One of the last remaining steps is for the minister of finance to approve the deal, and then RBC's takeover of HSBC in Canada is nearing its completion.
And as such, HSBC has shut down their applications for all of their credit cards.
If you already have an HSBC Mastercard, there's nothing to worry about for now. You'll be able to continue using your card. But at some point, it's likely to change and even possibly be rebranded.
So what are your alternatives? Whether you have one and want to switch to something else, or you're looking to get an HSBC card, here are the best options for each HSBC Mastercard.
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Summary of HSBC Mastercards and your top options
Here's our summary of the 4 main HSBC Mastercards. We'll give the quick details on what it offers and go over 2 alternatives.
We're looking at credit cards with similar features, and we've done our best to include at least one Mastercard as one of the 2 alternatives, since this is the preferred network for many people.
| HSBC Credit Card | Top Alternatives |
|---|---|
| HSBC World Elite Mastercard | * Scotiabank Passport Visa Infinite Card * Scotiabank Gold American Express Card |
| HSBC +Rewards Mastercard | * MBNA True Line Gold Mastercard * Scotiabank American Express Platinum Card |
| HSBC Cash Rewards Mastercard | * Tangerine Money-Back Credit Card * SimplyCash Card from American Express |
| HSBC Travel Rewards Mastercard | * MBNA Rewards Platinum Plus Mastercard * American Express Green Card |
HSBC World Elite Mastercard
HSBC's premier credit card was the HSBC World Elite Mastercard. For rewards, you earned:
- 6 points per $1 spent on travel,
- 4 points per $1 spent on gas, groceries, and drugstores, and
- 2 points per $1 spent on all other purchases.
That's a lot of points, but keep in mind they were only worth 0.5 cents each. Based on spending $2,000 per month, this card offered $366 in annual rewards.
This was also a full-featured card. The biggest feature was charging no foreign exchange fees. It was a rare credit card feature that saves you 2.5% on any purchase not made in Canadian dollars.
It also acted as a unique travel credit. Every year you have it, you can save a combined $100 on these items:
- baggage fees,
- airline seat upgrades, and
- lounge access.
To top it off, it came with 15 types of insurance. This card had an annual fee of $149.
Alternative credit cards
The HSBC World Elite Mastercard was very unique. Here's what our alternatives need to have:
- decent but not overwhelming flexible rewards,
- terrific insurance,
- no foreign exchange fees, and
- an annual travel credit.
Sadly, a credit card like this doesn't quite exist. We can come close to it with our alternatives by touching the first 3 things on our list, but must make a substitute for the 4th item.
Best alternative – Scotiabank Passport Visa Infinite Card
Our top alternative is going to be the Scotiabank Passport Visa Infinite Card. It's a Scene+ credit card, so here's what you get for rewards:
- 3 Scene+ points per $1 spent at Sobeys, Safeway, FreshCo and more
- 2 Scene+ points per $1 spent on groceries, restaurants, entertainment, and daily transit
- 1 Scene+ point per $1 on all other purchases
Each Scene+ point is worth 0.01 cent, for annual rewards of $324, which is similar to what HSBC offered with their World Elite card.
It too offers no foreign exchange fees, and comes with 11 types of insurance.
Instead of offering a travel credit, the Scotiabank Passport Visa Infinite Card comes with a Visa Airport Companion membership and 6 free passes.
And it has an annual fee of $150.
$30 GeniusCash + Up to 45k bonus Scene+ points in year 1 + 6 free airport lounge passes.*
GC: $30
Another alternative – Scotiabank Gold American Express Card
Requiring a card with no foreign exchange fees really cuts down the number of cards that you can get. Our second one offers them too, but comes with more rewards and fewer benefits in the Scotiabank Gold American Express Card.
Here are the rewards, earned as Scene+ points:
- 6 Scene+ points per $1 spent at Sobeys, Safeway, FreshCo and more
- 5 Scene+ points per $1 spent on groceries, dining, and entertainment
- 3 Scene+ points per $1 spent on gas, select streaming services, and transit
- 1 Scene+ point per $1 spent on foreign currency purchases
- 1 Scene+ point per $1 spent on all other purchases
That translates into annual rewards of $588, which is much higher than other cards. It also comes with 12 types of insurance.
But all those extra rewards come at the cost of travel perks – it doesn't have any.
It simply offers more rewards for an annual fee of $120.
×1 Award winner GC: $60
1x Award winner HSBC +Rewards Mastercard
The HSBC +Rewards Mastercard was a rare credit card that offered both rewards and low interest rates.
First, here's what you'd earn for rewards, in the form of HSBC Rewards, on all your purchases:
- 2 points per $1 spent on dining and entertainment, and
- 1 point per $1 spent on all other purchases.
This gives you annual rewards of approximately $129.
But then there was also the low interest rates. You received a low rate of 11.9% on purchase, cash advances, and balance transfers.
This combination came with an annual fee of $25.
Alternative low interest cards
Here are 2 alternative low interest cards – one that simply has a lower interest rate, and another that does offer both rewards and low rates.
A credit card with lower interest rates – MBNA True Line Gold Mastercard
The MBNA True Line Gold Mastercard has some of the lowest interest rates you can get with a credit card.
The purchase and balance transfer rate is 10.99%, however the cash advance rate is still high at 24.99%.
These low rates come with an annual fee of $39.
A credit card with low interest rates and rewards – Alterna Centra Visa Gold
The pickings are slim when it comes to getting low rates and rewards (unless you want to pay a sky-high annual fee). One of those options is the Alterna Centra Visa Gold.
With the Alterna Centra Visa Gold, you'll earn 1 point per $1 spent on purchases. All for a low rate of 11.99%, for a $50 annual fee.
HSBC Cash Rewards Mastercard
Truth be told, the HSBC Cash Rewards Mastercard was just a passable no fee cash back credit card.
Here's what it offered:
- 1.5% cash back on the first $6,000 in online purchases
- 1% cash back on gas, groceries, and drugstores
- 0.5% cash back on everything else
The earn rate on online shopping was a nice touch, but otherwise, you can find plenty of cards with these kinds of rewards.
Alternative no fee cash back credit cards
There are several terrific no fee cash back cards you can take a look at.
No fee cash back alternative 1 – Tangerine Money-Back Credit Card
The Tangerine Money-Back Credit Card is an excellent no fee cash back credit card. You get to decide which categories earn you 2% cash back, from a list of 10.
You get to pick 2 categories if you get your rewards as a statement credit, or 3 if they get sent to a Tangerine Savings account. You'll earn 0.5% back on everything outside of these chosen categories.
×1 Award winner GC: $125
1x Award winner No fee cash back alternative 2 – SimplyCash Card from American Express
The SimplyCash Card from American Express is another terrific no fee cash back card. Here's what it offers on your purchases:
- 2% cash back on gas
- 2% cash back on groceries (up to $300 cash back annually)
- 1.25% cash back on all other purchases
Plenty of cash back just about anywhere you shop.
HSBC Travel Rewards Mastercard
The last HSBC credit card to cover is the HSBC Travel Rewards Mastercard. Another HSBC Rewards card, here's what this no annual fee card earned on purchases:
- 3 points per $1 spent on travel
- 2 points per $1 spent on gas and transit
- 1 point per $1 spent on everything else
With each point worth 0.5 cents each, you were looking at annual rewards of $144, which is just okay for travel rewards with no annual fee.
Top no annual fee travel credit cards
When it comes to no annual fee travel cards, there are 2 excellent options that come to mind.
No fee travel alternative 1 – MBNA Rewards Platinum Plus Mastercard
When it comes to no fee Mastercards, the MBNA Rewards Platinum Plus Mastercard is one of the best.
An MBNA Rewards card, here's what it earns on purchases:
- 2 points for every $1 spent on restaurants, groceries, and select recurring bills (up to $10,000 spent annually per category)
- 1 point per $1 spent on all other purchases
That translates into $369.6 in annual rewards when redeemed for travel.
No fee travel alternative 2 – American Express Green Card
The other no fee travel card to mention is the American Express Green Card. A Membership Rewards card, which earns 1 point per $1 spent on all purchases.
There are a few ways to redeem these points for travel. You can redeem them for any purchase made with the card (travel or otherwise), and get $252 in annual rewards. Or you can transfer them to Aeroplan, where you could get a value of up to $504.
Impressive rewards for a no fee card.
Your thoughts on HSBC and RBC
At some point, this was inevitable. With RBC buying out HSBC Canada, HSBC putting a pause on their products was a foregone conclusion.
The only question is what happens when the acquisition is complete. Do HSBC products come back under the RBC umbrella, or does RBC create a new division altogether?
Let us know your thoughts in the comments below.
FAQ
Why are HSBC Mastercards discontinued?
As RBC is finalizing their acquisition of HSBC Canada, HSBC is no longer offering their products to new members at this time.
What happens to existing HSBC Mastercard holders?
For anyone who currently has an HSBC Mastercard, for the time being, nothing is changing. You'll be able to continue to use your credit card as you normally would.
What will happen to HSBC Mastercards once the RBC takeover is complete?
At this time, it's not clear what will become of HSBC Canada once RBC completes their takeover. Their products could be re-branded or discontinued.
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