HSBC Premier Debit Card review

The HSBC Premier Debit Card is the debit card that comes automatically with the HSBC Premier Account. You can use it to make purchases in-store or withdraw cash for free from domestic and international ATMs. That said, you won’t be able to use this HSBC Debit Card to shop online or earn rewards since it’s not affiliated with a credit card.

30-second take

• Think about this card if you’re looking to open an HSBC Premier Account and you don’t want to use your HSBC Debit Card to shop online.

• Choose something else if you don’t want to pay a monthly fee or you’d like to earn rewards when you shop.

The basics

If you’re looking for a regular debit card that lets you shop in-store and make unlimited ATM withdrawals, then you might like to check out the HSBC Premier Debit Card.

• Welcome bonus. Qualify for a welcome bonus when you sign up for the HSBC Premier Account (which is affiliated with this card).
• Unlimited transactions. Get unlimited free account transactions (including Interac e-Transfers) with this HSBC Debit Card.
• Free ATM withdrawals. Enjoy free withdrawals when you take money out from HSBC ATMs and those on the Exchange Network.
• Emergency cash withdrawals. Take advantage of free emergency cash withdrawals when you travel overseas.

The perks

• ATM fee rebates. Enjoy unlimited fee rebates when you make ATM withdrawals with non-HSBC or HSBC-affiliated ATMs.
• Online banking. This HSBC Debit Card is linked to your online and mobile banking so you can track your transactions on the go.
• Overdraft protection. Lock in free overdraft protection to avoid paying fees for non-sufficient funds (NSF) if you spend more than anticipated.

What to watch out for

• High monthly fee for affiliated account. You may end up paying a high monthly fee to use the HSBC Premier Account if you don’t qualify for a fee waiver.
• Online purchases aren’t allowed. It’s not possible to use this HSBC Debit Card for online purchases since it’s not affiliated with a credit card.
• No rewards program. This card doesn’t offer any type of rewards program that would allow you to earn points or cashback.
• No access to credit. You won’t be able to access credit on this card since it only uses money that’s already in your account to pay for purchases.

What should I know before I apply?

Eligibility requirements

There’s no need to apply for an HSBC Debit Card since you’ll get one automatically when you sign up for the HSBC Premier Checking account. To apply for this account, you’ll need to meet the following criteria:

• You are a Canadian citizen, permanent resident or temporary resident of Canada

Required documents and information

To sign up for the HSBC Premier Account, you’ll need to provide the following:

• Your name, residential status and contact information
• Your Social Insurance Number and date of birth
• Your email address and phone number

How to apply

1. Visit HSBC’s main page to apply for the HSBC Premier Checking Account.
2. Complete the application, which includes providing your name, email address, Social Insurance Number and birth date.
3. Review and submit your application.
4. Your HSBC Debit Card should come automatically included with your account once you sign up (so you won’t need a separate application).

Bottom line

The HSBC Premier Debit Card is a regular debit card that’s linked to the HSBC Premier Checking Account. It comes with a handful of benefits such as unlimited free transactions, free ATM withdrawals and a welcome bonus when you sign up. The downside of this card is that you can’t use it to shop online or to earn rewards when you make purchases.

Frequently asked questions about the HSBC Debit Card

• How does the HSBC Debit Card compare to other debit cards?

  The HSBC Debit Card is just a regular debit card with a couple of premium features. It is associated with the HSBC Premier Checking Account. Unlike many other debit cards, this card isn’t affiliated with a credit card which means you can’t use it to shop online or earn rewards when you make purchases.

• Is the HSBC Premier Debit Card linked to a fee-free chequing account?

  The HSBC Premier Debit is linked to the HSBC Premier Account. This account is only free if you meet eligibility criteria. This includes having $100,000 worth of combined investments or a $500,000 minimum mortgage with HSBC.

  You may also qualify for no monthly fees if you make a $6,500 minimum monthly deposit into your account. Otherwise, this account costs $34.95 per month to maintain.

• Does this debit card let me earn points or cashback?

  Unfortunately, no. This debit card isn’t affiliated with a credit card or any type of rewards program. This means you won’t earn points or cashback when you use it to make purchases.

• Can I apply online?

  There’s no need to apply for an HSBC Premier Debit Card directly because it will come automatically included when you sign up for the HSBC Premier Account. To sign up for any of HSBC’s accounts, you can visit the main HSBC website.