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HSBC Premier World Elite Mastercard®
Credit cards

HSBC Premier World Elite Mastercard®

Updated 01.12.2022

About HSBC Premier World Elite Mastercard

HSBC has developed its Premier World Elite MasterCard as a tool for convenient payments, travel, and purchases abroad. In addition, it offers additional insurance, assistance in case of loss or theft of the card, and even the option of emergency cash transfer limited to $5,000.
This card has a chip and supports contactless payments; you can use it with Google Pay and Apple Pay.

HSBC Premier World Elite Mastercard features

HSBC's Premier Mastercard offers a significant welcome bonus of 80,000 points (Quebec residents get 100,000 points of welcome bonus), but it is granted in parts and under certain conditions, namely:

  1. First, the customer receives 20,000 points;

  2. the following 40,000 points become available when the cardholder spends the first 6,000 points and does so within six months of opening the account;

  3. 20,000 points are an incentive for further use of the card, as they are granted on the card's anniversary.

Premier World Elite Mastercard has an annual fee of $149, which could be broken into 12 months.

Authorized add-on cards are free, meaning there are no annual fees for them, and there is no information about a specific limit on how many extra authorized cards can be ordered.

Another savings opportunity arises with making purchases abroad and in foreign currency: there are no foreign currency fees; only the exchange rate must be considered.

Eligible travel purchases are rewarded with up to 3% and other eligible purchases with 1.5% of the purchase cost.

The travelers who book their trips can get an additional discount with their HSBC Premier World Elite Mastercard card: a 10% discount from HSBC partners Agoda and Expedia.

The card membership gives vast airport WIFI access opportunities. In cases of multiple connecting flights and long waiting time, there is a possibility to get partnership airport lounge access for less than 40$ per person gives a much better experience (SPA, more shopping options, and relax area).

One more important thing to consider is the interest rate applied for the card transactions:

  • the interest rate for purchases makes 19.9%;

  • cash advances and balance transfer interest rate is 22.9%.

Pros and cons

The HSBC Premier Elite Mastercard is popular due to the number of its advantages for the customers:

  • A welcome bonus of 80,000 points, and if the applicant is from Quebec, it is 100,000;

  • the possibility to get unlimited assistance within 24 hours if the card is lost or stolen and arrange  the transfer of up to 5 000$;

  • good insurance coverage;

  • no foreign transaction fees;

  • up to 3% cash-back;

  • additional cards have no annual fee, and the main card costs only 149$ per year;

  • partnership with Agoda and Expedia help to save an additional 10%;

This card is good for many, but it does have some drawbacks:

  • a higher welcome bonus is for Quebec only;

  • the credit score has to be higher than 700, according to available sources;

  • if the customer misses regular payments, the bank can increase the interest rate.

How to apply for an HSBC Premier World Elite Mastercard

HSBC made the application procedure simple:

  • online;

  • offline at a branch;

The applicant must meet the following criteria:

  • have a personal income of $80,000, or annual household income should be not less than $150,000. One more alternative to meet the income requirement of the bank is to show that the applicant has $400,000 in assets under management.

  • Canadian citizenship or permanent resident status;

  • age of majority at the time of application;

  • legal capacity to sign documents and enter into contracts;

  • valid ID document.

The applicant would be notified about the bank’s decision (approved or declined application).

What credit score is required to be approved for an HSBC Premier Elite MasterCard?

According to available sources, a high credit score is required. Therefore, the best option is to have it above 700 points.
Does an HSBC Premier World Elite MasterCard have a foreign transaction fee?No, there is no foreign transaction fee. Only the exchange rate has to be taken into consideration.
Is a credit check needed to get approved for an HSBC Premier World Elite MasterCard?The applicant has to give their consent for a credit check; there have to be no active and recent bankruptcy records, plus a high credit score (best above 700 points at the date of applying).
Rate
i

Effective interest rate on the product

19.99% - 22.99%

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