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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.
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.
How does this card compare with other rewards credit 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 World Elite Mastercard
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.