HSBC World Elite Mastercard review

30-second take

• Consider this card if you’re a frequent flier who likes to use their credit card to book vacations and other flights.

• Choose something else if you want a rewards program that lets you earn points on everyday purchases like groceries or gas.

• You must be a Canadian resident and the age of majority in your province to apply for the card.

The basics

While there are plenty of travel rewards programs to choose from, HSBC is upping the ante with its World Elite Mastercard. This card provides a gateway to the HSBC World Elite Rewards Program, which lets you rack up travel rewards on all eligible travel purchases.

HSBC World Elite Mastercard is for frequent fliers who want all the benefits of a premium rewards program and aren’t afraid to pay for it. This card not only lets you earn rewards on all eligible travel purchases, but it also offers no foreign transaction fees. That means you can travel the world and book tickets in other currencies without having to incur hefty conversion charges.

HSBC World Elite Mastercardalso provides hefty insurance protection, including an emergency cash transfer up to a maximum of $5,000 if your card is lost or stolen.

The perks

• Earn cash back Travel Rewards. Earn 3% in travel rewards on all eligible travel purchases (6 Points per $1 spent) and earn 1.5% in travel rewards on all other eligible purchases (3 Points per $1 spent).
• Comprehensive insurance. In addition to emergency cash transfer, this card provides worldwide emergency travel insurance for up to 31 days.
• No foreign transaction fees. Only the exchange rate will apply.

What to watch for

• Fees. This Mastercard will set you back $149 annually as a primary cardholder, while additional cards have no annual fee.
• High interest rates. If you carry a balance on your HSBC Mastercard, expect to pay 19.9% interest on purchases and 22.9% on cash advances.
• High annual income requirement. To be eligible for this card, you need to have an annual income of $80,000 as an individual or $150,000 as a household.

HSBC World Elite Mastercard interest rates

What should I know before I apply

• Eligibility requirements

  To apply for an HSBC World Elite Mastercard, you need to meet the following criteria:

  • Be a Canadian citizen or permanent resident .
  • Be the age of majority in your province/territory of residence.
  • Have an annual income of $80,000 as an individual or $150,000 as a household.
  • 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 and date of birth.
  • Your email address and phone number.

How to apply

1. Visit HSBC’s website to start the online application.
2. Fill out the standard credit card application, which should take five minutes to complete.
3. Review and submit your application.

The bottom line

HSBC World Elite Mastercard could be your gateway to competitive travel rewards, complimentary membership to airport lounges and month-long travel medical insurance coverage – but only if you meet the minimum income requirements and are willing to pay annual fees. Depending on how much foreign shopping you do, the membership fee can pay for itself with all the savings you get in foreign transaction fees.

Frequently asked questions about the HSBC World Elite Mastercard

• Does the HSBC World Elite Mastercard have a welcome bonus?

  Yes, depending on when you signup. N/A

• How much are my points worth?

  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 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.