HSBC Cards Get New Perks, Bigger Bonuses, and Higher Annual Fees — Are They Worth It?

Updated: October 2, 2025, 11:52am CDT

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Updated HSBC Credit Cards
Should You Apply for These HSBC Credit Cards?
Final Thoughts

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HSBC credit cards don’t get the same attention as those from other issuers. However, it’s worth taking a fresh look at the issuer, now that it has refreshed its 2 credit cards available in the U.S.

The HSBC Elite credit card and HSBC Premier credit card have expanded benefits and bigger-than-usual welcome bonus offers. However, those improvements come with increased annual fees on these cards.

Should you apply? Let’s take a look at the details to help you decide.

Updated HSBC Credit Cards

HSBC offers 2 personal credit cards for U.S. consumers:

HSBC Premier card
HSBC Elite card

The HSBC Elite card comes with several World Elite Mastercard benefits, which we’ll cover below.

Updated HSBC Premier Card

The HSBC Premier card previously didn’t have an annual fee. Now, the annual fee is $95, though authorized user cards aren’t subject to a fee.

New applicants can earn a welcome bonus of 50,000 bonus points after spending $4,000 on the card within the first 3 months of account opening. That’s worth $625 toward travel in HSBC’s portal or potentially more when using HSBC’s 13 airline and hotel partners. Just note that not all of these partners utilize a 1:1 transfer ratio.

Other features of the HSBC Premier card include:

3x points per $1 spent on gas and groceries
2x points per $1 spent on travel, including flights, hotels, and car rentals
1x point per $1 spent on other purchases
Up to $60 in statement credits per year after paying for your TV streaming subscription with your card
Up to $140 in annual benefits with Instacart+
$5 monthly Lyft credit after taking 3 rides in a month
Up to $85 credit available every 4.5 years toward your application fee for TSA PreCheck or NEXUS
Up to 7% off prepaid accommodation through Booking.com
Cellphone insurance
Purchase Assurance benefit to cover items purchased with your card
$3 monthly Peacock subscription credit
Redeem points at 1.25 cents apiece in the travel portal

Couple on laptop with credit card shopping — Image Credit: SFIO CRACHO via Adobe Stock

Updated HSBC Elite Card

HSBC’s premium card, the HSBC Elite card, also saw its annual fee increase — from $395 to $495. However, authorized user cards do not have a fee.

New applicants for the HSBC Elite card can earn 60,000 bonus points after spending $4,000 on purchases within 3 months of account opening. That’s worth $900 in travel in the HSBC travel portal or potentially more when utilizing transfer partners.

Other features of the HSBC Elite card include:

5x points per $1 spent on travel, including flights, hotels, and car rentals
2x points per $1 spent on dining
1x point per $1 spent on other purchases
Up to $400 in annual travel credits toward airfare, hotels, and car rentals booked in the travel portal
Up to $120 credit available every 4.5 years toward your application fee for Global Entry, TSA PreCheck, or NEXUS
Annual Priority Pass membership with unlimited lounge visits, including up to 2 guests
Up to $140 in annual benefits with Instacart+
Up to $10 in monthly statement credits toward ride-share and taxi rides
$5 monthly Lyft credit after taking 3 rides in a month
Up to 7% off prepaid accommodation through Booking.com
Cellphone insurance
Purchase Assurance benefit to cover items purchased with your card
$3 monthly Peacock subscription credit
Concierge service available around the clock, every day of the year
Redeem points at 1.5 cents apiece in the travel portal

Hot Tip:

HSBC’s points transfer partners include Accor, Aer Lingus, Air France, Avianca, British Airways, Emirates, EVA Air, Iberia, Qantas, Qatar Airways, TAP Portugal, Turkish Airlines, and Wyndham Rewards. It’s also possible to redeem points with Amazon or for online shopping, but we don’t recommend those options.

Should You Apply for These HSBC Credit Cards?

Whenever credit cards add benefits or improve their welcome bonus offers, it’s at least worth considering applying. Let’s look at who these cards are a good match for.

First, understand that you need to have a banking relationship with HSBC to be approved for its credit cards. That means you need a checking account with at least $5,000 in direct deposits each month or $100,000 in HSBC accounts across your checking and retirement accounts.

In many ways, these refreshed HSBC cards mirror the Chase Sapphire Preferred^® Card (with a $95 annual fee) and Chase Sapphire Reserve^® (with a $795 annual fee). That’s due to similar benefits and earning structures. These cards also offer some of the same benefits, like points transfers and elevated redemption rates in a travel portal, though they don’t offer cellphone insurance or Mastercard benefits, as the Sapphire cards are backed by Visa.

It’s worth considering which card (or cards) best fits your spending habits and what benefits you want in a credit card. You also should consult the credit card application rules for each bank to ensure you are eligible to apply and to earn a welcome bonus on your new credit card.

Final Thoughts

HSBC has refreshed the HSBC Elite card and HSBC Premier card, adding new benefits, elevated welcome bonus offers, and increased annual fees. If the benefits and earning rates match what you’re looking for, now could be a good time to apply, as you’ll pick up a better-than-usual welcome bonus.

If the benefits on the cards feel familiar, that’s because they echo 2 of Chase’s most popular cards. And if you aren’t eligible for HSBC cards, then one of Chase’s Sapphire cards could be a good fit instead.