What are HSBC Premier Reward Points?

HSBC Premier Rewards points are the British multinational bank’s personal branding of credit card rewards. The Premier Rewards points are specifically obtained from the HSBC Premier World Mastercard and can be redeemed in a variety of different ways.

HSBC Premier World Mastercard Attributes

The HSBC Premier World Mastercard comes with some simple rewards traits. Cardholders can earn 2x points per dollar spent on travel and 1x points on all other purchases. Additionally, you get a welcome bonus of 35,000 points after spending $3,000 in the first three months of opening an account. Although the Premier World Mastercard rewards rates are not as attractive as many other cards on the market, it is still always good to be earning some rewards over none. 

Something to also keep in mind is the annual fee of $95. You can actually be exempt from this fee if you have a minimum of $75,000 in combined deposits in HSBC accounts. Some other benefits of holding the Premier World Mastercard are the $85 credit towards TSA PreCheck and up to $50 of Uber and Lyft credits annually. 

What Can You Use Premier Rewards Points On?

Premier Rewards Points have a relatively wide range of ways to be redeemed. Some of the ways include the following:

• Travel statement credit or miles transfers
• Gift cards
• Direct charity donations
• Merchandise items
• Cash

In order to redeem points in the first place, you must be in “good standing” with HSBC, which can pretty much translate to making payments on time and not racking up debt. You should be able to see your accumulated points on your monthly periodic billing statement. If you have specific questions, you can log into your HSBC account and contact customer service.

The points redemption process is a little bit indirect at times for HSBC. For example, if you wanted to get a statement credit for travel, you would have to use your HSBC Premier World Mastercard to purchase an airline ticket first, then contact HSBC and ask them to use your points to subsidize your purchase. However, you can log in to HSBC and navigate to the “Redeem Points” page. From there, you can purchase gift cards, merchandise, and find options to donate to charity as well. There is a wide variety of gift cards and merchandise that you can purchase—if you want to learn more, you can check out HSBC’s website or log in to your own account.

Other HSBC Policies to be Aware Of

HSBC pretty much has the right to revoke your points or change the requirements for redemption minimums whenever they want to. Additionally, if your HSBC account is inactive for over one year, HSBC has the right to close your account, and with that, inactivate all of your hard-earned points. However, as long as you maintain good standing and are always active in your account, your points should never expire. 

Ultimately, it is always a good idea to spend your rewards points as you earn them if you aren’t saving up for anything in particular. Go on and use them—you’ve earned it!