The HSBC Premier World Elite Mastercard is designed to offer a premium experience for dedicated travelers. With a host of exclusive travel, dining, and lifestyle benefits, this card caters to those seeking to enhance their global lifestyle.
Whether you’re earning reward points or accessing luxurious perks, the Premier World Elite Mastercard goes beyond conventional credit cards, providing an exceptional range of services tailored to expats and frequent flyers. For individuals looking to maximize their rewards while traveling internationally, this card offers one of the most competitive points-to-miles conversion ratios.
With the ability to earn double points on non-sterling transactions, and the flexibility to redeem points for airline miles or shopping vouchers, the Premier World Elite Mastercard is a top choice for globetrotters. In this article, we will explore all aspects of this credit card, its fees, benefits, disadvantages, and the application process.
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, which can be seen as a premium cost for the high-value benefits it offers. Unfortunately, there is no option to waive the fee through spending or other methods, so cardholders need to weigh the advantages of the card against this annual expense. While this fee is a significant consideration, it can be seen as an investment for individuals who frequently travel and can make the most of the card’s rewards and perks.
How is the credit limit determined?
The credit limit on the HSBC Premier World Elite Mastercard is determined based on the cardholder’s financial profile, including their income, credit score, and overall creditworthiness. HSBC conducts an assessment of each applicant’s circumstances before deciding on the credit limit, which is subject to change based on financial status.
For example, those with higher incomes or better credit histories may qualify for higher limits, while others may start with a more modest credit allowance. The bank takes a holistic view of the applicant’s financial situation before assigning a limit, ensuring responsible lending.
Advantages of the credit card
- Reward points: Earn 2 points per £1 spent, and double points for transactions in non-sterling currencies.
- Welcome bonus: Receive 40,000 points when spending £2,000 in the first 90 days—equivalent to 20,000 air miles.
- Travel perks: Airport lounge access and security Fast Track for primary and additional cardholders.
- Hotel discounts: Up to 14% off hotel bookings through Agoda and 10% off selected hotels via Expedia.
- Emergency assistance: 24/7 worldwide help for lost or stolen cards, including cash advances.
- Purchase protection: Purchases between £100 and £30,000 are covered if a supplier breaches a contract or misrepresents goods.
- Global acceptance: The card is accepted in all countries and regions supported by Visa and Mastercard networks.
Standout advantage
One of the most distinctive advantages of the HSBC Premier World Elite Mastercard is its ability to provide accelerated reward points for non-sterling transactions. Earning double points for every £1 spent in other currencies gives cardholders a considerable edge when traveling abroad.
Disadvantages
- High annual fee: £290 per year may be prohibitive for some users.
- No fee waiver: There’s no option to waive the annual fee based on spending or other criteria.
- Foreign transaction fees: Non-sterling transactions may still incur additional fees despite earning double points.
- Restricted eligibility: Only available to those with an HSBC Expat or Premier account.
A standout disadvantage
The high annual fee of £290 is perhaps the most significant drawback of the HSBC Premier World Elite Mastercard. Unlike other premium cards that may offer a fee waiver based on spending, this fee is non-negotiable. For some potential cardholders, the cost may outweigh the benefits, particularly if they do not travel frequently enough to take full advantage of the travel perks and rewards.
Who can apply for this card?
The HSBC Premier World Elite Mastercard is exclusively available to individuals who hold an HSBC Expat Bank Account or an HSBC Premier account in another country. Applicants must also meet the bank’s lending criteria, which includes a credit check and assessment of their financial circumstances. Additionally, applicants must be at least 18 years old and able to provide proof of identity and residency, along with evidence of income.
The card is not available to those with poor credit histories or who have been flagged by credit reporting agencies for outstanding debts. As this is a premium product, HSBC has set relatively high standards for acceptance, ensuring that only those with stable financial situations are granted access to the card’s benefits.
How to apply for the HSBC Premier World Elite Mastercard
For the website
To apply through the official HSBC website, you must first have an HSBC Expat or Premier account. Once you’ve logged into your account, you can navigate to the credit card section and select the Premier World Elite Mastercard.
From there, simply fill out the application form, providing necessary details such as your financial information, employment history, and personal data. After submitting your application, HSBC will conduct a credit assessment, and you’ll receive a decision within a few days.
Through the app
For a more convenient option, you can apply for the card through the HSBC mobile banking app. If you already have an HSBC Expat or Premier account, simply log into the app and navigate to the credit card section.
The application process within the app mirrors the online process, and you’ll need to input similar financial and personal details. The mobile app allows you to track the status of your application in real-time, and you’ll be notified once a decision has been made.
At the branch
If you prefer a more personal touch, you can also apply for the Premier World Elite Mastercard at your nearest HSBC branch. Schedule an appointment with a relationship manager, who will guide you through the process, answer any questions, and assist with the application.
Be sure to bring along all necessary documents, including proof of income and identification, to streamline the process. Applying in person allows for a more tailored experience, and you can get immediate answers to any concerns you may have about the card.
