HSBC Premier offers 2 rewards credit card options. One of them comes for a pricey annual fee but also doubles the earn rate, while the other has no annual fee but you could earn rewards more slowly.
Aside from the HSBC Rewards scheme, both credit cards also include some decent perks, such as airport lounge access (with Priority Pass), retail vouchers and hotel discounts. Here we look at how the rewards programme works and its pros and cons, but you can learn more about the features of each credit card in the comparison table below.
How to earn HSBC Premier points
You could earn HSBC Premier points every time you shop with your Premier credit card. The 2 cards have a different earn rate, but with both you get twice the points when you use them abroad, for non-sterling purchases.
The downside is that both credit cards charge a fee for abroad usage, so you may want to consider the costs and the advantages carefully before going on a spending spree outside the UK.
You can check your points balance online by logging in to your standard online banking.
How to redeem HSBC Premier points
HSBC Premier points can be redeemed online or on the phone, in return for air miles, vouchers, high-quality wine or charity donations.
All in all, this covers a good range of reward types – whether you’re up in the air all the time travelling from one city to the next or prefer sitting on your sofa at home with a good glass of red, chances are that HSBC Rewards has got something to your taste.
While the HSBC Rewards scheme lets you earn points quickly, it also takes quite a lot of them to get a reward – it’s usually 1,500 points for a £5 voucher. If you collect them using the standard fee-free Premier credit card, you’ll need to spend £1,500 to get there.
Keep in mind that HSBC reward points expire 3 years after their date of issue. You will be reminded in your statement if your points are about to expire.
Compare credit cards that earn HSBC Premier Reward Points
Table: sorted by representative APR, promoted deals first
To make comparing even easier we came up with the Finder Score. Costs, perks and suitability across 120+ cards are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.
Approval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow. Most of the data in Finder's comparison tables is provided by Moneyfacts.
Pros and cons
Pros
Good choice of reward options.
Double earn rate when using the card abroad.
Points can be donated to charity.
Additional cardholders can be added.
Cons
Value-per-point is comparatively low.
Foreign transaction fees.
No automatic points redemption option available.
Who are HSBC Premier’s partners?
The HSBC Premier Rewards scheme doesn’t have loads of partners, but they cover a good range of interests.
The scheme also allows you to donate your points to charity providing an effortless way of supporting a cause you believe in.
Asia Miles
British Airways
Eithad
Singapore Airlines
Amazon
Argos
Boots
Debenhams
M&S
Morrisons
Sainsbury’s
You can exchange your points for a selection of Laithwaite’s wines.
Age UK
Alzheimer’s Society
SOS Children’s Villages
WaterAid
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio
Chris's expertise
Chris has written 602 Finder guides across topics including:
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Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
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