networks | Mastercard World | Visa |
| Best suited to | miles transfer, travel, flexible points | lifetime free, lounge, air india miles, high annual spender |
| Issuer evidence | Checked 2026-08-01 | Checked 2026-08-01 |
Frequently asked questions
Is the HSBC TravelOne better than the IndusInd Bank Tiger?
Neither is universally better. HSBC TravelOne charges ₹4,999 + GST a year and earns 2 Reward Points per ₹100 on eligible spend; CardMasters models a conservative ₹0.30/point because issuer redemption values vary; IndusInd Bank Tiger charges ₹0 and earns 1 Reward Point per ₹100 on eligible spend. 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, HSBC TravelOne or IndusInd Bank Tiger?
IndusInd Bank Tiger has the lower recorded annual fee at ₹0. 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, HSBC TravelOne or IndusInd Bank Tiger?
IndusInd Bank Tiger publishes the lower forex markup at 1.5% versus 3.5%. Also confirm whether international transactions earn rewards, since some issuers exclude them.
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.