HSBC Premier World Mastercard

Pauline Hatch

Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this card.

The HSBC Premier World Mastercard

Allowing cardholders to earn points on either the HSBC Rewards Plus program or the Qantas Frequent Flyer program, the HSBC Premier World Mastercard is a flexible rewards card with some appealing extras on offer. Features include access to the home&Away Privilege Program, HSBC Instant Savings, lounge access via LoungeKey, and travel discounts with Expedia and Agoda.

What we love...

When you apply for the HSBC Premier World Mastercard, you have the option to earn points on the HSBC Rewards Plus program or the Qantas Frequent Flyer program. Opting for HSBC Rewards Plus means you will pay no annual fee on the card, and you will earn 1.5 HSBC Rewards Plus points per $1 spent on eligible purchases.

Points are capped at $120,000 per year. As part of this program, you will have a number of redemption options open to you, including shopping, travel and merchandise rewards. You may also choose to transfer your points to leading airline rewards programs, including Cathay Pacific’s AsiaMiles, Virgin Australia's Velocity and Singapore Airlines’ KrisFlyer.

If you opt to earn on rewards on the Qantas program, this card offers an earn rate of 1.5 Qantas Point per $1 on eligible purchases, also capped at $120,000 points annually.

Aside from the opportunity to earn rewards, cardholders can also access a range of features. There are quite a few of them, so let’s create a list.

• You can take advantage of exclusive offers and privileges from 27,000 selected partners at home and overseas via the home&Away Privilege Program.
• You can access Instant Savings with free membership to Frequent Values by Entertainment Publications, providing more than 4,500 offers at participating stores, restaurants, hotels and family attractions.
• You can take advantage of complimentary insurance benefits, in the form of Domestic and International Travel Insurances with rental vehicle insurance excess cover, Transit Accident Insurance, Extended Warranty Insurance, and Purchase Protection Insurance.
• If your card is lost or stolen, an emergency cash advance feature provides same-day card replacement and an advance of up to US$2,000.
• You can access LoungeKey privileges, which include access to more than 1,000 lounges worldwide (a lounge fee per visit applies).
• You can enjoy a 10% discount on selected pre-paid standalone Expedia hotel bookings and exclusive travel discounts with Agoda when you use your card.
• You can save on interest with up to 55 day interest free on purchases when you clear your balance by the due date the previous month.

What’s not so great...

To be eligible for the HSBC Premier World Mastercard, you must earn at least $75,000 per year and have a good credit rating. HSBC also requires that you have Premier Status, which means you need to have an active HSBC Everyday Global account (with no monthly costs) and meet one of 3 criteria:

• Deposit a total of $9000 into your transaction account or home loan each month, or
• Hold a minimum combined balance of $150,000 in an HSBC Australia transaction, savings or HSBC Invest account, or
• Hold an HSBC Premier or Jade status in another country.

Holding Premier Status gives you access to exclusive offers and perks, a personal Relationship Manager to help you with your finances, and discounted home loan fees.

Also take note of the card’s relatively high interest rate. Cardholders who carry a balance may find it hard to enjoy real value on this card.

Why should you choose this card?

If you want to earn rewards on your card spending, the HSBC Premier World Mastercard provides a pretty flexible option. Choosing to earn points on the HSBC Rewards Plus program does provide better value, as cardholders pay no annual fee on the card, and are essentially earning rewards for free (although there is that monthly service fee to pay on the required partner Cash Management Account).

Cardholders can enjoy a wide range of extras on this card, making it a great choice for anyone who would make good use of these features. You can also add an additional cardholder to the account at no extra cost (other fees and charges apply), which could help you to earn points faster, although the annual cap on points still applies.

Overall Rating

The HSBC Premier World Mastercard earns HSBC Rewards Points or Qantas Points, while providing some very handy extras, such as Instant Savings, LoungeKey access and insurance covers.

Disclaimer

The information, included card rates and fees, present in the review is accurate as of the date of the review. Please refer to issuer website and application for the most current information.