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I am considering the HSBC current account and have noticed you’re then eligible for the world elite Mastercard. However, for the £195 fee I’m struggling to see the point. They’ll give you 40k points for spending £12k in 12 months and that’s equivalent to 20k Avios. You’ll get the same 40k points in year 2 but you’re committed to paying the 2nd year fee. The 20k points are worth £200 so you break even. Am I missing something? I don’t need the lounge access as I get them from my Amex Platinum but appreciate that has a value to others.
Do they do retention offers to make year 2 more worthwhile? I just cannot see why it’s worth £195 outside of the first year as free cards offer 1 Avios per £1 spent.
The points can also be converted to other travel schemes, so like Amex’s MR a little more flexible than an Avios only card. But yes, unless the lounge access is valuable there is little point to the card.
PS – presumably you’re applying for the Premier Account? I didn’t think the standard current account got you access to this card.
@sturgeon
Have a read of the very long HSBC world elite link on forum. Do you qualify for their premier account that leads to the WE card? Sounds like you won’t need the hassle, and they are hard to deal with. Unless you need it for NON Amex spend, the points are useful. Their PP has more advantages than the plat PP eg using restaurants when lounges are full. You might be better off with the free Barclaycard avios card instead.“Am I missing something?”
Nope. Their paid card is not worth the fee.
Their current account by itself is worth having for the free travel insurance.It is expensive. For me it was worth it for the unlimited lounge access, and 1.25 avios/£1 spent on a non-amex card (remember there has been a consistent 25% bonus run each year). It has more than paid for itself with the bonuses, as you say needing two years worth to get the full 40,000 avios (or 50,000 in the promo period).
I have actually paid very little for the card: first year was free because of COVID. Second year was charged, but then given comp to me because they sent a letter saying the fee would be waived (presumably an error but possibly an ongoing COVID plan). Then they paid me the full amount to purchase 20,000 avios (£315) because they failed to give me my 20,000 bonus for having spent £12,000. Then this year they gave me £100 because the iPass subscription was dropped (which they subsequently added in again).
So all in all I think I have actually made a profit on the annual fee.With my now reduced flying I will be downgrading at the end of the year. And might consider upgrading (with the new bonuses) if my flying increases again.
“Am I missing something?”
Nope. Their paid card is not worth the fee.
Their current account by itself is worth having for the free travel insurance.It’s not as simple as that. It depends if you already have lounge access etc. and how heavy a spender you are.
It’s also the best card in the UK for collecting Singapore Airlines Krisflyer points.
“Am I missing something?”
Nope. Their paid card is not worth the fee.
Their current account by itself is worth having for the free travel insurance.It’s not as simple as that. It depends if you already have lounge access etc. and how heavy a spender you are.
It’s also the best card in the UK for collecting Singapore Airlines Krisflyer points.
Good point on Krisflyer. But on lounge access, you get a better deal with the new Halifax / Lloyds card.
I have actually paid very little for the card: first year was free because of COVID. Second year was charged, but then given comp to me because they sent a letter saying the fee would be waived (presumably an error but possibly an ongoing COVID plan).
Nice to boast about it, but I wouldn’t use a one off situation to suggest to others on getting this card.
3 things:
*Avios has run a 25% conversion bonus for the last 5 years or so, so you have a good chance of your 40k Avios being 50k
*the Priority Pass is the ‘full’ version which includes all the restaurant credits, unlike the Amex version
*the points transfer instantly to all partners which can be handy
There is no value beyond Year 2 but for Year 1 and Year 2 there is value for some people. They used to run occasional enhanced bonuses but not seen any since covid.
That said, whilst I have one I don’t pay for it (legacy benefit for those who had HSBC Jade before they closed it).
I would say it might be interesting to stay with HSBC world after you close all your amex cards, waiting for 2 years before re-applying
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