HSBC
HSBC Premier credit card
Key Features
| Annual Fee | $95.00 |
| Sign-up Bonus | 50,000 Welcome Bonus Points |
| Rewards Rate | 1x-3x Points |
| Regular APR | 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, for the HSBC Premier World Mastercard® credit card. A variable Balance Transfer APR applies to balance transfers and will be 19.99% to 24.99%, depending on your credit worthiness. 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 | 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. There is no Foreign Transaction Fee. |
| Network | Mastercard |
About this card
The HSBC Premier credit card earns an overall rating of 2.9 (Fair) due to a mixed bag of features, with significant strengths for its niche target audience but major limitations for broader appeal. Its rewards program is a definite highlight, offering competitive rates (3x on gas and groceries, 2x on travel) and a generous sign-up bonus. The numerous statement credits for streaming, Instacart+, and Lyft, along with Global Entry/TSA Precheck, provide substantial value, easily offsetting the $95 annual fee, especially for those who utilize these perks. The absence of foreign transaction fees is also excellent for international travelers. However, the card is severely hampered by its high regular APR (1.5/5.0), which makes it an expensive option for carrying a balance, and its equally high balance transfer and cash advance fees (part of the 2.7/5.0 Fees Rating). Most significantly, the strict eligibility requirement of holding an HSBC Premier checking account drastically limits its accessibility and overall relevance to the vast majority of consumers, regardless of its internal value. While the card offers strong benefits for its intended audience (reflected in a 3.8/5.0 Rewards Rating and a niche-specific 'Good' Reputation), these are largely inaccessible. Thus, it stands as an average card with notable limitations.
Pros & Cons
What's great
- Generous sign-up bonus
- High rewards rate on everyday purchases and travel
- No foreign transaction fees
- Luxury perks and statement credits for popular services
- Transfer partners available for rewards
- Purchase protection and cell phone insurance
Things to consider
- Annual fee applies (unless specific conditions are met)
- No intro APR period
- High regular APR
- High balance transfer fee
- Requires a specific banking relationship
What this card offers
Sign-up bonuses
- Earn 50,000 Welcome Bonus Points, worth up to $625 in travel when booked through HSBC Travel, after spending $4,000 in the first 3 months of opening your card.
Rewards
- Earn 3x Points on your day-to-day purchases like gas and groceries.
- Earn 2× Points on new travel purchases including flights, hotels and car rentals.
- Earn 1x Points on all other purchases you make with your card.
Other features
- Receive up to $60 in statement credits annually when you pay for your TV and radio streaming subscription.
- 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.
- Take 3 rides, and get a $5 Lyft App credit every month with your Premier credit card.
- Speed up airport screening with up to $85 towards Global Entry, TSA Precheck, TSA Precheck by Clear, or NEXUS application fees, once every 4.5 years.
- Rewards for Miles program that allows you to transfer your points into any of our 11 airline and 2 hotel partners’ loyalty programs.
- Cellular Wireless Telephone Protection provides reimbursements up to $600 per claim if your cellphone is stolen or damaged
- Mastercard ID Theft Protection™ and Identity Fraud Expense Reimbursement provide support and expense reimbursement if your identity is compromised through identity fraud.
- Purchase Assurance covers most purchases from damage or theft within 90 days of purchase up to $1,000
Additional Notes
By using your Premier credit card, you can take advantage of benefits worth over $1,200 in the first year and $600 per year thereafter. You must have an existing U.S. HSBC Premier checking account.