HSBC World Elite Mastercard Review
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HSBC World Elite® Mastercard®
Rewards
- 3% Earn 3% back in travel rewards on travel-related purchases.
- 2% Earn 2% in travel rewards on gas, grocery, and drugstore purchases.
- 1% Earn 1% on all other purchases.
- Welcome Offer None
- Annual Rewards $310 Learn how we calculate this.
- Annual Fee $149 (first year waived)
- Minimum Income Required Individual: $80,000 Household: $150,000
Pros
- No foreign transaction fee
- First-year annual fee rebate
- $100 annual travel enhancement credit
- Rewards accumulate on almost every dollar spent with the card
Cons
- High annual fee for primary cardholders
- High income and credit score requirement
The HSBC World Elite Mastercard is a travel rewards credit card intended for the high-earning frequent traveller, whether that’s by air, train, cruise ship, or car. With no foreign transaction fee, this card is an attractive option for those who plan to spend frequently while abroad. You can earn rewards on travel and other categories like gas and groceries, and put those rewards toward a variety of other travel-related expenses.
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.
Are you looking for a credit card that will bring you one step closer to your next vacation?
Every purchase made with the HSBC World Elite® Mastercard® helps you earn points toward travel. The card is especially beneficial for those already travelling frequently with triple the points earned on travel-related purchases, including flights, hotels, Airbnbs, and more.
In this HSBC World Elite Mastercard review, we’ll break down all the information you need about rewards, eligibility, perks, and more.
HSBC World Elite Mastercard: an overview
The HSBC World Elite Mastercard is a premium credit card, best for those with high monthly spending habits. This card offers a variety of benefits and rewards for cardholders, especially those frequently on the go for business or pleasure.
HSBC World Elite Mastercard rewards
Earn 6 points for every dollar spent on eligible travel purchases up to $50,000 annually. Includes (but is not limited to) purchases on:
- Airlines
- Car rentals
- Hotels
- Cruise lines
- Travel agencies
Earn 4 points for every dollar spent on gas, grocery, and drugstore purchases. All other purchases will earn 2 points per dollar.
Redeeming rewards on the HSBC World Elite Mastercard is easy. Log in to your online account and easily browse your reward options.
Cardholders can use points to book a trip through the HSBC travel portal, or redeem points for a credit against travel already booked on the card. The HSBC travel portal is where you can plan out your whole trip. You can search for flights, hotels, and rental cars, and use your points to pay for part or all of your trip. You can also book with your preferred vacation specialist and get reimbursed.
Another option available to HSBC World Elite Mastercard holders is to convert points to frequent flyer miles with Cathay Pacific, Singapore Airlines, and British Airways. Cardholders will need an account with the partner program to convert points to one of the partner programs points.
Cardholders can convert points into miles with these companies at the following ratios:
- Asia Miles – Cathay Pacific (25,000 HSBC reward points = 8,000 miles)
- Krisflyer – Singapore Airlines (25,000 HSBC reward points = 9,000 miles)
- Executive Club – British Airways (25,000 HSBC reward points = 10,000 miles)
Aside from travel rewards, cardholders have alternative options, such as gift cards, merchandise, and HSBC financial rewards.
Here’s how the HSBC financial rewards shake out:
- 25,000 points = $100 mortgage account credit
- $75 credit card account credit
- $75 savings account credit
HSBC World Elite Mastercard eligibility
To be eligible for the HSBC World Elite Mastercard, you must:
- Be the age of majority in your province or territory
- Be a Canadian citizen
- Have a personal annual income of $80,000 per year or $150,000 household
- Have a good to excellent credit score (670 – 749)
HSBC World Elite Mastercard interest rates and fees
Fees
- Annual fee: $149 (rebated for the primary cardholder for the first year)
- Foreign transaction fee: None
- Extra card fee: $0
- Cash advance fee: $5
Interest rates
- Purchases: 20.99% (19.99% if you live in Quebec)
- Cash advances: 22.99% (21.99% if you live in Quebec)
- Balance transfers: 22.99%
HSBC World Elite Mastercard perks
The HSBC World Elite Mastercard comes with a host of other perks, including:
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Elite benefits
The card offers a variety of elite benefits, such as access to Mastercard Dragonpass airport lounges, free access to WiFi from Boingo, and discounts on luxury hotel suites.
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Annual travel enhancement credit
$100 redeemable toward select airline seat upgrades, airline baggage fees, and airport lounge passes.
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Insurance
The card offers a variety of insurance benefits, including emergency travel medical insurance up to $2 million, car rental insurance for accidents, theft and damage of items, mobile device insurance, hotel/motel burglary insurance, extended warranty, and purchase assurance for up to 90 days.
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No foreign transaction fees
You’ll want to pack the HSBC World Elite Mastercard for your next vacation. Cardholders aren’t charged a foreign transaction fee when using the card abroad; only the exchange rate applies. HSBC removes the hassle of taking out cash on your next vacation and allows you to make purchases worldwide without that additional fee.
Compare HSBC World Elite Mastercard alternatives
Our final thoughts
The HSBC World Elite Mastercard is an excellent option for high-earning travellers. With no foreign transaction fee, those travelling for either business or leisure can rest assured they won’t be charged extra for purchases made abroad. The card earns fantastic rewards for travel expenses and has won many awards for being one of the best travel rewards credit cards.
If you’re not a frequent traveller with a high income, however, there are better options. The card has a high annual fee and high income requirements for eligibility.
