Personal Finance

HSBC Premier+Jade/PCS Thread

  • Last Updated:
  • Mar 28th, 2024 3:26 pm
Tags:
None
Deal Addict
Nov 18, 2008
3271 posts
81 upvotes
yyzvoyageur wrote: Has anyone heard about HSBC Premier airport lounges? There was a post on Flyertalk about a year ago. Just wondering if anyone has heard anything about this happening here in Canada anytime soon.

http://www.flyertalk.com/forum/other-cr ... oming.html
In my travels I have seen two HSBC Premier lounges, one in Jakarta and the other at HKIA.

The lounge at HKIA is just an HSBC Premier branch with counter services, where they have a seating area, TV, Wifi access, beverages and magazines. No different than most HSBC Premier branches around HK (being a cheap guy, sometimes I just go in to get free coffee and water and use the wifi). It is only open normal banking hours 9-5 on Monday-Friday, so not an airport lounge like an airline one.

Personally, I don't think the HSBC Premier customer base in Canada is large enough to justify a lounge, although they could give something like Priority Pass access or partner with an airline to extend lounge access to credit card holders (I believe the Premier credit card in some countries come with these benefits). I've heard from the Premier account managers that the new marketing campaign has been pretty successful among the crowd from HK/Taiwan/China ever since they eliminated the fee and reduced the requirement.
Member
Aug 25, 2009
379 posts
382 upvotes
tng11 wrote: If you fall below 100K for a few months, they will just charge a service fee from what I understand, at least that is how it is done in other countries.
Do they calculate this at the end of the month, or is it a daily average?
Sr. Member
Oct 31, 2009
699 posts
189 upvotes
Timo wrote: Do they calculate this at the end of the month, or is it a daily average?
Not sure on this one. You may find out by calling premier call centre 1-866-233-3838.
Sr. Member
Oct 31, 2009
699 posts
189 upvotes
As a premier customer it has some advantages especially if you travel a lot as you can withdraw cash without charged (of course choose the right ATM machine). I recently moved to Canada from UK and as a premier customer it helped me open a credit card with $5000 credit limit. It is very beneficial for us who don't have a credit history in this country.

I have also been to see my premier manager yesterday and has confirmed that there is no monthly charge for premier account as long as you maintain your minimum requirement which has been reduced to $100,000 starting August 2009.
Newbie
Nov 27, 2009
8 posts
Hi, thank you for this thread. It's the kind of information I've been looking for. But I have another question about HSBC Canada.

What happens if at some point you don't meet the CAD 100,000 requirement and want to switch into the HSBC Passport account? What are the fees for those procedures? Are there any restrictions in their small print?
Deal Addict
Nov 18, 2008
3271 posts
81 upvotes
desertfox wrote: As a premier customer it has some advantages especially if you travel a lot as you can withdraw cash without charged (of course choose the right ATM machine). I recently moved to Canada from UK and as a premier customer it helped me open a credit card with $5000 credit limit. It is very beneficial for us who don't have a credit history in this country.

I have also been to see my premier manager yesterday and has confirmed that there is no monthly charge for premier account as long as you maintain your minimum requirement which has been reduced to $100,000 starting August 2009.
Yeah, the global credit transfers are great. Before I had Premier I couldn't even get a full bank account in the UK and not only was I able to get a full account, they gave me an interest-free GBP 500 overdraft and a GBP 5000 credit card as well.

If you fall below $100,000 then I believe you will be charged the banking package fee. If you stay below for too many months in a row, your RM might downgrade your account. You cannot switch to HSBC Passport as it is a package for new immigrants only and lasts for 12 months from arrival IIRC but you can switch to a regular chequing account but you will also have to downgrade/close your overseas accounts and you lose some privileges (such as the $1000/$5000/no hold bank card limit)
Sr. Member
Oct 31, 2009
699 posts
189 upvotes
There are favourable benefits for having a premier account that's why we maintained the required minimum balance of investment. More than that we held our investments elsewhere as majority of HSBC accounts gives very poor interest rates.
Sr. Member
Aug 25, 2005
862 posts
108 upvotes
yyzvoyageur wrote: Mediocre. Run-of-the-mill. Ordinary. Trades are basically $29 each for accounts under $100,000 (that is, only funds held in an InvestDirect account or combination of InvestDirect accounts). Once you hit the $100,000 mark, trades are $9.98 or less. If you only do a few trades a year and don't require any special research capabilities, it should do just fine.
Anyone have a chance to compare HSBC InvestDirect with TDWaterhouse? This site seems to rate InvestDirect pretty low - perhaps because they are bound by corporate?

http://www.surviscor.com/scorView/Revie ... 009Summer/
Member
Aug 24, 2008
404 posts
59 upvotes
So I finally decided to sign up for Premier (thanks tng11!) Although I shouldn't be needing it, I decided to get the $25 000 unsecured line of credit. My relationship manager wasn't sure if I'd be able to see that LoC through online banking or not. Does anyone know how that works? Will it show up as a separate account that I can transfer money from if I so choose? I completed the paperwork just this past week so I'm not expecting to see anything quite yet. Thanks!
Deal Addict
Nov 18, 2008
3271 posts
81 upvotes
yyzvoyageur wrote: So I finally decided to sign up for Premier (thanks tng11!) Although I shouldn't be needing it, I decided to get the $25 000 unsecured line of credit. My relationship manager wasn't sure if I'd be able to see that LoC through online banking or not. Does anyone know how that works? Will it show up as a separate account that I can transfer money from if I so choose? I completed the paperwork just this past week so I'm not expecting to see anything quite yet. Thanks!
Your "Overdraft Limit" on your Chequing account will change to 25,000.00 and you can see it under "Account Details". Mine showed up the day after I signed the paperwork.
Deal Expert
User avatar
Dec 19, 2001
31347 posts
2025 upvotes
Fernando Poo
Do you actually have to ask to become a Premier member or does it happen automatically when your accounts are over $100k? And do you have to pay to have the Premier designation? I've been teetering on $100k and might soon be over that, and so far, not impressed with the level of service at HSBC. Wonder if that would change if moved to Premier? TD is incompetent too, but at least they're friendly.
Welcome to the Minitrue FDs, Ficdep
Member
Aug 24, 2008
404 posts
59 upvotes
hagbard wrote: Do you actually have to ask to become a Premier member or does it happen automatically when your accounts are over $100k? And do you have to pay to have the Premier designation? I've been teetering on $100k and might soon be over that, and so far, not impressed with the level of service at HSBC. Wonder if that would change if moved to Premier? TD is incompetent too, but at least they're friendly.
You'll have to contact them and request it. My experience so far has been good. My relationship manager got everything sorted out quickly. My chequing account was previously with their Direct Banking branch out of Burnaby (I opened it online a few years ago), but my RM was able to keep the same account number for me despite my account being moved to a bricks-and-mortar branch. That saved me a lot of work!

The monthly fee of $28 is being waived as long as you maintain $100 000 in assets.
Deal Expert
User avatar
Dec 19, 2001
31347 posts
2025 upvotes
Fernando Poo
yyzvoyageur wrote: You'll have to contact them and request it. My experience so far has been good. My relationship manager got everything sorted out quickly. My chequing account was previously with their Direct Banking branch out of Burnaby (I opened it online a few years ago), but my RM was able to keep the same account number for me despite my account being moved to a bricks-and-mortar branch. That saved me a lot of work!

The monthly fee of $28 is being waived as long as you maintain $100 000 in assets.


And if I drop below, do I just get dropped out of the "program"?
Welcome to the Minitrue FDs, Ficdep
Moderator
User avatar
Mar 23, 2004
47725 posts
13890 upvotes
Markham
hagbard wrote: And if I drop below, do I just get dropped out of the "program"?
tng11 wrote: If you fall below $100,000 then I believe you will be charged the banking package fee. If you stay below for too many months in a row, your RM might downgrade your account. You cannot switch to HSBC Passport as it is a package for new immigrants only and lasts for 12 months from arrival IIRC but you can switch to a regular chequing account but you will also have to downgrade/close your overseas accounts and you lose some privileges (such as the $1000/$5000/no hold bank card limit)
.
Newbie
User avatar
Feb 18, 2007
90 posts
2 upvotes
BC
HSBC is sort of a mystery to me. For the average person, that bank seems to have very few options. From what I could see on their website, they only offer 2 mastercard cards. Not a wide selection, and what if you're not a premier kind of customer? At least MBNA, BMO, NBC all offer more options for the consumer....
Member
Aug 24, 2008
404 posts
59 upvotes
pogorelichfan wrote: HSBC is sort of a mystery to me. For the average person, that bank seems to have very few options. From what I could see on their website, they only offer 2 mastercard cards. Not a wide selection, and what if you're not a premier kind of customer? At least MBNA, BMO, NBC all offer more options for the consumer....
Their target market seems to be the "mass affluent" with marketing focus on their Premier offerings. They seem to advertise more in places where they feel they'll get the attention of people with money—advertisements in The Economist and a branding campaign at international airports around the world. They're also beginning to focus on what they call the "emerging mass affluent" with their new "HSBC Advance" offerings. I suspect it has something to do with their tradition of being a very risk averse bank (easier to give a credit card to someone who they know has the money to pay it off).
Newbie
User avatar
Feb 18, 2007
90 posts
2 upvotes
BC
It is funny, though. So many banks are dropping their low-value clients in favour of high value. There's only one problem - okay maybe several.

1/ There aren't enough wealthy people who are all willing to go to one bank to make it.
2/ Poorer people, as a percentage of income, are more likely to spend money on interest - at least in the US, poorer creditors are a often the most lucrative.
3/ High value clients may also be very high maintenance!
Member
May 31, 2007
207 posts
17 upvotes
pogorelichfan wrote: It is funny, though. So many banks are dropping their low-value clients in favour of high value. There's only one problem - okay maybe several.

1/ There aren't enough wealthy people who are all willing to go to one bank to make it.
2/ Poorer people, as a percentage of income, are more likely to spend money on interest - at least in the US, poorer creditors are a often the most lucrative.
3/ High value clients may also be very high maintenance!
I wouldn't worry about the banks not knowing how to squeeze the most out of the clients and their employees. If they are going after high value clients, then that must be what makes them the most money.
Member
Aug 24, 2008
404 posts
59 upvotes
I opened my HSBC Premier account here in Canada and got the MasterCard and the line of credit all sorted out. My Relationship Manager is now in the process of opening a US Premier checking account for me, but tells me she is unable to get me a US Premier MasterCard, saying it is only available in the United States to those with Premier accounts in the US.

Do any Canadian Premier customers have the US Premier MasterCard? If so, how did you get it?

Thanks.
Member
May 31, 2007
207 posts
17 upvotes
That's not what my RM told me. He gave me a form for both opening a US premier chequing/savings account and for the US Mastercard. As long as you qualify for Premier status in one country, you are a premier client globally.

Top

Thread Information

There are currently 5 users viewing this thread. (3 members and 2 guests)

Here2day2, Ryzon9, jha030