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

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
• Complimentary ShopRunner membership for free 2-day shipping with numerous merchants
• 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

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
• Complimentary ShopRunner membership for free 2-day shipping with numerous merchants
• 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

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 $550 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.