Why should you get the HSBC Premier World Elite Mastercard?
Today, in our ‘Top 10 Reasons’ series, I want to look at the top 10 reasons to apply for a HSBC Premier World Elite Mastercard credit card.
If you want to check your credit record before applying for a new card, click here to get your free Experian Credit Score.
The serious legal stuff about the HSBC Premier World Elite Mastercard:
You can apply here: HSBC Premier World Elite Mastercard application form
What does it cost? £195 annual fee, card only available to HSBC Premier current account holders
What is the interest rate? The representative APR is 59.3% variable, including the annual fee, based on a notional credit limit of £1,200.
The top 10 reasons to get the HSBC Premier World Elite Mastercard:
1. There is a VERY generous sign-up bonus
You will receive 40,000 HSBC points when you spend £2,000 within your first three months.
You get an extra 40,000 points if you spend £12,000 in your first year. This arrives after you have the paid the non-refundable fee for the second year.
One HSBC point gets you 0.5 frequent flyer miles, so the bonus is potentially worth 40,000 miles.
2. The points you earn convert into FOUR different airlines
HSBC credit card points are HUGELY flexible because you can convert them into lots of different things. You aren’t stuck with Avios, Virgin Flying Club miles or whatever. You can keep them with HSBC for as long as you want and only convert them when you need them.
Airline partners are Avios, Singapore Airlines Krisflyer, Etihad Guest and Asia Miles.
3. You receive two HSBC points for every £1 you spend on the card
There are a few exceptions (cash withdrawals do not earn points) but in reality virtually every £1 you spend will earn another two HSBC points.
One HSBC point is worth 0.5 airline miles, so you are getting 1 mile per £1 spent.
4. You receive DOUBLE POINTS when you spend in a foreign currency
Unfortunately, the HSBC Premier World Elite Mastercard adds a 3% foreign exchange fee when used outside the UK. This means that the double points offer is not as generous as it appears.
Unfortunately there are no travel rewards card without a foreign exchange fee. One option is to get a free Curve Card – see this HFP article – and link it to a miles-earning Visa or Mastercard.
Another option is to get a free card from Currensea. Currensea is a simple but clever idea. You pay abroad with your Currensea Mastercard debit card. Currensea translates the cost to Sterling with just a 0.5% fee (83% less than HSBC charges) and withdraws the money from your bank account. You can find out more by clicking here. Currensea is free so there is no risk in giving it a try.
Of course, if you are spending abroad for business and your employer is reimbursing you ….
5. This is the most generous Visa or Mastercard for earning Avios
At 1 mile per £1, this card is far more generous than the other ways of earning Avios from a Visa or Mastercard – via the Tesco Mastercard or via NatWest MyRewards. Those cards do not have a fee as high as £195, of course.
6. As a Mastercard, it is far more flexible than an Amex card
Many of the travel rewards credit cards we cover are American Express cards. The problem with these is that they are not universally accepted.
As a Mastercard, the HSBC Premier World Elite credit card is accepted virtually everywhere that cards are taken.
7. You receive free airport lounge access!
Your HSBC Premier World Elite Mastercard comes with a LoungeKey card. This gets you access to a global network of airport lounges.
You cannot take a guest for free, unfortunately. They are charged at £20.
8. You can add a supplementary cardholder for £60 to give them airport lounge access too
You can pay £60 per year to give a supplementary HSBC Premier World Elite card to your partner. This would allow them free airport lounge access and is a better deal than paying the £20 guest fee on a regular basis.
9. You receive other special travel offers
HSBC Premier World Elite customers get a 10% discount on hotel bookings via Expedia and Agoda. You also receive 12 months of free Expedia+ Gold membership.
10. You get many other benefits via your HSBC Premier current account, including free travel insurance
You need to have a HSBC Premier current account to take out the HSBC Premier World Elite Mastercard. HSBC Premier is free, although you need to earn £75,000 or have substantial investments with HSBC, and the benefits include free comprehensive travel insurance.
The HSBC Premier World Elite Mastercard is a very generous card for high spenders, given the earning rate of 1 airline miles per £1 spent. The only catch is the requirement to have a HSBC Premier current account before you can apply.
You can sign up for the HSBC Premier World Elite Mastercard, if you already have a HSBC Premier current account, or find out more information, on the official website here.
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.