Premier Banking and Its Advantages

Premier banking offers a slew of advantages to its high net worth customers. It offers customers more than just personalised banking services. Cutting long queues, signature credit and debit cards, and priority service are just some of the features premier banking offers its customers. It provides comprehensive wealth management services allowing customers to attain their financial goals. Some of the advantages that premier banking has to offer is as follows:

Here is a compilation of the most common privileges you can get with the premier tag:

  1. Invitation-only Cards

  2. Unlike the normal credit cards, the invitation-only cards are exclusively meant for Premier Banking customers and are made of metal rather than plastic. The bank invites the eligible customers to get the card based on criteria such as a earning a five-digit income, having a good credit history with the bank, maintaining considerable assets with the bank and more.

    For example, CIMB Preferred Visa INFINITE card is an invitation-only card. The bank does not specify the eligibility criteria to own the card nor does it provide a way to apply for the card. If you are interested in owning the card, you can share your contact details and let the bank staff call you for further discussion.

    In another case, Citi specifies that the minimum assets under management must be between RM100,000 and RM399,999 if you have to qualify to be a Citi Priority member.

  3. Higher Benefits

  4. The credit limit offered on premier credit cards is much higher as compared to a normal credit card. The premier cards offer higher ringgit to reward points’ conversion rate. You can also enjoy preferred rates on foreign currency conversion.

    Consider the case of CIMB Preferred Visa INFINITE card. It provides 6 complimentary visits to Plaza Premium Lounges for Private Wealth customers and 4 complimentary visits for CIMB Preferred customers, per year. In contrast, a CIMB Enrich Platinum MasterCard offers 2 complimentary visits to Malaysia Airlines Golden Lounge per year.

  5. Access to Exclusive Events

  6. As a premier cardholder, you can get exclusive access to events such as movie premieres, fashion events and wine appreciation evenings among others. You can also get early-bird access to offers on shopping, dining, vacation and more at regional merchants’ outlets. Your premier account may also give you an exclusive opportunity to attend music concerts.

  7. Priority Banking

  8. You get preferential treatment when you visit one of the bank’s branches for any transaction/query. You need not stand in long queues waiting for your turn. A few banks like HSBC Bank provide exclusive branches meant only for premier customers. Also, OCBC Premier Voyage card has set up multiple Premier Centres across the country to provide you with comfort and personalised service when you have to make a transaction.

    In addition, HSBC Premier account provides you with a dedicated Relationship Manager who assists you in your wealth management. Your Relationship Manager keeps you updated about the fluctuations in local and global financial market.

  9. Complimentary Travel Accident Cover

  10. A premier card provides complimentary travel accident with a high range of cover. Cards such as the CIMB Preferred Visa INFINITE card comes with a complimentary travel cover worth up to RM1 million or more. You can get the travel insurance when you pay for your travel using the premier card. The insurance policy also keeps you covered for medical emergencies, loss of baggage and wallet, trip cancellation, a missed flight, flight delay, repatriation, etc.

  11. Other Benefits

  12. The other benefits a premier card has to offer include getting to enjoy special rates on your savings account, current account, fixed deposit or loans. Premier banking customers also enjoy a faster, hassle-free loan or an unsecured overdraft facility application process. Some banks may also waive the foreign currency conversion fees.

    On similar lines, HSBC Bank entitles you to free overseas funds transfer between HSBC accounts.

    These are some of the advantages that comes along with being a premier banking customer provided you meet the required qualifying criteria. Premier banking can offer customers comprehensive financial products and services that help them attain their financial goals.

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