HSBC Premier World Mastercard Review

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 6 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
Balance transfer rate (p.a.)5.99% p.a. for 6 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Cash Advance Rate (21.99% p.a.)
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)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
2% of transaction value
Complimentary Travel InsuranceYes
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)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
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 6 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 Reward points transferred, with the option of transferring 5,000 or 10,000 HSBC Reward 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 6 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.
  • Eligibility to Apple Pay. Enjoy a convenient and secure way of making contactless payments with the use of your iPhone, Apple Watch and iPad. Learn more about the Apple Pay feature here.

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

  1. Default Gravatar
    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
      SharonSeptember 22, 2016Staff

      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
    JAugust 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
      AnndyAugust 16, 2016Staff

      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

Credit Cards Comparison

Rates last updated September 25th, 2017
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
NAB Premium Card - Exclusive Offer
19.74% p.a.
0% p.a. for 24 months
$90 p.a.
Until 1 October 2017, exclusive to finder.com.au, enjoy a no BT fee, balance transfer offer with platinum privileges, including travel insurance.
St.George Vertigo Visa
13.24% p.a.
0% p.a. for 18 months with 2% balance transfer fee
$55 p.a.
Receive up to 55 days interest-free on purchases and the ability to make contactless payments with Visa payWave technology.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
20.74% p.a.
0% p.a. for 18 months
$129 p.a.
Earn 3 bonus Velocity Points per $1 for the first 3 months, a first year annual fee refund and a yearly $129 Virgin Australia Gift Voucher.
St.George Vertigo Platinum
12.74% p.a.
0% p.a. for 24 months with 2% balance transfer fee
$99 p.a.
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.

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* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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