HSBC +Rewards™ Mastercard® Review

The Royal Bank of Canada (RBC) will be purchasing HSBC Canada. As a result, HSBC products will be discontinued shortly. Please refer to the best credit cards in Canada for alternatives.

If you’re on the hunt for a low-interest credit card and like earning rewards points on your everyday purchases, this HSBC +Rewards Mastercard review is worth a few minutes of your time. The HSBC +Rewards™ Mastercard® comes with perks, benefits, a lower-than-low interest rate, and no special requirements to be approved. 

There are a lot of credit cards out there to choose from. People who prefer plastic over cash understandably want it all from their credit cards — a low annual fee, high-value rewards, a rock-bottom interest rate, and no minimum income requirements for approval.

The HSBC +Rewards Mastercard could be your lucky break. It meets all the requirements for a great credit card. That said, it also has its downsides. We’ll get into those more later. For now, let’s go over a few of the perks the HSBC +Rewards Mastercard offers.

You earn points on every purchase you make with the HSBC +Rewards Mastercard. Certain eligible dining and entertainment purchases get you 2 points per $1. Everything else is at a 1-point-per-$1-spent ratio. That means you could easily collect around 24,000 points in a single year, and those points can be redeemed for some great items or experiences.

Points can be redeemed for travel expenses, gift cards, select merchandise, and other financial rewards. One of the coolest features of redeeming points with HSBC is that you can pay down your mortgage and your credit card, or convert your points into cash and watch them grow in an HSBC savings account.

You can browse a massive catalogue of items, including sports and leisure gear, luggage, electronics, booking travel, health and beauty, gift cards, home, and fashion, and you even have the option to donate to certain charities using your rewards points.

Also, your points don’t expire. If you keep your account active and in good standing you’ll never lose your points. So, hoard those rewards and fund a trip to Europe or treat yourself to a new QLED 65” TV.

How much are HSBC rewards points worth?

HSBC rewards are worth roughly $0.005. If you have 400 rewards points, you’ll be able to redeem points for approximately $2 (400 x 0.005 = $2). Rewards do vary across categories, however, and the value of your points isn’t always consistent. When redeemed for travel expenses, you’ll get the best bang for your buck.

In order to be approved for this card, you need to:

• Be of legal age (18 or 19 years old) in your province
• Be a Canadian resident
• Have a credit score of around 680 or higher, though this is more of a guideline than an actual rule.

You don’t need a certain income level to be approved for the HSBC +Rewards Mastercard; just fill in some contact and personal details when prompted during the application.

Fees

• Annual fee: $25 (waived for the first year if you reside outside of Quebec)
• Foreign transaction fee: 2.5%
• Extra card fee: $10 per card
• Cash advance fee: $5 ($0 for Quebec residents)

Interest rates

• Purchases: 11.99%
• Cash advances: 11.99%
• Balances transfers: 11.99%
• Penalty APR: 16.9%

Most credit cards carry an interest rate of around 21%. A rate difference of nearly 10 percentage points is significant, to say the least.

If you’re already an HSBC member or you plan on becoming one, then this card opens up a lot of doors for you. It can help you pay down your credit card bill and your mortgage, or pad your savings account. This card offers some great benefits, but its main selling point is the rock-bottom interest rate.

The HSBC +Rewards Mastercard is also great for people getting their first credit card because it imposes no minimum income or strict credit score restrictions on anyone who wants to apply. The annual fee is only $25, your points never degrade or expire if you don’t use them, and you earn points on each dollar you spend — sometimes more.