HSBC Premier – Benefits & Preferential Rates (2019)

HSBC Premier – Benefits & Preferential Rates (2019)

How premier is HSBC Premier? Is this priority banking service worth having, and what sets it apart from other banks’ priority banking services?

In this MoneySmart article, we’ll list down all the perks and privileges that HSBC Premier clients in the Philippines can enjoy.

A quick glance of HSBC Premier benefits

  • Your very own relationship manager backed by a team of specialists to help you discover and achieve your financial goals
  • Access to world-class products as well as corporate and government securities
  • Term and investment-linked insurance products via the HSBC Insurance Brokers team
  • Foreign currency solutions
  • Global investment opportunities via Premier International Centres
  • Free HSBC Premier Mastercard with no annual fees for life
  • Premier Overseas Education
  • HSBC Premier status whenever you do banking at HSBC in any part of the world
  • Premier benefits and features extended to your loved ones, like the Premier Junior Pack and the Premier NextGen

HSBC Premier credit cards

As a Premier client, you receive a free HSBC Premier MasterCard with a minimum credit limit of PHP500,000.

As long as you maintain your Premier status, the annual fee is free for you and up to 4 of your supplementary cardholders.

Your HSBC Premier Mastercard comes with a lot of perks and benefits, including the following:

Earn 4 Bonus Points for every 20 PHP overseas spend, 3 Bonus Points for every 20 PHP on local dining or shopping spend, and 1 Bonus Point for every 20 PHP for all other spending.

Bonus Points can also be used to redeem miles (1 Asia Mile for just 5 Bonus Points, or 1 Mabuhay Mile for just 6 Bonus Points).

When you use your HSBC credit card to book your flight, you are covered with free travel accident and inconvenience insurance. You also enjoy iPass and LoungeKey access.

Planning on making a big purchase for yourself, for your loved ones, or for your home? You can pay in 0% interest at participating merchants for up to 36 months.

Take advantage of the HSBC Premier Privileges (exclusive travel and leisure, dining, shopping, health and beauty offers).

Minimum requirement to become an HSBC Premier customer

To qualify as an HSBC Premier client, you should meet any of the following criteria:

  • Total Relationship Balance of 3 million PHP or its foreign currency equivalent

Your TRB is comprised of the total balances in your deposit accounts and the market value of your investments and insurance held in one bundled account package under your name every month.

  • Gross monthly salary of not lower than 300,000 PHP credited to your HSBC account, with valid proof of income
  • Existing HSBC Advance clients can upgrade to HSBC Premier upon approval of a home loan of at least 6 million PHP

HSBC Premier preferential rates

As an HSBC Premier client, you can also enjoy preferential rates and fees on the following products and services:

  • 1% repricing rate discount for HSBC Home Loan
  • Discounted rates for Personal Instalment Loans and AssetLink, as well as on fees and charges for remittances through online banking
  • Free local and international money transfers via PESONet and Global Transfers

Other HSBC Premier benefits

When you move abroad, you will be assisted in setting up a bank account in just 3 working days in your new country.

Your ATM cards and cheque books will also be ready within 10 working days. What’s great about this is that your credit history in the Philippines will be transferred so that you will still be able to enjoy the perks of your credit levels in your new country.

You will also be assigned a relationship manager to take care of your banking needs and offer advice to help you with your relocation.

As a Premier client, you can view your account anywhere and transfer funds for free via the Global View online banking service.

Local experts can also assist you with available mortgage options for you.

When your child decides to study abroad, HSBC Premier provides support with pre-departure overseas account openings and setting your child up with your account.

You can expect to have a relationship manager in your child’s destination country whom you can contact regarding account concerns.

More HSBC Premier client benefits

There are many benefits to being an HSBC Premier client, but you also get basic banking benefits.

Like a Philippine checking account, a Philippine Peso savings account and 11 foreign currencies, as well as Philippine Peso time deposit and 9 other foreign currencies.

You can loan up to 50 million PHP when you apply for a home loan or home equity loan and get a loan tenor of up to 20 years.

You are also covered by Mortgage Redemption Insurance or Fire Insurance via HSBC Insurance Brokers (Philippines) Inc.

HSBC Premier clients get to enjoy the best interest rates for Personal Instalment Loans or AssetLink.

For the HSBC Premier Debit Card, you have a daily maximum withdrawal limit of 200,000 PHP and a daily maximum Point-of-Sale limit of 250,000 PHP.

Withdraw or check your balance at ATMs here and abroad free of charge using your HSBC Premier debit card, except for transactions done in PLUS, which will be charged a transaction fee of 150 PHP.

 

So what do you think? Did all these things about HSBC Premier make you want to be a Premier client? Let us know in the comments!