HSBC
HSBC Elite credit card
Key Features
| Annual Fee | $495.00 |
| Sign-up Bonus | 60,000 Welcome Bonus Points |
| Rewards Rate | 1x-5x Points |
| Regular APR | Competitive variable APR on purchases and balance transfers 19.99% to 24.99% A variable Purchase Annual Percentage Rate (APR) applies to credit card purchases and will be 19.99% to 24.99%, depending on your credit worthiness. A variable Balance Transfer APR applies to balance transfers and will be 19.99% to 24.99%, depending on your credit worthiness, for the HSBC Elite World Elite Mastercard credit card. The variable Cash APR applies to cash advances and is 28.99%. These APRs will vary with the market based on the Prime Rate, for a maximum APR of 29.99%. |
| Other Fees | No foreign transaction fees The Minimum Interest Charge is $1.00. A transaction fee of $10 or 5%, whichever is greater, will apply for each Balance Transfer, Check, or Cash Advance transaction. |
| Network | Mastercard |
About this card
The HSBC Elite credit card receives a 'Fair' overall rating of 2.8. While it boasts an exceptional rewards program (rated 4.7) with a high earning rate on travel, generous travel credits, unlimited lounge access, and valuable statement credits that can easily offset its substantial $495 annual fee for the right user, its significant drawbacks prevent a higher assessment. The card's APR (rated 1.5) is very high, making it a poor choice for anyone carrying a balance. Similarly, its fee structure (rated 1.8) is problematic, not just due to the high annual fee, but also excessive balance transfer and cash advance fees. Most critically, the card's strict eligibility requirement—mandating an existing U.S. HSBC Premier checking account—renders it inaccessible to the vast majority of consumers. This severe limitation means that despite its premium travel perks, its market fit is extremely niche. For the select few who qualify and can consistently maximize its benefits, it offers considerable value. However, considering its overall accessibility, high costs beyond the annual fee offset, and uncompetitive APR for the broader excellent credit market, it stands as an average card with notable limitations.
Pros & Cons
What's great
- Generous sign-up bonus
- High rewards rate
- No foreign transaction fees
- Transfer partners
- Luxury travel perks
- Lounge membership
- Comprehensive insurance and protections
Things to consider
- High annual fee
- High regular APR
- High balance transfer fee
- Requires specific bank account relationship
What this card offers
Sign-up bonuses
- Earn 60,000 Welcome Bonus Points, worth up to $900 in travel, when booked through HSBC Travel, after spending $4,000 in the first 3 months of opening the card
Rewards
- Earn 5x Points on select travel purchases, including flights, hotels and car rentals.
- Earn 2x Points on dining out and other travel purchases.
- Earn 1× Points on all other purchases you make with your credit card.
Other features
- Earn up to $400 of travel credits per year for all airfares, hotels and car rentals booked through HSBC Travel.
- Speed up airport screening with up to $120 towards Global Entry, TSA Precheck, TSA Precheck by Clear, or NEXUS once every 4.5 years.
- Elevate your airport experience with complimentary and unlimited lounge access for the cardholder and up to 2 guests worth more than $469 annually with Priority Pass.
- Rewards for Miles program that allows you to transfer your points into any of our 11 airline and 2 hotel partners’ loyalty programs.
- Other benefits include MasterRental Coverage™, complimentary travel insurance, airport concierge services, and exclusive discounts and upgrades from fine restaurants and designer brands.
- Earn up to $120 in statement credits annually on taxis, cabs and rideshare. Use your Elite credit card to pay for your rideshare and automatically receive $10 each month.
- Get up to $140 annually with Instacart+. When you sign up as a new member, receive 3 free months of Instacart+ and $10 off your second order each month.
- Unlimited concierge service - 24 hours a day, 365 days a year. A dedicated personal service ready to assist you with travel, dining, shopping, entertainment, securing coveted reservations, and special perks and privileges.
- Take 3 rides, and get a $5 Lyft App credit every month with your Elite credit card.
- Purchase Assurance covers most purchases from damage or theft within 90 days of purchase up to $1,000.
- Claim up to $800 if your cellphone is stolen or damaged using Cellular Wireless Telephone Protection.
- Mastercard ID Theft Protection™ and Identity Fraud Expense Reimbursement provide support and expense reimbursement if your identity is compromised through identity fraud.
Additional Notes
You must have an existing U.S. HSBC Premier checking account.