HSBC Credit Card Review. Almost every major credit card company now offers a premium travel card, and HSBC Credit Card is no exception. When you book through their website, the HSBC Elite Credit Card gives a little bit of everything: travel insurance, flight, and ridesharing credits, lounge access, and hotel discounts.
The main catch is that to be a cardholder, you must have (and keep) an HSBC Premier Checking account. To avoid monthly maintenance fees, the checking account requires a substantial banking relationship. To qualify, you must have $5,000 in monthly direct deposits, $75,000 in total deposits and investments, or a $500,000 or higher mortgage.
HSBC Credit Card Benefits;
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HSBC Credit Card Earning Rewards
After spending $4,000 in the first three months of account creation, cardholders will receive a one-time welcome incentive of 50,000 Rewards Bonus Points worth $750 in airfare when booked online through HSBC Rewards.
Following that, you’ll get 3 points per dollar spent on new travel purchases, such as airline tickets, hotels, and car rentals, 2 points per dollar spent on eating, and 1 point per dollar spent on everything else. Both travel and dining are broadly defined by HSBC, so points will quickly accumulate.
As long as your account is active, your points will not expire. However, HSBC reserves the right to deactivate accounts that have been inactive for twelve months, in which case all points will be forfeited.
HSBC Credit Card Redeeming Rewards
HSBC points increase in value if you redeem them for airfare purchases made through their website instead of requesting cash back. Here, you’ll earn 1.5 cents per point on airfare. Customers who prefer cash back can request statement credits or direct deposit into their HSBC checking account. For cash rewards, points are worth 1 cent each, with minimum cashout thresholds.
Frequent travelers may do better by strategically transferring their points to partner frequent flyer miles. Currently, HSBC only has three airline partners: British Airways, Singapore Airlines, and Cathay Pacific. British Airways and Cathay Pacific’s programs provide access to flights on Oneworld airlines (including American Airlines) and Singapore Airlines miles will allow you to fly on Star Alliance airlines (including United Airlines).
HSBC Credit Card Rewards Potential
You’ll need to look at your predicted credit card spend for travel, eating, and any other transactions to estimate the HSBC Elite Credit Card’s rewards potential.
A typical American household in the 70th percentile earns $100,172 per year and has $26,410 in costs that may be charged to a credit card. The $4,876 spent on travel by our hypothetical household would earn 14,628 HSBC points.
They’d get an extra 8,812 points for dining (based on $4,406 spent) and 17,128 points for everything else. That’s 40,568 points in a year, without counting the one-time welcome bonus.
How The HSBC Credit Card Stacks Up
Although the HSBC Elite Credit Card has a lot of perks for travelers, there are a lot of other cards that offer similar perks without requiring you to be a banking customer.
HSBC Credit Card vs. U.S. Bank Altitude Reserve Visa Infinite Card
The closest competition to the HSBC Credit Card is the U.S. Bank AltitudeTM Reserve Visa, Infinite Card. It also comes with a $400 annual charge and a slew of travel perks. It also necessitates that candidates have current financial links.
The Altitude Reserve offers more generous travel credits, including up to $325 in flight, hotel, and vehicle rental reimbursements per year. It also includes a 12-month Priority Pass lounge membership and reimbursement for valued travelers.
The card earns 3 points for every dollar spent on travel, just like the HSBC card, but there is no dining incentive. For mobile payments, it instead offers 3 points per dollar. For more information click Here
However, the HSBC card is superior in a few areas. It provides travel insurance for purchases made with the card.