Hsbc Credit Card Promotions And Benefits 2017 Freebies And Rewards

In 2017, HSBC introduced several credit card promotions and benefits that provided cardholders with various freebies and rewards. These offerings included sign-up bonuses, enhanced earning rates, and valuable perks that required no additional cost beyond standard spending requirements. This article examines the HSBC credit card promotions and benefits available during 2017, focusing on the sign-up bonuses, rewards structures, and valuable perks that cardholders could access.

HSBC Premier World Elite Mastercard Launch

In October 2017, HSBC launched its Premier World Elite Mastercard, positioning it as a luxury credit card with distinctive features. The card featured a sleek metal design that differentiated it from traditional plastic cards. According to Pablo Sanchez, head of retail banking and wealth management for HSBC in the U.S. and Canada, the card was developed based on customer feedback regarding what they wanted in a premium credit card.

The Premier World Elite Mastercard offered worldwide rewards on a broad list of travel purchases, including traditional airfare, hotels, trains, and ride-sharing services through credits with Uber and Lyft. A significant promotional benefit was the offer of 50,000 rewards program bonus points after spending $4,000 or more within the first three months of account opening. This sign-up bonus was positioned as one of the highest premiums available in the market at that time.

The card also provided access to concierge services, which could assist with various travel and lifestyle arrangements. To qualify for this premium offering, applicants needed to establish a Premier HSBC relationship, which required maintaining $100,000 in deposit accounts with HSBC. Business owners could also qualify by using their commercial balances to meet this requirement.

Enhanced Sign-Up Bonuses on HSBC Credit Cards

In 2017, HSBC increased sign-up bonuses on three of their credit cards, making these promotions more attractive to new applicants. The most substantial bonus was offered on the HSBC Premier World card, which provided 40,000 points after spending $2,500 or more within three months of account opening. This represented an increase from the standard offering of 25,000 points.

The earning structure for the Premier World card was straightforward, providing 1 point per dollar spent on all purchases. Beyond the sign-up bonus, cardholders benefited from access to concierge services, which could assist with travel arrangements, restaurant reservations, and other lifestyle needs.

As with the Premier World Elite Mastercard, eligibility for the Premier World card required maintaining a Premier HSBC relationship, defined as having $100,000 in deposit accounts with HSBC. This requirement made these premium offerings accessible primarily to HSBC's wealth management clients.

HSBC Cash Rewards Credit Card Promotion

The HSBC Cash Rewards credit card emerged as a competitive option in the no-annual-fee category. The card featured a promotional sign-up bonus of $150 cash back after spending $500 or more within the first three months of account opening. This bonus provided immediate value to new cardholders without requiring excessive spending.

The card's earning structure included an introductory period where cardholders earned 2% cash back on all purchases for the first six months of card membership. After this introductory period, the rate reduced to 1.5% cash back on all purchases. Additionally, cardholders received a 10% anniversary bonus on all cash rewards earned each year, providing an ongoing incentive to maintain the card.

Beyond the cash back benefits, the HSBC Cash Rewards card offered several valuable perks that were typically reserved for cards with annual fees. Notable among these was extended warranty and damage coverage, which could protect eligible purchases beyond the manufacturer's warranty period. Another practical benefit was a $5 discount on Postmates orders of $25 or more for delivery of food, drinks, and groceries (excluding taxes, delivery fees, and tips).

For consumers focused on maximizing value during the introductory period, the HSBC Cash Rewards card had the potential to deliver approximately 2.2% cash back for the first six months, positioning it among the top cash back cards in the market for non-bonus spending. However, the reduced earning rate after the introductory period meant the card was most valuable for consumers who planned to utilize the extended warranty coverage or other specific benefits.

HSBC Cash Rewards Mastercard Student Account

Recognizing the needs of younger consumers, HSBC offered the Cash Rewards Mastercard Student Account, which provided several advantages for students. The card required no credit history for approval, making it accessible to students who might not have established extensive credit histories. Cardholders received unlimited access to online tools to learn about credit management and could view their FICO Credit Score for free each month on their credit card statement.

The earning structure for the student version was simpler, offering a consistent 1.5% cash back on all purchases without an introductory higher rate. Cardholders could redeem their cash back as statement credits, toward gift cards, via HSBC's travel portal, or toward merchandise.

The student card included several valuable benefits that enhanced its appeal. MasterRental coverage provided protection for physical damage and theft to most rental vehicles. Cellular wireless telephone protection offered reimbursement up to $600 per claim if the cellphone was stolen or damaged. Cardholders also received complimentary ShopRunner membership, which provided free two-day shipping and other benefits at participating online retailers.

Notably, the student card had no annual fee and no foreign transaction fees. After maintaining the account in good standing for four years, cardholders could graduate to the standard HSBC Cash Rewards Mastercard credit card, providing a pathway to enhanced benefits as their financial situation evolved.

Transition of HSBC Advance Visa Platinum

In 2017, HSBC announced significant changes to its Advance Visa Platinum Credit Card, which affected existing cardholders and the value proposition of the card. The card's previous structure that offered 4 miles per dollar would end officially on May 31, 2017. After this date, cardholders would earn only 1X (0.4 miles per dollar) rewards point with eligible dollar spent in the month of June 2017.

The transition required cardholders to redeem all their reward points by August 31, 2017, or face automatic conversion into cashback on September 1, 2017, at a rate of 100 reward points to $0.25. This change effectively ended the card's status as a valuable option for mile-chasers and travelers seeking to maximize rewards on everyday spending.

The shift reflected HSBC's strategic decision to modify its rewards programs, likely in response to changing consumer preferences and financial considerations. For cardholders who had maximized the card's benefits, the changes necessitated a reassessment of their credit card strategy, with many considering alternatives from other financial institutions that continued to offer competitive rewards structures.

Standard Benefits Across All HSBC Credit Cards

Regardless of the specific card offering, all HSBC credit cards included several standard benefits that enhanced their value proposition. These consistent features included:

No foreign transaction fees, which was particularly beneficial for travelers making purchases internationally. Contactless-chip enabled cards allowed for quick and secure tap-to-pay transactions at compatible terminals. Cardholders could view their FICO Credit Score for free on their monthly statement, providing valuable insight into their credit standing.

MasterRental car rental insurance provided coverage for physical damage and theft to most rental vehicles, offering protection when renting cars. Travel accident insurance provided additional security during travel. Mastercard ID theft protection services offered identity theft resolution assistance if cardholders experienced identity theft.

Automatic enrollment in HSBC's fraud alert program helped monitor for potentially suspicious account activity. Access to Mastercard global services provided assistance with lost and stolen card reporting, emergency card replacement, and emergency cash advances while traveling.

The Priceless Cities program offered exclusive access to more than 2,000 priceless experiences around the globe, while the Priceless Golf program provided access to iconic destinations and discounts on public tee times. Airport concierge services, including a discount on airport meet and greet services, enhanced the travel experience for cardholders.

Evaluating the Value Proposition

When considering the HSBC credit card promotions and benefits of 2017, consumers needed to evaluate several factors to determine which card best suited their needs. For those with significant banking relationships with HSBC, the Premier World Elite Mastercard offered substantial sign-up bonuses and premium benefits. However, the $100,000 deposit requirement made this option accessible primarily to wealth management clients.

The standard Premier World card provided a more attainable path to premium benefits with a lower $2,500 spending requirement for the 40,000-point bonus. This option remained accessible to those who could meet the Premier relationship requirement through other means, such as business accounts.

The HSBC Cash Rewards card stood out as a compelling option for consumers seeking a straightforward no-annual-fee card with valuable benefits. The combination of a $150 sign-up bonus, 2% cash back for the first six months, and 1.5% thereafter made it competitive in the cash back category. The inclusion of extended warranty coverage and Postmates discounts added practical value beyond the cash back structure.

For students, the HSBC Cash Rewards Mastercard Student Account provided an accessible entry point to credit with educational resources and a path to upgrade to the standard card after four years. The consistent 1.5% cash back rate and valuable protections made it suitable for younger consumers building their credit history.

The transition of the HSBC Advance Visa Platinum away from its generous miles-earning structure reflected the evolving nature of rewards programs. Consumers who had maximized this offering needed to reassess their strategies and consider alternatives that better aligned with their spending patterns and preferences.

Conclusion

In 2017, HSBC offered a range of credit card promotions and benefits that provided significant value to consumers across different segments of the market. From the premium metal Premier World Elite Mastercard with its substantial sign-up bonus to the accessible Cash Rewards card with practical benefits, HSBC demonstrated a commitment to competitive rewards structures. The standard benefits across all cards, including no foreign transaction fees, FICO score access, and various protections, enhanced the overall value proposition.

As with any credit card offering, consumers needed to carefully consider their spending patterns, financial relationship with HSBC, and specific benefit preferences when selecting the most appropriate card. The 2017 HSBC promotions provided multiple opportunities for consumers to access valuable freebies and rewards, making the bank's credit card offerings competitive in the marketplace.

Sources

1. PYMNTS - HSBC Introduces "Heavy Metal" Premium Credit Card
2. The Shutter Whale - HSBC Advance Visa Platinum Credit Card Changes
3. Doctor of Credit - HSBC Increased Sign Up Bonuses
4. Miles to Memories - HSBC Cash Rewards Credit Card Review
5. The Points Guy - Top HSBC Credit Cards