|Highlights||Credit Card Feature|
|Things We Like||No annual fee and huge petrol savings|
|Our Least Favourite||Minimum monthly spending requirements|
|Our Verdict||Card with a good rewards system and a good cash rebate system|
HSBC Premier MasterCard® Credit Card is, as its name suggests, a credit card for HSBC customers who have a Premier banking relationship with the bank. That means you have a minimum of $200,000 in deposits, investments and/or insurance with HSBC. This rewards and rebates credit card offers cardholders a long list of benefits. These include not only a number of cash rebates for spending on everyday essentials such as groceries and petrol, but also rewards points for everyday spending, travel perks, lifestyle perks and much more.
To learn more about what HSBC Premier MasterCard® Credit Card has to offer, read on - here we review the card in detail to reveal its pros and cons.
|Credit Card||Features||Intro Interest p.a.||Standard Interest p.a.||Annual Fee||Minimum Income||We least like||Related links|
HSBC Premier MasterCard® Credit Card
|2.50% p.a. for 6 months* on balance transfers or 4.88% p.a. for 12 months* on balance transfers both with a processing fee of $88||25.9% p.a.||No annual fee||S$30,000 p.a. (Singapore Citizens and PR) S$40,000 p.a. (Foreigners and Self Employed)||Related Links Read our review of HSBC Premier MasterCard® Credit Card or view more details of HSBC Premier MasterCard® Credit Card. See more HSBC credit cards.|
Things We Like About HSBC Premier MasterCard® Credit Card
No annual fee. This card requires applicants to have a minimum annual income of $30,000 (or $40,000 for foreigners and those who are self employed) but has no annual fee! Both principal and supplementary cards are free of charge.
HSBC Rewards points. Every eligible $1 charged to your card earns you 1 Rewards point. These can be redeemed for rewards from HSBC's online reward catalogue across a number of categories, such as home and leisure, travel, shopping, little treats and even charity.
Earn up to 2% cash rebates on dining. Spend a minimum of $800 every month in a quarter and earn a 2% cash rebate on spending at all local restaurants (excluding merchants within hotels). Make a minimum spend of below $800 but above $400 for every month in a quarter to earn a 1% cash rebate on dining spending instead. A quarterly cap of $120 for 2% rebates and $60 for 1% rebates applies.
Earn up to 5% cash rebates on groceries. Earn an impressive 5% cash rebate on spending at local grocery stores when you meet a minimum spend of $800 for all three months in a quarter. Meet a minimum spend of $400 for all three months in a quarter and earn a 3% rebate instead. Rebate caps of $120 for 5% rebates and $60 for 3% rebates apply (per quarter).
You get 5% cashback on recurring telco bills. If you use this card to pay recurring mobile, internet and cable TV bills, you earn 5% cashback as long as you meet the minimum requirement of $800 total monthly spending for all 3 months in a calendar quarter (January-March,April-June, etc.). If you spend at least $400 each month in a calendar quarter using this card, you will earn 3% cashback on your recurring telco bills.
Get a 14% discount & up to 6% cash rebates at Shell. You will get a 14% instant discount at Shell stations and will earn 6% rebates (with a minimum spend of $800 per month for all 3 months in a quarter) or 3% rebates (with a minimum spend of $400 per month for all 3 months in a quarter). Rebates are capped at $60 per quarter for 3% rebates and $120 per quarter for 6% rebates. You can also earn Shell Escape points with every purchase charged to your HSBC credit card if you enrol in this programme.
Get a 16% discount at Caltex & up to 5% cash rebate. Enjoy a 16% instant discount at Caltex stations islandwide (and the Caltex site) when you pay for the bill with your HSBC Premier MasterCard! Also earn a 5% cash rebate when meeting the $800 minimum monthly spend for all three months in a quarter. Meet the $400 monthly minimum spend for a quarter and receive a 3% cash rebate. Rebates are capped at $60 per quarter for 3% rebates and $120 per quarter for 5% rebates.
Golf privileges. Take advantage of a number of golfing privileges such as dedicated 24-hour golf concierge service for all your golfing needs! Also enjoy complimentary golfer's worldwide insurance coverage of up to $500,000 when you charge the fee for the game to your card. Cardholders can also benefit from a PGA TOUR Player Experience at selected TPC® properties across the US - contact the World MasterCard Privileged Access Programme at 800 101 2437 for more details. Terms and conditions apply.
Dining privileges. Indulge in dining out with discounts of up to 50% at a host of restaurants islandwide.
Complimentary travel insurance of up to $1,000,000. Charge the entire cost of your air ticket to your card to enjoy travel insurance coverage against personal accident and travel inconvenience. This complimentary Personal Travel Accident Insurance offers coverage of up to S$1,000,000 for both you and your loved ones. Terms and conditions apply.
World MasterCard®Privileges. Treat yourself to a special day with one of the exclusive privileges this card has to offer.
Tap and Go™ feature with MasterCard. Pay fast and easy with the Tap and Go™ feature. Simply hold your card in front of a secured reader with your HSBC Premier MasterCard® Credit Card for purchases under $100 (for transactions above $100, simply sign for your purchases), wait till the reader confirms that your transaction is approved, done!
Balance transfer options. If you need to transfer any outstanding balances to your account you can do so with special rates from HSBC. Apply for a transfer at a rate of 2.50% per annum for 6 months or 4.88% per annum for 12 months to help get your finances in order. Subject to a processing fee of $88 and bank approval. Terms and conditions apply.
0% instalment plan. A useful tool for large purchases is the HSBC Card 0% instalment plan. Use this to divide the cost of expensive purchases into an instalment plan over 6, 12, 18 or 24 months without paying any interest! Terms and conditions apply.
Our Least Favourite Things About HSBC Premier MasterCard® Credit Card
It's only for Premier HSBC customers. In order to successfully apply for this card you will need to have a Premier banking relationship with HSBC.
Minimum monthly spending requirements. You will have to spend $800 in a month in order to earn 5% cashback on grocery shopping and recurring mobile/internet/cable TV payments, and 2% cashback on dining. If you spend between $400 and $799.99 per month for all 3 months in a calendar quarter, you still earn 5% cashback on recurring telco bill payments, but you get lower rates of 3% cashback for grocery purchases and 1% cashback on dining. If you don't spend at least $400 each month in a quarter, you won't earn this cashback.
There's a cap on how much cashback you can earn. The cashback you can earn is capped at a maximum of $60 per 3 month calendar quarter when you spend between $400 and $799.99 monthly. If you spend $800 or more each month in a quarter, the cashback cap goes up to $120.
How Other Cards Compare With HSBC Premier MasterCard® Credit Card
|Intro APR:||2.50% p.a. for 6 months* on balance transfers or 4.88% p.a. for 12 months* on balance transfers both with a processing fee of $88|
|Regular APR:||25.9% p.a.|
|Annual Fee:||No annual fee|
|Intro APR:||1.68% p.a. for 6 months* on balance transfers|
|Annual Fee:||$192.60, Waived for HSBC Advance Customers|
|Intro APR:||2.50% p.a. for 6 months on balance transfers or 4.88% p.a. for 12 months on balance transfers both with a processing fee of $88|
|Annual Fee:||$180 (First 2 years waiver)|
HSBC Premier MasterCard® Credit Card gives you exclusive lifestyle privileges and good cashback for no annual fee.
As you can see HSBC Premier MasterCard® Credit Card offers an impressive set of features. Taking two of the best assets a credit card can possess - a good rewards system and a good cash rebate system and combining them is what makes this card extremely useful. Not only do you save money on everyday spending, for example with up to 6% cash rebates on petrol, but you also receive discounts as well - in this case an instant 14% discount on certain fuel purchases as well as rewards points for your spending!
The only caveat is the monthly spend requirement - a minimum spend of $800 in each month of a quarter is required to secure the highest rebates available. Further standout features of the card include travels perks like up to $1,000,000 in personal accident travel insurance and discounts on hotel bookings. Golf enthusiasts will also be particularly impressed by the golf privileges on offer while travel fans will appreciate all the travel perks this card has to offer. Overall, HSBC Premier MasterCard® Credit Card is a good option for the bigger spender and frequent traveler, and is recommended for those who can meet the eligibility requirements.