HSBC Premier Credit Card review July 2020

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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: ★★★★★

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

18.9%

Representative APR

£0

Account fee

9 months

0% interest on purchases

Details

IssuerHSBC
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 18 months reverting to 18.9%
Balance transfer fee1.4% (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 £20 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’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 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 on selected household appliances.
  • Access to HSBC Premier Privileges (discounts and experiences).
  • Free LoungeKey airport lounge membership.

Cons

  • 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?

HSBC’s card

Data indicated here is updated daily
Name Product Rewards earn rate Balance transfers Purchases Annual/monthly fees Rep. APR Link Incentive Representative example
HSBC Premier Credit Card Mastercard
1 point per £1 spent
0% for 18 months
(1.4% fee)
0% for 9 months reverting to 18.9%
£0
18.9% (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).
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Other rewards cards

Table: sorted by representative APR, promoted deals first
Data indicated here is updated daily
Name Product Rewards earn rate Balance transfers Purchases Annual/monthly fees Rep. APR Link Incentive Representative example
M&S Bank Reward Plus Mastercard
2 points per £1 spent with selected partners
1 point per £5 spent elsewhere
0% for 6 months
(2.9% fee)
0% for 6 months reverting to 19.9%
£0
19.9% (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 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).
M&S Bank Shopping Plus Mastercard
1 point per £1 spent with selected partners
1 point per £5 spent elsewhere
0% for 20 months
(2.9% fee)
0% for 20 months reverting to 19.9%
£0
19.9% (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).
Maximiles Mastercard
1 point per £1 spent
0% for 9 months
(5% fee)
0% for 3 months reverting to 17.9%
£0
17.9% (variable)
Earn 1 Maximiles point for every £1 spent. 5000 bonus points when you make your first card purchase.
Representative example: When you spend £1,200 at a purchase rate of 17.9% (variable) p.a., your representative rate is 17.9% APR (variable).
The Co-operative Bank Members' Credit Card Visa
1 point per £2 spent with selected partners
1 point per £3.33 spent elsewhere
18.3%
(0% fee)
18.3%
£0
18.3% (variable)
1p earned for every £2 spent in The Co-operative Food stores (excluding in-store concessions) and 1p earned for every £3.33 spent anywhere else. Cashback will be added to your share of the Group profits and this will be paid to you twice a year.
Representative example: When you spend £1,200 at a purchase rate of 18.3% (variable) p.a., your representative rate is 18.3% APR (variable).
HSBC Premier Credit Card Mastercard
1 point per £1 spent
0% for 18 months
(1.4% fee)
0% for 9 months reverting to 18.9%
£0
18.9% (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).
John Lewis and Waitrose Partnership Mastercard
1 point per £1 spent with selected partners
1 point per £2 spent elsewhere
0% for 18 months
(2.9% fee)
0% for 9 months reverting to 18.9%
£0
18.9% (variable)
Earn 1 point for every £1 spent in store or online at John Lewis, Waitrose and John Lewis Insurance. Earn 1 Point for every £2 spent elsewhere. Earn double points on selected insurances taken out through John Lewis Financial Services. Vouchers issued once customer reaches 500 points in Feb, Jun or Oct when vouchers are automatically issued to customers. Every 500 points is worth £5.
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).
AIB Visa Option 1
0.5% cashback
18.9%
(1.5% fee)
18.9%
£0
18.9% (variable)
0.5% after £5000 of yearly spend. Minimum of 12 transactions per year required. Maximum of £250 cashback paid per year. Cashback paid Anniversary into Card Account. For initial £5K a £25 cashback is paid, plus an additional £1 for every further £200 spent.
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).
Bank of China (UK) Great Wall International Classic Credit Card Visa
10 points per £1 spent
N/A
17.1%
£10 per annum
19% (variable)
Earn 10 points per £1 spent on card; points can be redeemed for selected gifts or card annual fee waiver.
Representative example: When you spend £1,200 at a purchase rate of 17.1% (variable) p.a. with a fee of £10 per annum, your representative rate is 19% APR (variable).
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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.

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

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

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