I have been quite tough on HSBC for a while now, because of their lack of creativity. I was caught by surprise to see that they have introduced a new Premier World Elite MasterCard. Below are the highlights of the credit card:
- $149 annual fee
- No annual fee for supplementary cardholders
- Receive $100 annual travel credit
- Earn 6 HSBC points for every $1 spent on travel purchases
- Earn 3 HSBC points for every $1 spent on all other purchases<
- Receive a Boingo membership
- No foreign transaction fees
The annual fee may seem a little steep on the surface, but when you look at the benefits associated with the card, it can be worthwhile. First off, no fee for supplementary cardholders means that you can pool your points more easily.
Furthermore, if you are a HSBC client, you can get push for some or all of the fee waived.
$100 annual travel credit
You can use the travel credit on seat upgrades, baggage fees or airport lounge passes
Every point is worth at least 0.5 cents a piece. So 6 points is essentially worth 3 cents.
You can redeem your points for travel, gift cards, merchandise, financial rewards or redeem for miles. So make sure that when you redeeming your points, you are receiving at least 0.5 cents per point.
No foreign transaction fees
I am extremely pleased with the introduction of this new credit card. If you are a HSBC banking client, or planning on being one, this is a no-brainer travel credit card to have in your wallet.
Welcome to the big leagues HSBC!