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HSBC Premier Credit Card review 2021
The HSBC Premier Mastercard is 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.
You say: ★★★★★We say: ★★★★★
Doing its job: 3/5
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)|
|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 £20 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’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.
The HSBC Premier Credit Card is issued on the Mastercard network so it's accepted at nearly 53 million merchants across more than 210 countries and territories.
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 on selected household appliances.
- Access to HSBC Premier Privileges (discounts and experiences).
- Free LoungeKey airport lounge membership.
- Must be an existing HSBC Premier Bank customer.
- Unless you convert them into miles, your Premier Points have little value.
- 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
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.
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 is able to offer you this deal, the offer 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 that 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" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) 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 18.9%, which is the same as the standard purchases 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?
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. For example, if you spend 200 euros (£173.76), it'll cost you around £5.20.
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 two 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.