HSBC
HSBC Premier credit card
Key Features
| Annual Fee | $95.00 |
| Regular APR | A variable Purchase Annual Percentage Rate (APR) applies to credit card purchases and will be 19.49% to 23.49%, 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 19.49% to 23.49%, depending on your credit worthiness. The variable Cash APR applies to cash advances and is 28.49%. These APRs will vary with the market based on the Prime Rate, for a maximum APR of 29.99%. |
| Other Fees | A transaction fee of $10 or 5%, whichever is greater, will apply for each Balance Transfer, Check, or Cash Advance transaction. The Minimum Interest Charge is $1.00. There is no Foreign Transaction Fee. |
| Network | Mastercard |
About this card
The HSBC Premier credit card presents a mixed bag of features, ultimately leading to an overall rating of 2.9. Its rewards program is fairly valuable, especially for gas, groceries and travel, augmented by a generous sign-up bonus and statement credits for streaming and other services. The absence of foreign transaction fees is a plus for international travelers. However, the high APR and the annual fee detract from its appeal. More significantly, the requirement of an HSBC Premier checking account, which typically involves maintaining a high balance, severely restricts its accessibility. The card's value is heavily dependent on leveraging the various statement credits to offset the annual fee. While the reputation of HSBC as a global financial institution is strong, this card is more of a perk for existing Premier clients rather than a standalone compelling product. The APR rating, rewards rating, and fees rating were 1.5/5.0, 3.6/5.0 and 2.7/5.0 respectively. These ratings appropriately reflect the cost of borrowing with this card, the average rewards rate and the fee structure. The target audience for the card is limited.
Pros & Cons
What's great
- Generous sign-up bonus
- High rewards rate
- No foreign transaction fees
- Transfer partners
- Statement credits for streaming and other services
Things to consider
- Annual fee
- High regular APR
- Balance transfer fee
- Must have an existing account to apply
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
- 3x Points on gas and groceries
- 2× Points on travel
- 1x Points on all other purchases
Other features
- No foreign transaction fees
- 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
You must have an existing U.S. HSBC Premier checking account to apply. 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.