HSBC Premier offering you £200 to switch – and get the best Avios non-Amex credit card!

I have covered the new HSBC Premier World Elite MasterCard in some detail recently.  It is a VERY attractive MasterCard product if you want to earn Avios.

There is a £195 annual fee but you will receive 40,000 Avios points for spending £12,000 in the first year.  You also earn an unbeatable 1 Avios per £1 on your MasterCard AND get access to 500 airport lounges worldwide via LoungeKey.  Full details can be found here.

The standard HSBC Premier MasterCard is also attractive.  As you can see here, the card is free – albeit there is no sign up bonus – and you earn 0.5 Avios for every £1 you spend.

HSBC Premier World

Join HSBC Premier

The only snag with these cards is that you must have a HSBC Premier current account.

HSBC Premier has tough eligibility criteria.  See here and click on the Eligibility button to see the details.

As well as opening a HSBC Premier current account, you must ALSO have £50,000 invested with HSBC, either in a savings account or via an investment product.

Alternatively, if you earn over £100,000, you qualify if you just have a HSBC mortgage or any investment or insurance product.

If you earn six figures and are attracted by the HSBC Premier credit card package, there is a new bribe available to persuade you to switch.

HSBC will pay you £200 if you open a Premier current account before 10th July and switch at least 2 standing orders or direct debits across to it.  £150 is paid within 30 days and the final £50 after 12 months.

Details of the deal can be found here if you scroll down.

Once your Premier bank account is open, you will be able to apply for either the HSBC Premier or HSBC Premier World Elite credit cards and start earning Avios, or other airline miles, at the generous HSBC rates.

(Want to earn more miles and points from credit cards?  Click here to visit our dedicated airline and hotel travel credit cards page or use the ‘Credit Cards Update’ link in the menu bar at the top of the page.)

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Comments

  1. PeterC says:

    I am an existing HSBC customer and was a Premier customer a number of years ago when I had a mortgage with them, but I lost it when I remortaged with another provider at a better deal. The World Elite initiative stimulated me to look at Premier again, mainly for the points, but also for lounge access for when I am not flying Oneworld. Others have mentioned that the Relationship Manager is not much of an offering, and I would tend to agree, but I previously found it invaluable when I was travelling and had managed to screw up my account. The Manager was able to sort it all while I was on a longhaul flight. So, I have just signed up again in-branch (took about an hour) and these are my observations so far:

    Checking criteria: They carry out a credit check then-and-there and then go through your transactions to identify /verify your salary, plus ask about your outgoings, property values etc. So, if you are swapping to HSBC you will need to take along documentation to establish all that, plus photo ID and proof of address for anti-money laundering checks. (More on investment criteria below)

    World Elite card: you can apply at the same time as you upgrade instead of waiting for the free Premier MCard and then swapping it out. Service level for cards being sent out is 5 working days. Staff not overly familiar with this new product, so still not clear when the second tranche of 40k points gets paid – is it once the £10k is spent or on anniversary? In any case, I will revert to my trusty BMI Diamond MCard once I have burnt the £10k

    Investment requirements: You can set this up on-line through the Global Investment Centre (GIC), but beware that you may need to go through the call centre if you have current or previous multiple tax residency status. My updates took a couple of days to sort out and come through to the GIC platform for me to complete the registration. This may be relevant if you are cutting it fine for the 10 July deadline for the £200 offer. GIC call centre can take up to 40 minutes due to all the repetitive verbal disclaimers and consents (and it closes at 6pm). HSBC ISA products seem to be outside the GIC (on the HSBC website they are under the Everyday Banking tab), but I don’t know if they count as investment for Premier purposes. I have ISA elsewhere, which is why I went to GIC for an accumulator property fund (which qualifies for capital gains tax allowance), but is probably higher risk than a cash/income fund. I could not see a minimum value under Premier rules, but the Global Investment Centre requires a minimum £100 per investment transaction.

    £200 cash offer: this was not mentioned, so I need to go back and check whether I get that too – at least it will pay for the first year’s card fee !

    • Hi Peter,
      Very clearly laid out comment.
      Got my elite card sorted today. They didn’t mention the £200 bonus for switching X 2 dds. Just wanted to make sure the conditions were met within 6 weeks, which I agreed. Def must ask for that £200 tho…as you say it covers the first years fee.
      Regarding the second bonus, at anniversary, as I was their first applicant in that branch, no info forthcoming. They insisted on me meeting the relationship manager too! Passed on making an apt with them until a future date! They said to check the rewards parts of the statement, if and when the £12k is spent, to ask about the bonus. Just got a big hard reminder for a few K, so that will be the first spend. Reckon they will apply rewards it the day of the anniversary, and then we could immediately cancel the card if ness. As we would have two weeks from statement to payment. All up in the air. They have had many enquiries about this card, probably some HFP ers!
      Will hold onto our free BACC and see how this elite card works out.

  2. Daftboy says:

    One of the criteria is an “investment, life insurance or protection product” – protection product would appear to include HSBC home insurance, and with a renewal due anyway I’ve just had a quote online for this for £71 for the year. The underlying insurer is Aviva, and my pending renewal with the same would be £150!

    Anyway, an option for anyone who doesn’t have £50k sloshing about to stick in an investment ISA….

    A question – is “annual income of £100k” gross or net?

  3. Nathan says:

    Does anyone know if this can be a joint account and if so what the conditions are for that?

    • Genghis says:

      It can be but one of the individuals must meet the criteria – i.e. either salary of >£100k with investment product or £50k in investment product.

  4. PeterC says:

    To be clear, the investment only needs to be > £50k if you DON’T meet the income criteria. Income is gross (they do a gross up calculation as part of the criteria check). I don’t have joint account so don’t know that angle.

  5. Wayne Phillips says:

    Not much to do with miles but uou can get the £200 for switching accounts to HSBC without worrying about income for the Premier account etc. There’s quite a bit of money to be had in switching accounts over, and much less work than it seems. Go from one, to the next, to the next

    If you need to set up a direct debit, you can use lottery or a charity and cancel once the switch has gone through.

    Have a look on money saving expert

  6. Steve Owen says:

    Upgraded today through HSBC Internet banking, card should be within the next few days, my existing HSBC Premier will be cancelled once this new elite card is active.

  7. Or just work for them in mgt

  8. Steve Owen says:

    Just wondering, when this new HSBC elite card arrives and my existing HSBC premier card is cancelled…..will I loose the free travel insurance & the extended guarantee that the old HSBC premier card offered….?? Would value thoughts on this.

    • Travel insurance is a benefit of the Premier current account isn’t it? I have it despite not having the credit card.