HSBC Premier World Elite Credit Card review 2021 | 59.3% rep. apr | Finder UK

HSBC Premier World Elite Credit Card review 2021

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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.

You say: ★★★★★We say: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a. with a fee of £195 per annum, your representative rate is 59.3% APR (variable).

Up to 40,000 points

Intro bonus

59.3%

Representative APR

£195

Yearly account fee

Up to 56 days

Interest-free each billing period

Details

IssuerHSBC
NetworkMastercard
Annual/monthly fees£195 per annum
Balance transfers18.9%
Balance transfer fee2.9% (min. £5)
Purchases18.9%
Purchases interest-free periodUp to 56 days
Cash advances18.9%
Min credit limit£5,000
Max credit limitNot specified
Additional cards available3
Incentive2 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 accessMembership to LoungeKey, complimentary access to over 750 airport lounges worldwide.

Expert review

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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

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 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

Pros

  • 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.

Cons

  • 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.

How does it compare?

HSBC's card

Data updated daily
Name Product Max. intro bonus Earn-rate with brand Default earn-rate Annual/monthly fees Rep. APR Link Incentive Representative example
HSBC Premier World Elite Credit Card
40,000 points
2 points per £1 spent
2 points per £1 spent
£195 per annum
59.3% (variable)
More Info
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.
Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a. with a fee of £195 per annum, your representative rate is 59.3% APR (variable).
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Other popular reward cards

Table: sorted by representative APR, promoted deals first
Data updated daily
Name Product Max. intro bonus Earn-rate with brand Default earn-rate Annual/monthly fees Rep. APR Link Incentive Representative example
M&S Bank Reward Plus Mastercard
500 points
2 points per £1 spent
1 point per £5 spent
£0
19.9% (variable)
Check eligibility
More Info
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 Transfer Plus Mastercard
500 points
1 point per £1 spent
1 point per £5 spent
£0
21.9% (variable)
Check eligibility
More Info
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 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).
M&S Bank Shopping Plus Credit Card
500 points
1 point per £1 spent
1 point per £5 spent
£0
21.9% (variable)
Check eligibility
More Info
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 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).
American Express Rewards Credit Card
5,000 points
1 point per £1 spent
1 point per £1 spent
£0
22.2% (variable)
Check eligibility
More Info
As a new Cardmember, earn 5,000 Membership Rewards® points when you spend £2,000 in your first 3 months of Cardmembership.
Representative example: When you spend £1,200 at a purchase rate of 22.2% (variable) p.a., your representative rate is 22.2% 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.

Repayment options

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 Credit Card, 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 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 £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 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 World Elite 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% (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 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 World Elite Credit Card abroad?

Non-sterling transactions are subject to a 2.99% charge. For example, if you spend 200 euros (£172.65), it'll cost you around £5.16.

What is the minimum payment on the HSBC Premier World Elite 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 tends to be a very expensive way to borrow money which can lead to persistent debt.

Finder credit card ratings

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Our experts score rewards credit cards to determine their value against similar products on the market. We look at a number of important factors, like welcome bonuses, introductory and ongoing earn-rates, any caps or restrictions on the points you can earn, plus the potential costs involved with running the card both in the short and longer term.

You can read more about our scoring criteria on our credit card methodology page.

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2 Comments

    Default Gravatar
    W
    December 18, 2019

    Do the HSBC Elite Card Points Expire?

      Avatarfinder Customer Care
      Tom
      December 18, 2019

      Hi William,

      Thanks for your question. Any HSBC Elite card reward points you earn will expire three years after the first month they appear on your credit card statement. When you go to redeem points, HSBC will automatically deduct the points based on the order they were earned, so your earliest points will be used first.

      I hope this helps, but feel free to get in touch if you have any other questions.

      Regards,

      Tom

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