HSBC Enters Premium Credit Card Market With Premier World Elite Mastercard

HSBC has released a new credit card called “Premier World Elite Mastercard” that aims to compete in the premium credit market, one that has been crowded with plenty of new choices recently. The card doesn’t bring any innovative features to the table and it is also limited to HSBC Premier Banking relationship clients.

HSBC Premier World Elite Mastercard



HSBC Premier World Elite Mastercard

This is a new premium card from HSBC. The card is only available to those who have an existing HSBC Premier Banking relationship, which requires a $100,000 in combined balances. The card also has a $395 Annual Feeplus $65 per Authorized User.

Application Page.



Signup Bonus

Earn 50,000 Rewards Program Bonus Points worth $750 in air travel, after spending $4,000 or more in the first 3 months from Account opening.

Rewards

The HSBC Premier World Elite MasterCard earn at the following rates:

  • 3X Rewards Program Points on travel.
  • 2X Rewards Program Points on dining.
  • 1X Point on all other purchases

Points are worth 1.5 cents each when redeemed through their travel portal and should be also able to transfer them to a few travel partners such as ritish Airways, Singapore Airlines & Cathay Pacific.

Benefits

  • Complimentary membership to over 850 airport lounges through LoungeKey
  • $100 Annual Air Travel Credit to reimburse ticket purchases, seat upgrades, baggage fees or in-flight purchases
  • $85 TSA Pre✓® credit to reimburse the application fee
  • $100 Annual Statement Credits for rides with Uber and Lyft.
  • 10% discount when you book your hotel or vacation home stay through Expedia, Agoda or onefinestay
  • Unlimited Boingo Wi-Fi access
  • $1 Million Travel Accident Insurance
  • Complimentary ShopRunner membership
  • No Foreign Transaction Fees

Eligibility

To qualify for an HSBC Premier relationship, you need to open an HSBC Premier checking account and maintain $100,000 in combined U.S. personal deposit and investment balances. Business owners may use their commercial balances to qualify for a personal HSBC Premier relationship. A monthly maintenance fee of $50 will be incurred if minimum balance requirements are not maintained.

Guru’s Wrap-Up

There’s some decent perks that come with the card, and a good signup bonus that makes it worth applying the first year. But, HSBC has made this card available only to those with a Premier checking relationship which requires $100,000 in combined U.S. personal deposit and investment balances. That means that most people won;t be able to apply. If you already have that kind of relationship with HSBC, then it is worth going for it. You get a bonus that could be worth $750, $100 in travel credit and $100 for Uber and Lyft for a $395 annual fee.

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