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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  1. Hi just a quick question in regards to the savings requirements does it have to be a certain product or any savings account ?and could i in theory transfer the money required for eligibility then once i have the card take it back out ?

    • I’ve got mine in an instant access prem flex saver and premium ISA which actually offers a decent competitive rate. Once your are eligible you can apply. If no longer eligible they can revoke premier status and downgrade you but it’s to their discretion.

      • SD83 Did you get the world elite one or the premier one? What is the monthly fee?

        • Hi Polly, sorry for late reply. I got the premier one. No fee for card or premier current account

    • It isn’t really that simple, it’s not like Club Lloyds or HSBC Advance where you can put a certain amount in and then take it out and you’ve got the account plus offers, they require you to keep it with them or you’ll be downgraded but they sometimes give you leeway of up to 6 months to return to normal from my partner’s past experience before they bump you down.

    • Steve Owen says:

      It can be any product, also bare in mind that an HSBC account in a foreign country also counts for premier status in the UK. So basically you could have less than 50 grand and still qualify for the elite world premiere card, just worth a mention.

  2. Slightly OT – I had a letter from Amex yesterday to inform me that the fee on my BAPP will increase to £195 on the anniversary. I had hoped it would stay the same for existing holders, and just affect new applicants.

    • Do you still have the companion card that got you the discounted rate. It’s strange because my letter yesterday says I’ll continue to pay only £30 as long as I have my companion card (a platinum credit card).

      • I don’t have a companion card.

        My letter said £195 from the anniversary date also. (and my brothers letter said the same).

        Interestingly, I have never hear of the amex dining program? that apparently comes with the BAPP?
        20% of Bill, Free bottle of Wine etc??? – Is that new?

  3. Quick thought

    Would it be possible to use curve card (debit card) to pay off your BAPP card balance every month online and charge this to a HSBC premier world elite card, which you then have a DD set up to clear the balance ?

    • Good question. I’ve never paid off one CC with another but in this case would be good if possible.

    • Curve isn’t a debit card, it’s a credit card. There’s a chance it may sometimes go through as a debit card, in error, but I would very much doubt Amex will make that mistake (i.e. it would be rejected when would put in the payment details … no harm in trying, it won’t play out as you being charged extra by Curve/Amex/HSBC).

    • Zero chance, with Supercard it might be possible but with a charge for a UK transaction depends on the new card that is given out.

      Last day to get your Curve refund today!

  4. When I nipped into a branch a few weeks ago, the suggestion was the current account had to be a full switch which I’d not want but am sure that something could be arranged ref DDs or SOs provided I didn’t have to have my salary paid into new account etc. etc.

    • That was my question – could you just set up an account without switching your main account but it looks like they want you to use the switching service.

  5. Plus another 40K after a 2k spend in the first 3 months! So it could be a total of 80k avios after the year. And another 24k avios for your 12k spend! So with the extra £50 for the second card holder to gain airport access, less your refund if you switched a couple of dds, not a bad return for a MasterCard. In fact, brilliant. So, 195+50-200 = £45. So that makes 82k avios for £45, if you can meet the criteria. Are my maths correct here? Can’t find the monthly fee anywhere though, seems well hidden….need to offset that sum too.
    But does anyone use Loungekey? Are they as good as priority? This could get a lot of jumpers away from Amex, if they are not careful. But the criteria is tough.

    Our BAPP went up to £195 on renewal too. Cheeky. Dropping down to my free card this week, and it stays in the drawer. But still using our plat ATM.

    • if you drop to the free BAPP, do you keep your Companion Voucher gained?

      i had those same letters…. :(

      and this card looks great… but my savings are in Nationwide

    • Have I missed something, is not 40k points worth 20k Avios? If so you need to half your figures Polly

      • Mycity is right Polly, you’re mixing up avios and hsbc points :)

        • Thanks chaps, didn’t realise their points dont equate to avios.. Sorry.. That’s why I wanted my math corrected. Knew somebody out there was in the know. That second bonus tho, it doesn’t specify it’s granted at the end of the 12 mths.. Have an appt tomorrow so will report back. Now that the now are halved,might not change from Plat to this… Was thinking of how useful it would be to be able to use mc everywhere without always asking, do you take Amex!!! Any sign of a pro rata refund if you drift into the second year, I wonder?

          And Andi, you keep the companion voucher as it sits in your baec ac, and you can use any Amex to pay the fees and taxes, when you book.

  6. Do you need to pay 2 annual fees to get the 20,000 avios after spending £12,000 in year 1? Or if you spend that quickly do you get it before paying the second annual fee?

    • Seb, I would imagine it would kick in after you have spent the 12k, a good question tho. Def states “when you spend 12k within the first 12 months” No indication that you would need to wait until after 12 months for those 40k avios to be awarded. Still can’t find monthly fees chart tho.
      Does anyone actually have this card that could give us the heads up?

      • I was suspicious that you have to spend the second fee because the second set of points is described as ‘first anniversary bonus’ on the paperwork… Why call it that unless you have to wait until the anniversary?

    • I received my card about a week ago and I’ve put through ~£30k on it in that time. Unlike AMEX, you cannot see your points until the next statement, so I cannot tell you for another few weeks whether I immediately get the bonus.

  7. David Campbell says:

    So, just to be super clear, earning 100k is not enough – you need an investment product with HSBC.

    Which might be okay for some people but for me it made me stop and reflect.

    • No, you just need to have 50k earning very little interest in a savings account. Or after today’s vote and sterling rises, convert some money into a currency that you often use which earns more interest and put it in an HSBC premier account there.

    • Genghis says:

      My reading of it is that you either have £50k sitting in an investment account with HSBC or if you earn over £100k and have an investment product (simply an ISA will qualify), mortgage or life insurance product.

      • Scottnothing says:

        ^ this was correct when I opened by Premier account in late 2014. I used payslips to prove my salary was over £100,000 and then opened a stocks and shares ISA with an initial investment of £500 and £100 monthly direct debit. Took a bit of haggling but got there in the end. I found it easier to move to Premier over the phone rather than in branch.

  8. Those switching events makes the current customer angry. No benefits for them
    I’m with Premier, but having the savings there is not so useful, it would be much better to leave them at Santander 123.
    Their new CC is nice, but it is hard to see a big value (other the churning possibility) from the free one.

    • Frenske says:

      The interest on Santander 123 current account is probably higher than easy-accessible savings you can find with HSBC.

  9. “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”

    That does appear to be the case, looking at the detail they require you to use their switching service, not just simply open an account and put dds in it.

  10. “That does appear…” should be ” That does not appear….”

  11. rams1981 says:

    Polly, there is no monthly fee with the account.

    You have 6 weeks to get your account meeting their criteria. If you then fail to meet the criteria they may write to you and downgrade your account. That doesn’t say what will happen to your credit card which you’ve paid for and so should be entitled to keep (or perhaps not if no longer eligible)?

    I set up my account last week once I saw Supercard charging for UK transactions. Tax man needs to be paid and 0.7% fee for the credit card made me think it’s worth it.

  12. rams1981 says:

    to be clear you have to do a full switch (i.e. which closes your old account) for this to work

  13. rams1981 says:

    and the wording to me suggests you’ll only get the bonus for spending 12k after the anniversary by which point you’ll have spent another £195 on the card.

    It was also confirmed to me that’s a one off anniversary bonus and as it stands you won’t get it for year 2 unless they implement it later.

  14. Just contacted them as I was tempted to switch my current account and cash ISA from First Direct. But apparently the latter doesn’t qualify as an investment product!!

  15. I’m interested now… this makes it an interesting prospect!

  16. 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.

  17. 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?

  18. 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.

  19. 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.

  20. 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

  21. 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.

  22. Or just work for them in mgt

  23. 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.