HSBC Premier credit card - too good to be true?

[Viridis]

I would call it nothing.

Or an abuse of the intent of the requirement. Having said that, it may not be - it may just be a proxy for income and they don't care what you do. I think - but haven't checked - that the UK bank wants your salary paid in to the Premier Account. They really can't control what happens after that, so same thing essentially.

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.

Yes, it is now - as it said previously, this just brings them into line with other UK High Street banks; but the HSBC website also states ...

If you opened a Premier Account, or submitted your application for a Premier Account, on or before 4 September 2024, the previous eligibility criteria will still apply. These are: (1) an income of £75,000, and hold another eligible product, or (2) have £50,000 in savings or investments with us, or (3) hold and qualify for HSBC Premier in another country or region.

 

[Chicken]

Do you have Premier accounts in other countries ?

Not me, I don't use HSBC, as HSBC AU is part of HSBC Hong Kong, and HSBC HK has to comply with requests from the Hong Kong government, and they have complied with political crackdowns by freezing and taking people's money, so, no, no HSBC for me, as I don't know if I'm also blacklisted / wanted by Hong Kong government.

I am planning to open one in Malaysia and Singapore (The Singapore one needs employment details

No payslip needed according to their Singaporean web site:

You can apply for a Premier Account if you have one of the following:
Hold HSBC Premier status in another country / region.

Do you believe their web site? Because ......

Please update here with regards to your friend's HK application situation

My friend just went into a HSBC branch in Hong Kong, not even an hour ago. The staff member said that they could not see her account in Australia, so they opened a free normal "One" account instead of the "Premier" account.

They could not see her account on the computer. Can you believe that?!

Or an abuse of the intent of the requirement.

Well, how could it be an abuse if that's what they asked for? They have
"Maintain a minimum combined balance of AUD150,000 equivalent in an HSBC Australia"
but then they also have
"Maintain regular 'money in' deposits totalling AUD9,000 into your account each month"

They came up with the second rule, all us customers are following their rule to the book.

 

[desafinado74]

Not me, I don't use HSBC, as HSBC AU is part of HSBC Hong Kong, and HSBC HK has to comply with requests from the Hong Kong government, and they have complied with political crackdowns by freezing and taking people's money, so, no, no HSBC for me, as I don't know if I'm also blacklisted / wanted by Hong Kong government.



No payslip needed according to their Singaporean web site:

You can apply for a Premier Account if you have one of the following:
Hold HSBC Premier status in another country / region.

Do you believe their web site? Because ......



My friend just went into a HSBC branch in Hong Kong, not even an hour ago. The staff member said that they could not see her account in Australia, so they opened a free normal "One" account instead of the "Premier" account.

They could not see her account on the computer. Can you believe that?!



Well, how could it be an abuse if that's what they asked for? They have
"Maintain a minimum combined balance of AUD150,000 equivalent in an HSBC Australia"
but then they also have
"Maintain regular 'money in' deposits totalling AUD9,000 into your account each month"

They came up with the second rule, all us customers are following their rule to the book.

Ah i see, Yeah it is sad with regards to HK's current political situation. The tourism and expat numbers are way down in HK nowadays as well.

Ewww, HSBC HK is so disorganised ! They should have called their Australian counterparts, to double check your friend's Premier status.

I will report back of my experiences when trying to open Premier accounts in both Malaysia and Singapore.

 

[Chicken]

Ewww, HSBC HK is so disorganised ! They should have called their Australian counterparts, to double check your friend's Premier status.

Good thinking, why didn't any of us thought of this?!

Having said that, I can only see two benefits for Australia, and that's Global View and Premier credit card. The credit card at 0.75 SQ mile per $1 is still a good card for $199 annual fee.

On a side note, for Hong Kong, the only 2 benefits to having premier status, are:
- $0 for outward telegraph transfer instead of HKD$70
- free instead of HKD$40 when using Mastercard debit card to access non HSBC ATMs

So Premier maybe good to have, but is it a super dooper must have? Um...

 

[mini2]

I went into the Chatswood branch asking them if they can organise my HK's HSBC One to be upgraded to Premier. They said I'll need to call the Australian RM team. No problem.

I called the RM team then I am informed I will need to call the HK side to do the upgrade, even though they can see the accounts (I've linked them already). The RM team then said they don't know who to contact in HK to get my HSBC One upgraded.

I've asked them if I ask for a replacement debit card, what will it say? It won't have the words Premier on it. OK then.

 

[Chicken]

The RM team then said they don't know who to contact in HK to get my HSBC One upgraded.

Haha, so much for status!

Have you tried doing the upgrade via app or phone?

 

[mini2]

The app/website are both looking for $1mil HKD+ in any of the local accounts, so I'm afraid it won't work.

 

[Chicken]

The RM team then said they don't know who to contact in HK to get my HSBC One upgraded.

Guess HSBC doesn't have intranet, doesn't have SharePoint, huh?!

 

[dairyfloss]

Just finding out on here about the changes to the HSBC Premier MC annual fee, post Mar 2025. Of course I’ve received nothing from the bank, directly…

As I read it, it’s moving to $0 in the first year (from March 11th 2025), and then $399 p/a thereafter (for the QF version). Do we think that existing cardholders, or those who are signed on before March 10th are not expecting to be charged an annual fee until March 2026? Or do we think differently on this?

Cheers,
Matt.

 

[Chicken]

Do we think that existing cardholders, or those who are signed on before March 10th are not expecting to be charged an annual fee until March 2026? Or do we think differently on this?

The annual fee is usually charged on the anniversary of your account.

Say, if your Premier credit card was activated on 2024-03-11 , then your annual fee would be chargable on 2025-03-11, and per the notice, the fee would be $199 / $399 when it is charged on 2025-03-11.

Say, if your Premier credit card was activated on 2024-03-10 , then your annual fee would be chargable on 2025-03-10, and per the notice, the fee would be $0 when it is charged on 2025-03-10.