HSBC travel credit cards: comparison and review

Planning an overseas trip? Besides thinking about itineraries and packing, it’s a good idea to consider how you’ll be spending while you’re travelling.

Paying outside the UK with your main credit card can sometimes be a large additional expense, so it’s best to look into travel credit cards. The rewards that come with them could even cover part of your trip. That’s why we’ll tell you all about the HSBC travel credit card and how it can help you save during your travels.

We’ll also show you an alternative for spending abroad – the Wise card from the money services provider Wise. It’s designed for travel, letting you spend in the local currency in 150+ countries worldwide for low, transparent fees* and mid-market exchange rates.

Learn more about the Wise card 💳

What travel credit cards HSBC offers?

There are two HSBC travel credit cards - the HSBC Premier Credit Card and the HSBC Premier World Elite Mastercard. Both of them include various travel benefits and rewards.

They are available only for HSBC Premier customers and also Private Banking Account customers in case of the Premier World Elite Mastercard.¹

HSBC also has a Rewards credit card, but it doesn’t include some travel perks such as airport lounge access.²

HSBC travel credit card’s benefits

HSBC travel credit cards have different benefits depending on which card you’re looking at.

Let’s start with the HSBC Premier Credit Card. You can get this card for free and there are no monthly or annual fees, so you won’t have additional expenses of that kind. For each £1 spent you get 1 reward point, while if you’re spending in another currency, you get 2 points. You also get discounted access to more than 1,300 airport lounges across the world.

When it comes to benefits not related to travel, you get 2 years extended warranty on selected household items.³

When it comes to the Premier World Elite Mastercard, the amount of reward points is doubled. So, when you spend £1 in sterling, you get 2 points and when you spend it in another currency, you get 4 points.

There are also welcome reward points you can get. If you spend £2,000 in the first 90 days, HSBC will give you 40,000 reward points. If you continue in the same rhythm and spend £12,000 in the first year, you’ll get another 40,000 points.

You also get airport lounge access with this card.⁴

Do HSBC credit cards have travel insurance?

Yes, both HSBC credit cards have travel insurance. In fact, all HSBC Premier account holders have travel insurance.⁵

The cover is provided by Aviva. You, your domestic partner and children can all be insured, as long as you’re not over 70. The insurance lasts until you close your account or you’re not eligible for cover anymore.⁵

HSBC travel credit cards’ quick comparison/overview

Let’s look at a quick comparison of both travel credit cards:

HSBC travel credit cards

Let’s get into the features of both HSBC travel credit cards to help you decide which one might be the better choice for you.

HSBC Premier Credit Card

The HSBC Premier card is a free card available only to HSBC Premier customers. It allows you to earn rewards on purchases by giving you one reward point for each pound sterling you spend. If you spend the equivalent of that in a foreign currency, you get 2 points.³

This HSBC travel credit card allows access to more than 1,300 airport lounges worldwide with Priority Pass. If you show your Premier Credit Card at the door, you’ll pay £24 to enter. When it comes to rates, both the representative APR and the purchase rate are 23.9% variable. This is based on an assumed credit limit of £1,200.³

The rewards points can be used in a few different ways. You can get shopping vouchers at retailers such as M&S and Amazon or convert them to airline miles or hotel loyalty points. Their partners include British Airways, Etihad and Singapore Airlines.⁶

HSBC Premier World Elite Mastercard

The HSBC Premier World Elite Mastercard has a similar reward system to the Premier credit card one. Only in this case, the points are doubled - you get 2 points for each pound sterling you spend and 4 points for the same amount spent in another currency.⁴

This card has a very substantial sign-up bonus. Those who spend £2,000 in the first 90 days of membership will earn 40,000 points. Also, if you spend £12,000 in the first year, you’ll receive a further 40,000 reward points.⁴

Again, you get access to over 1,300 airport lounges across the world. The representative APR rate is 59.3% variable and the purchase rate is 23.9% variable. This is based on an assumed credit limit of £1,200.⁴

You can use your rewards in the same way as the HSBC Premier card rewards. The options include converting to airline miles and hotel stays, as well as getting shopping vouchers or fine wines.⁴

HSBC travel credit card’s fees

The HSBC travel credit card fees vary based on which of the two options you’ve chosen.

Here are the main fees for the HSBC Premier Credit Card:⁷

• No monthly/annual fees
• 2.99% foreign transaction fee
• 2.99% cash fee with a £3 minimum.

Next, let’s look at the HSBC Premier World Elite Mastercard:⁸

• £195 annual fee (plus £60 per additional cardholder)
• 2.99% foreign transaction fee
• 2.99% cash fee with a £3 minimum

A great alternative for low-cost spending abroad - the Wise card

Looking to do some travelling and need a convenient and cost-effective card?

Get yourself a Wise card and you can spend at the mid-market exchange rate in 150+ countries, whenever you want.

Open a Wise account online and you can get a Wise card for a one-time cost of just £7. Your card automatically converts currency whenever you spend, so you don’t need to worry about preloading foreign currency to your account or converting cash. There’s only a small conversion fee* to pay.

And if you need cash, your Wise card has you covered. You can withdraw up to £200 a month (max 2 withdrawals) from ATMs for free (although double-check that the ATM operator doesn’t charge its own fee).

Sign up with Wise today 💰

Sources used:

Sources last checked on date: 06-Sep-2024