HSBC Premier World Mastercard Review

Who is the HSBC Premier World Mastercard for?

The HSBC Premier World Mastercard is ideal for people looking to travel frequently while enjoying a credit card with a strong rewards program. The rewards system on this card is specifically tailored to reduce expenses on common purchases for travelers while also offering complimentary benefits at certain travel services.

With 2x points per dollar on travel services around the world, the HSBC Premier World Mastercard is a very attractive card for frequent fliers to own. On every other purchase that qualifies in their terms, HSBC offers a 1x points per dollar membership reward. For customers with an HSBC Premier account, they experience a $0 annual fee instead of the usual $95 annual fee.

A competitive feature about this card is the complimentary benefits consumers experience at TSA Precheck and certain travel accommodation services. For TSA Pre-check, cardholders receive $85 every 5 years to help pay for the application fee. Also, HSBC offers 10% off of accommodation purchases when you book through Expedia, Agoda, or Onefinestay. As a result, anyone looking for a travel credit card with complimentary travel benefits and a good rewards program should definitely keep an eye on the HSBC Premier World Mastercard.

Signup Bonus

The HSBC Premier World Mastercard offers 35,000 membership rewards points to new cardholders after they spend $3,000 in the first 3 months after their account opening. This is estimated to be at least a $400 value in air travel, and cardholders will find this introductory offer quite useful for their next vacation getaway.

Rewards

The HSBC Premier World Mastercard’s main appeal is a strong rewards system on travel expenses. This card keeps travelers in mind by offering 2x points on travel services such as hotels, airlines, and car rental services. This reward system helps subsidize the expenses that travelers commonly buy, ensuring a cheap and streamlined way for cardholders to travel.

Rewards points earned through the HSBC Premier World Mastercard can be redeemed in a variety of manners. One way customers can use their HSBC rewards points is by redeeming it for credit at travel services and airlines. This is often considered to be the best value redemption method. Also, cardmembers can redeem their points for cash to deposit in their bank account or pay for part of their credit statement. Lastly, HSBC lets customers use their rewards points to redeem for gift cards at over 100 stores and purchase merchandise from a rotating catalog of 3,000 goods.

Benefits

The HSBC Premier World Mastercard comes with built-in credit to cover TSA Precheck fees and offers a 10% discount at Expedia, Agoda, and Onefinestay. The TSA Precheck credit will surely be helpful to any cardmembers looking to speed through airport security. Besides, the 10% discount for accommodation services complements the 2x points earned at hotels quite nicely. Furthermore, this card does not come with a foreign transaction fee so travelers do not need to worry about incurring additional costs when shopping abroad. With these benefits in mind, cardholders are sure to have a much better experience the next time they decide to travel.

As part of owning this credit card, HSBC also gives cardholders complimentary access to Boingo WiFi and its many hotspots around the world. The WiFi access works for up to four devices, so multiple family members can stream shows or play games at the same time. So, for any traveler who can’t bear to lose internet while traveling, this unlimited wifi benefit will come in handy.

While the HSBC Premier World Mastercard has many travel benefits, it also has many features designed for everyday consumers. HSBC gives cardholders free ShopRunner membership, which allows users to get free 2-day shipping at over 140 online stores. Customers also receive $50 of credit for Uber or Lyft annually and 5$ off of Postmates orders costing $25 or more.

Services and Protections

The HSBC Premier World Mastercard has many features intended to protect the information and assets of cardholders. If a cardholder believes that their personal information is online and vulnerable to identity theft, they can access one-on-one support until their claim is resolved through the Mastercard ID Theft Protection program. Moreover, if cases of identity theft are discovered by HSBC, they will reimburse fraudulent purchases charged to your account. As a result, cardholders can shop confidently knowing that HSBC will protect them from any attempts of fraud.

Another unique feature offered by HSBC is its Cellular Wireless Telephone Protection program. For any cardholders who lose or damage their cell phones, HSBC offers up to $600 of reimbursement. This insurance policy is found at few other credit card companies and is what helps make the HSBC Premier World Mastercard stand out.

Lastly, as with all credit cards offered by HSBC, this card comes with Tap & Go technology that allows for contactless payments at thousands of stores. This works by holding your credit card close to a contactless payment terminal instead of inserting or swiping the card. Given the Coronavirus outbreak, this card feature may be useful as it presents germs from spreading as easily.

Cautions

While the HSBC Premier World Mastercard does boast a $0 annual fee, it is worth mentioning that this only applies to cardholders with an HSBC Premier bank account. To first qualify for an HSBC Premier World Mastercard, cardholders must open an HSBC Premier bank account. The HSBC Premier bank account requires either a $75,000 balance in personal and investment accounts, a direct deposit of at least $5,000 a month, or hold a mortgage with an original principal of at least $500,000. These strict conditions may make it difficult for potential cardholders to qualify for this credit card. However, after opening the Premier bank account, cardmembers can close the account at any time. After closing the account, a $95 annual fee is charged. As a result, when using this card it may be more beneficial to open a Premier bank account as well to avoid the annual fee.

It is also important to note that this credit card comes with a penalty APR. After missing one or more late payments, HSBC will apply a penalty APR of 29.99% for at least 6 months. In addition, HSBC may charge up to $39 in late fees. As with other credit cards, it is always in your best interest to try and pay your monthly statements on time.

Conclusion

The HSBC Premier World Mastercard is great for any traveler who wants to enjoy a great range of benefits ranging from travel to everyday shopping. This card comes equipped with no annual fee, no foreign transaction fee, and a moderate rewards program for travel services. Also, the 35,000 points signup bonus offered by HSBC makes this card an attractive option for potential owners looking to try a new card. However, the HSBC Premier World Mastercard does require owners to open up an HSBC Premier bank account, which is not the easiest bank account to qualify for. Nonetheless, the lack of fees and good rewards program make this card a strong contender for travelers and everyday shoppers alike.

You can apply for the HSBC Premier World Mastercard online here.