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HSBC +Rewards Mastercard review

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HSBC +Rewards Mastercard
Welcome Offer
2x points per $1 spent
Annual Fee
$0 annual fee for the first year ($25 thereafter)
Purchase Interest Rate
Cash Advance Rate
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Get a low interest rate and earn points when you spend money on dining or entertainment, with the award-winning card HSBC +Rewards Mastercard.

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30-second take

  • Think about the HSBC +Rewards Mastercard if you want a low interest rate and basic insurance coverage.
  • Choose something else if you want comprehensive benefits and no annual fee.
  • There are no minimum income requirements to qualify for this card.

The basics

If you want a low-interest card that offers a return on points for a low annual fee, then the HSBC +Rewards Mastercard could be the right fit for you.

  • Earn points. Earn 2 Points for every $1 on eligible dining or entertainment purchases and earn 1 Point for every $1 spent on all other everyday purchases.
  • Low interest. Get a low purchase interest of 11.9%, as well as a rate of 11.9% on cash advance transactions and balance transfers.
  • Purchase assurance. Rest easy knowing that your purchases are insured against loss, theft or damage for 90 days
    after you buy them.
  • Extended warranty. Get double the protection with an added year of warranty coverage on eligible purchases made with your card.

The perks

  • Optional travel insurance. Take advantage of travel insurance for an annual fee.
  • Price protection. Save money with a price-match guarantee offered within two months of making a purchase.
  • Zero liability protection. Avoid unauthorized or fraudulent purchases made with your card with zero liability insurance.
  • Tap and pay. Pay instantly with Mastercard contactless payment and Apple Pay.
  • Enhanced security. Use your Mastercard SecureCode to protect your information when shopping online.
  • Worldwide acceptance. Shop with confidence when you travel overseas knowing that Mastercard is accepted worldwide.

What to watch out for

  • Low points value. The value of your points will fluctuate based on what you’re redeeming them for, but they can be as low as $1 for every 200 points you earn.
  • Limited benefits. You won’t get additional benefits like extended travel medical, mobile phone insurance or roadside assistance.
  • Fee for additional cards. You’ll pay an additional fee of $10 if you want to get more than one card.

HSBC +Rewards Mastercard interest rates

Interest TypeInterest Rate
Purchase interest rate11.9%
Cash advance rate11.9%
Standard balance transfer rate11.9%

What should I know before I apply for the HSBC +Rewards Mastercard?

HSBC +Rewards Mastercard Eligibility requirements:

To apply for an HSBC +Rewards Mastercard, you need to meet the following criteria:

  • Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces)
  • Terms and Conditions apply to the Welcome Bonus. This offer is only available to residents of Canada other than the province of Quebec (Quebec residents eligible for separate offer).

Required documents and information

  • Your name, residential status and contact information
  • Your social insurance number (SIN) and date of birth
  • Your email address and phone number

How to apply for the HSBC +Rewards Mastercard

  1. Visit HSBC’s website to start the online application.
  2. Complete the application, which includes providing your name, email address, social insurance number and birth date.
  3. Review and submit your application.

Bottom line

The HSBC +Rewards Mastercard may be a good fit for you if you want a low-interest card that lets you earn points for every dollar you spend. It comes with a low annual fee and offers basic insurance coverage with the option to add travel insurance for an extra fee.

Frequently asked questions about the HSBC +Rewards Mastercard

How much are my points worth with the HSBC +Rewards Mastercard?

The value of your points can fluctuate based on what type of rewards you’re redeeming them for. For travel, you can cash in 30,000 points for around $150 in travel credits. This means it costs around 200 points to get $1 in rewards.

What can I use my points for?

You can cash your points in for all kinds of rewards including travel, gift cards, merchandise or cash top-ups on your accounts. For example, you can use your points to buy flights and book hotels for an upcoming trip. You can also exchange them for gift cards or frequent flyer miles or use them to pay off your credit card balance.

Will my HSBC +Rewards Mastercard points ever expire?

No. As long as you keep your account active and in good standing, your points will always be available for you to use.

How can I get more travel benefits with the HSBC +Rewards Mastercard?

You can choose to pay an additional fee to get travel insurance on your card. If you still want more benefits, you can also apply for the HSBC World Elite Mastercard. This card offers a wide array of benefits like lounge access and zero foreign transaction fees, but it also comes with a high annual fee and strict minimum income requirements.

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