Great for high earners and investors: A review of the Premier World Elite Mastercard From HSBC UK

Jul 16, 2021

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While the Membership Rewards programme from American Express is probably the most valuable transferrable currency in the U.K., HSBC also offers a rewards programme with great flexibility to move points to some of your favourite programmes.

Points can be earned through HSBC’s credit cards like the Premier World Elite Credit Card. However, this card has strict eligibility requirements, so read on to make sure you can apply.

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Who is this card for?

In order to apply, you need to have an HSBC Premier current banking account, which means:

  • A minimum of £50,000 held with HSBC, either in a savings account, or otherwise invested; or
  • A “mortgage, investment, life insurance or protection product” with HSBC and a minimum annual income of £75,000.

This card is squarely aimed at high-net-worth individuals who likely already have some serious money invested with HSBC.

Sign-up bonus and annual fee

As a premium card, there is a £195 annual fee. Fortunately, this is offset by a generous 40,000 HSBC Reward points after spending £2,000 in the first 90 days you hold the card.

You will also earn a further bonus of 40,000 HSBC points when you spend £12,000 on the card in the first 12 months (so £1,000 per month).

Representative rate: 59.3% APR variable and a purchase rate of 18.9% per annum variable with an assumed credit limit of £1,200.


Purchases on this card earn HSBC Reward points, which are their own unique currency.

You will earn a generous 2 HSBC points per £1 spent on local purchases, and 4 HSBC points per £1 spent in foreign currencies.

However, there is a 2.99% foreign transaction fee for all purchases in foreign currencies, which largely cancels out the points earned with foreign currency bonus category.

(Photo by Zach Griff/The Points Guy)


You can transfer HSBC points at a rate of 2:1 to programmes like British Airways Executive Club, Etihad Guest, Cathay Pacific Asia Miles and Singapore Airlines KrisFlyer. So, the earn rate is effectively 1 airline point/mile per £1 spent on local purchases, which is an excellent rate for a non-American Express card.

Related: A guide to Singapore Airlines’ KrisFlyer loyalty programme for UK flyers

If you spent £12,000 on GBP purchases in the first 12 months, you would receive a total of 104,000 HSBC points — two 40,000-point bonuses plus 24,000 for the 2 points per £1 spend rate. You could then convert those HSBC points into, 52,000 Avios, which are worth £572 based on TPG U.K.’s latest valuations.

Overall, that’s a great value for putting non-foreign purchases on the card.

Alternatively, you could redeem your HSBC points for vouchers for M&S, Amazon and Sainsbury’s at a rate of 1,500 HSBC points per £5 voucher. We think this is a poor value redemption option compared with transferring your points to airline programmes.


There is no discounted interest offer on balance transfers or purchases. Instead, this card charges an 18.9% annual balance transfer and purchases rate.

The card comes with a premium LoungeKey membership, which is similar to the Priority Pass programme, with complimentary membership to more than 750 airport lounges worldwide.

Cardholders will also get up to three supplementary cards for £60 (total) each year, with all three receiving the same premium LoungeKey membership, which is a really valuable perk if travelling with family.

Cardholders will also get up to three supplementary cards for £60 (total) each year.

Related: The best UK credit cards for airport lounge access in 2021

Which cards compete with this card?

There is a no-annual-fee version of this card, which doesn’t have any sign-up bonus but still has the onerous eligibility requirements.

If you can meet the £12,000 spend in the first 12 months, then this World Elite Mastercard may be a better option because it comes with a huge haul of HSBC points that can be converted to a generous amount of airline points/miles.

Though it is not a credit card, if you meet the income requirements for this card then also consider the Barclays Avios Rewards programme which can earn you a load of Avios and a valuable Upgrade Voucher just for having a bank account.

Etihad Business Class Seat A380
(Photo by Dmitry Birin/Shutterstock)

Bottom line

HSBC is clearly targeting this at customers who already have significant investments with HSBC, or the means (and desire) to do so.

If you can meet the £12,000 spend to receive the second amount of bonus points in the first 12 months, this is a solid offering. It becomes even more so if you pair it with a similarly high-earning American Express card for big spenders.

You can apply for this card here.

Featured imgae by Lindarks / Getty Images.

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.