HSBC Premier Mastercard cuts welcome offer to 58,200 miles

Back in August 2025, the HSBC Premier Mastercard launched an excellent welcome offer worth up to 106,200 miles. This coincided with a series of enhancements which boosted the earn rates, added unlimited airport lounge access for up to four cardholders, and doubled the number of complimentary airport limo rides— all while keeping the card free for qualified HSBC Premier customers.

That offer ended on 19 October 2025, and unfortunately, the replacement deal is much lower at 58,200 miles. On the bright side, it’s still available to both new and existing HSBC cardholders, and the annual fee waiver is still offered to fully-funded HSBC Premier customers.

If this card was on your radar, I certainly hope you struck while the iron was hot!

HSBC Premier Mastercard welcome offer 

Customers who apply for a HSBC Premier Mastercard from 20 October 2025 to 31 January 2026 (with approval by 14 February 2026) are entitled to one of the following offers.

The bigger welcome offer of up to 58,200 miles is reserved for Premier Qualified Customers, defined as those who:

• Have a Premier relationship with HSBC, and
• Maintain a Total Relationship Balance (TRB) of at least S$200,000 (or its foreign currency equivalent)

Premier Qualified Customers also receive a perpetual waiver of the S$708.50 annual fee. 

Non-Premier Qualified Customers receive a smaller bonus of up to 34,200 miles, and are required to pay the S$708.50 annual fee

All cardholders will need to meet a minimum spend of S$5,000 by the end of the month following approval, and provide consent to receiving marketing and promotional materials from HSBC at the time of submitting their application. This must not be revoked at the time the gift is credited.

Who is eligible for this offer?

This offer is available to HSBC Premier customers who:

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

This is a wider 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.

What counts as qualifying spend?

Cardholders must make a minimum qualifying spend of S$5,000 by the end of the month following card approval. Both principal and supplementary cardholder spending will be taken into account. 

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. 

Qualifying spend is defined at point 4.3 of the T&Cs, and excludes the following:

• CardUp and ipaymy
• Gambling-related transactions
• Government services
• Prepaid account top-ups

What’s strange about this list is that it’s missing charitable donations, hospitals, insurance premiums, and utilities, which are normally excluded from earning rewards with HSBC cards. Whether this is intentional or an oversight, I really can’t say. But HSBC caveats that they reserve the right to exclude “other categories of transactions”, so I probably wouldn’t risk it.

When will the welcome gift be awarded?

Bonus HSBC Points will be credited 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 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 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 understand 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.

In fact, HSBC advertises the offer in terms of KrisFlyer miles, but you could actually receive 20% more if you choose a partner with a 2.5 points = 1 mile transfer ratio, like British Airways Executive Club or EVA Air Infinity MileageLands. That’s how I derive the 58,200 miles figure; if you want KrisFlyer, the bonus is worth only 48,500 miles.

❓ Why does HSBC advertise “60,000 miles”?

HSBC includes the base miles in its advertised figure, and assumes you spend the entire S$5,000 in FCY at 6.9 points per S$1 (34,500 points). It also assumes you choose KrisFlyer miles, so 34,500 base + 145,500 bonus = 180,000 points total = 60,000 KrisFlyer miles.

Likewise, the HSBC Premier Mastercard’s advertised earn rates of 1.68/2.76 mpd also assume a transfer partner with a 2.5 points = 1 mile transfer ratio. Otherwise, it can go as low as 0.9/1.4 mpd on the other end of the spectrum, if you pick a partner with a 5 points = 1 mile 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
Apply
Income Req.	S$30,000 p.a.	Points Validity	37 months
Annual Fee	S$708.50	Min. Transfer	25,000 HSBC Points (10,000 miles)
Miles with AF	–	Transfer Partners	20
FCY Fee	3.25%	Transfer Fee	Free
Local Earn	1.68 mpd	Points Pool?	Yes
FCY Earn	2.76 mpd	Lounge Access?	Yes
Special Earn	–	Airport Limo?	Yes
Cardholder Terms and Conditions

The HSBC Premier Mastercard is the companion card for the HSBC Premier priority banking programme.

Key benefits include:

• Unlimited Priority Pass visits for the principal and three supplementary cardholders (including non-lounge experiences like restaurants)
• 8x complimentary airport limo rides per year, with min. spend of S$12,000 per quarter (no min. spend for HSBC Premier Elite)
• Complimentary ENTERTAINER with HSBC subscription
• Savour Dining experiences

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

Conclusion

The HSBC Premier Mastercard has cut its welcome offer by almost half, from 106,200 to 58,200 bonus miles. The minimum spend remains the same at S$5,000, and the annual fee continues to be waived for HSBC Premier customers. 

In and of itself, it’s still a good welcome offer, especially when you consider the rest of the benefits that cardholders enjoy. But really, the time to strike was the past couple of months, so hopefully you managed to do so!