The Best HSBC credit cards in Canada
HSBC / HSBC
Updated: August 09, 2023
From cards offering travel rewards to paying no annual fee, our expert advises on how to select an HSBC Canada credit card that works best for your lifestyle.
Considering an HSBC credit card? Given that HSBC is the seventh-largest bank in Canada, it’s well worth adding one of their credit cards to your wallet. Although not as well-known as other credit cards on the market, they offer some excellent benefits. In this article, we’re breaking down our top picks for the best HSBC credit cards in Canada to help you decide which card is best for you.
The best HSBC Canada credit cards
Best for travel: HSBC World Elite® Mastercard®
Get up to $649 in total value* for the first year! Must apply by August 31, 2023. Conditions apply.
If you are looking for a travel rewards credit card, the HSBC World Elite® Mastercard® is a good pick. Earn 3% in travel rewards on all eligible travel purchases* (6 points per $1); 2% in travel rewards on all eligible gas, grocery, and drugstore purchases* (4 points per $1); and 1% in travel rewards on all other eligible purchases* (2 points per $1). In addition, the card is currently extending an impressive welcome offer to new cardmembers.
Special offer: Earn up to 80,000 points* ($400 travel value) PLUS a full annual fee rebate for the primary cardholder for the first year* ($149 value) and receive a $100 annual travel enhancement credit*. Must apply by August 31, 2023. Conditions apply.
- Welcome bonus of 20,000 points* ($100 travel value)
- Earn 10,000 points* each month when you spend at least $1,000 each month for the first 6 months of account opening (up to $300 travel value)
- First year annual fee rebate for the primary cardholder* ($149)
- Receive a $100 annual travel enhancement credit*
An HSBC Rewards point is worth $0.005 when redeemed for travel, so that adds up to $649 in total value* in the first year. Conditions apply.
For reference, 200 points are equal to $1 to redeem towards travel as well as merchandise, HSBC financial products, gift cards, and more. Cashing in your rewards is easy: you just apply your points to a purchase you have made on your credit card within the last 60 days. You can do this yourself online, or call customer service and have someone do it for you.
Other cardholder benefits include no foreign transaction fees (only the exchange rate applies), a $100 annual travel enhancement credit* (which can be used towards upgrading your airline seats, covering baggage fees, or towards airport lounge passes), and a complimentary membership to Mastercard Travel Pass provided by DragonPass, offering you access to over 1,300 airport lounges worldwide.
The card also comes with Worldwide Emergency Travel Medical insurance with coverage for 31 days – which is one of the longest included policies among the travel credit cards in Canada. Additional “nice to have” perks include 10% savings on select hotel bookings made through the HSBC Expedia and Agoda websites and unlimited Wi-Fi at Boingo hotspots worldwide.
Despite the current global pandemic, many Canadians still need to travel domestically for business. While you may not have any use for the perks and benefits at this time, you can take advantage of the opportunity to earn extra travel rewards to use in the future when it is safe to travel abroad again as your points will remain valid for up to 3 years from the earn date.
The overall value of the card in terms of perks, earn rates, and the fact that it has no foreign transaction fees makes up for the annual fee. The HSBC World Elite® Mastercard® does have a lot of benefits, making it one of the best travel credit cards in Canada.
The details:
- Annual fee: $149
- Minimum income eligibility: Annual individual income of $80,000 or $150,000 household income, or minimum of $400,000 in assets under management (based on liquid, investable assets with a financial institutions in Canada)
- Credit score required: N/A
- Welcome bonus: Get up to $649 in total value* for the first year! Must apply by August 31, 2023. Conditions apply.
- Purchase APR: 20.99% | Cash advance APR: 22.99% | Balance transfer APR: 22.99%
This offer is only available to residents of Canada other than the province of Quebec (Quebec residents eligible for separate offer).
*Terms and Conditions apply.
®/TM Mastercard and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Used pursuant to license.
Best for low interest: HSBC +Rewards™ Mastercard®
Special offer: Earn up to 35,000 points* ($175 travel value) PLUS a full annual fee rebate for the primary cardholder for the first year* ($25 value). Must apply by August 31, 2023. Conditions apply.
Earn 35,000 points* when you spend $2,000 within 180 days of account opening ($175 travel value)
First year annual fee rebate for the primary cardholder* ($25 value)
An HSBC Rewards point is worth $0.005 when redeemed for travel, so that adds up to $200 in total value* in the first year. Conditions apply.
Thanks to the pandemic throwing the economy into a spiral, many Canadians are currently struggling to pay credit card debt. In this case, consider a low-interest credit card like the HSBC +Rewards™ Mastercard®. It offers an interest rate of 11.9% — an incredible rate given that most credit cards have interest rates of 19.9% and higher. By switching to a low-interest credit card, you can avoid astronomical interest charges and pay off credit card debt faster.
As a low-interest credit card, the HSBC +Rewards™ Mastercard® doesn’t come with a ton of perks and benefits but offers a low annual fee, and unlike other no-frills cards, you can still earn rewards. Earn 2 Points for every $1 on eligible dining or entertainment purchases*. Earn 1 Point for every $1 on all other everyday purchases*. Cardholders will also benefit from purchase assurance for 90 days, price protection service (find a lower price within 60 days of your purchase and the difference will be refunded), and extended warranty insurance that doubles the manufacturer’s warranty for up to 1 additional year.
The details:
- Annual fee: $25
- Minimum income eligibility: N/A
- Credit score required: N/A
- Welcome offer: Get up to $200 in total value* for the first year! Must apply by August 31, 2023. Conditions apply.
- Additional perks: Redeem points for travel, financial rewards, gift cards, merchandise, and more; extended warranty and purchase protection; optional travel insurance
- Purchase APR: 11.9% | Cash advance APR: 11.9% | Balance transfer APR: 11.9%
This offer is only available to residents of Canada other than the province of Quebec (Quebec residents eligible for separate offer).
*Terms and Conditions apply.
®/TM Mastercard and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Used pursuant to license.
Comparing HSBC credit card in Canada
| Credit Card | Welcome offer | Annual fee | More info |
|---|---|---|---|
| HSBC World Elite® Mastercard® | Get up to $649 in total value* for the first year! Must apply by August 31, 2023. Conditions apply. | $149 | Visit site |
| HSBC +Rewards™ Mastercard® | Get up to $200 in total value* for the first year! Must apply by August 31, 2023. Conditions apply. | $25 | Visit site |
The verdict: which HSBC Credit Card is best?
Each HSBC credit card has excellent features, but it will depend on your personal needs. Take the time to examine your spending habits, decide whether the perks are worth paying for, and know your bottom line. For a broader range of brands and options, you can also check out the best credit cards in Canada.
*Terms and Conditions apply.
®/TM Mastercard and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Used pursuant to license.
Latest Articles
Ottawa injects another $36M into vaccine injury compensation fund
Metro reports Q2 profit down from year ago, sales edged higher
Rogers Communications reports Q2 profit down from year ago, revenue up
CN Rail on track for growth this year, despite Red Sea shipping obstacles: CEO
An 'ambitious' global plastic treaty demands limits on production, Guilbeault says
Competition Bureau raises concerns over Bunge-Viterra deal
Disclaimer
The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.