Never miss an amazing deal ever again. Receive our weekly newsletter with the latest offers and deals directly to your inbox – subscribe now.

HSBC offers a unique lineup of 2 rewards Mastercards.

First, the is a premium Mastercard that offers great perks and no foreign exchange fees.

Or, there’s the , which offers both low interest rates as well as rewards (a rare combo).

Both cards earn HSBC Rewards, a travel rewards program giving you a 0.5 cent per point value. Here’s everything you need to know about these cards, plus the rewards they’ll earn you.

Overview of HSBC Mastercards

Here’s what you’ll get with these 2 HSBC Mastercards.

HSBC World Elite Mastercard HSBC +Rewards Mastercard
Welcome Bonus Up to 60,000 points (terms)* 10,000 points (terms)*
Earn Rates * 6 points per $1 spent on eligible travel
* 3 points per $1 spent on all other eligible purchases
* 2 points per $1 spent on eligible dining and entertainment
* 1 point per $1 spent on all other eligible purchases
Insurance Coverage 11 types included 3 types included
Income Requirements $80,000 personal or $150,000 household $15,000 personal
Foreign Exchange Fee 0% 2.5%
Annual Fee $149, annual fee rebate for the first year (terms apply) $25, annual fee rebate for the first year (terms apply)
Apply Now Apply Now Apply Now

* These offers are not available to residents of Quebec. For residents of Quebec, please click on the terms link to view your offers.

HSBC Rewards overview

Both cards earn HSBC Rewards points. There’s a variety of ways you can use these rewards, from travel, to experiences, to gift cards, and even cash.

Here’s an overview of your redemption options, and how much a point is worth. You can see the full details on the HSBC Rewards program here.

Use HSBC Rewards for travel

Redeeming HSBC points for travel is straightforward. Simply charge any eligible booking to your HSBC credit card, and you can then redeem your points to help pay for the transaction afterwards.

Each point is worth 0.5 cents each when redeemed towards travel bookings.

Use HSBC Rewards for cash

Looking to turn your points into cash? HSBC Rewards can be used for cash redemptions towards various HSBC products.

Here are your cash redemption options:

  • pay your HSBC Mastercard account,
  • pay your HSBC mortgage, and
  • add to your HSBC savings account.

It’s an easy way to use your points to help save some money.

Related: Best Cash Back Credit Cards In Canada

Redeem HSBC points for experiences

Looking for some unique experiences? HSBC Rewards offers a handful of experiences you can use your points for.

You can view the current offers by going here, and selecting experiences from the category menu.

Get merchandise and gift cards

The final way you can use your points is towards gift cards and merchandise.

There are a wide variety of items to choose from, including charitable donations.

The full list of redemptions is on this site.

Related: Score Free Amazon Gift Cards: 8 Easy Ways

HSBC World Elite Mastercard

Now for the credit cards themselves.The first one we’ll go over is the , HSBC’s premium credit card offering.

Earning HSBC Rewards points

When it comes to earning HSBC rewards, you’ll get a high rate on every purchase.

On your everyday eligible purchases, you’ll earn 3 points per $1 spent, which gets doubled to 6 points per $1 spent on eligible travel purchases. That’s a return between 1.5% and 3% on your purchases.

The welcome bonus is also terrific. You can earn up to 60,000 bonus points:

  • 20,000 bonus points after your first purchase, and
  • another 40,000 bonus points after spending $5,000 in the first 6 months.

Together, that’s $300 off your next set of travel plans.

Foreign transaction fee

Now for one of the best parts. This card waives the standard 2.5% foreign transaction fee on all purchases made in foreign currency – only the exchange rate will apply.

For any trip or purchase you make that’s not in Canadian dollars, you’ll save that 2.5% fee for yourself.

Related: Canadian Credit Cards With No Foreign Transaction Fee

HSBC World Elite Mastercard insurance

There’s also a great insurance package at your disposal.

This card includes 11 types of travel and purchase protection:

It’s also rare to see a card that offers all 3 different types of rental car insurance.

Other HSBC Rewards World Elite Mastercard benefits

The fun hasn’t stopped with this card. There are still more benefits waiting to be discovered.

$100 annual travel enhancement credit

Every year you have the card, you’ll get access to a $100 annual travel enhancement credit.

You can use the credit towards these travel fees:

  • airline seat upgrades,
  • baggage fees, and
  • airport lounge access.

To save your $100, simply charge these fees to your HSBC Mastercard, and submit a redemption request. Those charges will subsequently be reimbursed back to you.

10% savings on select hotel bookings

Looking to save on hotels? You’re covered with this card.

Book hotels using your HSBC card through HSBC’s Expedia and Agoda websites, and you’ll be able to save 10% on select bookings.

Mastercard World Elite benefits

Finally, it’s a World Elite Mastercard, so you’ll get all the benefits that come with it.

These include:

  • Mastercard Priceless cities,
  • Mastercard World experiences, and
  • World Elite concierge.

You can learn more about what the World Elite program has to offer here.

Airport lounge access

The last benefit is airport lounge access. This card comes with complimentary membership to Mastercard Airport Experiences provided by LoungeKey.

There are no free passes however, so each visit will cost $32 USD. But that can be reimbursed with the $100 annual travel credit.

All this is for an annual fee of $149, that’s currently rebated for the first year (terms apply).

HSBC +Rewards Mastercard

The other HSBC rewards card is the . It’s a rare credit card that offers both rewards AND low interest rates.

Earning HSBC Rewards points

Let’s start with the rewards. You’ll earn up to 2 points per $1 spent on your purchases:

  • 2 points per $1 spent on eligible dining and entertainment purchases, and
  • 1 point per $1 spent on all other eligible purchases.

When redeemed for travel, you’re looking at a return of up to 1% on your purchases.

There’s also a welcome bonus with the card. Spend $2,000 in the first 6 months, and you’ll receive 10,000 bonus points, worth $50 in travel.

HSBC +Rewards Mastercard interest rates

Now for the interest rates. You’ll see a low rate of 11.9% on purchases, cash advances, and balance transfers.

Are those the lowest rates out there? No, there are other cards with lower rates. But none of them also offer rewards.

In fact, there are only 4 credit cards in our database of that offer both rewards and low interest rates.

HSBC +Rewards Mastercard insurance

What about the insurance coverage? You’ll get 3 types of insurance with this card:

It’s not as much as its World Elite brother, but it includes the rare price protection insurance. If something you purchase goes on sale within 60 days for a lower price, you can be reimbursed the difference, up to a maximum of $500.

You’ll never have to worry about getting the best price for anything you purchase.

This package is for a low annual fee of $25, that’s currently rebated for the first year (terms apply).

In summary

HSBC has 2 unique Mastercards to choose from. You can get a premium card with high end perks, or get rewards and low interest rates on one card. The choice is yours.

What are your thoughts on HSBC Mastercards?

Let us know in the comments below.