Best HSBC credit card for 2022

Best HSBC credit card for 2022

For a cheaper annual cost than most premium credit cards, the HSBC Elite Credit Card offers a comprehensive range of travel benefits. To apply for the card, you must be a customer of HSBC Premier Checking, which has tight membership requirements.

pros :

1. There are no costs for international transactions.
2. On vacation purchases, you'll get three times the points.
3. You can earn as many points as you want, and they won't expire.
4. Benefits and bonuses for travel

cons:

1. The cost is $395 per year.
2. Only those with an HSBC Premier checking account in the United States are eligible.
3. High annual percentage rate (APR) and penalty percentage rate (APR)
4. There isn't an introductory APR deal.

Intro :

Almost every major credit card company now has a premium travel card, and HSBC is no exception. When you book through Agoda or Expedia, the HSBC Elite Credit Card gives you a little bit of everything: travel insurance, travel and airline credits, lounge access, and hotel discounts.

The biggest issue is that to be a cardholder, you must have (and keep) an HSBC Premier Checking account. To waive the monthly maintenance cost, the test requires a large banking relationship. To qualify, you'll need $5,000 in direct monthly deposits, $75,000 in total deposits and investments, or a $500,000 or higher mortgage.

The card earns 3 points for every dollar spent on travel, 2 points for every dollar spent on eating, and 1 point for everything else, assuming you qualify to apply. When redeemed for air travel, each point is worth 1.5 cents, but you can also use them to get statement credits.

Brief Overview :

• Earn 3 points for every dollar spent on new travel purchases, such as airlines, hotels, and car rentals, 2 points for every dollar spent at restaurants, and 1 point for every dollar spent on anything else.
• After spending $4,000 in the first three months of account opening, you will receive a welcome incentive of 50,000 bonus points, which is worth an additional $750 in airfares, when you book online through the HSBC Rewards Program.
• Every $2,000 spent on the HSBC Travel Portal earns you a $100 annual air credit, up to $400 per year.
• Every four years, pay into Global Entry or TSA PreCheck.
• LoungeKey membership, hotel discounts, and travel insurance are all included in the travel advantages.
• A Boingo membership is included in the daily advantages.
• There are no costs for international transactions.
• $395 per year plus $65 per authorized user.

Rewards from the HSBC Elite Credit Card

The HSBC Elite Credit Card has a profit structure similar to competitors, although there are fewer redemption alternatives.

gain rewards

• After spending $4,000 in the first three months of account opening, cardholders will receive a one-time welcome incentive of 50,000 bonus points worth $750 per ticket when purchasing online through HSBC Rewards. Then, on new travel expenditures, such as airlines, hotels, and car rentals, you'll get 3 points per dollar, 2 points per dollar on restaurant purchases, and 1 point per dollar on all other transactions. HSBC has broad definitions for both travel and dining, so points will quickly accumulate.
• Your points will not expire as long as your account is active. However, after twelve months of inactivity, HSBC reserves the right to cancel accounts, in which case all Points will be forfeited instantly.

Redeem your Rewards

• When you redeem HSBC Points for air travel purchases made through their website rather than seeking a cashback, the value of your points increases. On an airplane ticket, you'll earn 1.5 cents for every point here. Customers who like cashback can request balances on their statements or direct transfers into their HSBC checking accounts. The points are worth one penny apiece for cash incentives, with a minimum cashout.
• Frequent travelers may benefit from carefully converting their points into frequent flyer program miles from partners. The loyalty programs of participating airlines may be limited and subject to change at any time.

Rewards that may be available

• You'll need to look at your predicted credit card expenditures for travel, meals, and any other purchases to evaluate the potential benefits of the HSBC Premier World Elite Mastercard.
• A household in the 70th percentile in the United States earns $107,908 per year and spends $32,072 on credit cards. The $3,762 spent on travel by our hypothetical household will earn 7,524 HSBC Points. They'll get 9,022 points for dining (based on a $4,511 transaction) and 23,799 points for everything else. This equates to 40,345 points in a year, excluding the one-time welcome incentive.

Other Advantages of the HSBC Elite Credit Card

Fine Print

Rates of Interest

• Variable annual percentage: 15.74 percent - 19.74 percent
• APR on cash advance: 25.24 percent.
• Fine APR: 30.24 percent

Expenditures

• $395 plus $65 per authorized user each year
• Balance Transfer Fee: Each balance transfer will incur a fee of either $10 or 4%, whichever is greater.
• Cash Advance Fee: Each cash advance transaction will be assessed a fee of either $10 or 5%, whichever is greater.
• Fee for International Transactions: None
• Penalty for arriving late: up to $39
• $39 as a return payment

What are the strengths and weaknesses of the HSBC Elite Credit Card?

Although the HSBC Elite Credit Card provides several advantages to travelers, there are many alternative cards that provide similar advantages without the requirement of being a banking customer.

The U.S. Bank Altitude™ Reserve Visa Infinite®  vs. HSBC Elite Credit Card *

The U.S. Bank Altitude™ Reserve Visa Infinite®  is the elite credit card's closest competitor. It also comes with a $400 annual charge and several travel privileges. Furthermore, it necessitates the establishment of pre-existing financial relationships by applicants.

The Altitude Reserve comes with extensive travel credits, including up to $325 in annual reimbursement for certain travel and dining expenses. A 12-month Priority Pass lounge membership is included, as well as Trusted Traveler Compensation. The card earns 3 points for every dollar spent on travel, similar to an HSBC card, except there is no dining benefit. Instead, it offers 3 points per dollar for mobile payments.

Chase Sapphire Reserve® vs. HSBC Elite Credit Card*

One of the most popular premium travel cards on the market is the Chase Sapphire Reserve®. It has a higher yearly charge of $550, but it comes with travel credits, benefits, and insurance to help you save money.

Sapphire Reserve allows unlimited airport lounge visits, so frequent fliers will benefit from this pass. It also gives you $300 in account statements to cover your travel expenses. This is less than what HSBC offers, but it eliminates the need to spend money to get points. It also provides comprehensive travel insurance.

Once the first $300 in travel purchases is spent yearly, Sapphire Reserve cardholders will receive 5 points per dollar on air travel and 10 points per dollar on hotels and vehicle rentals when they purchase travel through Chase Ultimate Rewards®. For every dollar spent on travel and dining, you'll get three points, and for every dollar spent on everything else, you'll get one point. Points can be transferred to a range of airline and hotel partners, giving you more options. It does, however, come with a steep annual cost of $550.

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HSBC Elite Credit Card vs. American Express Platinum Card

The American Express Platinum Card has more potential than any other card. If you travel frequently and want to do so in elegance, this card should be in your wallet. On flights booked directly with airlines or through American Express Travel for up to $500,000 in a calendar year, cardholders will receive 5 Membership Rewards points per dollar spent, 5 points per dollar on Prepaid hotels booked through American Express Travel, and 1 point per dollar on other eligible purchases for their annual fee of $695. Here are the prices and costs.

Upon registration, the card also grants access to a complete suite of global airport lounges, which includes more lounges than any other US credit card program, with 1,400 lounges at over 500 airports and 140 countries around the world. Other benefits include a $200 yearly airline petty cash credit when you sign up, payment for TSA Precheck or Global Entry, Uber Cash when you link your qualifying card to your Uber account, elite membership at numerous hotels and programs, car rental with registration, and more. It may be more beneficial than the HSBC Elite Card if you can use all of these perks.