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Original poster

Premier bank cards

27 replies

CambridgeParent90 · 11/10/2019 19:42

I had someone pay with an unusual Natwest card today that was black and had 'Premier' written on it. I'm used to keeping an eye out for the nice designs they have on Credit cards these days - but this was a debit card (it had 'Visa Debit' in bold on it).

So the first thing I did when I came home was look it up and I was shocked to find out you need to earn 100k to carry around a card like that. And I seem to have unearther a whole world of these - every bank seems to offer one to their uber rich. These things com with their own conciegre services and free lounge access and stuff.

Are these common? Do you have one? Do people usually notice when you use these? Do people usually get these to be noticed? I don't see the point of these cards otherwise?

OP posts:
JoJoSM2 · 11/10/2019 20:16

I haven't even thought to look if anyone notices. I don't even give it a second thought. The bank just gave it to us when we opened the account with them. I do cringe when shop assistants comment on engagement ring or wallet, though.

dis01 · 12/10/2019 00:38

I have one of these and they look like any other normal card; the Natwest ones look quite like their silver cards that are very dark purple - I won’t be able to tell them apart at first look

Don’t think people really notice.. or at least I haven’t noticed anyone noticing

Helpmedecide123 · 12/10/2019 10:09

I have an HSBC premier account. I get preferential rates on mortgage etc, but no, people don't comment on it. It's a black card so looks different to the usual HSBC cards.

BooFuckingHoo2 · 12/10/2019 18:27

I have a black premier card from a mainstream bank. People may or may not notice! It’s unusual for anyone to comment though! I definitely didn’t get it to be noticed, I was just sent it by the bank when my income exceeded a certain level.

honeycombcheesecake · 12/10/2019 18:36

I have a premier bank card, but don't earn anywhere near the income amount, they upgraded me when I got a mortgage additional borrowing into my current account and this somehow put me over the income allowance for the year although it wasn't income. I always wonder if people think I'm loaded Grin

Original poster
CambridgeParent90 · 12/10/2019 23:01

Wow, what do you all do, if you don’t mind me asking?

Even the ones with the lowest requirement, the HSBC one for instance, needs a basic income of £75,000!! Is this before or after tax?

I’m going to definitely be noticing these if you came in where I work now that I know of these!

OP posts:
TottieandMarchpane · 12/10/2019 23:06

Even the ones with the lowest requirement, the HSBC one for instance, needs a basic income of £75,000!! Is this before or after tax?

They all have alternative ways of qualifying, though, I think.

PegasusReturns · 12/10/2019 23:11

I've had a NatWest and HSBC premier. The NatWest used to give me free valet parking at the airport - that was a good perk and HSBC lounge access but I think they've scaled back in recent years.

TottieandMarchpane · 12/10/2019 23:17

Okay so quick look at NatWest Premier says you can qualify by 1) £100kpa single income OR £120kpa joint income OR 2) Mortgage borrowings of £500k+ OR 3) Investments/savings of £100k+

That means a lot of people on less than £75k salary can qualify on the basis of joint income, or invested inheritance or a large London mortgage. It isn’t quite as exclusive as it looks.

I have a similar banking package from another bank and I’m not wealthy or earning six figures.

Original poster
CambridgeParent90 · 16/10/2019 09:17

So I just need to find someone who earns 95k and open that joint account with them so we have that 120k together for this card.. easy peasy! Grin Grin

P.S., I’m only kidding - I’m not interested in getting the card as I assume costs will be huge If if I had that income. I just wanted to see why people got them. The preferential mortgage rate is nice, but are there any other perks that you would use regularly that justifies the exclusivity and the high cost of the account?

OP posts:
fromdownwest · 16/10/2019 10:11

With HSBC I get free travel insurance, uk based called centers with no queue, extended warranty on the credit card.

I also have an American Express Platinum card - this costs £495. Came with lots of airmiles bonus, access to lounges at airports and highest level status in all hotels (so free breakfast and upgrades etc)

It is all about what you find value. I travel a lot so the perks work for me.

I have never had anyone comment on the metal card.

burnoutbabe · 16/10/2019 10:25

'I've had one with Barclays for ages. Not sure how they know my salary as I salary sacrifice a lot into my pension so they just see a lower net pay.
Have now gone down to 1 day a week so net pay will go down a lot, wonder how long before they ask me to leave the scheme.

Shamoo · 19/10/2019 00:41

You don’t have to pay for the account, they just give it to you if you qualify (HSBC anyway).

nakedavengeragain · 19/10/2019 01:01

@burnoutbabe my salary stopped going into my Barclays Premier account three years ago and I don't use it. They haven't asked me to leave

DontLettuceBrexitLettuceRomain · 19/10/2019 01:12

Even the ones with the lowest requirement, the HSBC one for instance, needs a basic income of £75,000!! Is this before or after tax?

I have a HSBC one but don't earn that much - there are usually lots of ways of qualifying for one.

The lounge access is great though Grin

Ibizafun · 23/10/2019 22:29

I have an Amex black card as second cardholder to dh. As said above, perks at hotels such as late check outs, breakfast, credit in spa. Also use their concierge service to book tickets and put together holidays.

Yellowbutterfly1 · 24/10/2019 12:04

What perks do you get with the Barclays Premier account?

MsSquiz · 24/10/2019 12:26

We have the NatWest black card because of DH's investments and DH's earnings. (It was his account which then became our joint account)

We mainly tend to use the travel insurance and airport lounge perks...

littlelandlord7 · 27/10/2019 07:07

I have a Barclays premier account and like the overdraft rates. They're much lower than normal. I'm not sure you get reduced mortgage rates anymore but it should be quicker to get an appointment with a mortgage advisor and I believe they can look at your application as a priority.

littlelandlord7 · 27/10/2019 07:10

To add. No I didn't get one to be noticed and I don't think anyone ever notices it (or not that I'm aware). I simply got upgraded to it 5 years ago as my income was over the threshold for it. There really isn't much difference day to day but perhaps slightly better service.

PulpPixie · 27/10/2019 07:22

I have one that’s joint with DH. It’s down to him as I’m on minimum wage. It’s because he came into a lot of money through redundancy and it was offered to him. We get lots of good stuff through it but I’m expecting them to take it away as there’s only £40,000 a year going into it now

Oddbutnotodd · 27/10/2019 07:28

I have two premier account cards and I don’t meet the criteria anymore.

One bank will remove the card when it expires. The other one is gold. I don’t think anyone even notices or cares what card I use tbh.

Original poster
CambridgeParent90 · 27/10/2019 22:40

Thanks all - this is a lot of useful information!!

I’m putting these all together for the benefit of people who come looking for this information in the future on this topic. So:

Barclays Premier:
Good overdraft rates
Possible priority for appointments for mortgages

HSBC:
Free travel insurance
UK-based call centres with no queue
Extended warranty on credit cards
Free lounge access at airports
Minimum 75k sole income required

AMEX Black:
Concierge Service
Perks at hotels

Natwest Black:
Free lounge access
Free travel insurance
Concierge Service
Minimum 100k sole or 120k joint income or equivalent in investments etc

General consensus on these cards/accounts:
You don’t usually apply for them, but the bank sends it to you automatically when you reach a certain income threshold;
No one generally notices these cards when you pay with them;
Banks take these back usually (but slowly) if you don’t meet the minimum requirements anymore

The last statement about it being taken back - doesn’t that inconvenience you? As in, you have been paying for the card with some of these banks, have invested lots with them obviously, and one day they just pull the rug off from under you?

Some of you mentioned better mortgage rates - how far away from the standard rates are these usually?

OP posts:
thefirsttimer · 27/10/2019 23:09

DH and I have them (DH's earnings, I'm a SAHM) with Natwest but we don't pay for the account, we were just upgraded when DH changed jobs.

So far we have only utilised getting a better deal on our mortgage product fee (they offered it as cashback) but haven't looked properly into what else we get.

We do get direct access to a premier banking manager who has helped with our recent mortgage application and checks in with us every now and again. I think he probably comes into his own when you have decent investments though (we're still mid-late 20's so no investments other than the huge mortgage so far, unfortunately!).

BoogleMcGroogle · 28/10/2019 08:53

We have qualified for years, but HSBC has never upgraded us. I think that when we looked into it, we both had to go into a branch to set up an account, and it all seemed a bit too much bother. And we have US investments which they needed bothersome additional info about. I write a lot of cheques and don't really want my kids' swimming teacher, Brownies, window cleaner etc knowing that sort of income information anyway ( the cheque books are branded). I think we might have got the preferential mortgage rate when we remortgaged though.

I lately discovered that all the main banks have private banking services. And I suspect that they treat you really well....