Credit Card News
HSBC Reveals Enhanced Welcome Bonuses for Two Cards
HSBC is rolling out enhanced welcome bonuses and other benefits for its Premier and Elite credit cards.
About the bonuses and cards:
First up, the new cardholders can currently earn up to 50,000 bonus points with the HSBC Premier Credit Card. To earn this bonus, cardmembers must spend at least $4,000 in purchases on the card within their first three months.
With the HSBC Premier card, customers can earn 3x points on gasoline, 3x on groceries, and 2x on travel such as flights, hotels, and rental cars. All other purchases earn 1 point per dollar spent.
While the Premier card does carry a $95 annual fee, it also offers some special credits. This includes an $85 statement credit toward the purchase of Global Entry, TSA PreCheck, TSA PreCheck by CLEAR, or NEXUS. Additionally, the card offers up to $60 in annual credit toward TV subscription service. This credit is divided into $5 per month increments and is triggered by purchases with the merchant code “Cable, Satellite, and Other Pay Television and Radio Services.”
Next, the HSBC Elite Credit Card is currently offering a welcome bonus of 60,000 points. Like with the Premier card, this bonus also requires at least $4,000 in spending during the first three months from account opening.
The $495 annual fee HSBC Elite card earns 5x points on travel purchases as well as 2x on dining and 1x on all other purchases. As for other benefits, the card includes up to $400 in statement credits per year for airfares, hotels, and car rentals booked using the HSBC Travel platform. The card also features up to $120 in statement credits for Global Entry, TSA PreCheck, TSA PreCheck by CLEAR, or NEXUS, as well as up to $120 ($10 a month) in rideshare statement credits. Lastly, the Elite card includes a Priority Pass allowing the cardholder and up to 2 guests to visit participating airport lounges.
My thoughts:
Admittedly, these are two cards that I’m not very familiar with. Looking at what they have to offer, there are some definite pros and cons. Starting with the Premier card, while the $60 TV subscription credits can help make up for the $95 annual fee, I don’t think the math really makes sense for most as the rewards are just so-so.
That’s also the case for the Elite card. Although the 5x on the generic travel category is attractive, 2x on dining is quite low for a premium card. That said, the $400 travel portal credit, $120 in rideshare credits, and the Priority Pass make this the better pick in my eyes — despite the $495 annual fee.
Still, I don’t view either card as a must-have. However, if you are interested in either of these HSBC options, then these enhanced welcome bonuses may present the perfect opportunity.
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