HSBC Premier World Mastercard
Earn either HSBC Rewards points or Qantas Points and enjoy perks including airport lounge access and complimentary travel insurance.
The HSBC Premier World Mastercard lets you choose between earning points through HSBC Rewards Plus or HSBC Qantas Rewards. It also offers a wide range of premium perks. This includes access to over 1,000 airport lounges through the LoungeKey program and complimentary travel insurance for both domestic and international trips.
Per $ spent
Interest free period
|Product Name||HSBC Premier World Mastercard|
|Rewards program||HSBC Rewards Plus|
|Purchase rate||19.99% p.a.|
|Interest-free period||Up to 55 days on purchases|
|Cash advance rate||21.99% p.a.|
|Min credit limit||$10,000|
|Foreign currency conversion fee||2%|
|Available to temporary residents||No|
- Offers choice of 2 Rewards Programs – HSBC Rewards Plus or HSBC Qantas Rewards
- $0 annual fee when you opt for the HSBC Rewards Plus
- Comes with complimentary travel insurance covers including Extended Warranty and Purchase Protection Insurance
- Does not come with any introductory offers on purchases and balance transfers
|Rewards program||HSBC Rewards Plus|
|Rewards points per $ spent||1|
|Minimum monthly repayment||3% of the closing balance or $20, whichever is greater|
|Late payment fee||$30|
|Foreign currency conversion fee||2%|
|Cash advance fee||3% or $4, whichever is greater|
|Overseas cash advance fee||The higher of $4 or 3% of the total transaction amount|
|Overseas ATM withdrawal fee||$0|
|Additional cardholder fee||$0|
Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.
If you pick the HSBC Qantas Rewards option, you'll earn 1 Qantas Point per $1 spent on eligible purchases and pay a $99 annual fee. Considering the 1:1 earn rate, this annual fee is very competitive among Qantas Frequent Flyer credit cards. But if you're a big spender, take note that both the HSBC Rewards Plus and HSBC Qantas Rewards also cap your earnings at 10,000 points per statement period. This is equivalent to a monthly spend of around $6,666 to $10,000 depending on the rewards program and your spending.
Other key perks you get with the HSBC Premier World Mastercard include instant savings at a variety of retailers and restaurants via a Frequent Values membership, complimentary domestic and international travel insurance, purchase protection insurance and airport lounge access.
How to apply
If you're new to HSBC Premier, you can submit an enquiry online or call 1300 131 605. If you already have a Premier account with HSBC, you can apply for this card through online banking or by calling 1300 301 168. Below are the eligibility requirements you need to meet for HSBC Premier accounts, as well as the documents and details you should keep handy for the application process.
- HSBC Premier account requirements. You can only apply for a HSBC Premier World Mastercard if you meet the following requirements:
- Have a minimum of $500,000 in loans OR $200,000 in savings/investments OR a combination of loans, savings and investments worth a minimum of $500,000 with HSBC Australia
- Maintain a HSBC Premier Cash Management Account (attracts a monthly fee of $35)
- Age. You must be at least 18 years old to apply.
- Credit history. You must have at least a 'good' credit rating. You can check your credit score and get your comprehensive credit report for free through Finder.
- Personal details. This includes your full name, email address, date of birth, driver's licence number, marital status, number of dependents and contact number.
- Employment details. This covers your salary, job title, length of employment and your employer or accountant's contact details. You may also need to submit recent payslips or PAYG summaries to help verify these details.
- Financial information. This includes any other forms of income, as well as assets and savings. You also need to share details of your existing debts, loans and cards, as well as estimate your regular household expenses.
- Frequent flyer number. If you choose HSBC Qantas Rewards, you will need to provide your Qantas Frequent Flyer membership details so that you can earn Qantas Points. If you're not already a member, check out this guide on how to join for free.
- HSBC Qantas Rewards option. Choose the HSBC Qantas Rewards option and you'll earn 1 Qantas Point per $1 spent on eligible purchases, capped at 10,000 points per statement period.
- HSBC Rewards Plus option. If you pick the HSBC Rewards Plus, you will earn 1 point per $1 spent on eligible purchases in Australia and 1.5 points per $1 overseas. Points are capped at 10,000 per statement period
- Earning points. Regardless of which rewards program you choose, eligible transactions include most everyday spending categories, such as groceries, petrol, dining, travel bookings and entertainment. Exclusions include BPAY payments, government fees and charges, cash advances and business expenses.
- Complimentary insurance benefits. The HSBC Premier World Mastercard gives you access to complimentary international travel insurance, domestic travel insurance and transit accident insurance when you use it to book your trips. It also offers complimentary purchase protection insurance, extended warranty cover and a guaranteed pricing scheme for eligible items you buy with the card.
- Airport lounge access. Enjoy access to over 1,000 airport lounges around the world through Mastercard Airport Experiences provided by LoungeKey. With this perk, each lounge visit costs US$27 per person, which is charged directly to the HSBC Premier World Mastercard. Learn more about LoungeKey in this guide.
- Instant savings. This card gives you free membership to Frequent Values by Entertainment Publications. Get access to over 4,500 offers from participating restaurants, supermarkets, hotels and other businesses across Australia and New Zealand.
- Mobile wallets. Whether you have an Android or an Apple device, you can save time at the cash register and pay with the convenience of your smartphone with Google Pay or Apple Pay.
Rates & fees
- Annual fee. If you choose HSBC Rewards Plus, this card has a $0 annual fee. If you choose HSBC Qantas Rewards, this card has an annual fee of $99.
- Purchase interest rate. If you shop with this card and don't pay off the full balance each month, an interest rate of 19.99% p.a. will apply to your purchases.
- Interest-free days. This card offers up to 55 days interest-free on purchases when you pay the total outstanding balance by the due date on each statement.
- Cash advance rate. If you use this card to withdraw cash or for any other cash advance transaction, an interest rate of 21.99% p.a. will apply from the date of the transaction.
- Cash advance fee. The higher of $4 or 3% of the total transaction amount is charged when you make a cash advance transaction.
- Additional cardholder. If you want to share your account with someone, you can add a cardholder without paying an additional annual fee. Note that you will still be responsible for managing the account – including paying any other fees or charges.
- Foreign transaction fee. If you use this card overseas or online with a retailer that's based overseas, a fee of 2% will apply to each transaction.