HSBC Premier credit card - too good to be true?

[serfty]

I believe its 6 months

There is conflicting information in relation to this. See posts #24 and #25 of this very thread.

 

[grandir]

This thread reactivation is timely as we are eying off a pending renewal for our ANZ Qantas Platinum Visa and it's (all up) $360 fee. We have had this account since last century and the days of 4 pts per dollar (6 on Qantas spend) ... approaching 3 decades.

I have a couple of months leeway. With the HSBC Premier, if starting from scratch, how long do you need to be putting $9K through the "Global Account" before being able to apply for the Premier Mastercard? Earlier posts indicate no time requirement, but HSBC seems to imply 6 months.

Are you an existing HSBC customer? If so, then I think you will need to meet the eligible criteria for at least 6 months by either (a) depositing at least $9,000 into your HSBC transaction account every month (for at least 6 months); or (b) maintain a combined total of $150,000 across all your HSBC accounts (for at least 6 months).

However, if you are new to HSBC, there is an option during the application process to open an account where you can tick "I qualify for Premier status" which you can select and then select which of the two aforementioned criteria you will intend to meet.

HSBC do check this criteria every 6 months so think it like a 6 months grace period if you're a new customer and tick the "I qualify for Premier status" at the point of application. So if you fail to meet the criteria in your first 6 months then I suspect HSBC will revoke your status.

 

[BJReplay]

Earlier posts indicate no time requirement

I have done a dry run through the application process, but not submitted.

I can confirm earlier posts that indicate that you have to confirm that you will put $9000 through looks like it is enough to apply.

I can't confirm if it is enough for it to be issued, but others might.

I will be able to report back in August which is my timeline for doing this - which does not meet your requirements.

 

[serfty]

there is an option during the application process to open an account where you can tick "I qualify for Premier status"

I have done a dry run through the application process, but not submitted.

I can confirm earlier posts that indicate that you have to confirm that you will put $9000 through looks like it is enough to apply.

Is that the application for the "Everyday Global Account" or the Mastercard?

 

[BJReplay]

Is that the application for the "Everyday Global Account" or the Mastercard?

Everyday Global Account.

If you're not an existing HSBC customer, then, as it says at Premier | Premium Banking Services & Support - HSBC AU "You can apply for an Everyday Global Account and HSBC Premier status at the same time."

I can't do it online as I'm an existing customer - but my plan is to attempt it online as a Joint application (for the joint EGA which we will wash the $9k a month through), and then personally I'll apply for the Mastercard . If that doesn't work, I'll need to get on the phone.

 

[serfty]

If you're not an existing HSBC customer, then, as it says at Premier | Premium Banking Services & Support - HSBC AU "You can apply for an Everyday Global Account and HSBC Premier status at the same time."

Thankyou, I have now gone through the application and received an email entitled "Welcome to HSBC Premier".

I have a Global account opened, but nothing regarding the Premier Mastercard as yet.

 

[grandir]

I have a Global account opened, but nothing regarding the Premier Mastercard as yet.

You'll need to apply for one separately as it's still considered a separate product. However, unlike the other CCs on offer, the only ways to apply for a Premier MC is to visit an HSBC branch in person, or to call i.e. you cannot do it online.

Note as well that you'll go through the usual CC application process such as providing proof of employment, income, expenses, assets, debts, other CCs, mortgages etc etc and you will still need to get approval. In other words, HSBC can still deny you a Premier MC even if you are a Premier customer if you do not meet their lending criteria.