HSBC Premier Mastercard offering up to 48,000 miles welcome bonus

The HSBC Premier Mastercard underwent a major refresh in October 2024, unveiling a sleek new look and enhanced perks such as airport lounge access, complimentary limousine transfers, and an upgrade to World Elite Mastercard status.

While the regular earn rates aren’t much to get excited about, HSBC has been boosting them through tactical promos, offering 1.8 mpd (usually 1.2 mpd) for SGD spend on dining, travel and entertainment, and 2.8 mpd (usually 2 mpd) for foreign currency (FCY) spend till 30 June 2025.

If you’re not already a cardholder, there’s now an opportunity to receive a Samsonite luggage or up to 48,000 miles as a welcome gift— even if you already hold other HSBC credit cards.

HSBC Premier Mastercard welcome offer

HSBC Premier Mastercard

From 1 April to 30 June 2025, customers who apply for a HSBC Premier Mastercard (and receive approval by 14 July 2025) will have a choice of the following welcome gifts.

Cardholders must make a minimum qualifying spend of at least S$2,000 for Gift A, and S$4,000 for Gift B. For the avoidance of doubt, customers will only be eligible for one gift. 

In addition to meeting the minimum spend all applicants must also:

• Pay the first year’s S$490.50 annual fee (except for HSBC Premier customers with a total relationship balance of at least S$200,000)
• Provide consent to receiving marketing and promotional materials during application (an important step that people often forget!)

The welcome bonus is in addition to the base miles that HSBC Premier Mastercard Cardholders usually earn, namely 1.2 mpd for local currency spend, and 2 mpd for FCY spend (temporarily upsized to 2.8 mpd until 30 June 2025).

For example, a new cardholder who spends the full S$4,000 in SGD will receive a total of 52,800 miles (48,000 bonus, 4,800 base).

Who is eligible for this offer?

This offer is available to anyone who:

• does not currently hold a principal HSBC Premier Mastercard, and
• has not cancelled a principal HSBC Premier Mastercard in the past 12 months before approval

This is a much more generous scope than HSBC’s regular welcome offers, which exclude anyone who holds any principal HSBC credit card, or has cancelled one in the past 12 months.

Of course, you will need to be a HSBC Premier customer to apply in the first place, which itself requires a minimum AUM of S$200,000.

What counts as qualifying spend?

Cardholders must make a minimum qualifying spend of S$2,000 or S$4,000 by the end of the month following card approval.

This means that you have anywhere between 1-2 months to meet the minimum spend, depending on when your card is approved. If you have concerns about meeting the minimum spend, try to get approved early in the month so you have more time. 

The T&Cs do not explicitly specify what counts as qualifying spend, but it’s a safe bet to assume that HSBC’s usual exclusions apply. This would exclude: 

• CardUp and ipaymy
• Charitable donations
• Education
• Government services
• Insurance premiums
• Prepaid account top-ups
• Utilities

When will the welcome gift be awarded?

If you choose Gift A (luggage), you will receive an SMS by the notification date according to the table below.

If you choose Gift B (HSBC points), your gift will be fulfilled within 120 days from the card account opening date. 

Terms & Conditions

The terms & conditions of this welcome offer can be found here.

What can you do with HSBC points?

HSBC points can be transferred to 20 airline and hotel partners at the ratios shown in the table below.

✈️ HSBC TravelOne Airline Partners
Frequent Flyer Programme	Conversion Ratio (HSBC Points : Partner)
	50,000 : 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
	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

🏨 HSBC TravelOne Hotel Partners
Hotel Programme	Conversion Ratio (HSBC Points : Partner)
	30,000 : 10,000
	25,000 : 5,000
	25,000 : 10,000
	25,000 : 10,000

The crucial thing to know here is that not all partners share the same transfer ratio. Therefore, the effective earn rate and size of the welcome offer depends on the partner you choose.

For example, the 120,000 HSBC points are worth 48,000 miles only if you choose a partner with a 25,000 points = 10,000 miles transfer ratio, like British Airways Executive Club or EVA Air Infinity MileageLands. If you choose KrisFlyer, where the ratio is 30,000 points = 10,000 miles, then the welcome bonus is equivalent to 40,000 miles instead.

Likewise, the HSBC Premier Mastercard’s advertised earn rates of 1.2/2.8 mpd also assume a transfer partner with a 25,000 points = 10,000 miles transfer ratio. Otherwise, it can go as low as 0.6/1.4 mpd on the other end of the spectrum, if you pick a partner with a 50,000 points = 10,000 miles transfer ratio.

All conversions must be done via the HSBC Singapore app (Android | iOS) and are processed instantly, with the exception of the following:

• Hainan Fortune Wings Club: Within 5 business days
• Japan Airlines Mileage Bank: Within 10 business days

Transfers are free of charge until further notice, and HSBC points are pooled across cards. 

While the minimum transfer block is 10,000 miles/points (Accor: 5,000 points), the subsequent block is just 2 miles (Accor: 1 point). In other words, you could choose to transfer 10,002 miles or 20,958 miles, which helps you avoid orphan points. 

Overview: HSBC Premier Mastercard

HSBC Premier Mastercard
Card T&Cs
Income Req.	S$30,000 p.a.	Annual Fee	S$490.50*
Local Earn	1.2 mpd	FCY Earn	2.8 mpd^
FCY Fee	3.25%	Transfer Partners	20
Points Pool?	Yes	Transfer Fee	Waived
*Waived so long as HSBC Premier status maintained (min. AUM: S$200,000) ^Temporary upsize till 30 June 2025, otherwise 2 mpd

The HSBC Premier Mastercard is the companion card for the HSBC Premier priority banking programme. It has an annual fee of S$490.50, which is waived if the cardholder has a HSBC Premier relationship and maintains a total relationship balance of at least S$200,000.

Principal cardholders enjoy four (Premier) or six (Premier Elite) free lounge visits per membership year, provided by Priority Pass. They also enjoy one (Premier) or two (Premier Elite) free airport limo rides per calendar quarter, subject to a minimum spend of S$12,000 in the preceding calendar quarter.

As a World Elite Mastercard, all principal and supplementary cardholders also enjoy the following benefits. 

Conclusion

HSBC Premier customers should definitely check out the welcome offer for the HSBC Premier Mastercard, which offers either a Samsonite luggage or up to 48,000 miles with a minimum spend of S$2,000 or S$4,000 respectively.

No annual fee applies if your account is fully funded, and HSBC points are extremely versatile. You’ll also enjoy the full suite of World Elite Mastercard benefits, including elite status with numerous hotel chains and a complimentary Flexiroam data package.