HSBC Premier credit card - too good to be true?

[mini2]

I wouldn't expect much, the RMs are just sales people in my experience. They only contact me when they want to sell me something. They're invariably not very useful when I actually need something.

Earning Premier in Australia is also a pretty bad deal, unless you happen to want a home loan with them. Overseas they can include investments in the relationship balance, so no need to keep cash sitting around earning little interest.

All I need from them is to set Australia as my home country, upgrade my account in the host country to Premier, and find me an RM there. It's difficult to open a business account in the other country I'll operate from; hence the mucking around to upgrade to Premier.

 

[Chicken]

Moved back to HSBC about 12-18mths ago, and there was no waiting period or payslips required - got Premier instantly. Even opened the account whilst travelling interstate.

Well, a friend who had never used HSBC in Australia signed up last week on the HSBC AU web site while overseas, then had to do the mobile phone ID check (which was a PITA, too many fails). Account number was generated immediately, and they sent $9001 into their new HSBC account immediately.

ATM card arrived this week, with the word Premier printed on the card.

I had the same experience as BJ, was 5 months into qualifying and another poster going through the same process mentioned they walked into branch and asked if they could get their qualification expedited due to their deposit history and also wanted to apply for a premier card, they obliged..but not for me (I wasn't even recycling a deposit into my account) so depends on who you get at the time. The following month after knowing I passed the 6 month hurdle asked again and was approved for both premier and the card.

Guess it's more important to get new customers than retaining existing customers. Standard practice in the finance sector

All I need from them is to set Australia as my home country, upgrade my account in the host country to Premier, and find me an RM there. It's difficult to open a business account in the other country I'll operate from; hence the mucking around to upgrade to Premier.

This is also the reason I told my friend above to open Premier with HSBC. They tried to open the "HSBC Premier" transaction account in Hong Kong. HSBC in Hong Kong is telling people on their web site, to open an account using their app and only takes 5 mins. It took my friend multiple attempts, as the app kept halting the application and saying they need to go into a branch. They tried tweaking the answers they gave to the questions, until the application got saved, and the app told them that the application will be reviewed. The next day, she got an e-mail from "hsbc.co.in". Seems like our old mates changed job, from working as customer service in Citi, to being relationship managers in HSBC

 

[desafinado74]

Hello everyone,
I have been recycling the 9k deposit between my HSBC Everyday global account and Macquarie Savings account for 6 months now, but still no word from HSBC about a Premier upgrade. (I usually withdraw 9k at the start of the month and then deposit it back into HSBC on the final week of the month)

Should i continue waiting for an email from them or just go into a branch and enquire ?

 

[Chicken]

I have been recycling the 9k deposit
still no word from HSBC about a Premier upgrade
Should i continue waiting for an email from them or just go into a branch and enquire ?

It is not automatic, you need to:

Already an HSBC customer?
If you would like to upgrade to HSBC Premier or to find out how you can become eligible, you can call us on:
1300 131 605
+61 2 9005 8114 (overseas)
Monday - Friday, 8am – 8pm (AEST)

 

[desafinado74]

It is not automatic, you need to:

Already an HSBC customer?
If you would like to upgrade to HSBC Premier or to find out how you can become eligible, you can call us on:
1300 131 605
+61 2 9005 8114 (overseas)
Monday - Friday, 8am – 8pm (AEST)

Thank you for replying. I will contact them.

 

[asterix]

At the six month mark I received a HSBC communication that I was a premier customer so I called them and applied for the HSBC Premier Mastercard over the phone which took ages. The approval took a day or so. The website for adding a supplementary cardholder was malfunctioning so have up are a few days and called again to get a supplementary card for my wife. Had to call back as they needed to speak to her on order to be able to give her a supplementary card even though she was an existing HSBC customer.

A few hoops to jump through, but a decent card for free.

 

[BJReplay]

A few hoops to jump through, but a decent card for free.

Thanks. My six-month mark is today, so I'll be going through this process early next week, so good to know the ins and outs.

We have a branch next to our usual supermarket, so I'm tempted to walk in and try to do it in person.

 

[Cynicor]

It can be automatic. We called to check and they said we already were premier. YMMV. Never heard anything from them though

 

[Mattg]

Sadly this card will no longer be free (except in the first year) from 11 March 2025.

Thread 'HSBC increasing credit card annual fees on 11/3/25'

Jan 6, 2025

HSBC is increase the annual fees on some of its credit cards from 11 March 2025. The HSBC Premier cards are the worst affected, but the Star Alliance card is also getting a $49 increase.

https://www.hsbc.com.au/content/dam/hsbc/au/docs/credit-cards/card-changes-25.pdf

• Mattg
• Replies: 53
• Forum: Other Banking Products

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[Chicken]

Sadly this card will no longer be free (except in the first year) from 11 March 2025.

This is very strange, as this card is free in Hong Kong + UK + Singapore + Malaysia + India + Indonesia, so Australia would become the odd one out. Having said that, there are relationship balance requirements in all these markets which are not easy to meet, Australia is the only one which is basically giving out Premier status for nothing, so, I guess they have to stop the freeloaders?

 

[Viridis]

This is very strange, as this card is free in Hong Kong + UK + Singapore + Malaysia + India + Indonesia, so Australia would become the odd one out. Having said that, there are relationship balance requirements in all these markets which are not easy to meet, Australia is the only one which is basically giving out Premier status for nothing, so, I guess they have to stop the freeloaders?

Well, I wouldn't say "for nothing".

I am (for the moment at least) grandfathered in the UK as having only to deposit £50k to maintain the Premier relationship. So, up until recently it was easier to do this in the UK than Australia. It's now £100k which brings HSBC into line with Barclays, NatWest, Santander etc.

Australia also used to be a relationship requirement of $500k. There were no income requirements. I can't remember when it changed but it's 'relatively' recent

 

[Chicken]

Well, I wouldn't say "for nothing".

Australia is deposit transactions worth AUD 9000 into the account monthly, you could take the money out immediately. It is not deposit balance nor relationship balance. Example: Move AUD $9000 from CBA to HSBC, then move the $9000 back to CBA immediately. This is easy for a lot of people, I would call it nothing.

I am (for the moment at least) grandfathered in the UK as having only to deposit £50k to maintain the Premier relationship. So, up until recently it was easier to do this in the UK than Australia. It's now £100k

The current requirement for UK is:
- annual income of at least £100,000
- savings or investments of at least £100,000
These are not easy to meet.
I am not sure if your old requirement of £50k is deposit balance, or just deposit tranaction, which is what Australia is asking for.

 

[Highway23]

Oh well, was great while it lasted.
Time for an update to the website which links to the incoming annual fees, and moments later still touts the Premier card as letting you “Say goodbye to annual fees”.

 

[grandir]

Strange that the Premier Card is going to have the exact same fee as the Platinum - there's literally no difference now between the Platinum and Premier (except maybe I think the ability to convert HSBC Points to SQF).

Looks like a cancellation for me now it was great while it lasted.

 

[Chicken]

except maybe I think the ability to convert HSBC Points to SQF

Both cards earn HSBC points at $1 = 1.5, so both have access to SQ Krisflyer.

 

[desafinado74]

Hi everyone,
Yesterday i spoke to HSBC on the phone, about upgrading to Premier status, since i already deposited 9k for 6 months. The person then submitted a request to the Premier team to upgrade me.

This morning, i checked the HSBC app, and "HSBC Premier" appeared under my name.
But the other accounts remained the same, and when i logged into my account in my laptop, The "HSBC Premier" title does not appear and again, there are no "Premier" accounts too.

So, when you get upgraded, do you get notified via email or snail mail ?
And how long is the approval / Upgrade process anyway ?

 

[BJReplay]

Hi everyone,
Yesterday i spoke to HSBC on the phone, about upgrading to Premier status, since i already deposited 9k for 6 months. The person then submitted a request to the Premier team to upgrade me.

This morning, i checked the HSBC app, and "HSBC Premier" appeared under my name.
But the other accounts remained the same, and when i logged into my account in my laptop, The "HSBC Premier" title does not appear and again, there are no "Premier" accounts too.

So, when you get upgraded, do you get notified via email or snail mail ?
And how long is the approval / Upgrade process anyway ?

I spoke to HSBC today - I was told, bizarrely, that I qualified five months ago - even though I got a letter two months ago saying that I would qualify in two months, and I knew that, according to their rules, that I would qualify on the 3rd of Jan this year. They transferred me to the premier team for the upgrade, and then to the credit card team for the credit card application.

I got a welcome to Premier email from the person in the premier team - though it says "I have upgraded you to local premier already" so I guess there's a difference between local premier and global premier.

In any case, once I got off the phone, I too saw HSBC Premier in the app.

As a side note, I also applied for the Premier card today and have been provisionally approved. The process was a phone-based application and the phone call - recorded of course - indicates that there are no annual fees . I guess we'll wait and see how long that lasts. Even so, at $199, I rate their travel insurance as worth the annual fee.

 

[desafinado74]

I spoke to HSBC today - I was told, bizarrely, that I qualified five months ago - even though I got a letter two months ago saying that I would qualify in two months, and I knew that, according to their rules, that I would qualify on the 3rd of Jan this year. They transferred me to the premier team for the upgrade, and then to the credit card team for the credit card application.

I got a welcome to Premier email from the person in the premier team - though it says "I have upgraded you to local premier already" so I guess there's a difference between local premier and global premier.

In any case, once I got off the phone, I too saw HSBC Premier in the app.

As a side note, I also applied for the Premier card today and have been provisionally approved. The process was a phone-based application and the phone call - recorded of course - indicates that there are no annual fees . I guess we'll wait and see how long that lasts. Even so, at $199, I rate their travel insurance as worth the annual fee.

Typical HSBC chaos I will probably give them a call again.
Did you initially call this number ? (1300 131 605)
I was wondering if i should call the Premier line directly this time.

 

[BJReplay]

Typical HSBC chaos I will probably give them a call again.
Did you initially call this number ? (1300 131 605)
I was wondering if i should call the Premier line directly this time.

I called the 02 9005 8114 equivalent that they list for overseas callers - I find, so often, that the non-1300 numbers are clearer and often quicker.

Yeah, I'd call premier this time.

 

[Chicken]

HSBC Premier | Premier Banking & Privileges - HSBC HKBut the other accounts remained the same, and when i logged into my account in my laptop, The "HSBC Premier" title does not appear

I cannot see any mention of "Premier" on the web site internet banking either.

there are no "Premier" accounts too.

Premier account does not exist / not available in Australia, unlike other markets like:
- Hong Kong, where they have separate "HSBC Premier Bank Account" and "HSBC One" which seems to be our Global Everyday but on a new 21st century platform
- Singapore, where they have separate "HSBC Premier Account" and "Everyday Global Account"
- UK, where they have separate "Premier Bank Account" and traditional British style current account with no name LOL, and Global Money which seems to be their version of Everyday Global
- Malay, separate "HSBC Premier" and "Everyday Global"
You get the drift.

So, when you get upgraded, do you get notified via email or snail mail ?

After application, my friend got an e-mail with the word "Premier", and the ATM with "Premier" on the front (see photo in my previous post). That's all. No snail mail.

it says "I have upgraded you to local premier already" so I guess there's a difference between local premier and global premier.

I don't think there is such a thing as global status, as the web site of every country would only say that you can get status if you already have status in another country.

My friend who just joined HSBC AU brand new 3 weeks ago is actually in Hong Kong physically, and been trying to use the Premier status in AU to open "HSBC Premier Bank Account" in Hong Kong for the last week. The only benefit that the Premier AU status had provided so far, is the privilege of e-mail and sending documents (including her plane ticket, yeah, WTF does a plane ticket has to do?!) to HSBC India back and forth.

Yes, it's India, because the e-mail signatures are "Global International Banking Centre – Hong Kong" with the e-mail addy <[email protected]> on behalf of <[email protected]>

My friend had since been asked to go into a branch in Hong Kong to get it sorted.

The privilege of having status and benefit of "Open an HSBC Premier Bank Account ...... in less than 5mins"