The HSBC Premier Mastercard is the companion card for the HSBC Premier priority banking programme, and it’s probably flown under the radar for most readers of this website since it earns cashback instead of miles.
But HSBC has just announced a product refresh that takes place from October 2024, which turns the HSBC Premier Mastercard into a rewards-earning option, complete with a new look and new benefits. More excitingly, it’s also getting a badge upgrade to World Elite Mastercard, which brings with it numerous network-sponsored benefits like hotel elite status and complimentary data roaming.
Here’s the full details of the makeover, and how the refreshed card compares to the competition.
Overview: HSBC Premier Mastercard changes
 HSBC Premier MastercardNote: A new card design will be unveiled soon |
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| Card T&Cs | |||
| Income Req. | S$30,000 p.a. | Annual Fee |
S$490.50* |
| Local Earn |
1.2 mpd | FCY Earn | 2 mpd |
| FCY Fee | 3.25% | Transfer Partners | 21 |
| Points Pool? | Yes | Transfer Fee | Waived till 31 Jan 2025 |
| *Waived so long as HSBC Premier status maintained (min. AUM: S$200,000) | |||
Rewards & earn rates
The HSBC Premier Mastercard currently earns 5% cashback on dining, groceries, petrol and transport, with a minimum spend of S$600 and capped at S$150 per calendar month.
From 1 October 2024, the cashback programme will cease and be replaced by a points system, with cardholders earning:
- 3x HSBC points per S$1 spent in SGD (1.2 mpd)
- 5x HSBC points per S$1 spent in FCY (2 mpd)
Here’s how this measures up to other general spending cards.
| ๐ณ Earn Rates for General Spending Cards (income req.: S$30K) |
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| Cards | Local Spend | FCY Spend |
 UOB PRVI Miles |
1.4 mpd | 2.4 mpd |
 HSBC TravelOne Card |
1.2 mpd | 2.4 mpd |
 DBS Altitude |
1.3 mpd | 2.2 mpd |
 OCBC 90ยฐN Card |
1.3 mpd | 2.1 mpd |
 Citi PremierMiles |
1.2 mpd | 2 mpd |
 HSBC Premier Mastercard |
1.2 mpd | 2 mpd |
 StanChart Journey |
1.2 mpd | 2 mpd |
 AMEX KrisFlyer Ascend |
1.2 mpd | 2 mpd* |
 AMEX KrisFlyer Credit Card |
1.1 mpd | 2 mpd* |
 BOC Elite Miles |
1 mpd | 2 mpd |
 KrisFlyer UOB Credit Card |
1.2 mpd | 1.2 mpd |
| *In June and Dec only, otherwise 1.1 mpd | ||
The HSBC Premier Mastercard’s earn rates are average at best, and surprisingly inferior to the HSBC TravelOne Card (1.2/2.4 mpd).
Come to think of it, one could argue that the proper competitor set shouldn’t be mass market cards, but rather the $120K segment since the HSBC Premier Mastercard is only for priority banking customers. In that case the picture only gets worse, as most $120K cards edge the HSBC Premier Mastercard. What’s surprising here is actually the fact that the HSBC Premier Mastercard outearns the HSBC Visa Infinite (1/2 mpd)!
Annual fee
The HSBC Premier Mastercard currently has no annual fee, but a S$490.50 annual fee will soon be introduced.
This will come into effect according to the following timelines:
- For cards opened before 1 October 2024
- Charged on card anniversary month from 2025 onwards
- For cards opened from 1 October 2024
- Year 1: Charged three months after account opening
- Year 2 onwards: Charged on card anniversary month
The annual fee will be waived if the cardholder has a HSBC Premier relationship, and maintains a total relationship balance of at least S$200,000.
4-6 free airport lounge visits per year
Principal HSBC Premier Mastercard cardholders will enjoy four (Premier) or six (Premier Elite) free lounge visits per calendar year, provided by Priority Pass. This benefit will start from:
- 1 October 2024, for cards opened from 1 October 2024
- 2 January 2025, for cards opened before 1 October 2024
I suppose the reasoning behind this is that those opening their cards from 1 October 2024 are paying their annual fee earlier (see previous section), but it still comes off a bit weird, almost as if HSBC is penalising its long-time customers by delaying the introduction of their lounge benefit.
Do note that the allowance is based on calendar year, so new applicants for a HSBC Premier Mastercard will enjoy double the lounge visits in their first year of membership. For example, if I sign up in November 2024, the first set of lounge visits I receive must be used by 31 December 2024. On 1 January 2025, I’ll receive a fresh set of lounge visits.
1-2 free airport limo rides per quarter
Principal HSBC Premier Mastercard cardholders will enjoy one (Premier) or two (Premier Elite) free airport limo rides per calendar quarter.
This benefit takes effect from 1 October 2024, and is subject to spending a minimum of S$12,000 in the preceding calendar quarter.
Here’s how this perk measures up to other cards with airport limo benefits.
| ๐ณ Airport Limo Benefits |
||
| Card | Qualifying Spend | Cap |
 UOB PRVI Miles |
S$1K (FCY) per quarter for 2 rides |
2 per quarter |
 HSBC Visa Infinite |
S$2K per month for 1 ride* |
24 per year |
 Maybank Visa Infinite |
S$3K per month for 1 ride | 8 per year |
 Citi Prestige |
S$12K per quarter for 2 rides | 2 per quarter |
| HSBC Premier Mastercard |
S$12K per quarter for 1 (Premier) or 2 (Premier Elite) rides | 1 (Premier) or 2 (Premier Elite) per quarter |
 OCBC VOYAGE |
S$12K per quarter for 2 rides | 2 per quarter |
| *First 2 (Regular customer) or 4 (HSBC Premier) per membership year are free | ||
This minimum spend is significantly higher than the HSBC Visa Infinite, but par the course for the market.
| ๐Special concession for new cardholders |
| New HSBC Premier Mastercard cardholders will only need to charge a minimum of S$6,000 in the quarter in which they were approved to unlock the complimentary airport limo rides. From their second calendar quarter onwards, the regular rules apply |
Complimentary limo rides will be credited in the form of a booking code by the 20th of the month following the end of the calendar quarter, as illustrated below.
| Calendar Quarter | Limo Rides Credited By |
| 1 Jan to 31 Mar | 20 Apr |
| 1 Apr to 30 Jun | 20 Jul |
| 1 Jul to 30 Sep | 20 Oct |
| 1 Oct to 31 Dec | 20 Jan |
This means the earliest you could take advantage of the limo benefit is 20 January 2025, based on your spending from 1 October to 31 December 2024.
All limo rides are valid for one year from the date of issuance.
Complimentary travel insurance
HSBC Premier Mastercard cardholders who pay for their air tickets with their card are entitled to complimentary travel insurance.
This is currently provided by MSIG with up to S$1 million of coverage, but from 1 October 2024 will switch to AIG with up to US$500,000 of coverage.
While the maximum coverage is decreasing, it’s not so straightforward. As the table below shows, there are some aspects (e.g. medical expenses, trip cancellation) where the AIG policy is better than the MSIG policy.
| Existing MSIG | New AIG | |
| Accidental Death | S$1M | US$500K |
| Medical Expenses | S$100K | US$500K |
| Emergency Medical Evacuation | S$1M | US$500K |
| Overseas Hospital Allowance | S$100 per day | US$100 per day |
| Trip Cancellation | S$2K | US$7.5K |
| Luggage Delay | S$400 | US$500 |
As before, coverage applies to both the cardholder and his family.
Upgrade to World Elite Mastercard
While not explicitly mentioned on the HSBC website, I’ve confirmed with the bank that the HSBC Premier Mastercard will be upgraded to the World Elite Mastercard platform, effective 1 October 2024.
This is much more than a mere cosmetic upgrade, as a World Elite Mastercard comes with numerous benefits including:
- Brilliant by Langham Ruby status
- CentaraThe1 Platinum status
- GHA DISCOVERY Titanium status
- IPrefer Titanium status (+25,000 IPrefer points after the first stay)
- Swiss-Belexecutive Platinum Connoisseur
- Wyndham Rewards Diamond status
- HoteLux Elite Plus membership
- Avis President’s Club status
- Annual 3GB Flexiroam data package
- Complimentary golf games
You can read a full rundown of the various benefits in the article below.
If you’re holding on to the old HSBC Premier Mastercard, no need to worry. HSBC has informed me that existing cardholders will enjoy the upgraded benefits automatically.
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“The HSBC Premier Mastercard will indeed be switched to the World Elite platform starting from 1 October 2024. Existing cardholders will not experience any disruption and can continue to use their cards as usual. Mastercard will recognize the HSBC Premier Mastercard BIN under the World Elite platform accordingly. We will be sharing more details closer to date” -Regina Lee, Head of Cards and Unsecured Lending, Wealth & Personal Banking, HSBC Singapore |
What can HSBC points be used for?
HSBC offers 21 airline and hotel partners, by far the most of any bank in Singapore.
| โ๏ธ HSBC Airline Partners | |
| Frequent Flyer Programme | Conversion Ratio (HSBC : Partner) |
 |
50,000 : 10,000 |
 |
40,000 : 10,000 |
 |
35,000 : 10,000 |
 |
35,000 : 10,000 |
 |
35,000 : 10,000 |
 |
35,000 : 10,000 |
 |
35,000 : 10,000 |
 |
30,000 : 10,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
| ๐จ HSBC Hotel Partners | |
| Hotel Programme | Conversion Ratio (HSBC : Partner) |
 |
30,000 : 10,000 |
 |
25,000 : 5,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
The catch is that not all partners share the same transfer ratios. With airlines, for instance, the ratio ranges from 25,000-50,000 points : 10,000 miles.
This is important, because the HSBC Premier Mastercard’s advertised earn rates of 1.2/2 mpd only apply if you choose a partner with a 25,000 points : 10,000 miles ratio. The earn rates drop as the transfer ratio worsens, going as low as 0.6/1 mpd at the other end of the spectrum.
| Transfer Ratio (Points : Miles) |
HSBC Premier MC (Local)* |
HSBC Premier MC (FCY)^ |
| 25,000 : 10,000 | 1.2 mpd | 2 mpd |
| 30,000 : 10,000 | 1 mpd | 1.67 mpd |
| 35,000 : 10,000 | 0.86 mpd | 1.43 mpd |
| 40,000 : 10,000 | 0.75 mpd | 1.25 mpd |
| 50,000 : 10,000 | 0.6 mpd | 1 mpd |
| *3 points per S$1 on local spend ^5 points per S$1 on FCY spend |
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Cardholders will need to convert a minimum of 10,000 miles. However, the subsequent conversion block drops to just 2 miles after that, which means you could convert 10,002 miles, or 200,006 miles for instance. That’s great, because it helps avoid the problem of orphan miles. So long as you keep at least 10,000 miles in your account, you can cash out your entire balance with almost no miles left behind.
All conversion fees are waived till 31 January 2025.
Conclusion
The HSBC Premier Mastercard will get a refresh from 1 October 2024, which sees the current 5% cashback scheme replaced by 1.2/2 mpd on local/overseas spend, together with enhanced travel benefits like up to 4-6 lounge visits per year and 1-2 limo rides per quarter.
In addition to this, the card will also join the World Elite Mastercard network, which comes with additional benefits like hotel and rental car elite status, complimentary data roaming packages and golf games.
Assuming you’re a HSBC Premier customer maintaining the minimum S$200,000 AUM, there’s no reason not to get yourself a card- not so much for the miles earning potential, but rather the card-related benefits.
What do you make of the refreshed HSBC Premier Mastercard?
Where does this put the HSBC VI card?
Now they have 3 mils card, but the earning rate POV, the annual fee free card wins. How funny!
For families just wanting to earn a good cashback on groceries and petrol. This is an absolute nerf. Especially when the supposedly upgrades are already present in TravelOne card with a lower annual fee? I am not sure what HSBC is trying to do, maybe each of its own CC card is trying to outdo each other???
5% + 1% ega + points. Nerf-ed my main card
I have been HSBC Premier in US >15 years and got SG/France/Expat HSBC based on US Premier.
Will US premier relationship sufficient satisfy above requirement or now they switched like citigold to have min balance in each country?
I want to know as well. I have premier status in SG and another country (but not linked – qualified separately in each country). But my SG qualification is not under the AUM method. If expats transferring their premier status from overseas get an AF break, then I would want to know that so I can update my status accordingly. I also want to know what’s going to happen with the USD Premier Mastercard? Is that going to World Elite? Is that also going to have an annual fee? This is the first time I have seen any HSBC local… Read more »
I am also an overseas HSBC client with Premier status outside of Singapore and hold an active HSBC Premier Mastercard credit card with HSBC Singapore. I did reach out to my HSBC Singapore relationship manager and have been informed that there will be no charges for this credit card if I am a Premier client. Has anybody heard anything different?
I’ve just been informed by Phone Banking that you have to hold the AUM in Singapore otherwise the annual fee is chargeable i.e. you can’t qualify based on balances held abroad….I’ve asked them to cancel my card!
490 AF… i hope this doesnt become the norm if we want to use miles cards in future.
for what it’s worth the annual fee is essentially illusionary if you’re a hsbc premier customer with $200k AUM, which is the card’s target market in the first place.
new CEO, must wayang. They brought back HSBC Jade, which previously failed and is rebranded into HSBC premier elite. Removed everything i loved about the HSBC premier cc. I’m sure they’ll change the HSBC EGA benefits that everyone uses too.
Brought back hsbc jade? Singapore Market is too small for new ceo to work on la.
HSBC told me they’re not accepting new applications for this card until after 1 October.