HSBC Premier Credit Card Review

HSBC Premier Credit Card Review: Best for HSBC Premier Customers

With the HSBC Premier Mastercard, you’re already one step towards HSBC’s best deals when it comes to cash rebates, travel perks, and other cashback that allows you to get S $1,800 for spending more using one of the most useful HSBC credit cards out there. Travel-centered Singaporeans will love this card’s features and bonuses. However, it might not be the best savings option for others, even with its high S $1,800 yearly cashback total. 

Key Features

  • Forever Free: You won’t have to pay anything after HSBC offers you this card because you’re part of their premier customers. It’s a subscription that’s free for life.
  • 20-Day Interest-Free: Pay everything in full, and you’ll get 20 days of free interest using your HSBC credit card.
  • Insurance: Your HSBC Premier Mastercard Credit Card protects you with a face value of S $1million against travel issues and personal accidents in vacations for as long as you use this card to pay your travel arrangements and other eligible spending completely.
  • Supplementaries: You can add five supplementary cards at no extra cost. Your supplementary cardholders can earn points for your card, too.
  • Contactless Payments: Apple Pay, Mastercard Contactless Payments

 

Benefits

1. Shopping

  • Cash rebates: Spend at least S $600 monthly, and you can receive 5% on all your groceries and gas expenses. In addition, you can still earn rebates by using this card to pay for all your taxi, train, bus, and ride-hailing app rides. You get an S $150 monthly cap
  • Mastercard privileges: Mastercard’s Priceless Specials has exclusive benefits and offers through HSBC Premier Credit Card.
  • Redeem rewards using fewer points: Pool together your HSBC Rewards Points from other cards. You earn 1 HSBC point for every S $1 you spend. You can use it in the HSBC Rewards Shop to get vouchers, deals, and free merchandise.

2. Travel

  • Travel benefits: Aside from a comprehensive travel issue and personal accident insurance, your HSBC Premier Credit Card can provide you with exclusive flight, hotel, and tour package deals.
  • Petrol discount. Get up to a 21.15% by refueling at Caltex and Shell stations in Singapore.

3. Promotions

  • Limited Sign Up Offer: New HSBC Premier Credit Card subscribers can receive up to S $350 cashback by doing the following before 31 Dec 2021.
  • Make one qualifying transaction and earn S $50.
  • Spend a minimum of S $500 and receive S $120.
  • Apply through MyInfo using SignPass and earn S $30
  • Get S $150 cashback for registering one supplementary card. No added bonuses for additional cards.

 

Pros and Cons

Let’s look at the pros and cons of owning the HSBC Premier Credit Card.

Pros

  • No annual fees
  • Wide-ranging benefits for shoppers
  • Great travel perks
  • Travel insurance and personal accident insurance coverage overseas
  • Discounted HSBC Rewards Shop redemptions

Cons

  • Only offered to HSBC Premier Customers.

 

HSBC Premier Credit Card vs. Other Cards in the Market

Here’s how HSBC Premier Mastercard is doing against its local competition.

Credit Card Minimum Income Requirement Annual Interest Rate Cashback Cashback Cap Minimum Monthly Spending Rewards
HSBC Premier Mastercard Credit Card S $30,000 (S $40,000 for foreigners) 25.90 5%  S $150 per month S $600
  • Earn 1 HSBC point per S $1
  • Get discounted rewards in the HSBC shop
  • Travel issue and personal accident insurance
  • 5% cashback on groceries, petrol, and travel spend
  • Exclusive Mastercard curated deals and offers.
  • Huge S $150 per month cashback cap
HSBC Visa Infinite Credit Card S $120,000 25.90% n/a n/a n/a
  • Earn 2.25miles per S $1.00 that you spend
  • HSBC personal concierge service  for travel arrangements, from hotel bookings to dinner reservations.
  • Unlimited airport lounge access for both main and supplementary cardholders at any of the 1,100 VIP airport lounges worldwide. 
  • Luxury travel arrangements and VIP in many partner establishments all over the world
DBS Woman’s World Card S $80,000 for both Singaporeans and Foreigners  26.80% n/a n/a n/a
  • Earn 10 DBS rewards points for every S $5 local and overseas online spend with a cap of S $2,000 per month.
  • Earn 3 DBS rewards points for every S $5 overseas spend
  • Shoppers earn 1 DBS rewards point for every S $5 spent on all other categories
DBS Black Card S $30,000 (S $ S $45,000 foreigners) 26.80% 10% n/a S $1 (Visa contactless spending)
  • 1.2 miles per S$1 spend on local Visa contactless purchases
  • 1 DBS point per S $5 spent
  • 10% cashback on selected travel and retail websites
  • 0.4 miles on other purchases
  • 0% Interest Payment Plans (3, 6, 12-month payment periods only)
  • 14% fuel savings at Esso
Citi Rewards Card + Mastercard S $30,000 (S $42,000 for foreigners) 26.90% 1.6%-5% Unlimited None
  • Unlimited cashback without cap
  • Waived first-year annual interest rate
  • Cashback earned doesn’t expire
  • Pay With Points and SMS-claimable cash rebate
Standard Chartered Unlimited Cashback Credit Card S $30,000 (S $60,000 for foreigners) 26.90% 1.5% Unlimited None
  • The first two years annual fees waived
  • Unlimited cashback and caps
  • 1.5% cashback on all purchases with no caps
  • 22.61% Caltex Fuel Savings
HSBC Revolution Credit Card S $30,000 (S $40,000 for foreigners) 26.80% 2.5% Unlimited None
  • 4 miles or 10 points per S $1 spend online and via contactless payments (airlines, food delivery, and retail)
  • 0.4 miles (1 point) per S$1 on all other spend (non-contactless payment)
  • No minimum spend requirement and no annual fee
  • 16% off petrol at Caltex and 14% off at Shell

 

Online Credit Card Payment

The Verdict: Is HSCB Premier Mastercard the Right Choice for You?

If you’re an HSBC Premier customer, you’ve made plenty of investments, and you view this card as the bank’s way of saying “thank you” for your business. Investing S $200,000 for investments, insurances, and other HSBC offers show dedication.

In this light, the HSBC Premier Mastercard isn’t highly recommendable for customers who find the benefits of other banks useful. The high initial requirements will offset its otherwise helpful benefits for shopping, travel, and cashback, especially for Singaporeans who have just started on a new job or family.

In this chart, it’s easy to see that the HSBC Revolution Card outdoes the HSBC Premier and HSBC Infinity cards because the latter two have much more exclusivity and focus on luxury than actual savings.

 

How to Apply For the HSBC Premier Credit Card

Here’s everything you need to successfully apply for the HSBC Premier Credit Card.

Eligibility

  • 21 years old
  • Must be an HSBC Premier customer earning a minimum of S $30,000 yearly (S $40,000 for foreigners)
  • To be an HSBC Premier customer, you’ll need to have made a minimum of S $200,000 in deposits, investments, and/or insurance using relevant HSBC services.

Requirements

Singaporeans/PRs:

  • A copy of NRIC (Front & Back)
  • Latest 3 months computerized payslips
  • Company letter certifying employment and salary in SGD (dated within last 3 months from date of card application)
  • Latest min 3 months CPF Contribution History Statement
  • Latest 1 year of Income Tax Notice Assessment with latest 3 months computerized payslips / 12 Months CPF Statement.
  • A copy of your telecommunication or utility bill

Foreign applicants:

  • A copy of valid Passport
  • A copy of your Work Pass (Front & Back, min. 6 months validity)
  • A copy of your In-Principal Approval (IPA) if your Work Pass has less than 6 months validity
  • Latest 1 year of Income Tax Notice Assessment with latest computerized payslips
  • A copy of your telecommunication or utility bill.

Fees

  • Free annual fee
  • Free supplementary card fee
  • Late Payment Fee: S $50

 

More Information For First-Time HSBC Premier Credit Card Applicants

1. How Can I Become an HSBC Premier Customer and Apply For This Card?

To become an HSBC Premier Customer, you’ll need to have a total of S $200,000 invested in HSBC’s investment, insurance, and other qualified services. This can be a challenge for individual savers who only want the card, but any business owner or executive that uses HSBC’s services extensively can easily become HSBC Premier Relationship Customers.

2. Does The HSBC Premier Credit Card Use Reward Points or Cashbacks?

The HSBC Premier uses rewards points and cashback. Unlike the HSBC Infinity, your HSBC Premier rewards points pool together with your other HSBC cards, if any. You get 1 HSBC point for every S $1 that you spend using your card. Plus, you can get 5% cashback on specific spending categories, such as groceries and travels, which makes this card an excellent bonus cashback and reward points card in one.

3. Will HSBC’s Reward Points Give Me Huge Savings?

If you’re an HSBC Premier Relationship Customer, it’s a great way to save money if you’re traveling. The Mastercard offers travel insurance, and personal accident insurance makes it all worthwhile. Plus, if you’re a business owner, the HSBC Miles Program’s frequent flyer miles can help you save up on your future flights.

On the other hand, if you’re not an HSBC Premier Relationship Customer, you can greatly benefit from other credit cards. Revolution is another HSBC Card that can give you great benefits without the HSBC Premier user requirement.

Related: Best Credit Cards Singapore. 

4. Can Frequent Flyers Gain Many Benefits With HSBC Premier?

Travelers will find the travel insurance and package deals beneficial for their needs. However, frequent flyers might find it troubling that they can’t redeem many miles per point with the HSBC Premier. Fortunately, HSBC has great alternatives for frequent flyers, such as the HSBC Revolution Card, which gives the most points and miles amongst other cards available in Singapore.

Even with HSBC Premier’s exclusive flight deals for travelers, timing these deals according to your flight requires luck, which makes the Premier’s travel perks a letdown.

5. How Much Can Frequent Shoppers Save With This Card?

It’s quite impossible to estimate the actual amount you can save with the HSBC premier because all accurate figures depend on your average spending.

If you’re a shopper that frequently spends S $600 monthly, the 5% cash rebate at S $150 cap a month for a wide range of categories will work to your benefit. The HSBC Premier can give you rebates for any grocery and gas expenses you make if you reach the S $600 monthly spending minimum. Plus, these rebates are separate from the HSBC points you can exchange in the HSBC rewards shop.

 

Our Final Thoughts

The HSBC Premier Credit Card is useful if you’re already an HSBC Premier Customer. However, it’s enormously challenging to become one unless you have a spare S $200,000 to spend. We highly recommend using it if you’re an HSBC Premier Customer already. Otherwise, steer clear because there are so many better cards in Singapore out there.

  • The HSBC Premier is given as a privilege credit card to all HSBC Premier Customers.
  • The card gives you 5% rebates on all grocery and gas spending if you hit the S $600 minimum monthly spending.
  • You can get great travel accommodations and insurance plus zero annual fees for both main and supplementary cards.
  • This card is only available to HSBC Premier Customers only.

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