Free Macbook Air or 100,000 HSBC Reward points

Discussion in 'Other Credit Card Programs' started by RestlessLocationSyndrome, Jun 14, 2011.  |  Print Topic

  1. RestlessLocationSyndrome
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    RestlessLocationSyndrome Silver Member

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    Just saw an offer recently from HSBC to become a Premier customer. If I move $150,000 or more into a new account (checking I believe), they'll reward you with a free Macbook Air or 100,000 HSBC Reward points (assuming you qualify for the credit card - which should be automatic considering having $150,000 in cash). I think you only need to keep the money in that account for 6 months to ensure that you don't have to repay the account opening gift.

    I see the Macbook worth $1200 + tax. The reward points are worth $1000 at least assuming $.01 per point but could be worth a whole lot more if the points can be cashed in for a business class seat to Europe. This should be a no brainer for people with the money where it is earning pretty much nothing in a money market.

    Am I missing something?
     
  2. jrjcopp
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    jrjcopp Silver Member

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    The terms state the cost of the gift will be reported on IRS Form 1099. No mention on the points though I found a promotion from last fall that stated:

    " The cost of the gift, with exception of Reward Points, will be reported on IRS Form 1099."
     
  3. Bluto
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    Bluto Silver Member

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    Do you have a link? If you are forgoing 6 months of interest (assuming their checking account provides a negligible interest rate) then maybe it's pretty close to a wash anyway. Still, if 100k hsbc reward points could be converted into business class seats than maybe it's much better than 6 months of interest.
     
  4. RestlessLocationSyndrome
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    RestlessLocationSyndrome Silver Member

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  5. Nelumbo
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    Nelumbo Silver Member

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    There is rumor that Apple is going to release new models of MacBook Air this week. So make sure that you get the newest model if you go for it.
     
  6. HaveMilesWillTravel
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    HaveMilesWillTravel Gold Member

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    I wouldn't only be concerned about that, but also what configuration exactly is offered. Since the machine is pretty much non-upgradable after the fact, most people I know buy the max memory/disk model. I suspect HSBC isn't gonna give you that one.
     
  7. RestlessLocationSyndrome
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    RestlessLocationSyndrome Silver Member

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    I think the Macbook Air shouldn't be the main point of interest... it's the POINTS :) I just posted in case anyone here was actually more interested in Apple products than travel :eek:

    If anyone is familiar with HSBC Reward points and understands what they can be redeemed for and how easily they are to redeem, I think that would be very helpful.
     
  8. HaveMilesWillTravel
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    HaveMilesWillTravel Gold Member

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    That's not exactly mutually exclusive, looking that I am about to embark on a six day trip with my iPhone 4, my iPad 2 and my MB Air :)
     
  9. NYBanker
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    NYBanker Gold Member

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    I am an HSBC premier customer. You need not put all the money in checking, a bunch can go into savings, CDs, or certain investment products.

    Beyond the sign up bonus, they usually offer a "add $50k of new money to your HSBC relationship and we will give you an iPod" or something like that once a year to existing customers. I've done this a few times. They do hit you with a 1099 on the merchandise, but assuming a 40% combined tax rate, still a decent value.

    They have also offered free AA 5-star service over the last three Christmases, usually for 2.5 months around the turn of the year. Assuming you travel over the festive season with your family, and fly AA, this is a nice treat...and could be worth $800 for a family of four, if you use it on both ends. http://www.sitinfirst.com/2011/03/american-airlines-expands-5-star-service/ They don't hit you with a 1099 for this usage.

    I don't know how hsbc's points scheme works, which is offered as the alternative to the Mac air. Anyone know?

    Also, I've had no problems making cash (or coin!) deposits at several HSBC branches. ;)
     
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  10. thegrailer
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    thegrailer Silver Member

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    Is the credit card required? I wouldn't want a hard hit on my credit report for points that I am unsure of how to use. [I hope that doesn't sound to naive since they appear to HSBC MC points]

    Cheers -
     
  11. Bluto
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    Bluto Silver Member

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    This post suggests that the 100,000 points can be transferred to Cathay, BA, or Singapore Airlines.
     
  12. Bluto
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    Bluto Silver Member

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    I found this link to what I think are the program rules. I'm not 100% sure so if anyone else actually uses this program, that would be helpful to have a confirmation. It looks like the current version is 24,000 points = $400. It sounds like there could be changes coming, though, and perhaps that would result in convertibility into miles, as suggested in the link in the post above.
     
  13. RestlessLocationSyndrome
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    Bluto, thanks for the informative link. Doesn't seem like I can exchange the points into miles in my favorite program. On the plus side, I would think you can get miles on the flight purchased with these points.

    A couple of $800+ tickets to Asia or Europe wouldn't be that bad... especially if you can pocket the 10-15k qualification miles (+ elite bonus) for each trip. That could turn the value into 3 roundtrips plus qualification miles.

    Can anyone out there who has experience with HSBC Premier Reward points and have redeemed them for air travel comment on this?
     

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