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.
Want to earn more points from credit cards? – January 2021 update
If you are looking to apply for a new credit or charge card, here are our January 2021 recommendations based on the current sign-up bonus.
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
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
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
The Platinum Card from American Express
30,000 points and an unbeatable set of travel benefits – for a fee Read our full review
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:
American Express Business Gold
20,000 points sign-up bonus and free for a year Read our full review
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
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
Disclaimer: Head for Points is a journalistic website. Nothing here should be construed as financial advice, and it is your own responsibility to ensure that any product is right for your circumstances. Recommendations are based primarily on the ability to earn miles and points and do not consider interest rates, service levels or any impact on your credit history. By recommending credit cards on this site, I am – technically – acting as a credit broker. Robert Burgess, trading as Head for Points, is regulated and authorised by the Financial Conduct Authority to act as a credit broker.