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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: ★★★★★
Doing its job: 4/5
In a nutshell:
0% interest on balance transfers
0% interest on purchases
|Balance transfers||0% for 18 months reverting to 18.9%|
|Balance transfer fee||1.4% (min. £5) for 2 months reverting to 2.9% (min. £5)|
|Purchases||0% for 9 months reverting to 18.9%|
|Purchases interest-free period||Up to 56 days|
|Min. credit limit||£1,500|
|Max credit limit||Not specified|
|Additional cards available||3|
|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.|
|Lounge access||Membership to LoungeKey, access to over 750 airport lounges worldwide. Charged at £15 per person per visit.|
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.
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
- 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.
- 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?
Other rewards cards
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.
Finder credit card ratings
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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.