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What are HSBC Premier credit card points worth?

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HSBC Premier shook up its credit card rewards two years ago, adding a lot of new airline transfer partners and introducing hotel transfer partners for the first time.

With such a large number of redemption partners now available, the HSBC Premier credit cards are a real alternative – or partner – to an American Express Membership Rewards card if you are looking for flexible points with multiple transfer partners.

On that basis, I thought it was about time we did a similar article to our Membership Rewards one which looked at the most – and least – valuable ways to use HSBC Premier credit card points.

What are HSBC Premier credit card points worth?

As a reminder, if you sign up for free to HSBC’s Premier current account (£100,000 income or invested with HSBC) you are allowed to apply for the free Premier credit card and the paid-for Premier World Elite credit card.

The two HSBC credit cards earn as follows:

  • the £290 HSBC Premier World Elite card, reviewed here, earns 3 HSBC points per £1 spent, which translates to 1.5 airline mile or hotel point. Foreign currency spend earns 4 points per £1. There is a sign-up bonus of 40,000 points, worth 20,000 airline miles or hotel points.

Who are the HSBC Premier credit card travel partners?

Following the introduction of new partners in 2022 and 2024, you can now choose from:

Airline partners:

  • Avios via British Airways Executive Club, Finnair Plus or Qatar Airways Privilege Club (oneworld)
  • AsiaMiles via Cathay Pacific (oneworld)
  • Emirates Skywards (no alliance)
  • Etihad Guest (no alliance)
  • EVA Air Infinity MileageLands (Star Alliance)
  • Flying Blue (SkyTeam)
  • Qantas Frequent Flyer (oneworld)
  • Singapore Airlines KrisFlyer (Star Alliance)
  • TAP Miles&Go (Star Alliance)

Hotel partners:

  • IHG One Rewards
  • Wyndham Rewards

What is the transfer rate?

2 HSBC points will get you 1 airline mile or 1 hotel point. There is no minimum transfer.

Annoyingly, it is not possible to make points transfers via the HSBC app. You need to log in to the HSBC UK website using your HSBC Premier details.

Transfers to most, possibly all, partners are instantaneous which is very rare in the UK market. This is valuable if you see a reward flight available and want to lock it in before it disappears.

It is worth noting that HSBC points have a three year expiry so you can’t sit on them forever without converting.

What are the alternatives if you don’t want travel points?

The main alternative to redeeming your HSBC Premier credit card points for airline miles or hotel points is to redeem for shopping vouchers.

1,500 HSBC points gets you £5 of vouchers. Retailers include Amazon, Costa, M&S, John Lewis and Tesco.

The only other ways to spend your points are ordering wine from a very limited selection at Laithwaites (at a similar valuation as the shopping vouchers) or having trees planted in your name.

What are HSBC credit card points worth?

What are HSBC Premier credit card points worth?

Remember that you earn 1 HSBC point per £1 spent on the free credit card and 3 HSBC points per £1 spent on the World Elite credit card.

0.625p per point (my target) – Avios, if HSBC continues its annual bonus

In the next paragraph I will look at why I value airline miles at 1p. However, for the last few years, HSBC has run an annual transfer bonus to Avios averaging 25%. We last saw it in July 2023.

If this continues, it would increase the value of an Avios transfer by 25%. This takes you from 0.5p (see below) to 0.625p.

There was a one-off 20% transfer bonus to Flying Blue in October 2023. As this had never happened before, I can’t say if it will become a regular feature.

0.5p per point (my target) – airline miles

My last piece on valuing Avios points is here and HSBC points transfer into Avios or various other airline schemes at 2:1.

It is impossible to tie down a tighter range because of the number of different airline partners and the various ways (upgrade, long-haul, short-haul, economy, premium) you can redeem.

My personal spreadsheet of the last 9.1m Avios I have redeemed shows that I got an average value of 1.2p.  This is based on what I would personally have been prepared to pay for the flights I took, which may be far different from what you would have paid.

Across Head for Points, we use 1p as our general value of an airline mile. As long as you don’t redeem for long-haul economy flights, this is usually achievable.

What are HSBC credit card points worth?

0.33p per point (guaranteed) – shopping vouchers

1,500 HSBC points gets you £5 of shopping vouchers. You can pick from a range of UK retailers include Amazon, Costa, M&S, John Lewis and Tesco.

This works out at 0.33p per HSBC point.

Redeeming your points for cases of wine from Laithwaites gets you a similar 0.33p, give or take.

0.2p per point (my valuation) – IHG One Rewards points

The hotel transfer ratios stink.

The exchange rate from HSBC to hotel points is 2:1 – the same rate as used for airline miles. This is shocking value because, using a very broad generalisation, airline miles are worth 2x-3x what hotel points are worth.

I value an IHG One Rewards point at 0.4p. This means that 2 HSBC points gets you 0.4p of IHG One Rewards points, which is just 0.2p per HSBC point.

You should absolutely avoid this route. The only possible reason would be if you desperately needed some IHG One Rewards points quickly, because the transfer to IHG from HSBC points is instantaneous.

You will notice that I haven’t discussed Wyndham Rewards. This is because the chain has a very small presence in Europe and it is unlikely that you would be collecting or redeeming its points if you are UK based.

Conclusion

All in all, HSBC’s reward package is now much improved following the addition of the new airline and hotel partners in July 2022 and September 2024.

HSBC Premier, overnight, established itself as the clear leader in the Visa / Mastercard space for anyone who wants a ‘convertible currency’ that could be moved to multiple travel rewards schemes.

The best transfer option is, in our view, a frequent flyer programme. This should allow you to maximise the value of your points, although this is easier if you already have an existing balance in a programme which puts you nearer to a high value reward.

We do not recommend redeeming for shopping vouchers or hotel loyalty points. The value is far lower than taking the Nectar route.

Our full review of the free HSBC Premier credit card is here.

Our full review of the HSBC Premier World Elite credit card is here.

best travel rewards credit cards

Want to earn more points from credit cards? – December 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:

Barclaycard Avios Plus card

Barclaycard Avios Plus Mastercard

Get 25,000 Avios for signing up and an upgrade voucher at £10,000 Read our full review

Barclaycard Avios card

Barclaycard Avios Mastercard

Get 5,000 Avios for signing up and an upgrade voucher at £20,000 Read our full review

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.

SPECIAL OFFER: Until 14th January 2025, the sign-up bonus on ‘free for a year’ American Express Preferred Rewards Gold is increased to 30,000 Membership Rewards points. This converts into 30,000 Avios. Click here to apply.

SPECIAL OFFER: Until 14th January 2025, the sign-up bonus on The Platinum Card from American Express is increased to 80,000 Membership Rewards points. This converts into 80,000 Avios! The spend requirement is changed to £10,000 in six months for this offer. Click here to apply.

American Express Preferred Rewards Gold

Your best beginner’s card – 30,000 points, FREE for a year & four airport lounge passes Read our full review

British Airways American Express Premium Plus

30,000 Avios and the famous annual 2-4-1 voucher Read our full review

The Platinum Card from American Express

Huge 80,000 bonus points and great travel benefits – for a large fee Read our full review

Virgin Atlantic Reward+ Mastercard

18,000 bonus points and 1.5 points for every £1 you spend 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 offers:

American Express Business Platinum

50,000 points when you sign-up and an annual £200 Amex Travel credit Read our full review

American Express Business Gold

20,000 points sign-up bonus and FREE for a year Read our full review

Capital on Tap Pro Visa

10,500 points (=10,500 Avios) plus good benefits Read our full review

Capital on Tap Business Rewards Visa

10,500 points (=10,500 Avios) and NO FX fees Read our full review

British Airways American Express Accelerating Business

30,000 Avios sign-up bonus – plus annual bonuses of up to 30,000 Avios Read our full review

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 when you spend at least £2,000 per month.

Barclaycard Select Cashback Business Credit Card

Get 1% cashback when you spend at least £2,000 per month* Read our full review

Category

HSBC Premier Mastercard

Comments (49)

This article is closed to new comments. Feel free to ask your question in the HfP forums.

  • Jonathan says:
    1 Apr1 April 07:11

    It’s important to remember that with these points, unlike Amex MR for instance, there’s a hard expiry policy, so you can’t hoard points from years and years of spending to withdraw as and when desired, once you’ve withdrawn, your points are locked into the program you’ve nominated them to go to (well Avios points can be moved over to other Avios accounts, we’re still waiting for Finnair Plus though as they’ve only just joined the Avios family / group

    • Kenny says:
      1 Apr1 April 09:03

      It’s 3 years though and when transferring out you automatically use the oldest first. If you don’t use any of the points in 3 years then the points game probably isn’t for you to be honest

      • Tom says:
        2 Apr2 April 08:25

        Somewhat shortsighted comment given many will have been saving points for 1-2 years before COVID came along and ruined everything. I almost lost HSBC points through this policy and find it a bit silly.

  • VinZ says:
    1 Apr1 April 07:29

    I think the avios Barclaycard is a superior product, no? Yes no flexibility but better earning rate for sure.

    • RK says:
      1 Apr1 April 08:05

      If you want Avios from a Visa/Mastercard,
      However this card is better as a convertible currency Visa/Mastercard.

    • points_worrier says:
      1 Apr1 April 09:32

      Premier World Elite:
      – cheaper (£195 v £240)
      – lower earning rate (1.25 v 1.5/£ on paid card, with annual bonus)
      – better intro bonus (repeatable by downgrading/upgrading)
      – flexible
      – unlimited lounge access on HSBC (£18.5 on Barclaycard)
      – no upgrade voucher on hsbc.

      I find the hsbc works for me. But ymmv.

      • JDB says:
        1 Apr1 April 10:02

        The other thing on the WE card is that if you don’t mind paying FX fees (eg to get s75 protection) you get double points on foreign spend, plus hopefully the transfer bonus, so the same as Amex PRG (except on foreign airline spend).

        • points_worrier says:
          1 Apr1 April 10:39

          True true. Bear in mind the WE card splits the FX fee into a separate line on the card statement. If I am doing work expenses, it is a massive faff to claim the costs and the FX fee, as work *always* query it. I don’t have have a fee-free credit card (only Revolut, which requires cash available upfront). Work always take weeks to pay, so I need the interest free period to get the £££ back.
          Each time I say you are welcome to use a company card to pay for it, and each time they do end up paying it. But utter faff.

      • Numpty says:
        1 Apr1 April 10:32

        it rarely gets a mention but the HSBC card also give Expedia Gold status, for what its worth, although not used it myself (and find i can get the equivalent cash discounts on most other sites).

        The HSBC priority pass card also includes the £15 credit at F&B outlets.

        • points_worrier says:
          1 Apr1 April 10:42

          I have had one upgrade due to Expedia gold. It gets a guaranteed extra reward point per £ spent however, and charges me in £ to avoid FX fees, so works well.
          I have done 3 different F&B outlets at 2 different terminals at LHR in one day, and it works well (cancelled flight necessitating moving terminal, long wait…)

          • Numpty says:
            1 Apr1 April 12:51

            Curious, did you just show your PP digital card, or the HSBC card? (and tell them it was PP)

        • S says:
          1 Apr1 April 12:43

          I had no idea Expedia Gold was a perk. Thanks!

      • Zee says:
        1 Apr1 April 14:41

        In your experience how long do you need to wait before upgrading again to get the bonus?

    • The Urbanite says:
      1 Apr1 April 14:17

      The Avios Barclaycard isn’t a superior product if you want the choice of redeeming with other airlines. And there is value in choice, especially with long haul where availability on BA especially isn’t always amazing.

      If you’re only interested in Avios then the Barclaycard might be a better proposition.

      • J says:
        1 Apr1 April 15:49

        Agree if you want flexibility of programs HSBC is a good option.

        But for Avios, BC plus along with premier gives you much better value.

        £180 a year, along with 7k bonus (or upgrade voucher).

        Big spenders who want Avios BC wins hands down.

        For example- first 2 years with £40k annual spend

        BC – costs £360 with premier = 134k + sign up bonus 25k = 159k Avios

        HSBC- costs £390 = 80k points + 40k bonus = 120k Avios

        39k less Avios for £30 more. Not to mention after the bonus you will just get 40k a year vs 67k with BC

        But more flexibility HSBC is the winner

  • John G says:
    1 Apr1 April 08:14

    Can anyone advise when the first lot of bonus points post on the WE card?

    I took out this card in mid-Jan and quickly spent the £2000 but haven’t seen any bonus points yet.

    Do they only post after 90 days or should I be chasing HSBC for them?

    • points_worrier says:
      1 Apr1 April 09:33

      90 days. If they don’t post, put a complaint in. You’ll get the miles and £50 compensation.

      • Nico says:
        1 Apr1 April 13:00

        In the T&C, 90 days plus 60 days and I had to chase them after

  • Vahan says:
    1 Apr1 April 09:16

    Is the sign up bonus for WE still running? I don’t see it on the website.

  • Skywalker says:
    1 Apr1 April 10:12

    “As a reminder, if you sign up for free to HSBC’s Premier current account (£75,000 income and a HSBC investment product required) you are allowed to apply for the free Premier credit card and the paid-for Premier World Elite credit card.”

    @Rob & co – you can also apply with £50k savings and by paying your salary into the Premier account (salary does not need to be £75k or above), OR if you qualify for International Premier.

    https://www.hsbc.co.uk/current-accounts/products/premier/day-to-day-banking/bank-account/ “Who can apply”.

  • Nigerian Prince says:
    1 Apr1 April 11:29

    Avios redemption value depends on personal travel pattern. I mostly fly business to far east for personal trips, I can plan ahead and avoid peak dates. The competition is high and for modern seat/aircraft with an airline that I have good experience with, I can often find cash tickets selling for half of BA’s cash price and it’s not even during a sale. I have a spreadsheet calculating avios value benchmarking those tickets, it works out far less than Rob’s 1.2p.

  • Andrew M says:
    1 Apr1 April 11:47

    Where can I fine the expiry dates for my HSBC points? I have heard people talk about seeing this information in their HSBC account online but I have never been able to find it – even after a lot of searching. I wonder if it only displays points expiring in the next few months so if you don’t have any points expiring soon nothing is shown?

    • Zee says:
      1 Apr1 April 14:34

      I asked HSBC the same thing recently and the reply I got is that the points don’t expire?? That goes against what I believed to be true but I am saving the conversation to use at a later date if they expire my points.

      • Andrew M says:
        1 Apr1 April 15:09

        That would be great if it’s true. Perhaps they have changed their expiry policy recently. There should be something about in in the T&C’s. I’ll have a look when I get a chance. I may also contact them to ask the question.

      • Andrew M says:
        1 Apr1 April 15:15

        It seems like you were given the wrong information by the HSBC agent. The points do expire according to the T&C’s “When do you need to redeem your Points by?
        Points can normally be redeemed for up to 3 years from the end of the calendar
        month in which you earned them (this limit doesn’t apply to Gold Mastercard).
        After this they’ll expire, which means they’ll no longer be available for you to use.”

        • louie says:
          1 Apr1 April 16:50

          I’m sure they used to put it on the monthly statements. Would be handy if they would do that again.

    • gt94sss2 says:
      1 Apr1 April 22:09

      If you login to online banking and go to the section to spend your points, it shows you the dates you earned the points.

      I believe HSBC will eventually be adding points info to the app eventually as well

      • TS77 says:
        2 Apr2 April 05:56

        Thanks, I need to check this as recently i was told you need to call!

        I do wish they’d return the expiring dates / points to the statement (unsure why this ended)

  • Malibu69 says:
    1 Apr1 April 12:43

    If you have HSBC premier in another country, you can automatically get it in the U.K. without the very rigorous requirement of HSBC in the U.K. The premier requirements in some overseas countries are very basic and are only salary linked and don’t require any saving or investment portfolio.

    • CC says:
      2 Apr2 April 10:29

      HSBC are also by far the easiest to get a bank account with even without an account in another country. My partner found it nearly impossible with other banks until she was told by colleague HSBC are the most foreign friendly when it comes to starting work in the UK. (This was 6 years ago)

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