Annual Fee
$0

Purchase Rate
19.99% p.a.

Rewards Rate
up to 1.5x per $1 spent

Intro Offer
0% p.a. on balance transfers for 12 months with 2% BT fee

Choose to earn Rewards Plus or Qantas Points.
0% pa interest on balance transfers for 12 months (2% balance transfer fee applies).
No additional cardholder fees.
Get up to 10% off bookings with Agoda or Expedia.
Domestic and international travel insurance with rental vehicle excess insurance in Australia, transit accident insurance, extended warranty insurance, and purchase protection insurance.
Two airport lounge passes every year with Mastercard Travel Pass, provided by DragonPass.
Use My Card Controls to help keep spending safe with transaction limits and the ability to lock or unlock your card.
Discover over 4,500 ways to save with the HSBC Instant Savings app.

For more information, we recommend reviewing this product’s Target Market Determination, the Credit Card Key Facts and Terms and Conditions.

HSBC Premier World Mastercard is a rewards credit card that earns Qantas Frequent Flyer points or HSBC Rewards Plus points, depending on your preference — making it best suited for travellers. The no annual fee and 12-month 0% interest rate balance transfer features give this card year-round relevance, whether at home or abroad.

Fees, interest rates and other details

Feature	HSBC PREMIER WORLD MASTERCARD
Annual fee	$0.
(Variable) purchase rate	19.99% per annum.
(Variable) cash advance rate	21.99% per annum.
Balance transfer rate	0% interest for the first 12 months on balance transfers (2% transfer fee applies). The promotional interest rate reverts to 21.99% after the 12 months is up, and will apply to any unpaid balances you transferred.
Minimum credit limit	$10,000.
Interest-free days on purchases	Up to 55 days interest-free if the statement balance is paid in full by the statement due date. Remember, this will not apply to cash advances.
Additional cardholders	Free (applicants must be at least 16 years old).
Card network	Mastercard.
Intro offer	0% p.a. interest rate for 12 months on balance transfers (2% transfer fee applies, and rate reverts to 21.99% after promotional period ends).
Rewards program	Choose between HSBC Rewards Plus points or Qantas Frequent Flyer points.
Rewards details	Depending on the reward program you choose, you can: • Earn 1.5 HSBC Rewards Plus per $1 spent on eligible transactions, up to $120,000 per year, or • Earn 1.5 Qantas Points per $1 in the first 12 months (up to $120,000), then 1 point per dollar in subsequent years.
Included insurance	• Travel insurance (domestic and international). • Rental vehicle excess insurance in Australia. • Transit accident insurance. • Extended warranty insurance. • Purchase protection insurance.
Benefits	• Rewards flexibility – two programs available (earn HSBC Rewards or Qantas Rewards). • Two complimentary airport lounge passes every year, through Mastercard • Travel Pass (DragonPass). • 10% off bookings through Expedia or Agoda using your card. • Access to HSBC Instant Savings app for ways to save.

Basic overview

The HSBC Premier World Mastercard may be appropriate for travellers seeking a rewards card with flexible travel perks. It doesn’t have an annual fee, offers two complimentary airport lounge passes per year, and gives you the option to earn Qantas Points or HSBC Points, both of which can be redeemed for travel. It’s worth noting that it charges 3% on overseas transaction fees, which can add up for cardholders regularly using the card abroad.

Promotional offers

Offer for new cardholders

Understanding the balance transfer offer

Balance transfer offer for new cardholders:

0% p.a. interest on balance transfers for 12 months, with a 2% transfer fee.

The total balance amount must not exceed 90% of the approved credit limit. HSBC doesn’t specify a maximum credit limit, however, there is a minimum limit of $10,000.

What’s the welcome offer worth?

The HSBC Premier World Mastercard’s welcome offer has in-direct monetary benefits, such as potential savings. For example, if you have $15,000 in credit card debt with a 19.99% interest rate, you’d save approximately $1,300 in interest over 12 months by moving the balance to the HSBC Premier World Mastercard, under the current welcome offer. This example is based on you paying off the balance in full over 12 months.

The above offer and the redeemable value of the points were current at the time of writing and are subject to change.

The card’s introductory balance transfer offer allows new cardholders to move debt from non-HSBC credit cards, 0% interest for 12 months. There is a 2% transfer fee, so, moving $15,000 will cost you $300, for example. The fee is combined with your transferred balance, bringing the example’s total up to $15,300.

The balance transfer cannot exceed 90% of the approved credit limit. Keep in mind, any unpaid balances after the 12 months reverts to the card’s variable cash advance rate (21.99%). If you take advantage of this offer, aim to pay it off in full within the 12-month period.

To retain the 0% interest rate on your balance transfer, you may be required to pay off all new charges made to the card, as well as any minimums, by the due date shown on your statement each month.

Mind the revert rate

If you have a credit card balance on a card with a higher interest rate, moving the balance to one with a lower interest could save you money — and give you time to pay down the balance. Remember that the new card’s standard interest rate applies once the promotional period ends. So, ideally, you want to pay off the debt during the promotional period. It’s also important to consider the new card’s standard rate versus the interest rate you are paying on your current card, especially where you may be unable to pay the balance transfer off within the lower interest rate period.

HSBC balance transfer rules

Before choosing the balance transfer offer, it’s important to know the rules of how balance transfers work at HSBC.

Transfer limits: The total transfer cannot exceed 90% of the approved credit limit.
Eligible cards: Balance transfers are only allowed from non-HSBC credit cards.
Interest-free days: The 55-day interest free period on new purchases still applies with a balance transfer, as long as you pay the statement balance (and any minimum s due on the balance transfer) in full by the due date.
Eligible customers: This promotional balance transfer offer is for new customers only.
Transfer fees: There is a 2% fee, applied to the account at the time of transfer and added to the total outstanding debt. For example, if you transfer $15,000, the total new debt will be $15,300.

Rewards

Earning HSBC Rewards Plus points

Earning Qantas Points

Rewards Plus is HSBC’s credit card points program. As an HSBC Premier World Mastercard holder, you can earn 1.5 points per $1 spent on eligible purchases, up to $120,000 per year. For example, if you spend $5,000 on your credit card per month, you could earn 90,000 Rewards Plus points in one year.

Redemption options:

HSBC Rewards Plus rewards can be redeemed for cashback, gift cards, travel or converted into Virgin Australia’s Velocity Frequent Flyer points.

Earn 1.5 Qantas points per $1 on eligible purchases up to $120,000 for the first 12 months, then it drops to 1 point per $1. There’s only one Qantas card that earns 2 points per dollar, so the HSBC Premier World Mastercard’s 1.5 earn rate is competitive.

Redemption options:

Qantas Frequent Flyer points can be used for travel bookings, seat upgrades, hotels or car hire. The Qantas Frequent Flyer calculator is a handy tool to work out how far your points can get you.

Know the true cost of rewards

To earn credit card rewards, your account typically needs to be in good standing, and you may need to meet spending minimums. It’s important to keep in mind that in doing so, you may also incur fees and interest charges in addition to the annual card fee. These costs may offset the overall value of the rewards you accumulate and potentially any ‘savings’ you make through an introductory offer or through redeeming points for other benefits. So, it’s crucial to balance your spending and account management to maximise benefits whilst mitigating costs.

Our take

The below pros and cons are based in part on NerdWallet’s editorial expertise and data collected from over 100 Australian credit cards.

Pros

Offers a choice between earning HSBC Rewards Plus points or Qantas points.
No annual fee.
Introductory balance transfer offer – 0% interest for 12 months (2% transfer fee applies, and rate reverts to 21.99% after promotional period ends).
Travel benefits include two airport lounge passes, 10% off Expedia or Agoda bookings (when bookings are made with the card), and travel insurances.

Cons

Must hold HSBC Premier customer status to apply. This means you must have an HSBC Everyday Global Account, and either:
- a minimum of $9,000 in debits each month, or
- over $150,000 in HSBC savings or investment accounts.
3% transaction fees while overseas – even with its name, it may not be the best card to use abroad.
High minimum credit limit and income requirements in order to apply.

Eligibility

Who may be eligible?

To apply for the HSBC Premier World Mastercard, you need to:

earn at least $75,000 per year
have a good credit history upon applying
have HSBC Premier customer status — to qualify, you must have to have an HSBC Everyday Global Account, and either:
- a minimum of $9,000 in debits each month, or
- Over $150,000 in HSBC savings or investment accounts.

Always check the product brochure and terms and conditions when determining if you’re suitable for a specific credit card, even if you’re eligible.

Who might be suited to this card?

According to HSBC’s Target Market Determination (TMD)[1] the HSBC Premier World Mastercard is designed for customers who:

requires access to an amount of credit of at least $10,000
require complimentary insurance cover (including domestic and international travel insurance)
have a regular annual income of $75,000
meets the HSBC Premier eligibility criteria (maintaining monthly deposits of over $9,000 or a total $150,000 in HSBC Australia accounts)
are not experiencing financial hardship or stress as identified through credit bureau checks upon application
are likely to be able to make at least the minimum payments each month without experiencing financial hardship
are likely to be able to repay the credit limit within three years without hardship.

Who might not be suited to this card?

According to HSBC’s Target Market Determination (TMD), the HSBC Premier World Mastercard is not designed for customers who:

do not need a credit limit above $10,000
do not earn over $75,000 or meet HSBC Premier requirements
regularly carry a balance and need a card with a lower purchase interest rate.
want to earn another type of rewards, such as a different frequent flyer program.

How to submit an application

To complete the credit card application online, you will need the following:

If you’re an existing customer, you’ll need to apply for HSBC Premier status first, you can do so online through the HSBA Premier landing page. To apply for the HSBC Premier World Mastercard, you likely need to supply proof of identification, address, income and employment. Call 1300 301 168 (+61 2 9005 8192 if overseas) for more details.
If you’re a new customer, click on ‘Leave your details’ and HSBC will get back to you within two business days.

» MORE: How long does it take to get a credit card?

Customer satisfaction ratings

Note: Customer review websites can be insightful, but keep in mind that the reviews may not accurately reflect the average experience; for example, unhappy customers may be overrepresented in these reviews. Products also change over time, and reviews may reflect experiences with features and benefits that are no longer available. Nevertheless, these sites are just one way to learn more about the company and the products on offer before you make a decision.

As of this writing:

Based on more than 40 Trustpilot reviews, HSBC Australia scored: 1.7 out of 5 stars.
Based on 2 ratings from Product Review, the HSBC Premier World Mastercard scored: 3.5 out of 5 stars.

NerdWallet does not endorse Trustpilot or Product Review scores and provides them for illustrative purposes only.

The HSBC Premier World Mastercard is a rewards credit card with travel and retail perks, no annual fee, and an introductory balance transfer offer.

To qualify for HSBC Premier (and therefore HSBC Premier World Mastercard), you must have regular money deposits totalling $9,000 each month or $150,000 in combined savings or investments HSBC Australia account.

HSBC AU, “Target Market Determination HSBC Premier World Mastercard ,” accessed December 5, 2024.

HSBC Premier World Mastercard Overview 2024

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