HSBC World Elite Mastercard Bottom Line: a No Brainer For Most
This credit card offers great value for eligible consumers, especially if they travel and have relatively high levels of monthly purchases. In particular, the card currently offers $649 in attainable value which covers more than 4 years worth of the annual fee. Beyond this promotional period cardholders get a $100 recurring travel benefit which subsidizes the annual fee after the promotional period. When combined with the potential to get $1,500 in redemptions each year for travel spending, this credit card more than pays for itself in terms of its benefits. The HSBC World Elite Mastercard is a no brainer for consumers that have high levels of spending that is travel-related.
HSBC World Elite Mastercard Features
The HSBC World Elite Mastercard is one of the premium tier credit cards offered by HSBC Canada. The card is ideal for consumers that travel often and spend a lot due to the rewards features of the card. These are the main features associated of the credit card:
- Fee Rebates – cardholders do not have to pay any foreign transaction fees. With the HSBC World Elite Mastercard, when you make a purchase in a foreign currency, no additional fees will be charged to you. The amount spent in the foreign currency will get converted to Canadian dollars. Many credit card providers charge a 2-3% fee for foreign transactions.
- Rewards Features – earn 6 points on every $1 of eligible travel purchases (maximum of $50,000 per calendar year) made using the HSBC World Elite Mastercard. Beyond $50,000 you can earn 3 points on every $1 of eligible travel purchases. For points you earn related to eligible travel purchases you can redeem the points for rewards at a rate of up to 3% of the total amount spent on the eligible purchases. For example, if you spend $10,000 on eligible travel purchases, you will have earned 60,000 reward points which you can then redeem for up to $300. You can redeem points for travel, gift cards, merchandise, financial rewards and rewards for miles.
- Travel Benefits – cardholders are eligible to receive a $100 each year for a travel enhancement credit. You can use the $100 to cover travel-related expenses such as baggage fees, seat upgrades and lounge passes.
- Insurance – the HSBC World Elite Mastercard comes with 5 types of insurance coverage for cardholders. Cardholders can receive up to $1 million of insurance coverage for emergency travel medical coverage (have to be under age of 65). If you book travel using the credit card, you can receive Trip Cancellation insurance coverage up to $2,000 per insured person and $5,000 per trip. In addition, cardholders are automatically covered for Car Rental Collision/Loss Damage when the rental is booked using the credit card. Finally, the credit card also comes with insurance for purchases. When you use the credit card to purchase certain items, you are insured in the event of loss, damage or theft for 90 days from the purchase.
- Customer Care – cardholders enjoy 24 hour worldwide customer support and also have access to up to $5,000 in emergency cash transfers in the event that their cards are lost or stolen.
Current Promotions Offered For the Credit Card
HSBC Canada is offering new HSBC World Elite Mastercard customers the potential to earn up to 80,000 points and to receive a full rebate for the annual fee for the first year. This combined with the travel benefit represents $649 of total value for signing up and using the card. This is the detailed breakdown of the current promotion:
- 80,000 reward points ($400 value)
- Cardholders will receive 20,000 points as a welcome bonus once they make their first purchase with the credit card.
- You can earn up to 40,000 points when you spend $6,000 within the first 6 months after you opened the account. These purchases must be net of any returns made.
- You can earn up to 20,000 points if after 12 months of having the card your account remains open, active and in good standing. The points will appear in your account within two statement periods from when they were awarded.
- Account Fee Rebate ($149 value)
- If you open an HSBC World Elite Mastercard between April 5, 2022 and October 31, 2022 and are a resident of Canada other than in the province of Quebec, you will receive a one-time rebate of $149. This will appear as a credit on your account statement within two statement periods from account opening.
- Travel Benefit ($100 value)
- As discussed above, cardholders will receive a $100 Travel Enhancement Credit which will be automatically available when the card is issued. This is an annual benefit that will renew on the anniversary of the account opening as long as the account is in good standing.
HSBC World Elite Mastercard Account Fees
- Annual Fee: $149 (cardholders get a rebate on the first year’s fee)
- Interest Rate on Purchases: 19.9%
- Interest Rate on Cash Advances: 22.9%
- Interest Rate on Balance Transfers: 22.9%
- Cost to add an additional user to your account: $50
- Over the credit limit fee: $29
Qualification Requirements For The Credit Card
In order to be eligible for the HSBC World Elite Mastercard, you have to satisfy one of the following criteria set by HSBC:
- Have minimum annual personal income of $80,000
- Have minimum annual household income of $150,000
- Have minimum of $400,000 in assets under management based on liquid, investable assets with financial institutions in Canada
In addition to apply you must be a Canadian resident and must be of the age of majority in your province of residence. Visit the company’s website to apply.