Why should you get the HSBC Premier Mastercard?
Today, in our ‘Top 10 Reasons’ series, I want to look at the top 10 reasons to apply for a HSBC Premier 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 Mastercard:
You can apply here: HSBC Premier Mastercard application form
What does it cost? No annual fee, card only available to HSBC Premier current account holders
What is the interest rate? The representative APR is 18.9% variable
The top 10 reasons to get the HSBC Premier Mastercard:
1. There is a generous sign-up bonus once or twice per year
The HSBC Premier Mastercard does not, as a rule, have a sign-up bonus.
Once or twice per year, however, there is an incentive. The last one, which ended on 2nd March 2019, was worth 10,000 bonus HSBC points.
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 one HSBC point 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 HSBC point.
One HSBC point is worth 0.5 airline miles, so you are getting 0.5 miles per £1 spent.
4. You receive DOUBLE POINTS when you spend in a foreign currency
Unfortunately, the HSBC Premier 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 open an account with online bank Starling. It comes with a debit card which charges no fees on FX cash withdrawals up to £300 per day and no fees at all on overseas transactions. You can fund Starling by moving money to and from your existing bank account via their app. Our review of Starling Bank is here and you can apply here.
5. This is the most generous Visa or Mastercard for earning Avios
At 0.5 miles 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.
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 credit card is accepted virtually everywhere that cards are taken.
7. There is no annual fee
The HSBC Premier Mastercard is free for life.
Other cards with annual fees may offer better earning rates but, unless you are a very heavy spender, you will often struggle to justify the fee from the extra miles earned.
8. You get 0% interest on balance transfers for 18 months
A 1.4% balance transfer fee applies, however.
9. You get 0% interest on purchases for nine months
This counts from the date you open your account.
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 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 Mastercard is a very generous card, given that it has no annual fee. 0.5 airline miles per £1 spent is a decent deal. The only problem is the requirement to have a HSBC Premier current account before you can apply.
You can sign up for the HSBC Premier 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.