HSBC adds a metal card for big spenders
HSBC Bank USA is the latest to issue a credit card made of metal, designed for affluent customers who travel often.
The Premier World Elite Mastercard delivers high-spending users a solid introductory bonus with a reward of 50,000 points—worth $750 in air travel—for those who spend at least $4,000 in the first three months, plus a set of other perks including a $100 annual statement credit for Uber and Lyft rides, HSBC announced on Wednesday.
With an annual fee of $395, HSBC’s latest card isn’t the priciest of the luxury rewards credit cards—many have a fee of at least $100 more—and its benefits stack up well in the elite category, adding more competition in the crowded rewards travel card sector, observers say.
Citi, American Express, JPMorgan Chase and U.S. Bank all recently upped the ante on their highest-priced rewards cards with improved features and perks, and many are outfitted in metal for an exclusive feel, and possibly to encourage top-of-wallet status.
The Premier World Elite is the sixth credit card in HSBC’s U.S. lineup. It offers customers an $85 credit for users who apply for TSA Pre travel status (a process that has an $85 application fee), $100 annually toward baggage fees or upgrades, access to 850 airport lounges and unlimited WiFi access from Boingo. Users may earn triple points on travel, double points on dining and 1 point for all other purchases. There is no foreign exchange fee on purchases.
“We continue to see strong demand for credit cards, and our market research showed strong interest in a card with this set of features,” said Pablo Sanchez, head of retail banking and wealth management at HSBC in the U.S. and Canada, when introducing the card this week at Money20/20 in Las Vegas.