If you are looking for a credit card that offers you numerous benefits like cashback, points programme, among other advantages, the HSBC card could be the perfect option for you.
Stay with us until the end of this article and we’ll give you all the information about the card and how to apply for it. Let’s see?
HSBC is a British multinational bank based out of London, United Kingdom and is the largest bank in Europe. They offer HSBC Rewards credit cards for multiple countries worldwide.
Collect reward points and enjoy 0%-interest deals on both balance transfers and purchases… provided you meet the eligibility criteria.
If you fit the bill, this card can earn you rewards points on your spending, plus an introductory welcome bonus and anniversary bonuses too. And since your rewards points can be redeemed against any purchase you make using your card – it’s as good as cashback.
The card also offers an interest-free period on balance transfers, so if you’re paying a hefty sum each month in interest on existing card debt, you could choose to bring it across to HSBC to take a break from interest and focus on clearing the debt.
Bear in mind that any balance outstanding at the end of the introductory 0% period will start to accrue interest at the card’s less-favourable standard rate.
With this card, you can earn 35,000 rewards program bonus points as a new cardholder, provided you spend $3,000 in the first three months after opening an account.
Given the value of HSBC points, that reward is worth about $490 when used to redeem for airline tickets through HSBC, or $400 for all other redemptions, including as cash back. That’s a very competitive offer.
The HSBC Premier World Mastercard offers a respectable array of travel benefits, especially for a card with no annual fee for most cardholders who are existing HSBC Premier account customers.
Notable benefits include free Wi-Fi around the world with Boingo, $1-million travel insurance coverage, and a 10% discount on Agoda, Expedia, and onefinestay hotel or vacation home purchases. It also offers an $85 credit every five years for TSA Precheck.
If you use the HSBC Premier World Mastercard to pay your monthly phone bill, you’ll get up to $600 in protection for your cell phone, subject to a $50 deductible.
While theft is covered, an unexplained loss of the phone is not. And any eligible damage must affect the phone’s functionality, which precludes repairs for cosmetic reasons alone, or due to abuse or what’s deemed to be normal wear and tear. Finally, this is secondary coverage that kicks in after you’ve received the benefits from any coverage from your insurance policies.
You are getting 0.2% back on your spending. In reality, you may get a lot less. It depends if you receive 1p per £5 transaction or 1p per £5 on your total monthly bill.
If it is the former, a £3.99 purchase earns nothing. If it is the latter, a £3.99 purchase will earn you 0.8p when aggregated with your other transactions.
If you spend exactly £10,000 on the card per year, your cashback increases to 0.45%. This, admittedly, is not bad. However, this card is NOT available to everyone. You must hold a HSBC current account and have paid in at least £1,750 per month for the past six months. For someone in PAYE, this requires a salary of £25,700.
Cardholders earn 2 points per dollar on travel purchases. All other purchases on the card earn 1 point per dollar spent. There’s no limit on the number of points that can be earned in a year and points don’t expire.
HSBC’s definition of travel purchases is fairly broad. It includes airlines, hotels, motels, travel agencies, tour operators, cruises, buses, car rentals, boat rentals, motor home rentals, campgrounds, parking, trains, bridge and road fees and tolls, ferries, and limousines and taxis.
Any points earned from eligible purchases will be posted to your HSBC account within one to two billing cycles after the purchase is made.
Rewards Redemption Details
You can redeem points through the Premier program in several ways:
- Cash back as a statement credit or a direct deposit to an HSBC Premier checking or savings account;
- Travel, including flights, hotels, car rentals, and travel packages;
- Merchandise from hundreds of brands;
- Gift cards for travel, shopping, and more;
- CharityChoice Gift Card to one of more than 1,000 charitable organizations.
All redemptions must be made through the HSBC rewards portal. Points are redeemed for a value of one cent for all redemptions except travel, which offers more favorable rates that average 1.4 cents per point. Redeeming 16,000 points earns you a $200 travel credit (a value of 1.25 cents per point) while 26,667 points and 40,000 points earn $400 and $600 respectively (1.5 cents per point).
To apply for your card, click on the button below.