HSBC is one of the largest banking companies in the world and has an established presence in Canada. Included in its full suite of banking products is the HSBC World Elite Mastercard.
This credit card gives cardholders a variety of perks in exchange for an annual fee, including a comprehensive travel insurance package, a rewards program that allows you to accumulate points quickly, and an attractive welcome bonus.
Let’s take a closer look at the HSBC World Elite Mastercard to help you decide if this credit card is right for you.
How To Earn Points With HSBC World Elite Mastercard
When you sign up for the HSBC World Elite Mastercard, you’ll earn a welcome bonus of 20,000 Points, which has a $100 travel value.
In addition to your welcome bonus points, you will earn 6 points on every $1 spent on eligible purchases towards travel, up to $50,000 per calendar year. After $50,000, you will earn 3 points on every $1 spent on eligible travel expenditures.
For all other eligible purchases, you will earn 3 points per $1.
How Do You Redeem Your HSBC World Elite Mastercard Reward Points?
You can redeem your points for travel, gift cards, merchandise, and rewards for miles. Accumulated points that you earn on eligible travel expenditures can be redeemed for rewards that have a value of a maximum of 3% of what you spent to collect them. You can redeem points that you earned on all other qualified purchases for rewards valued at up to 1.5% of what you spent to collect them.
For example, let’s say you earned 30,000 points after spending $5,000 in eligible travel expenditures. That means you can redeem your points for travel rewards valued at $150.
Travel points can be redeemed towards airline tickets, hotel bookings, and car rentals. You can also choose to convert your points for frequent flyer rewards with a variety of airlines. Or, apply your points to any charge made up to 60 days earlier.
To use your points, simply call an HSBC customer support representative or redeem online.
Additional Perks Of HSBC World Elite Mastercard
In addition to the ability to earn points and receive a slew of free bonus points when you first sign up, there are other perks that come with having the HSBC World Elite Mastercard in your wallet:
No Foreign Transaction Fees
You won’t be subject to any foreign transaction fees when you make purchases in other currencies. Only the exchange rate applies.
Travel Enhancement Credit
Receive a $100 annual travel enhancement credit that can be redeemed for airline seat upgrades, baggage fees, and access to VIP airport lounges provided by LoungeKey.
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Hotel Discounts
Save up to 10% on bookings at participating hotel chains when you book using your HSBC World Elite Mastercard.
Travel Insurance
Get worldwide insurance coverage for the following:
- Emergency travel medical coverage for 31 days
- Baggage delay
- Baggage loss
- Trip cancellation
- Trip delay
- Car rental insurance
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Emergency Cash Transfer
If your credit card is ever lost or stolen, you can transfer up to $5,000 in cash with 24-hour worldwide assistance.
Use With Apple Pay
Increase the level of convenience when you shop by using your mobile phone to make purchases using Apple Pay.
Zero Liability Protection
If your credit card is used without your consent, you’ll be compensated for expenditures made.
Purchase Protection
Enjoy protection on purchases for 90 days, which covers loss, theft, and damage.
Extended Warranty
Most purchases qualify to have the manufacturer’s warranty doubled for up to one extra year.
Interest-Free Periods
You’ll be granted a 21-day interest-free time period after every purchase.
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Rates and Fees of HSBC World Elite Mastercard
The HSBC World Elite Mastercard comes with the following rates and fees:
- Supplementary card fee: $50 per year
- Purchase interest rate: 19.9%
- Cash advance rate: 22.9%
- Balance transfer rate: 22.9%
- Foreign currency conversion rate: 0%; only the exchange rate applies
- Wire transfers, traveller’s cheques, and money orders: $4
HSBC World Elite Mastercard Overview
| APR | 19.9% |
| Cash Advances | 22.9% |
| Balance Transfer | 22.9% |
| Welcome Bonus | 20,000 Points ($100 travel value). |
| Points | – Earn 6 points for every $1 spent on eligible travel purchases – Earn 3 points for every $1 spent on all other eligible purchases |
| Extra Benefits | – No foreign transaction fees – $100 travel enhancement credit – Up to 10% off hotel bookings – Travel insurance – Emergency cash transfers – Apple Pay – Zero liability protection – 90-day purchase protection – 1-year extended warranty |
| Minimum income requirements | – Individual income: $80,000 – Household income: $150,000 |
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HSBC World Elite Mastercard Eligibility Requirements
In order to secure the HSBC World Elite Mastercard, you must meet the following criteria:
- Be a Canadian citizen or permanent resident
- Be the age of majority in the province you live in
- Bring in a minimum annual income of $80,000 an individual or $150,000 as a household
- Or, assets under management must amount to a minimum of $400,000
How to Apply For The HSBC World Elite Mastercard
After verifying that you meet the eligibility criteria, you can apply for the HSBC World Elite Mastercard either in person at any HSBC branch or online.
Applying online only takes a few minutes and requires that you provide your personal information, such as:
- Full name
- Address
- Phone number
- Email address
- Date of birth
- Social insurance number
Final Thoughts
If you’re looking for a credit card that offers a competitive points system, an excellent welcome bonus, and a generous travel insurance package, the HSBC World Elite Mastercard makes a great choice. Everything you get with this credit card is well worth the $149 annual fee.
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