This premium card is only open to HSBC Premier banking customers. If that’s you, you could enjoy a big welcome points boost as well as anniversary points annually. All these perks come at a price, however – a fairly hefty annual fee.
HSBC Premier World Elite Credit Card review
By Chris Lilly
- Representative example:
- When you spend £1,200 at a purchase rate of 18.9% (variable) p.a. with a fee of £195 per annum, your representative rate is 59.3% APR (variable).
- Intro bonus
- Up to 40,000 points
- Interest-free each billing period
- Up to 56 days
- Minimum credit limit
- £5,000
Our verdict
High-earning customers looking for travel perks could find this a beneficial addition to their wallet.Only available to existing Premier or Jade customers, and going head-to-head with Santander's World Elite, this card offers significant rewards and travel perks.
Cardholders can travel in style with free LoungeKey membership – which means access to over 1000 airport lounges world wide. Plus if you're heading abroad, you could score a discount on hotel stays at over 18,000 hotels worldwide.
Other benefits include introductory and ongoing reward points earnings, Premier discounts and offers and exclusive experiences through the Mastercard Priceless Cities scheme.
The obvious downside here is the fairly hefty account fee. There's a fee for each additional cardholder too, although they'll also be able to enjoy lounge access and earn points on spending. Ultimately, you'll want to try to weigh-up what you'd get from the rewards/perks scheme, to decide whether that fee is worth swallowing.
Pros
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Rewards points for every £1 you spend.
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Welcome points offer when you first open account.
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Anniversary points boost.
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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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High annual fee.
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No 0% interest introductory offers on purchases or balance transfers.
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Foreign transaction fees.
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Fees for additional cardholders.
Details
Product Overview
| Issuer | HSBC |
| Network | Mastercard |
| Representative APR | 59.3% |
| Annual/monthly fees | £195 per annum |
| Balance transfers | 18.9% |
| Balance transfer fee | 2.99% fee, min £5 |
| Purchases | 18.9% |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 18.9% |
| Minimum credit limit | £5,000 |
| Maximum credit limit | Subject to status |
| Additional cards available | 3 |
| Introductory Rewards | 40,000 Reward points when spend £2,000 on card in first 90 days of card membership |
| Incentive | 2 points for every £1 spend in the UK. 4 points for every £1 spend outside the UK. 40,000 Anniversary Points Boost - qualifying spend £12K in 12 months from account opening. Points can be redeemed for airline frequent flyer miles, retail vouchers from selected stores and luxury wines and champagnes or can be used to make donations made to the charity of the customer's choice. 1 point = 1p (no min) |
| Lounge access | Membership to Priority Pass, complimentary access to over 1,300 airport lounges worldwide. |
| 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 57m hotspots. 12 months Expedia+ Gold membership. 10% discount on selected hotels booked through Agoda and Expedia. |
| Potential costs | 3.0 ★★★★★ |
| Doing its job | 4.5 ★★★★★ |
| Extras | 4.5 ★★★★★ |
| Overall Finder score | 4.0 ★★★★★ |
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 | £195 per annum |
| 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 | £60 |
| Dormancy fee | £0 |
Application Requirements
| Minimum Age | 18 |
| Residency | Must hold a HSBC Premier Current Account, eligibility criteria apply. |
| 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 World Elite 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 it compare?
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Table: sorted by representative APR, promoted deals first
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.
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 |
|---|---|---|---|
How to apply
If you're an existing HSBC customer and you've compared cards and settled on the HSBC Premier World Elite Credit Card, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible.
Frequently asked questions
What credit limit will I get with the HSBC Premier World Elite 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 £5,000, 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 World Elite 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 World Elite 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 18.9% (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
Can I manage the HSBC Premier World Elite 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 World Elite Credit Card abroad?
Non-sterling transactions are subject to a 2.99% charge (which is very standard). For example, if you spend 200 euros (£171.31), it'll cost you around £5.12 in fees.
What is the minimum payment on the HSBC Premier World Elite 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 tends to be a very expensive way to borrow money, which can lead to persistent debt.
Finder credit card scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts score rewards credit cards to determine their value against similar products on the market. We look at a number of important factors, like welcome bonuses, introductory and ongoing earn-rates, any caps or restrictions on the points you can earn, 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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