5 Things to Know About HSBC Credit Cards

When it left the U.S. banking market in 2021, HSBC also sold off some credit card products to First Bank & Trust. But there are two HSBC credit cards available to U.S. consumers that offer rewards and other benefits. However, you must have an existing relationship with HSBC to be eligible for either of these cards. Also, one of the cards has a high annual fee, which is something to consider.

Here are five things to know about the HSBC credit cards.

HSBC offers these card options:

• The HSBC Premier credit card: $95 annual fee.

• The HSBC Elite credit card: $495 annual fee.

You must have an existing U.S. HSBC Premier checking account to qualify for these cards. And the requirements to maintain this account without a fee are pretty steep.

You need at least one of these:

• At least $100,000 in total deposits, investments or both. 

• At least $5,000 in direct deposits per month.

• An HSBC U.S. residential mortgage loan.

If you don’t meet these requirements, you can still have an HSBC Premier checking account, but you’ll owe a $50 monthly maintenance fee.

The HSBC Premier credit card and HSBC Elite credit card earn generous sign-up bonuses, as well as rewards on ongoing spending.

Here’s how they compare:

Rewards can be redeemed for cash back or travel booked through HSBC Travel, and redemption values can vary. You can also transfer them to HSBC’s airline and hotel transfer partners.

Both cards offer a number of statement credits and discounts that can help offset their annual fees.

The HSBC Premier credit card offers:

• Up to $60 in statement credits (in $5 monthly increments) toward streaming subscriptions. 

• Two free months of Instacart+, plus $10 off your second qualifying order of $10 or more each month. This is valued at up to $140 per year. 

• A $5 Lyft app credit each month you take three Lyft rides.

• A free Shoprunner membership, valued at $79 per year.

• Up to $85 every four-and-a-half years toward Global Entry, TSA PreCheck, TSA PreCheck by Clear or NEXUS.

• 7% off prepaid travel booked on Booking.com.

The HSBC Elite credit card offers:

• Up to $400 in travel credits per year for airfare, hotels and rental cars booked through HSBC Travel.

• Up to $120 every four-and-a-half years toward Global Entry, TSA PreCheck, TSA PreCheck by Clear or NEXUS.

• Up to $120 in statement credits (in $10 monthly increments) toward taxis and ridesharing services.

• Two free months of Instacart+, plus $10 off your second qualifying order of $10 or more. This is valued at up to $140 per year.

• A free Shoprunner membership, valued at $79 per year.

• A $5 Lyft app credit each month you take three Lyft rides.

Both cards offer cell phone insurance, along with purchase protection if an item you buy is damaged or stolen. They also offer some coverage if your travel is interrupted or canceled for a covered reason such as illness or injury.