American HSBC customers will now be able to earn more rewards and enjoy new benefits on their credit cards. The U.K.-based bank is overhauling the two products it offers to its U.S. customers: the HSBC Premier credit card and the HSBC Elite credit card.
Both cards now come with competitive sign-up bonuses, extra points on everyday spending or travel, and a slew of credit statements that can help offset their increased annual fees. While this overhaul brings both cards closer to similar products from issuers like Chase, Capital One or American Express, you need to be an HSBC Premier checking customer to apply — and depending on your travel habits, you might find the bank’s rewards redemption options limiting.
[Read: Best Travel Rewards Credit Cards.]
New and Updated Benefits of the HSBC Premier Credit Card
Aimed at rewarding everyday spending, the HSBC Premier card now has a $95 annual fee — up from $0. New and updated benefits include:
— 50,000 welcome bonus points after spending $4,000 in the first three months of opening your card
— Three points per dollar spent on gas and groceries
— $85 statement credit toward Global Entry, TSA PreCheck, TSA PreCheck by CLEAR or NEXUS, once every 4.5 years
— $60 annual TV subscription service credit
— $140 Instacart+ annual credit
— $3 monthly Peacock subscription credit for new members
— Monthly Lyft offer — take three rides and get a $5 Lyft credit every month
— $600 per claim cellphone insurance
New and Updated Benefits of the HSBC Elite Credit Card
Designed with premium travelers in mind, the HSBC Elite credit card has increased its annual fee to $495 — up from $395 — and features the following perks:
— 60,000 welcome bonus points after spending $4,000 in the first three months of opening your card
— Five points per dollar spent on travel
— $400 travel credit per year through HSBC’s travel portal
— Complimentary airport lounge access with Priority Pass for you and up to two guests
— $120 statement credit toward Global Entry, TSA PreCheck, TSA PreCheck by CLEAR, or NEXUS, once every 4.5 years
— $120 annual ride-hailing credit
— $140 Instacart+ annual credit
— Monthly Lyft offer — take three rides and get a $5 Lyft credit every month
— $800 per claim cellphone insurance
[Read: Best Cash Back Credit Cards.]
How to Use HSBC Rewards Points
You can transfer rewards points to one of HSBC’s 13 rewards partners or use them to book flights, hotels and car rentals through the bank’s travel portal.
— Premier cardholders get a 25% bonus when redeeming through HSBC Travel.
— Elite cardholders get a 50% bonus.
You can also redeem points for cash back and e-gift cards, but you won’t get any bonus for doing so.
Alternatives to the HSBC Premier and Elite Credit Cards
The updated HSBC credit cards bring to mind other rewards cards on the market, like the Chase Sapphire Reserve® and the Chase Sapphire Preferred® Card. Both offer similar bonuses for redeeming points on travel through Chase Travel.
The various monthly statement credits and travel benefits now included in the HSBC cards also evoke the The Platinum Card® from American Express and American Express® Gold Card. The Elite card also seems to want to compete with the Capital One Venture X Rewards Credit Card with an annual credit that covers most of its annual fee.
However, unlike with Chase and AmEx, which have extensive networks of both domestic and international transfer partners that include Delta, United, Hyatt and Hilton, the vast majority of HSBC’s 13 partners are international — the exception is Wyndham Hotels. If you’re interested in transferring your points to other U.S. airlines or hotel chains, you might be better off looking somewhere else.
[Read: Best Rewards Credit Cards.]
Who Can Apply for an HSBC Credit Card
Another key difference compared with other card issuers is that you need to have a Premier checking account with HSBC to apply for its credit cards.
To be eligible for Premier checking, you need to have one of the following:
— At least $75,000 in total deposits and/or investments in HSBC accounts
— At least $5,000 in total direct deposits per month
— A U.S. residential HSBC mortgage with an original loan amount of at least $500,000
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HSBC Steps Onto Premium Credit Cards Stage by Boosting its U.S. Cards originally appeared on usnews.com
