Pandemic

In response to the pandemic, HSBC decided that grocery store purchases made by June 30 can earn 3x points. In addition, the Uber credit can be used on Uber Eats. However, the reimbursement cap for each use remains at 20%, so please keep that in mind.

HSBC Premier World Mastercard

Application Link

Key Features

  • Welcome bonus: 40,000 HSBC points after spending $2,500 in the first three months
  • Earning rate: 1x on all purchases
  • No foreign transaction fee
  • $95 annual fee / waived if you have an eligible HSBC Premier account

Highlights

  • 20% back on Uber/Lyft, up to $50 per calendar year (during the pandemic, this also includes Uber Eats).
  • TSA Pre application fee reimbursement.
  • Redeem points for airfare: You can redeem points toward airfare purchases at a rate of 1.5c per point. You need to purchase the airfare with this card first, then use points to offset part of the charge. Redemptions are available in several fixed point tiers, not for arbitrary amounts.
  • Transfer to miles: Points can be transferred 1:1 to British Airways (BA), Singapore Airline (SQ), and Asia Miles (CX). These can provide better value when redeemed for award tickets. There has previously been a 30% transfer bonus to BA.
  • No annual fee for Premier customers: If you are an HSBC Premier customer (Premier Checking + $100,000 in deposits), this card has no annual fee.
  • 12 months 0 APR: Purchases made after opening the card can enjoy a 12-month introductory 0% APR period. You only need to make the minimum payment each month. See also: How to handle 0APR repayment and Practical uses of credit card 0APR.
  • Travel benefits: Reimbursement for lost or damaged baggage and luggage during travel; also includes Trip Cancellation insurance, which covers non-refundable tickets.
  • Purchase protection: Extended warranty doubles the original warranty period; Price Protection reimburses price differences within 120 days; up to $1,000 if an item is damaged within 90 days of purchase; and up to $250 if you are dissatisfied with a purchased item.

Cons

  • Only people with HSBC Premier Checking can apply

My Take

If you qualify for this card, I personally think it’s one of the most approachable premium credit cards out there. Its travel and shopping benefits are broadly in line with other premium cards, and the points are fairly flexible: you can redeem them at 1.5c each or transfer them to airline miles. While BA, SQ, and CX miles may not be as easy to use as AA or UA miles, they can still provide solid value if you learn the programs well.

Although the terms seem to indicate that points from other HSBC cards cannot be transferred to this card, I’m not sure whether that is actually how it works in practice. If you know, please leave a comment and let us know.

Application

  • Application difficulty: Unknown
  • Things to note: You must have HSBC Premier Checking ($100,000 in deposits) to apply

Application Link