Introduction

If you have an established relationship with HSBC, you may be eligible for a no-fee credit card that offers travel rewards. Because of the high minimum balance required to maintain an HSBC Premier World Mastercard, large direct deposits, or an HSBC mortgage, this card is likely best for households with higher net worth. After you receive your card, you can lower the qualifying amount of your account at any time, but there will still be a $95 annual fee.

The HSBC Premier World Mastercard is a great option for frequent fliers due to several perks, including zero foreign transaction fees, free in-room Wi-Fi, TSA PreCheck credit, car rental insurance, and more. When used to pay your monthly phone bill, this card offers attractive coverage of $600 in the event of theft or damage to your phone if you don't already have insurance. If you are worried about losing a valuable device like a phone, you can rest easy knowing that you are financially protected if it is stolen.

HSBC Rewards Earning Details

Cardholders receive double points on all travel purchases. You will earn one point for every dollar spent on all other purchases made with this credit card. There is no annual cap on the number of points that can be earned, and accumulated points are never lost. HSBC uses a broader definition of "travel purchase" than other banks. Travel agencies, cruise lines, car rental agencies, and boat charters are part of the transportation industry. Services like taxis, ferries, motor coach rentals, and limos are all available. Any accumulated reward points from eligible purchases will be applied to your HSBC credit card within the next billing cycle (or two, depending on the billing cycle length).

How Do You Boost Your Earnings?

You can get 35,000 bonus points after spending $3,000 in the first three months. You can earn enough miles for a domestic economy flight. If you use the card to pay for travel-related costs, you'll earn double the points for every dollar spent. Extensive travel-related purchases are valid, including hotel stays, airline tickets, car rentals, taxi rides, and other modes of transportation. In most cases, you can also use points to buy vacations. The maximum value per point is about 3 cents. Customers can make the most of this card thanks to perks like complimentary in-flight Wi-Fi and a yearly credit of $85 toward the cost of TSA precheck fees. Take full advantage of these advantages. Yes, the card can be used to make purchases. Remember, though, that the rewards are only half as valuable (1 point for every $1 spent) and thus less valuable, especially when you use the card for purchases other than travel.

Pros

Acceptable Preface Proposal If you open an account and spend at least $3,000 in the first three months, you will receive 35,000 bonus points toward rewards. This reward is worth about $490 in HSBC points when used to buy plane tickets through HSBC or about $400 when redeemed for anything else, including cash back. It's an extremely attractive deal. The HSBC Premier World Mastercard offers mobile phone protection of up to $600 per claim, with a $50 per claim deductible if you use the card to pay for your monthly phone bills. Theft coverage is included, but accidental deletion is not.

Cons

It requires a Qualifying HSBC Account; at a Minimum, Before anything else, You must be an existing HSBC Premier customer to be approved for the card. There is an extreme level of strictness in the requirements. You must either have a mortgage with an initial amount of at least $500,000, have a personal savings and investment balance of at least $75,000, or make monthly deposits of at least $5,000. The need for this account will be nullified once you receive your card (by closing the account, for example, or by reducing the amount). After the first year, however, you'll be hit with a hefty $95 annual fee.

While there is flexibility in how HSBC points can be redeemed, most redemptions must be made through the rewards portal. Aside from HSBC's Rewards for Miles program, which allows points to be transferred to a frequent flyer/rewards program account with a participating airline, all of these programs are identical.

Conclusion

It's worth noting that most current HSBC Premier account holders are exempt from paying the annual fee for the HSBC Premier World Mastercard, which offers some decent benefits for travelers. Aesthetic or general wear and tear-motivated repairs are not allowed. It means that even minimal damage can impact the phone's performance. In addition, this is an additional layer of safety that kicks in only after you've exhausted the benefits of your primary insurance policy.