HSBC Premier World MasterCard Review

Information verified correct on September 30th, 2016

Earn points with your choice of HSBC Rewards or HSBC Qantas Rewards and save with low interest rates when you apply for the HSBC Premier World MasterCard.

The HSBC Premier World MasterCard gives you the option to choose between two popular rewards programs — earn Qantas Points or HSBC Premier Rewards. If you want to use this card for balance transfers, you can get a special introductory rate for months. Cardholders can also take advantage of up to 55 interest-free days on purchases when they use this card in the right manner. If you get this card, you get access to the HSBC home&Away Privilege Program, and registration for HSBC Premier Alerts is free.

Product NameHSBC Premier World MasterCard
Rewards ProgramHSBC Rewards Plus
Purchase rate (p.a.)19.99% p.a.
Annual fee$0 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 55 days on purchases
Cash advance rate (p.a.)21.99% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$15,000
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$25,000
Minimum Monthly Repayment3% or $20 whichever is higher
Card TypeMasterCard
Late Payment Fee$30
Foreign Currency Conversion Fee (MC)2% of transaction value
Complimentary Travel InsuranceYes
Complimentary Travel Insurance Cover4 months
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$15,000
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$25,000
Annual Fee$0 p.a.
Minimum Repayment3% or $20 whichever is higher
Late Payment Fee$30
Over Limit Fee$30
Cash Advance FeeThe higher of $4 or 3.0% of the total transaction amount
Overseas Cash Advance FeeThe higher of $4 or 3.0% of the total transaction amount
Overseas ATM Withdrawal Fee$0
Foreign Currency Conversion Fee (MC)2% of transaction value
Gambling Transactions AllowedYes
Gambling Transactions Interest RateCash Advance Rate
Additional Cardholder Fee$0 p.a.
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes
Rewards ProgramHSBC Rewards Plus
Rewards Points per $ (VISA/MC)1
Rewards Points per $ (AMEX)0
Rewards Points per $ (VISA/MC) CapUncapped
Rewards Points per $ (AMEX) CapN/A
Points ExpiryNever

HSBC Premier World MasterCard review

Applying for the HSBC Premier World MasterCard can be a good option if you plan to use this card to transfer balances from existing credit and store cards that charge higher interest rates. When it comes to earning and redeeming reward points you can choose between the HSBC Rewards Plus Program and the HSBC Qantas Rewards Program, where while the former does not attract an annual fee, the latter does. A comprehensive insurance package protects your purchases and offers you protection when you’re travelling overseas.

Benefits of HSBC Premier World MasterCard

The HSBC Premier World MasterCard offers cardholders a number of benefits:

  • Balance transfer offer. You can use this card to transfer balances from existing credit cards and store cards. Take advantage of the introductory low rate on balance transfers if you request for the balance transfer when you apply for the card or within one month of getting the card. The introductory rate stays in place for  months, at the end of which any outstanding balance starts attracting the card’s cash advance rate.
  • Rewards program. The HSBC Rewards Program lets you earn 1 reward points for every dollar you spend on eligible purchases, and you can redeem your points for a variety of travel, shopping, and merchandise rewards. Through the HSBC Premier Rewards for Miles program, you can transfer your reward points to airline frequent flyer programs like KrisFlyer, AsiaMiles and Velocity frequent flyer points. You will get 1 frequent flyer point for every 2 HSBC Rewards points transferred, with the option of transferring 5,000 or 10,000 HSBC Rewards points. Through the HSBC Qantas Rewards program you earn one Qantas Point for every dollar you spend on eligible purchases, and enrollment to the program is free. There is no cap on the number of points you can earn through both of these programs.
  • Complimentary insurance covers. All HSBC Premier World MasterCard holders receive complimentary purchase protection insurance, extended warranty insurance, and international travel insurance.

Features of the HSBC Premier World MasterCard

  • Annual fee. You don’t have to pay any annual fee if you get the HSBC Premier World MasterCard with the HSBC Rewards Plus. If you opt for HSBC Qantas Rewards you'll have to pay $99 p.a.
  • Balance transfer offer. This card comes with a special low interest rate offer for  months on balance transfers.
  • Choice of rewards program. Not many credit cards give you the option to choose between different rewards programs, but this one does.
  • Interest-free days. If you pay your card’s outstanding balance in full each month you can get as many as 55 interest-free days on purchases.
  • Complimentary insurance covers. As with most premier credit cards, this one offers various complimentary insurance covers.
  • Access to the home&Away Privilege Program. You can access this program to find out about offers relating to entertainment, leisure, dining, and shopping in over 40 countries.
  • Additional cardholders. You can get additional cards linked to your primary card, and these cards don’t attract any additional card fees. Additional cardholders should be at least 16 years of age.
  • HSBC Premier Alerts. You can register for HSBC Premier Alerts for free, and this service sends you an email or a text message every time you use your card online or overseas.
  • PayPass. This card is PayPass enabled, so you can make contactless payments of up to $100 at merchants who support this technology.

How to apply for the HSBC Premier World MasterCard

You can apply for the HSBC Premier World MasterCard conveniently online. Existing HSBC customers with access to internet banking can also enquire online.

Eligibility criteria

  • You should have an HSBC Premier Cash Management Account
  • You should have a combined minimum total of $500,000 with HSBC Bank Australia Limited in the form of loans, savings, and investments
  • You should have a minimum of $200,000 in savings with HSBC Bank Australia Limited
  • You should have a minimum of $500,000 in loans with HSBC Bank Australia Limited

Required documents

  • Your name, phone number and residential address
  • The name and contact details of your employer along with details of your employment
  • Includes your income, expenses, assets, and liabilities

If you’re looking forward to earning and redeeming reward points and if you want to take advantage of a special rate on balance transfers, getting the HSBC Premier World MasterCard could be an option to consider. Given that there are other credit cards that offer similar features, comparing a few at the onset is recommended.

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4 Responses to HSBC Premier World MasterCard Review

  1. Default Gravatar
    Marg | September 20, 2016

    I don’t have HSBC account or any savings or loans with them,does this mean I can’t apply for a premier world credit card

    • Staff
      Sharon | September 22, 2016

      Hi Marg,

      Thanks for your inquiry.

      In order for you to apply and receive the benefits of a premier credit card, you need to be a premier customer. To be a premier customer, you need at least 200k savings or 500k in loans with HSBC or a mixture of both.

      For further assistance, please get in touch with HSBC directly.

      I hope this helps.

      Sharon

  2. Default Gravatar
    J | August 16, 2016

    please let me know the upper age limit to qualify for complimentary travel insurance

    and what does 4 months cover mean?

    I already have Premier world Mastercard

    • Staff
      Anndy | August 16, 2016

      Hi J R SHAH,

      Thanks for your question.

      There is no age limit to be eligible for the complimentary insurance cover attached to HSBC Premier World MasterCard. However, other eligibility criteria apply. The complimentary insurance will cover you for only 4 consecutive months and it cannot be extended.

      Cheers,
      Anndy

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