Last updated on April 6th, 2023
Consumers hoping to open an HSBC Premier checking account but falling short of its requirements may now have reason to celebrate. The multinational bank recently modified its conditions towards becoming one of its Premier members. This, in turn, now makes it easier to fit the criteria for its two Premier-exclusive credit cards.
New eligibility states that clients must have one of the following to enroll in an HSBC Premier checking account:
- At least $75,000 in total deposits and/or investments
- At least $5,000 in total direct deposits per month
- Maintain a U.S. residential mortgage loan with an original loan amount of at least $500,000
Prior to this update, HSBC required at least $100,000 in total deposits/investments for Premier member eligibility. This reduction no doubt opens the door to a much larger base of potential applicants.
About the HSBC Premier Credit Cards
HSBC’s top-tier card products, the Premier World Mastercard and Premier World Elite Mastercard, are designed for travel-heavy customers who value earning rewards.
The Premier World Elite Mastercard carries a hefty $395 annual fee. However, this is lower than competitors like the Chase Sapphire Reserve and The Platinum Card from American Express. In addition, cardholders get an annual $100 credit for air travel, complimentary ShopRunner membership, and annual credits for Uber and Lyft rides.
The Premier World Mastercard also offers the aforementioned air travel and Uber/Lyft benefits. In addition, customers get unlimited boingo Wi-Fi access and reimbursement for a TSA Precheck membership enrollment fee. Most noteworthy, however, is that this card charges no annual fee for Premier customers.
About HSBC Premier Checking Accounts
Being an HSBC Premier checking account customer includes ample benefits of its own. Clients are not charged any ATM, wire transfer, or transaction fees (foreign or domestic). They also receive access to the Premier Tables Dining Program from Aspire Lifestyles. This perk offers exclusive reservations, complimentary dining amenities, and intimate behind-the-scenes tours of partner restaurants in several major cities.