5 Things to Know About HSBC Credit Cards

When it left the U.S. banking market in 2021, HSBC also sold off some credit card products to First Bank & Trust. But there are two HSBC credit cards available to U.S. consumers that offer rewards and other benefits. However, you must have an existing relationship with HSBC to be eligible for either of these cards. Also, one of the cards has a high annual fee, which is something to consider.

Here are five things to know about the HSBC credit cards.

» MORE: NerdWallet's best travel credit cards

1. There are two HSBC credit cards

HSBC offers these card options:

• The HSBC Premier credit card: $95 annual fee.

• The HSBC Elite credit card: $495 annual fee.

2. The qualification requirements are strict

You must have an existing U.S. HSBC Premier checking account to qualify for these cards. And the requirements to maintain this account without a fee are pretty steep.

You need at least one of these:

• At least $100,000 in total deposits, investments or both. 

• At least $5,000 in direct deposits per month.

• An HSBC U.S. residential mortgage loan.

If you don’t meet these requirements, you can still have an HSBC Premier checking account, but you’ll owe a $50 monthly maintenance fee.

3. Both cards earn rewards

The HSBC Premier credit card and HSBC Elite credit card earn generous sign-up bonuses, as well as rewards on ongoing spending.

Here’s how they compare:

Rewards can be redeemed for cash back or travel booked through HSBC Travel, and redemption values can vary. You can also transfer them to HSBC’s airline and hotel transfer partners.

If you'd prefer a rewards credit card without the types of requirements that HSBC has, consider ones that offer rewards in similar categories. The American Express® Gold Card, for instance, has a $325 annual fee, and it earns 4 points per $1 spent at restaurants on up to $50,000 in purchases per year; 4 points per $1 spent at U.S. supermarkets on up to $25,000 in purchases per year; 3 points per $1 spent on flights booked directly with airlines or with American Express Travel; 2 points per $1 spent on prepaid hotels and other eligible travel booked through amextravel.com; and 1 point per $1 spent on other qualifying purchases. Terms apply; see rates and fees.

For a lower annual fee, consider the $95-annual-fee Chase Sapphire Preferred® Card. It earns 5 points per $1 spent on all travel purchased through Chase Travel℠; 3 points per $1 spent on dining; 3 points per $1 spent on select streaming services; 3 points per $1 spent on online grocery purchases; 2 points per $1 spent on travel not purchased through Chase; and 1 point per $1 spent on other purchases.

» MORE: When to use credit card points and when to transfer them to airlines

4. You’ll get other valuable perks

Both HSBC cards offer a number of statement credits and discounts that can help offset their annual fees.

The HSBC Premier credit card offers:

• Up to $60 in statement credits (in $5 monthly increments) toward streaming subscriptions. 

• Two free months of Instacart+, plus $10 off your second qualifying order of $10 or more each month. This is valued at up to $140 per year. 

• A $5 Lyft app credit each month you take three Lyft rides.

• A free Shoprunner membership, valued at $79 per year.

• Up to $85 every four-and-a-half years toward Global Entry, TSA PreCheck, TSA PreCheck by Clear or NEXUS.

• 7% off prepaid travel booked on Booking.com.

The HSBC Elite credit card offers:

• Up to $400 in travel credits per year for airfare, hotels and rental cars booked through HSBC Travel.

• Up to $120 every four-and-a-half years toward Global Entry, TSA PreCheck, TSA PreCheck by Clear or NEXUS.

• Unlimited access to Priority Pass airport lounges for you and two guests.

• Up to $120 in statement credits (in $10 monthly increments) toward taxis and ridesharing services.

• Two free months of Instacart+, plus $10 off your second qualifying order of $10 or more. This is valued at up to $140 per year.

• A free Shoprunner membership, valued at $79 per year.

• A $5 Lyft app credit each month you take three Lyft rides.

• 24/7 concierge service.

Those are valuable perks, but it's possible to find similar ones on other cards that don't impose the requirements that HSBC does. The aforementioned Chase Sapphire Preferred® Card, for instance, offers a $50 annual credit on hotel stays purchased through Chase. The American Express® Gold Card features a series of annual credits that can be used toward dining, Uber rides or UberEats, Resy and Dunkin’. (Those credits are distributed monthly, so if you don’t use them they're lost for good.) Terms apply.

For a credit card that offers lounge access, consider the Chase Sapphire Reserve®. It earns 10 points per $1 spent on Chase dining purchases; 10 points per $1 spent on hotel stays and car rentals booked through Chase Travel℠; 5 points per $1 spent on air travel booked through Chase Travel℠; 3 points per $1 spent on travel and dining not booked with Chase; and 1 point per $1 on all other purchases. It has a $550 annual fee.

» MORE: NerdWallet’s best rewards credit cards

5. Consumer protections are built-in

Both HSBC cards offer cell phone insurance, along with purchase protection if an item you buy is damaged or stolen. They also offer some coverage if your travel is interrupted or canceled for a covered reason such as illness or injury.

» MORE: How free travelers insurance through credit cards works