"Premier" is HSBC's suite of services exclusively for high-earners or individuals who have large sums invested with the company. To apply for this card you'll need to already have a Premier bank account.
HSBC Premier Credit Card review
By Chris Lilly
- Representative example:
- When you spend £1,200 at a purchase rate of 23.9% (variable) p.a., your representative rate is 23.9% APR (variable).
- 0% interest on balance transfers
- 18 months
- Account fee
- £0
- 0% interest on purchases
- 9 months
Our verdict
The HSBC Premier Mastercard is a card with 0% offers and perks aplenty – but it's only available to a select few.If you're an existing existing HSBC Premier customer, it would be easy enough to sleepwalk your way into taking out this versatile card, which seemingly ticks all the boxes. But on closer inspection there are some catches that make it worth considering your other options too.
If your primary focus is paying off existing card debt or spreading the cost of a large upcoming purchase, this all-rounder comes with introductory 0% interest periods suitable for both. However there are longer 0% deals on the market, or deals with no balance transfer fee attached.
There's also an enticing ongoing rewards programme allowing you to collect Premier Points on all your day-to-day spending. Premier Points can be redeemed as vouchers or exchanged for frequent flyer miles with HSBC's partner airlines. You can even apply for one additional card, for a partner or family member, to boost your points earnings. But when you opt to redeem points as vouchers, you might get less back than you were expecting – just £5 for 1,500 points (£1,500 of spending).
Frequent travellers can take advantage of some meaningful discounts and perks however, including "Premier Privileges" and free LoungeKey membership – giving access to over 750 airport lounges worldwide. But you'll still need to pay a small fee for each airport lounge visit. And the diverse Premier Privileges require exploring the app or site to search for relevant deals.
Ultimately, Premier customers could do a lot worse than take out this card – after all there's no annual fee to worry about. The thing is, they could do better too.
Pros
-
0% interest on balance transfers for an introductory period.
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0% interest on purchases for an introductory period.
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No annual fee.
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Rewards points for every £1 you spend.
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Extended warranty cover on selected household appliances.
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Access to HSBC Premier Privileges (discounts and experiences).
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Free LoungeKey airport lounge membership.
Cons
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Must be an existing HSBC Premier Bank customer.
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Minimum income of £75,000 and have a HSBC mortgage, investment, life insurance or protection product; or have at least £50,000 in savings or investments with HSBC..
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Unless you convert them into miles, your Premier Points have little value.
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Balance transfer fee.
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Foreign transaction fees.
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You'll still need to pay a small fee for each airport lounge visit.
Details
Product overview
| Issuer | HSBC |
| Network | Mastercard |
| Representative APR | 23.9% APR (variable) |
| Annual/monthly fees | £0 |
| Loyalty scheme | Rewards |
| Incentive | A selection of rewards from a range of partners. Earn 1 point for every £1 spent within the UK and earn 2 points for every £1 spent outside the UK. Points can be redeemed for shopping vouchers and frequent flyer miles. 1 point = 1p (no min) |
| Additional Rewards Info | Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Premier Privileges. Complimentary Global Wi-Fi at over 1m hotspots. 10% discount on selected hotels booked through Agoda and Expedia. 12 months Expedia+ Gold membership. |
| Lounge access | Membership to Priority Pass, access to over 1,300 airport lounges worldwide. Charged at £24 per person per visit. |
| Purchases | 0% for 9 months reverting to 23.9% |
| Purchases interest-free period (days) | 56 |
| Balance transfers | 0% for 18 months reverting to 23.9% |
| Potential costs | 4.5 ★★★★★ |
| Doing its job | 3.0 ★★★★★ |
| Extras | 4.5 ★★★★★ |
| Overall Finder Score | 3.5 ★★★★★ |
Fees and charges
| Minimum monthly payment | 2.5% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 2.99% fee (min. £5) |
| Foreign usage charge (EU) | 2.99% |
| Foreign usage charge (rest of world) | 2.99% |
| Cash advance fee | 2.99% (min. £3) |
| Late payment fee | £12 |
| Replacement card fee | £0 |
| Duplicate statement fee | £0 |
| Exceeding limit fee | £12 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application requirements
| Minimum Age | 18 |
| Residency | Must hold an HSBC Premier Current Account, eligibility criteria applies |
| Availability | Available to existing customers |
| Additional Criteria | Minimum income of £75,000 and have a HSBC mortgage, investment, life insurance or protection product; or have at least £50,000 in savings or investments with HSBC. |
The HSBC Premier Credit Card is issued on the Mastercard network, so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
How does this card compare with other similar cards on the market?
HSBC’s card
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Other rewards cards
Table: sorted by representative APR, promoted deals first
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Approval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow. Most of the data in Finder's comparison tables is provided by Moneyfacts.
How to apply for the HSBC Premier Credit Card
If you've compared cards and want to apply, just log into your internet banking or launch the app, and HSBC will pre-fill the application form for you. You can expect an instant decision and if it's good news and you're offered the card, it'll then arrive by post within two weeks.
Repayment options
You can make manual repayments through HSBC's app by logging in to your online banking or over the phone (0345 7404 404). Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee (£12) or losing any promotional rates as a result.
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
| Minimum amount | Fixed amount | Fixed percentage | Full amount |
|---|---|---|---|
Frequently asked questions
What credit limit will I get with the HSBC Premier Credit Card?
If HSBC offers you this deal, it will specify a personalised credit limit based on HSBC's assessment of your situation. The minimum limit offered on this card is £1,500, and HSBC does not specify a maximum. Once you've had the card for a while and shown HSBC you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the HSBC Premier Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
The cash advance fee on the HSBC Premier Credit Card is 2.99% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250 and you'll incur a fee of £7.48.
The interest rate on this part of your balance will be 29.9%, which is 25% more than the standard purchase rate (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
Can I transfer a balance from another HSBC-branded card to the HSBC Premier Credit Card?
No. HSBC doesn't accept balance transfers from credit cards issued through HSBC group, which includes M&S Bank, John Lewis and first direct cards.
Can I manage the HSBC Premier Credit Card from an app?
Yes. You can manage this card through HSBC UK's free mobile banking app.
How much does it cost to use the HSBC Premier Credit Card abroad?
Non-sterling transactions are subject to a 2.99% charge (which is very standard). For example, if you spend 200 euros (£168.89), it'll cost you around £5.05 in fees.
What is the minimum payment on the HSBC Premier Credit Card?
Each month, you must pay at least 2.5% of your balance at that point or £5.00 – whichever of the 2 figures is greater. So if you had, say, £180.00 outstanding, you'd pay £5.00, and if you had £800.00 outstanding, you'd pay £20.00.
Paying only the minimum required amount each month is generally not advisable as it makes it much harder to get debt-free before that introductory 0% period expires.
Finder credit card scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts score credit cards to determine their value against similar products on the market. We look at a number of important factors, like its suitability for its intended purpose, any perks/extras it brings to the table, plus the potential costs involved with running the card both in the short and longer term.
You can read more about our scoring criteria on our credit card methodology page.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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