Maximise your Avios, air miles and hotel points

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

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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.

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.

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 points from credit cards? – July 2021 update

If you are looking to apply for a new credit or charge card, here are our July 2021 recommendations based on the current sign-up bonus

You can see our full directory of all UK cards which earn airline or hotel points here. Here are the other top current deals:

British Airways American Express card

British Airways American Express

5,000 Avios for signing up, no annual fee and a companion voucher for spending £20,000 Read our full review

BA Premium Plus American Express card BAPP

British Airways American Express Premium Plus

25,000 Avios and the UK’s most valuable credit card perk – the 2-4-1 companion voucher Read our full review

Nectar American Express

American Express Preferred Rewards Gold

Your best beginner’s card – 20,000 points, FREE for a year & two airport lounge passes Read our full review

American Express Platinum card Amex

The Platinum Card from American Express

30,000 points and an unbeatable set of travel benefits – for a fee Read our full review

Virgin Rewards Plus credit card

Virgin Atlantic Reward+ Mastercard

15,000 points bonus and the most generous non-Amex for day to day spending Read our full review

Earning miles and points from small business cards

If you are a sole trader or run a small company, you may also want to check out these offers.

American Express Business Gold

20,000 points sign-up bonus and free for a year Read our full review

Amex Platinum Business American Express

American Express Business Platinum

40,000 points sign-up bonus and a long list of travel benefits Read our full review

British Airways Accelerating Business American Express card

British Airways Accelerating Business American Express

Earn both Avios and BA On Business points with your business spending Read our full review

Capital On Tap Business Rewards Visa

The most generous Avios Visa or Mastercard for a limited company Read our full review

For a non-American Express option, we also recommend the Barclaycard Select Cashback card for sole traders and small businesses. It is FREE and you receive 1% cashback on your spending:

Barclaycard Select Cashback Credit Card

1% cashback and no annual fee Read our full review

Comments (56)

  • 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.

  • rams1981 says:

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

  • 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.

  • Craig says:

    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!!

    • Scottnothing says:

      A cash ISA isn’t an “investment product” but a stocks and shares ISA is (or at least used to be) for the purposes of Premier eligibility.

    • Craig says:

      I was talking about moving my cash ISA to HSBC in addition to my current account. I’ll have to have a look at a life insurance product instead.

  • danksy says:

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

  • 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 !

    • Polly says:

      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.

  • Rob says:

    Correct, I should have made that clearer.

  • 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?

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