What are the benefits of the HSBC Premier World Elite Mastercard credit card?

Why should you get the HSBC Premier World Elite Mastercard credit card?

Today, I want to look at the top 10 card benefits you get if you apply for a HSBC Premier World Elite Mastercard credit card.

Here is the legal information we need to tell you:

The top 10 benefits of the HSBC Premier World Elite Mastercard

1. There is a VERY generous sign-up bonus

The sign up bonus can be worth up to 80,000 HSBC points.

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 airline miles.

HSBC does not offer enhanced sign-up bonuses on this card. 80,000 points is as good as it gets.

2. The HSBC points you earn convert into multiple different airline and hotel programmes

HSBC credit card points are HUGELY flexible because you can convert them into lots of different things.  You aren’t stuck with Avios, Virgin Points or whatever.  You can keep them with HSBC for as long as you want and only convert them when you need them.

The current partners, all of which convert at a 2:1 ratio, are:

Airline partners

• Asia Miles
• British Airways Executive Club
• Emirates Skywards
• Etihad Guest
• EVA Air Infinity MileageLands
• Finnair Plus
• Flying Blue (Air France KLM)
• Qantas Frequent Flyer
• Singapore Airlines KrisFlyer
• TAP Miles&Go

Hotel partners

• IHG One Rewards
• Wyndham Rewards

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

Foreign spend earns four HSBC points per £1, which means – if you choose to convert them – two airline miles or hotel points per £1 spent 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.

Yhere 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, you should put your spending onto the HSBC card ….

5. It is the ONLY Visa or Mastercard for earning most of its partner currencies

Whilst you can earn Avios via the two new Barclaycard Avios Mastercard products, the HSBC credit cards are the only way of earning airline or hotel points via a Visa or Mastercard from all of the other partners listed above.

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 Priority Pass card.  This gets you access to a global network of airport lounges.

You cannot take a guest for free, unfortunately.  They are charged at £24.

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 £24 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.

Conclusion

The HSBC Premier World Elite Mastercard is a very generous card for high spenders, given the earning rate of 1 airline mile or hotel point per £1 spent (and double this for spending abroad).  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. The site discusses products offered by lenders but is not a lender itself. Robert Burgess, trading as Head for Points, is regulated and authorised by the Financial Conduct Authority to act as an independent credit broker.

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Want to earn more points from credit cards? – April 2024 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.

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:

SPECIAL OFFER: Until 12th May 2024, the Capital on Tap Business Rewards Visa card is offering a bonus of 30,000 points, convertible into 30,000 Avios. You must have a Limited Company to apply. Click here to learn more and click here to apply.

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.