HSBC Premier credit card - too good to be true?

[serfty]

I believe its 6 months

There is conflicting information in relation to this. See posts #24 and #25 of this very thread.

 

[grandir]

This thread reactivation is timely as we are eying off a pending renewal for our ANZ Qantas Platinum Visa and it's (all up) $360 fee. We have had this account since last century and the days of 4 pts per dollar (6 on Qantas spend) ... approaching 3 decades.

I have a couple of months leeway. With the HSBC Premier, if starting from scratch, how long do you need to be putting $9K through the "Global Account" before being able to apply for the Premier Mastercard? Earlier posts indicate no time requirement, but HSBC seems to imply 6 months.

Are you an existing HSBC customer? If so, then I think you will need to meet the eligible criteria for at least 6 months by either (a) depositing at least $9,000 into your HSBC transaction account every month (for at least 6 months); or (b) maintain a combined total of $150,000 across all your HSBC accounts (for at least 6 months).

However, if you are new to HSBC, there is an option during the application process to open an account where you can tick "I qualify for Premier status" which you can select and then select which of the two aforementioned criteria you will intend to meet.

HSBC do check this criteria every 6 months so think it like a 6 months grace period if you're a new customer and tick the "I qualify for Premier status" at the point of application. So if you fail to meet the criteria in your first 6 months then I suspect HSBC will revoke your status.

 

[BJReplay]

Earlier posts indicate no time requirement

I have done a dry run through the application process, but not submitted.

I can confirm earlier posts that indicate that you have to confirm that you will put $9000 through looks like it is enough to apply.

I can't confirm if it is enough for it to be issued, but others might.

I will be able to report back in August which is my timeline for doing this - which does not meet your requirements.

 

[serfty]

there is an option during the application process to open an account where you can tick "I qualify for Premier status"

I have done a dry run through the application process, but not submitted.

I can confirm earlier posts that indicate that you have to confirm that you will put $9000 through looks like it is enough to apply.

Is that the application for the "Everyday Global Account" or the Mastercard?

 

[BJReplay]

Is that the application for the "Everyday Global Account" or the Mastercard?

Everyday Global Account.

If you're not an existing HSBC customer, then, as it says at Premier | Premium Banking Services & Support - HSBC AU "You can apply for an Everyday Global Account and HSBC Premier status at the same time."

I can't do it online as I'm an existing customer - but my plan is to attempt it online as a Joint application (for the joint EGA which we will wash the $9k a month through), and then personally I'll apply for the Mastercard . If that doesn't work, I'll need to get on the phone.

 

[serfty]

If you're not an existing HSBC customer, then, as it says at Premier | Premium Banking Services & Support - HSBC AU "You can apply for an Everyday Global Account and HSBC Premier status at the same time."

Thankyou, I have now gone through the application and received an email entitled "Welcome to HSBC Premier".

I have a Global account opened, but nothing regarding the Premier Mastercard as yet.

 

[grandir]

I have a Global account opened, but nothing regarding the Premier Mastercard as yet.

You'll need to apply for one separately as it's still considered a separate product. However, unlike the other CCs on offer, the only ways to apply for a Premier MC is to visit an HSBC branch in person, or to call i.e. you cannot do it online.

Note as well that you'll go through the usual CC application process such as providing proof of employment, income, expenses, assets, debts, other CCs, mortgages etc etc and you will still need to get approval. In other words, HSBC can still deny you a Premier MC even if you are a Premier customer if you do not meet their lending criteria.

 

[Elives]

has anyone used this card for business expenses? i read the fine print and says no hsbc credit cards can be used for business expenses? thought it was weird as most personal credit cards can be used for business and personal it's the company credit cards that can only be used for business expenses.

 

[Chicken]

has anyone used this card for business expenses? i read the fine print and says no hsbc credit cards can be used for business expenses?

Most cards from most banks have the same condition. Just check any random sample.

thought it was weird as most personal credit cards can be used for business and personal

No, you are not supposed to.

Westpac T&C: All Cards must be used mainly for personal or household expenses. If we believe your Card is being used mainly for business related expenses, we may transfer you to another product or cancel your Card
Westpac Altitude T&C: 3.2 When will you not earn Points? your Card is used for business related purposes

CBA T&C: Only you or an additional cardholder can use your account and only or mostly for personal, domestic or household purposes. Business credit cards can only be used for business purposes

 

[Elives]

Most cards from most banks have the same condition. Just check any random sample.

No, you are not supposed to.

Westpac T&C: All Cards must be used mainly for personal or household expenses. If we believe your Card is being used mainly for business related expenses, we may transfer you to another product or cancel your Card
Westpac Altitude T&C: 3.2 When will you not earn Points? your Card is used for business related purposes

CBA T&C: Only you or an additional cardholder can use your account and only or mostly for personal, domestic or household purposes. Business credit cards can only be used for business purposes

oh wow when i first started my small business 5 years ago been using cba diamond card still using it today haha .

has anyone been caught out doing this before?

 

[Chicken]

oh wow when i first started my small business 5 years ago been using cba diamond card still using it today haha .

has anyone been caught out doing this before?

Never. I used to put thru 5 digit figures every month thru my Citi cards, never been spoken with, earned all the points. Just don't tell the bank that you are doing it and they won't care.

 

[Elives]

Never. I used to put thru 5 digit figures every month thru my Citi cards, never been spoken with, earned all the points. Just don't tell the bank that you are doing it and they won't care.

i signed up for amex platninum but dont think its that great for the price tag, do you recommend using citi and why over amex?

 

[Chicken]

i signed up for amex platninum but dont think its that great for the price tag

Many of those holding Citi cards got it as part of free for life promotion, from like 15 or 20 years ago. HSBC is doing free annual fee, and more points per dollar spend, why wouldn't you get it if you were happy to do business with HSBC?

 

[Elives]

Many of those holding Citi cards got it as part of free for life promotion, from like 15 or 20 years ago. HSBC is doing free annual fee, and more points per dollar spend, why wouldn't you get it if you were happy to do business with HSBC?

huh what card are you recommending? citi? which product best i've found is amex and hsbc premier

 

[grandir]

huh what card are you recommending? citi? which product best i've found is amex and hsbc premier

About 15 years ago, Citibank ran a promotion for about 3 months where anyone who applied for a Citibank Signature CC (now defunct product) and got approved, got the card and all its perks and was guaranteed never to pay any annual fee so long as their account remained open. This is what Chicken was referring to as it's quite infamous amongst CC bargain hunters.

However, as I mentioned, the Citibank Signature Card does not exist anymore and those that still currently hold this card that they opened during the promotion are worried that NAB will gut the card or reintroduce an annual fee because ever since NAB's acquisition of Citibank, they has systematically been shutting down or "making changes" to Citi products and many of these products were once very good value before the acquisition.