London-based HSBC has launched a premium credit card targeting its private banking clients.
HSBC has launched a premium credit card in partnership with Mastercard for its private banking clients called «HSBC Privé», according to a statement. The invitation-only card debuted in Hong Kong this week and will also be launched later in Singapore, India and more markets globally.
HSBC Privé will offer travel, exclusive access and lifestyle experiences to clients. This includes a companion first or business class airline ticket with leading airlines, access to bespoke private clubs, complimentary tasting menus for an accompanying guest at Michelin-starred restaurants and more.
Spending Behavior
The launch followed the HSBC GPB Credit Card Value Proposition Survey of 200 existing private banking clients in Asia. The survey found that the vast majority of clients were also existing HSBC credit cardholders in Hong Kong (97 percent) and Singapore (77 percent). Respondents also contributed to the bank’s ideas for the new credit card.
Separately, data from Mastercard found that ultra-high net worth and high net worth cardholders in APAC nearly doubled credit card spending between 2022 and 2023 with hotel accommodation (87 percent year-on-year increase) and dining (74 percent increase) being their top overseas and local spending category, respectively.
«With their aspirations and lifestyle needs in mind, we are excited to welcome our clients to discover the unparalleled experiences and opportunities that HSBC Privé has to offer,» said Lok Yim, regional head of global private banking, Asia Pacific, HSBC.
