HSBC Premier Credit Card review September 2019

A card with 0% offers and perks aplenty – but it's only available to a select few.

“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.

Finder rating: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a., your representative rate is 18.9% APR (variable).

18 months

0% interest on balance transfers

9 months

0% interest on purchases

18.9%

Representative APR

£0

Account fee

Details

IssuerHSBC
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 18 months reverting to 18.9%
Balance transfer fee1.4% (min. £5) for 2 months reverting to 2.9% (min. £5)
Purchases0% for 9 months reverting to 18.9%
Purchases interest-free periodUp to 56 days
Cash advances18.9%
Min. credit limit£1,500
Max credit limitNot specified
Additional cards available3
IncentiveA 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.
Lounge accessMembership to LoungeKey, access to over 750 airport lounges worldwide. Charged at £15 per person per visit.

Expert review

Chris Lilly

Review by


Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.

Expert review

If you can get your hands on one, this luxury all-rounder comes with rewards, introductory 0% periods on both purchases and balance transfers and no annual fee.

Frequent travellers can take advantage of discounts and perks, including free LoungeKey membership, giving access to over 750 airport lounges worldwide. You’ll still need to pay a small fee for each airport lounge visit, however.

There’s also a decent rewards programme, which can be spent on shopping 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.

If your primary focus is paying off existing card debt or spreading the cost of a large upcoming purchase, there are better 0% deals out there. But for most other purposes, this versatile card is a winner.

Pros and cons

Pros

  • 0% interest on balance transfers for an introductory period.
  • 0% interest on purchases for an introductory period.
  • No annual fee.
  • Rewards points for every £1 you spend.
  • Extended warranty cover.
  • Access to HSBC Premier Privileges (discounts and experiences).
  • Free LoungeKey airport lounge membership.

Cons

  • Must be an existing HSBC Premier Bank customer.
  • Balance transfer fee.
  • Foreign transaction fees.
  • You’ll still need to pay a small fee for each airport lounge visit.

How does this card compare with other similar cards on the market?

HSBC’s card

Updated September 17th, 2019
Name Product Max. intro bonus Earn-rate with brand Default earn-rate Annual/monthly fees Rep. APR Incentive Representative example
N/A
1 point per £1 spent
1 point per £1 spent
£0
18.9% p.a. (variable)
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.
Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a., your representative rate is 18.9% APR (variable).

Compare up to 4 providers

Other rewards cards

Table: sorted by representative APR, promoted deals first
Updated September 17th, 2019
Name Product Max. intro bonus Earn-rate with brand Default earn-rate Annual/monthly fees Rep. APR Incentive Representative example
N/A
1 point per £4 spent
1 point per £8 spent
£0
5.9% p.a. (variable)
1 Tesco Clubcard point per £4 spent (£4 minimum) in Tesco and 1 Clubcard point per £8 spent (£8 minimum) outside Tesco in each purchase transaction. Exclusions apply. Clubcard points collection rates are subject to change. Must have available credit. Clubcard points are converted to Clubcard vouchers which can be used on your shopping in Tesco, or get even more value through Clubcard Rewards Partners.
Representative example: When you spend £1,200 at a purchase rate of 5.94% (variable) p.a., your representative rate is 5.9% APR (variable).
2,500 points
1 point per £1 spent
1 point per £1 spent
£0
9.9% p.a. (variable)
Earn 2,500 bonus Membership Rewards points when you spend £1,000 in your first 3 months, and 1 point for virtually every £1 spent thereafter.
Representative example: When you spend £1,200 at a purchase rate of 9.9% (variable) p.a., your representative rate is 9.9% APR (variable).
2,500 points
2 points per £1 spent
1 point per £5 spent
£0
19.9% p.a. (variable)
Double points on spend in M&S for first 12 months (2 points per £1). Then earn 1 point for every £1 spent at Marks and Spencer's and 1 point or every £5 spent elsewhere. 100 points = £1 reward voucher. Points will be converted into reward vouchers 4 times a year.
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
500 points
1 point per £1 spent
1 point per £5 spent
£0
19.9% p.a. (variable)
Earn 1 point for every £1 spent at Marks and Spencer's and 1 point for every £5 spent elsewhere. 100 points = £1 reward voucher. Points will be converted into reward vouchers 4 times a year.
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
N/A
1 point per £1 spent
1 point per £5 spent
£0
19.9% p.a. (variable)
Earn Asda vouchers every time you shop - 1% cashback on all Asda spend, 0.2% on all other transactions and 10% on selected insurance products. Once £2.5 is earnt a voucher can be downloaded to spend in Asda stores.
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
N/A
1 point per £1 spent
1 point per £1 spent
£0
22.9% p.a. (variable)
Earn 1 Membership Rewards® point for every £1 spent.
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a., your representative rate is 22.9% APR (variable).
5,000 points
1 point per £1 spent
1 point per £1 spent
£0
22.9% p.a. (variable)
Earn 5,000 bonus Membership Rewards points when you spend £2,000 in your first 3 months, and 1 point for virtually every £1 spent thereafter.
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a., your representative rate is 22.9% APR (variable).
5,000 points
1 point per £1 spent
1 point per £1 spent
£0
22.9% p.a. (variable)
5,000 Avios when you spend £1,000 within 3 months of account opening. Earn 1 Avios for virtually every £1 spent. Spend £20K in 12 months and get 2 for 1 travel when redeeming Avios for a BA reward flight. Earn up to 90,000 bonus Avios points per calendar year, 4,000 points per friend/family member that successfully applies for an American Express card (Excl. Basic card) and uses the Referral Programme.
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a., your representative rate is 22.9% APR (variable).

Compare up to 4 providers

Approval for any credit card will depend on your status. The APR shown represents 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.

Repayment options

When it comes to repayments, you can make manual repayments online or over the phone (0345 7404 404), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee 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 for the HSBC Premier Credit Card

If you’ve compared cards and want to apply, 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.

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Our team evaluates credit cards to determine their value against similar products on the market.

We look at the how good the card is for its designated purpose – spending abroad, clearing debt, earning air miles etc. – how costly it is to use day-to-day and whether it offers much in the way of extras.

We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although 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, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

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