HSBC Premier World Elite Mastercard review 2020
High-earning customers looking for travel perks could find this a beneficial addition to their wallet.
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.
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In a nutshell:
Yearly account fee
Up to 40,000 points
Up to 56 days
Interest-free each billing period
|Annual/monthly fees||£195 per annum|
|Balance transfer fee||2.9% (min. £5)|
|Purchases interest-free period||Up to 56 days|
|Min credit limit||£5,000|
|Max credit limit||Not specified|
|Additional cards available||3|
|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.|
|Lounge access||Membership to LoungeKey, complimentary access to over 750 airport lounges worldwide.|
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.
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.
The HSBC Premier World Elite Mastercard 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
- Rewards points for every £1 you spend.
- Welcome points offer when you first open account.
- Anniversary points boost.
- Extended warranty cover.
- Access to HSBC Premier Privileges (discounts and experiences).
- Free LoungeKey airport lounge membership.
- Must be existing HSBC Premier Bank customer.
- Minimum income of £75,000 and have a HSBC mortgage, investment, life insurance or protection product; or have at least £5,000 in savings or investments with HSBC.
- High annual fee.
- No 0% interest introductory offers on purchases or balance transfers.
- Foreign transaction fees.
- Fees for additional cardholders.
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 Mastercard, 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 Mastercard?
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 £5,000 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 World Elite Mastercard?
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 World Elite Mastercard 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 Mastercard 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 Mastercard abroad?
Non-sterling transactions are subject to a 2.99% charge. For example, if you spend 200 euros (£177.37), it'll cost you around £5.30.
What is the minimum payment on the HSBC Premier World Elite Mastercard?
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 tends to be a very expensive way to borrow money which can lead to persistent debt.