When it comes to premium travel credit cards, the HSBC Premier World Elite Mastercard stands out with a robust suite of features tailored for the frequent flyer and global traveler. It combines high-end privileges, impressive travel perks, and a rewarding points program, all designed for customers who value sophistication and flexibility.
Despite the higher costs associated with elite cards, the HSBC Premier World Elite Mastercard aims to deliver an experience where the benefits far outweigh the fees. For those who travel often, spend in multiple currencies, and seek convenience, this card may be the ideal travel companion.
Key information about the credit card
How does the annual fee work?
The HSBC Premier World Elite Mastercard comes with an annual fee of £290. This cost is billed annually rather than in monthly installments, which means the cardholder is required to pay the full amount in one go. There is no mention of installment options or fee waivers, which is typical for premium-tier credit cards designed for a more affluent customer base.
How is the credit limit determined?
The credit limit for the HSBC Premier World Elite Mastercard is not fixed and is determined based on a number of factors, including credit status, income, and overall financial profile. HSBC assesses applicants individually to determine affordability and risk level before approving a specific credit amount. For standard credit cards like this one, there’s no set formula available to the public, but a higher income and a clean credit history often result in more favorable credit limits.
Advantages of the credit card
- Accelerated reward points: For every £1 you spend, you earn 3 reward points on transactions made in sterling and 4 points on those made in other currencies. This makes the card ideal for international travelers, especially those who frequently use their card abroad. These points can later be converted into airline miles or shopping rewards.
- Welcome reward bonus: Cardholders who spend £2,000 in the first 90 days of membership will receive a generous 60,000 reward points. This is a limited-time offer, valid until May 29, 2025, and it’s awarded in two portions: 40,000 points initially and the remaining 20,000 later, assuming qualifying purchases have been processed.
- Airport lounge access: The card grants unlimited access to more than 1,600 lounges around the world via Priority Pass. This applies not only to the main cardholder but also to additional cardholders, making travel more comfortable for the whole family.
Standout advantage
The standout benefit of the HSBC Premier World Elite Mastercard is undoubtedly the comprehensive travel experience it offers. Unlimited access to airport lounges, fast-track security at global airports, and enhanced reward earnings on foreign spend provide exceptional value to frequent travelers who desire luxury and ease throughout their journey.
Disadvantages
- High annual fee: At £290 per year, the cost is significant and may not be justifiable for those who don’t travel frequently or don’t fully utilize the card’s features.
- Sterling foreign transaction fees: Even though the card rewards spending in non-sterling currencies, such transactions are subject to a 2.99% foreign transaction fee, which can offset some of the benefits.
- Eligibility constraints: You must already be an HSBC Premier Account holder, which itself has eligibility requirements. This limits the pool of potential applicants.
- No fee waiver: Unlike some competitor cards, there’s no offer of a reduced or waived fee for the first year, nor are there spending thresholds that allow the fee to be refunded.
A standout disadvantage
The most significant downside is the foreign transaction fee of 2.99% applied to all non-sterling transactions. This seems counterintuitive for a card that markets itself as travel-friendly and offers enhanced rewards for international spending. This fee could significantly add up, especially for those who travel frequently and spend abroad.
Who can apply for this card?
To be eligible for the HSBC Premier World Elite Mastercard, applicants must be at least 18 years old and residents of the United Kingdom. Importantly, the applicant must hold an HSBC Premier Account, which itself has financial criteria—typically requiring a high minimum income or large balances under HSBC wealth management.
The bank performs a credit check, so applicants must have a healthy credit score, as well as meet the affordability requirements. This is not a card designed for people with poor credit or those seeking easy approval. It also cannot be applied for if the applicant has received a new HSBC credit card or credit limit increase in the last six months or already holds the same card type.
How to apply for the HSBC Premier World Elite Mastercard
For the website
To apply online, eligible users can visit the HSBC UK website and navigate to the credit card section. Once on the HSBC Premier World Elite Mastercard page, applicants can click on the “Apply online” button to begin the process. During the application, you’ll be required to log in to your HSBC account and provide personal details such as employment status, income, address history, and financial commitments.
Once the form is completed, HSBC will perform a credit check and assess affordability. Applicants must ensure they meet all criteria before applying, as unsuccessful applications can affect their credit score. It’s also essential to verify that you haven’t applied for another HSBC card or received a limit increase in the past six months, as this could result in an automatic rejection.
Through the app
If you already have the HSBC UK Mobile Banking app and an active Premier Account, applying through the app is one of the quickest and most seamless methods. After logging in, you can navigate to the credit cards section and select the HSBC Premier World Elite Mastercard. There will be an option labeled “Apply in app,” which starts the in-app application process.
The app will automatically pre-fill some information from your account, such as your name and contact details, streamlining the process. However, you’ll still need to input your income, employment details, and confirm consent for a credit check. Notifications about your application status will also be pushed to your phone, making it easier to track.
At the branch
For those who prefer a face-to-face approach, HSBC also allows you to apply at any of its UK branches. You’ll need to bring proof of identity, such as a passport or driver’s license, along with documentation of your income and address (like payslips and utility bills).
Once at the branch, a bank representative will walk you through the application process. They will review your documents, ask about your financial background, and help you fill out the application form. After submission, the branch forwards your application for review, and you’ll receive a decision typically within a few days. If approved, the card is mailed to your registered address.
