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

HSBC Premier World Mastercard is a rewards credit card that earns Qantas Frequent Flyer points or HSBC Rewards Plus points, depending on your preference. Plus, it comes with a range of travel perks, such as airport lounge access and 10% off Agoda or Expedia bookings.

Fees, interest rates and other details

Feature	HSBC PREMIER WORLD MASTERCARD
Annual fee	$199 (when you select Rewards Plus points) $399 (when you select Qantas Rewards). The annual fee is waived for the first year, regardless of the rewards program you choose.
(Variable) purchase rate	19.99% per annum.
(Variable) cash advance rate	21.99% per annum.
Balance transfer revert rate	21.99% per annum.
Minimum credit limit	$10,000.
Interest-free days on purchases	Up to 55 interest-free days. 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 or Qantas Rewards.
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 , then 1 point per dollar in subsequent years (up to $120,000 per year).
Included insurance	Travel insurance (domestic and international) including: Rental vehicle excess insurance. Transit accident insurance. Extended warranty insurance. Purchase protection insurance.
Benefits	Rewards flexibility – two programs to choose from (earn HSBC Rewards or Qantas Rewards). Two complimentary airport lounge passes every year, at over 1,000 lounges, through Mastercard Travel Pass (DragonPass). 10% off bookings made through Expedia or Agoda using your card. Access to HSBC Instant Savings app for ways to save. Access bespoke deals through the home&Away Privilege Program.

Basic overview

The HSBC Premier World Mastercard may be a good fit for frequent travellers seeking a card with flexible rewards. It gives you the option to earn Qantas Points or HSBC Points, both of which can be redeemed for travel. You cannot easily switch between the two programs once you have been approved for the card, so make sure you know which program best suits your needs before applying.

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 balance transfer promotional offer has in-direct monetary benefits, such as potential savings. For example, if you have $15,000 on a card with a 19.99% interest rate, you’d save approximately $1,500 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 ($1,275 per month) with a 2% transfer fee.

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

There is a 2% transfer fee when moving a balance to the HSBC Premier World Mastercard. So, transferring $15,000, for example, will cost you $300. The fee is combined with your transferred balance, bringing the example’s total up to $15,300.

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 or you’ll face steep interest on the remaining amount.

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.

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 minimums due) 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 or travel. You can also convert your points to Velocity points, Asia Miles or KrisFlyer miles (5,000 HSBC Rewards Plus points equals 2,500 Velocity points, Asia Miles or KrisFlyer miles).

Cashback is also available in $25, $50 and $100 increments (6,000 points equals $25). Gift cards can be redeemed in $25, $50, $100 and $250 increments.

🤓 Nerdy Tip

The value of each HSBC Rewards Plus point is determined by how and where you redeem it. For example, if you convert 90,000 Rewards Plus points to a KrisFlyer account, you’d get roughly 45,000 miles. According to the KrisFlyer website, 42,000 miles can get you an economy return flight from Perth to Singapore. The same flight, if purchased in cash, costs roughly $600. However, if you redeem the same HSBC Rewards Plus points as cashback, you’d get roughly $375, almost half the value as the miles.

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. So, if you spend $5,000 on the card each month, you’d earn 90,000 Qantas points in the first year (60,000 points in subsequent years).

Note: If you have held an HSBC card that earns Qantas points in the last 12 months, you are not eligible for the additional 0.5 point increase in the first year.

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.

According to the Qantas website, you need roughly 40,600 Qantas points for an economy return flight from Perth to Singapore. The same journey, if bought in cash, may cost around $660 (based on a one-week trip in May, 2025).

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.
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, and complimentary 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 using the card overseas.
Higher minimum credit limit and income requirements in order to apply.
Higher-than-average annual fee when selecting the Qantas points option ($399).

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 rating 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:

require access to an amount of credit of at least $10,000
have time to make repayments before incurring interest on
purchases
earn a regular income
have a good credit rating and not be experiencing financial hardship or financial stress as identified through credit bureau checks carried out at the time of application
are able to make at least the minimum repayment each month on their account without experiencing financial hardship
are likely to be able to repay their credit limit within 3 years without experiencing financial 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
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 HSBC customer, you’ll need to apply for HSBC Premier status first, you can do so online through the HSBC Premier landing page. 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 57 Trustpilot reviews, HSBC Australia scored: 1.4 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 that earns Rewards Plus points or Qantas points. It comes with travel perks, complimentary insurances 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 a combined $150,000 in HSBC savings, transaction or investment accounts.

HSBC AU, “Target Market Determination HSBC Premier World Mastercard ,” accessed April 7, 2025.

HSBC Premier World Mastercard: 2025 Overview

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