HSBC World Elite Mastercard Review 2023

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.

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.

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

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)

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%

The HSBC World Elite Mastercard comes with a host of other perks, including:

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.