HSBC Premier World Elite bonus pay-out developments (positively)

There has been an interesting development in the saga of the HSBC Premier World Elite credit card bonus (which I am legally obliged to tell you has a representative APR of 59.3% variable including the £195 fee based on a notional £1200 credit limit.)

When you take out the HSBC Premier World Elite card, you receive 40,000 HSBC points after spending £2,000 in three months and a further 40,000 HSBC points (worth 20,000 Avios) when you spend £12,000 in 12 months.

For many people, there is NO good reason to keep this card after the first year.  You need to pay a £195 fee but there is no spending bonus.  You will continue to keep the card benefits, such as free airport lounge access, but this may not justify £195.

However, HSBC had been forcing people to keep the card for a 2nd year in order to receive the 2nd part of the bonus, the extra 40,000 points for spending £12,000.

As I discussed in this article, it states that you receive the second batch of 40,000 points within 60 days of spending the £12,000:

3. If you meet the requirements for this offer as described above, we will award 40,000 Premier Reward Points to your HSBC Premier World Elite MasterCard Credit Card within 60 days from point of qualification

For months, HSBC has been claiming that this is an error and it was meant to say that you will receive the second batch of 40,000 points within 60 days of your card renewal date.  A lot of people DID receive the second batch of 40,000 points when they rang up HSBC and complained.  The bank then took a firm position that you are not getting the points until after the first year is up.

This week, however, two readers contacted me to say that they had hit the £12,000 target and received the 2nd batch of 40,000 points in advance of their renewal.

I know that some readers have complained to the regulator about HSBC’s behaviour – and lost.  However, based on a couple of cases this week HSBC may have decided to voluntarily follow its own published rules, which is very generous of them.

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Want to earn more points from credit cards? – March 2023 update

If you are looking to apply for a new credit card, here are our top recommendations based on the current sign-up bonuses.

In February 2022, Barclaycard launched two exciting new Barclaycard Avios Mastercard cards with a bonus of up to 25,000 Avios. You can apply here.

SPECIAL OFFER: Successfully apply for either of the Barclaycard Avios credit cards by 2nd April 2023 and you will be entered into a free draw to win ONE MILLION AVIOS! Full details are on the application forms here (free) and here (paid). This competition is exclusive to Head for Points readers. T&C apply.

You qualify for the bonus on these cards even if you have a British Airways American Express card:

You can see our full directory of all UK cards which earn airline or hotel points here. Here are the best of the other deals currently available.

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:

Until 30th March 2023, the sign up bonus on American Express Business Platinum is increased to 120,000 Membership Rewards points – click here. The bonus on American Express Business Gold is increased to 60,000 Membership Rewards points – click here. T&C apply, see the application forms for details.

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.