• HSBC Premier Master Card

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    HSBC Premier MasterCard Credit Card Overview

    HSBC is among the leading banking institutes not just in Singapore but globally as well. It has a presence in over 70 countries. HSBC caters to private banking clients and multinational corporations alike offering solutions such as retail banking, commercial banking, investments, wealth management and many more.

    Among the various banking products and solutions it offers, it’s more sought after products are the HSBC credit cards. These credit cards come with a wide range of features that cater to a wide range of consumers from different walks of life. The HSBC Premier MasterCard is one such sought after card that offers its holders a range of benefits. Right from cash rebates to savings on fuel. The Premier MasterCard also gives cardholders promotional offers, privileges, and exclusive deals. Let us take a look at the features and benefits of the HSBC Premier MasterCard.

    HSBC Premier Credit Card Features & Benefits

    Features

    • The card provides an annual fee waiver for life.
    • The card provides cash rebates on expenses charged to it. The card offers rebates on a wide range of expenses such as recurring utility bills and groceries.
    • The card also acts as a rewards card and provides reward points on every expense charged to the card.
    • The card offers savings on fuel expenses incurred at Caltex and Shell petrol stations.
    • The HSBC Premier MasterCard is compatible with Apple Pay.
    • The card offers a Travel and Golfer’s insurance.
    • The supplementary card offered is free for life and the card provides an unlimited number of supplementary cards.
    • The card is a contactless card equipped with MasterCard Tap N Go feature.

    Benefits

    • The card offers cardholders up to 5% cash rebate on recurring utility bills such as mobile or cable TV bills, and on internet bill payments.
    • The card provides cash rebates on grocery expenses. The level of rebate offered depends on monthly spend. The cardholder can get a maximum cash rebate of 5% on grocery expenses.
    • Cardholders can get a cash rebate of up to 2% on expenses incurred at all food outlets. The cash rebates are however not applicable for expenses incurred on hotel dining.
    • Cardholders can get a cash rebate of up to 6% on fuel expenses. The card gives instant discount of up to 16% on fuel expenses incurred at Caltex and Shell petrol stations.

    Rewards Program

    • The card earns 1 reward point for every S$1 charged to the card. The reward points earned can be redeemed for a wide range of gifts.
    • The card earns rebates based on quarterly spend. When the cardholder spends S$400 per month for all 3 months in a calendar quarter, they receive 5% cash rebate on recurring utility payments, 3% cash rebate on grocery, 3% cash rebate and a 16% onsite discount on petrol expenses and a 1% cash rebate on dining expenses.
    • When the cardholder spends S$800 per month for all 3 months in a calendar quarter, they receive 5% cash rebate on recurring utility payments, 5% cash rebate on grocery, 6% cash rebate on fuel expenses and a 14% onsite discount at Shell stations, a 5% cash rebate on fuel expenses and a 16% onsite discount at Caltex stations and a 2% cash rebate on dining expenses.

    Promotions

    Sign-up gift:

    Cardholders can apply for the HSBC Premier MasterCard and can enjoy a perpetual annual fee waiver. The cardholder can also get up to 10,000 air miles that can be redeemed at over 30 leading airlines. The perpetual fee waiver is applicable only for those who have an HSBC Premier Banking relationship. Cardholders have to charge a minimum of S$800 to the newly issued Premier MasterCard within 30 days of having the card issued to be applicable for the 10,000 miles.

    Swensen’s:

    Cardholders can enjoy a discount of 10% on their total bill at Swensen’s when they charge a minimum amount of S$50 to their HSBC card. The offer is valid until 30 December 2017.

    Boufe Boutique Café:

    Cardholders can get S$10 off on their total bill provided they meet the minimum spend criteria of S$40. The offer is applicable on reservations booked through Chope using the promocode “[first 6 digits of the HSBC card]HSBCCHOPE”. The offer is valid until 31 December 2017.

    Shopee:

    New and existing Shopee customers get to enjoy discounts with their HSBC Credit Card. While new customers get 7% off with a minimum spend of S$15, existing customers get a 10% off across Shopee stores in Singapore.The Promo Code for new customers is HSBC7NEW and for existing Shopee customers is HSBC10OFF. The offer is valid till 30 June 2018.

    Instalment Payment Plan

    You can convert purchases of a minimum amount of S$500 into interest-free instalment payment plans with tenures of 6, 12, 18 and 24 months at participating outlets.

    APR/Fees & Charges

    The below table highlights the fees and charges of the card:

    Type of Charge Fee
    Annual fee for Principal card Free for Life
    Annual fee for Supplementary card Free for Life
    Late Payment fee The fee is S$55 for every instance of late payment
    Overlimit fee The fee is S$40 for every instance of exceeding credit limit
    Unsuccessful GIRO/Standing instruction The fee is S$30 for every instance of unsuccessful standing instruction or GIRO
    Returned Cheque penalty The fee is S$30 for every instance of returned check due to insufficient funds or technical glitch
    Statement retrieval The fee is S$5.35 for retrieval of statements 3 to 12 months old and S$10.70 for retrieval of statements more than 12 months old
    Sales draft retrieval The fee is S$5.35 for retrieval of sales draft for up to 3 months and S$10.70 for retrieval of sales draft for exceeding 3 months
    Cash advance fee 6% of the amount withdrawn or S$15, whichever is higher
    Interest charged on cash advances The interest charged is 28%
    Mileage program fee The fee charged is S$42.80 p.a.
    Tax payment facility administrative charges The fee charged is 0.5% of the payment amount excluding GST
    Card Replacement fee Card replacement in case of lost or stolen credit card is free

    Transactions in foreign currencies

    Transactions carried out in US Dollars are converted into Singapore  Dollars. For transactions carried out in any other foreign currency, the transaction amount is first converted into US Dollars and then into Singapore Dollars. The transactions are converted using prevailing rate of conversion that is charged at the time of posting of the transaction. The rate may not necessarily be the same as the prevailing rate during the date of transaction. The rate is determined by Visa, MasterCard or other relevant card scheme associations.

    The foreign currency transaction fee consists of a 1% charge imposed by MasterCard/Visa and a 1.5% administrative charge levied by HSBC.

    If the foreign currency transaction is converted into Singapore Dollars using Dynamic Conversion Currency, a service offered at select merchant outlets or ATMs overseas, then the foreign currency transaction fee is a 1% charge imposed by MasterCard/Visa and a 1% administrative charge imposed by HSBC on the transaction amount.

    Cash withdrawals

    Cardholders can use this credit card to make cash withdrawals at ATMs. The cash advance fee per transaction is 6% of the amount withdrawn or S$15, whichever is higher. Cash in Advance carry a higher interest rate of 28% p.a. Cash withdrawals are limited to up to S$1,000 per transaction and up to S$2,000 per day.

    Insurance Coverage

    Enjoy complimentary insurance cover for yourself and your family members when you use your Premier MasterCard Credit Card to book tickets.

    • Personal Travel Accident Insurance up to S$1 million for you and your spouse and up to S$250,000 for your child.
    • Flight Inconvenience Insurance for your family in the following ways:
    • Trip cancellation cover - Aggregate cover of up to S$10,000.
    • Flight delay - Aggregate cover of up to S$1,000.
    • Luggage delay - Aggregate cover of up to S$800.
    • Luggage loss - Aggregate cover of up to S$2,000.
    • Golfer’s Insurance cover of up to S$500,000 when you pay the fees using your credit card.

    How to apply for the HSBC Premier MasterCard

    Aspiring cardholders can apply for the card in the following ways:

    They can visit the HSBC website and click on the apply button. Applicants will be required to submit a duly filled application form and submit the required income documents.

    Alternatively, cardholders can also visit their nearest HSBC branch and apply for the card.

    Premier MasterCard Eligibility Criteria & Documentation

    Eligibility

    • The applicant must have attained the age of 21 years.
    • The minimum annual income for Singaporean Citizens and Permanent Residents is S$30,000.
    • The minimum annual income for foreign nationals is S$40,000.

    Documents required

    Salaried applicants are required to submit the following documents:

    • A copy of their NRIC, both front and back.
    • A copy of their eCPF Statement.
    • A copy of their latest payslip dating back at least 3 months.
    • A copy of their latest Notice of Assessment.

    Self-employed/commission based applicants are required to submit the following documents:

    • A copy of their NRIC, both front and back.
    • A copy of their latest Notice of Assessment dating back at least 2 years.
    • A copy of their Bank Statement.

    Foreign applicants are required to submit the following documents:

    • A copy of their passport and valid employment pass holding a validity of at least six months during the time of application.
    • A copy of their latest payslip dating back at least 3 months.

    Other Interest Rates

    The HSBC Premier MasterCard offers cardholders an interest-free period of 20 days from the statement date if they have paid all their dues in full. The credit card balance will only be interest free if the effective interest rate is 0%. If the balance has not been paid in full, the card charges an effective interest rate of 25.9% p.a. This interest rate is charged on a daily basis and is charged until full repayment has been made. The interest charged by the card is subject to compounding. No interest is charged if the credit card balance is paid in full.

    If the cardholder is not paying the balance in full, then he/she is required to make a minimum monthly payment which is the higher of 3% of the outstanding balance or S$50.

    Lost/stolen card liability

    In the unfortunate case that the credit card has been stolen or misplaced or if the cardholder fears that the PIN has been disclosed without the cardholder’s authority, then the cardholder must inform HSBC immediately or upon discovering the fact. Cardholders are also required to assist HSBC in efforts to recover any fraudulent charges or unauthorised expenses charged to the card.

    Cardholders might also be required to provide HSBC with any other documents requested by them. This might even include police reports corroborating the incident of loss or theft of the card. If the cardholder can successfully convince HSBC that the loss or theft of their card was not a direct result of their negligence, then the maximum liability for unauthorised transactions charged to the card that they would be held for is S$100.

    Reporting lost/stolen of credit card

    In the event that the cardholder has either misplaced their credit card or have had it stolen, or fear that their PIN has been disclosed to an unauthorized party, they must call the HSBC credit card Hotline available 24 hours immediately to report the same.

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