I took part in an online research panel this morning for HSBC Premier about upcoming changes to the rewards programme associated with the HSBC Premier MasterCard. Since there may be others here who are interested in these upcoming changes, I thought I'd share what I learned. I should note that I'm in Canada, so I don't know if these changes apply only to the Canadian card.

The Travel and Merchandise Rewards Programme will be renamed HSBC Premier Rewards. The following is a summary of the proposed changes I recall being mentioned.

1. They will no longer charge a service fee for rewards redemptions.
2. "Flight Rewards" will be changing to "Travel Rewards". You will be able to book any travel (flights, hotels, car hire, packages) through any method (company website, Expedia, etc.) and can redeem your points within 60 days. They will no longer book travel through their own call centre. Full or partial rewards redemptions will be possible.
3. They will increase the redemption rate by 25%. For example, 10 000 points will be needed to cover $125 worth of travel spending.
4. A bonus of 2500 points will be credited to your account after spending $12 000 in a year. Another bonus of 5000 points will be credited at $24 000.
5. Points can be transferred to airline frequent flyer programmes. To start they will be partnering with Cathay Pacific, British Airways and Singapore Airlines.

I suggested improving the insurance package that comes with the card (adding flight delay coverage). Also, I suggested that instead of a 25% increase, if they increased it by 50%, I'd be sold on the new programme. They specifically stated that other airline frequent flyer programmes would be added in future, so I suggested Aeroplan as one to add. I also suggested allowing pooling of points from different cards (i.e., Premier MasterCards issued in different countries to the same person).

Overall, I think these are some solid changes. When they're implemented I'll be taking a very close look at the details and may well revert to using my Premier MasterCard for everything.

Any other comments on these proposed changes?