HSBC Premier 75k Points

Discussion in 'General Discussion | Credit Cards' started by Muerl, Feb 13, 2014.  |  Print Topic

  1. Muerl
    Original Member

    Muerl Gold Member

    Messages:
    1,253
    Likes Received:
    2,656
    Status Points:
    1,445
    I am looking at HSBC for numerous reasons right now for retail banking and I was investigating the Premier membership mostly because It will allow opening local bank accounts overseas based on my US account.

    I was poking around and found this offer
    Its a STEEP minimum balance, $100k and I am still a little mystified as to how much theses points are worth.

    http://www.plasticiq.com/blog/review-of-the-hsbc-premier-world-mastercard/ seems to say that they are worth $0.0167 apeice which would make this worth $~1250 or so.

    Anyone have any experience with this? The $100k seems steep to me, but I thought people might find this useful.
     
  2. HaveMilesWillTravel
    Original Member

    HaveMilesWillTravel Gold Member

    Messages:
    12,506
    Likes Received:
    20,199
    Status Points:
    16,520
    How much does the "HSBC Premier relationship" cost in ongoing fees?

    I assume you have a need for overseas bank accounts?

    Sorry, no experience with HSBC, but incidentally their local branch is actually the closest bank from my home.
     
  3. MX

    MX Gold Member

    Messages:
    2,215
    Likes Received:
    4,805
    Status Points:
    2,545
    I had an HSBC credit card once -- it was rather uncompetitive, and I hardly used it. The bank abruptly shut them all down in 2008. I also vaguely recall HSBC almost provoking a run on the bank in England, when they stopped letting depositors make withdrawals. So they give me an impression of being shaky and unreliable -- hardly a good place to park $100K.
     
  4. Muerl
    Original Member

    Muerl Gold Member

    Messages:
    1,253
    Likes Received:
    2,656
    Status Points:
    1,445
    I read the terms, "all" it seems to requires is a HSBC Premier account which has a minimum $100,000 or $50 a month in fees
     
    HaveMilesWillTravel likes this.
  5. Sammich

    Sammich Gold Member

    Messages:
    5,645
    Likes Received:
    22,439
    Status Points:
    11,025
    Usually you need 100K in minimum balance to open an account. Then if it drops to under 100K then there's a monthly cost of $50/mth. Else, no monthly cost.

    Assuming this is a US promotion only - the minimum balance requirements vary in terms of countries. IIRC Hong Kong requires a much higher local currency equivalent balance compared to North America.
     
    HaveMilesWillTravel likes this.
  6. HaveMilesWillTravel
    Original Member

    HaveMilesWillTravel Gold Member

    Messages:
    12,506
    Likes Received:
    20,199
    Status Points:
    16,520
    But where do you keep those $100k? In a brokerage account? If you put it in their savings account, the interest rates are minuscule compared to what you can get elsewhere (while still not a lot across the board these days)

    http://www.us.hsbc.com/1/2/home/personal-banking/deposit-rates
     
  7. Sammich

    Sammich Gold Member

    Messages:
    5,645
    Likes Received:
    22,439
    Status Points:
    11,025
    HSBC Advance and Premier accounts come as a set of accounts bundled together as a package.
    The 100k can either be invested in a term deposit or savings or GIC. Etc.
     
  8. Muerl
    Original Member

    Muerl Gold Member

    Messages:
    1,253
    Likes Received:
    2,656
    Status Points:
    1,445

    Website says

    So I assume you can have a brokerage account, but it excluded IRAs later in the discussion.
     
  9. NYBanker
    Original Member

    NYBanker Gold Member

    Messages:
    32,725
    Likes Received:
    191,901
    Status Points:
    20,020
    I used to keep a Premier account at HSBC. The service was pretty good; not at private bank standards, but better than mass market for sure.

    The benefit I liked the best was they comped AA Five Star service at the holidays. That saved me $400 a year for what I would have normally paid, and I used the service a bunch extra in addition. :)

    I think of HSBC as perhaps the most global retail bank...and it is ideal to keep this account if you will need local accounts in far away places. I never found their card offerings to be compelling.
     
    Sammich likes this.
  10. Muerl
    Original Member

    Muerl Gold Member

    Messages:
    1,253
    Likes Received:
    2,656
    Status Points:
    1,445
    I was looking at them for just that reason. Looking for some Retail Banking options which would help with a potential move to NZ. I am leaning more for the "Introductory" level "advanced" account which seems to offer most of the retail banking options without requiring all of my money.
     
    NYBanker and Sammich like this.
  11. Sammich

    Sammich Gold Member

    Messages:
    5,645
    Likes Received:
    22,439
    Status Points:
    11,025
    I'm guessing HSBC's service is much better in the states vs Canada.

    I had one before and it was absolutely horrible. I'm now with a "semi global" Canadian bank, but still looking for options for a global one.
     

Share This Page