Best Insurance coverage Credit Cards in Canada for 2021

PC World Elite Mastercard
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Annual Fee: $0
Purchases Interest Rate: 19.97%
Cash Advance Interest Rate: 22.97%
Min Income Requirement: $80000
Why Apply:
  • Easy application
  • Decent return
  • Transparent reward system
  • Free additional cards
  • Purchase benefits
Recommended Credit Score:
670 900
Average to Excellent
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At no annual fee, the President?s Choice Financial World Elite MasterCard lets you get the fastest points towards free groceries. It also comes with other great offers ? a travel emergency medical insurance of up to 10 days and car rental collision or loss damage waiver insurance. With these added benefits at zero yearly cost, we consider this the best credit card for travel insurance coverage.

Easy application -With no annual fee and no minimum income requirement, this credit card appeals to young families.
  • Decent return - For a no-fee card, it gives you a good return when you shop at affiliated stores.
  • Transparent reward system - The no-nonsense reward system makes it easy for you to calculate your potential rewards.
  • Free additional cards - Get up to four free additional cards that you can link to your account to help boost your points.
  • Purchase benefits - This credit card gives free purchase assurance in the first 90 days and doubles the manufacturer?s regular warranty for up to an additional year.

Similarly to the PC Financial World Mastercard, this card shares a lot of the same features as the PC Financial Mastercard. However, this credit card also has income limitations. In order to obtain the PC Financial World Elite Mastercard, you must earn $80,000 per year yourself or $150,000 within your household. Alternatively, you can upgrade to this card if you?re a PC Financial World Mastercard user and you spend a minimum of $25,000 per year using it.

 

With this version of the PC Mastercard, you earn the most points on purchases out of all three types. Keep in mind that it?s fantastic to earn more points and reap more benefits, but it?s even better if you can avoid overspending where possible. It?s easy to get caught up in spending when there are benefits attached to it, but try not to lose sight of the importance of preservation of your personal finances. Credit cards are meant to compliment your financial habits, not make your life more stressful!

 

All in all, this credit card is cheap compared to the industry benchmarks and has easily accessible benefits.
Great credit card for those who like to earn and redeem Optimum points at all the partners locations.


In case you do not meet the income requirements for the PC Financial World Elite MasterCard please check 2 other PC Financial credit cards:

 PC Financial World MasterCard

 President's Choice Financial Mastercard

American Express Cobalt® Card
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Annual Fee: $155.88
Purchases Interest Rate: 20.99%
Cash Advance Interest Rate: 21.99%
Min Income Requirement: Not Available
Why Apply:
  • Generous first-year rewards
  • Redeem anything you want
  • Transferability of points
  • Monthly fee
  • Free supplementary card
Recommended Credit Score:
670 900
Average to Excellent
Apply Nowlock On American Express's Secure Website

While geared towards young people, the American Express Cobalt® Card  has plenty features and benefits that make it appealing to a wide range of people. It offers 5x more points on eats and drinks from grocery shopping to dining out, and 2x points on travel and transit. Additionally, the ability to transfer points to hotel partners or to the Fixed Points Travel Program makes this the best travel credit card in Canada with a fee. If you spend a lot on food and travel, then this credit card deserves a place in your wallet.

  • Generous first-year rewards - You have the ability to earn up to 50,000 bonus points in the first year.
  • Redeem anything you want -Reward points can be redeemed for travel, restaurant, movies, and merchandise. Unlike other rewards card, you can use your points for almost anything you want.
  • Transferability of points -You can transfer points into the Marriott Bonvoy rewards system which unlocks access to amazing rewards programs like British Airways, Aeroplan, and more than 30 other airline partners. You can also transfer to the Hilton Honors rewards program at 1:1 ratio.
  • Monthly fee - Instead of paying for a one-time annual fee, you are charged every month, giving you time to test out the card and cancel it if it's not the right fit for your spending habits.
  • Free supplementary card - This usually costs an additional $50 on most rewards card. Get one for an immediate family member and boost your earning potential.

The American Express Cobalt® Card started out as a credit card designed for millennials and young professionals. Today, it’s one of the most flexible and versatile credit cards out there. In fact, it’s now commonly used by people from all walks of life because of the lucrative benefits. 

One reason the American Express Cobalt® Card is so popular is because of the quick rewards that come with it. Points can be earned on everyday purchases which is what makes the earnings accumulate so rapidly. On food and drinks, such as grocery, restaurant, food delivery, bar and cafe purchases, cardholders earn five points per dollar spent. 

On transit and travel, cardholders earn two points per dollar spent. These rewards are not limited to vacation only, cardholders will earn points when they spend on public transit, taxis and Ubers too. All other purchases earn one point per dollar spent. As you can see, no matter what your lifestyle is, you’ll quickly rack up points! 

Points can be redeemed to cover the cost of flights and accommodation with 1,000 points being equivalent to $10. Flights don’t have any blackout dates and you can choose any airline you’d like. In addition, the points can be used to cover fees and taxes. If you don’t have an upcoming trip, you can also spend your points on events through Ticketmaster at a rate of 2,000 points to $20. As you probably noticed, the rate of return is the same when you spend on travel and events which is fantastic! For less bang for your buck, you can also use your points for gift cards or merchandise purchases. 

Cardholders benefit from travel insurance as well. The insurance covers things like travel accidents, car rental insurance, medical emergencies, flight interruption or delay among others. Last but not least, cardholders gain access to American Express Invites which are limited offer, exclusive events. 

All of these benefits sound amazing but there’s a cost for all the wonderful benefits. There’s a monthly fee of $12.99, which works out to be $155.88 per year. The monthly payment makes it easy for most to manage. Also, you need to make between $60,000 and $80,000 per year and have decent credit. The only disadvantage is the cap rate on the bonus points is 30,000. Another downside to this bonus is the points can’t be redeemed in a lump sum. This means there is a delay between when you earn the points and when you can redeem them. 

That being said, the American Express Cobalt® Card is still an excellent option for those who travel a lot and make lots of eligible purchases.

If everything about this card sounds good to you, sign up today and receive an extra 2,500 points each month you spend $500 or more, an achievable spending rate for most! You can earn up to 30,000 Membership Rewards® points.

SimplyCashTM Preferred Card from American Express
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Annual Fee: $99
Purchases Interest Rate: 19.99%
Cash Advance Interest Rate: 21.99%
Min Income Requirement: Not Available
Why Apply:
  • High cashback rewards
  • Complete suite of insurance and protection plans
Recommended Credit Score:
670 900
Average to Excellent
Apply Nowlock On American Express's Secure Website

If you are comfortable with shelling out a small fee of $99 per year, then the SimplyCash Preferred Card from American Express is one of the best cashback rewards cards. Those who want to maximize their rewards can take advantage of the limited-time 10% cashback rewards. It also offers a comprehensive insurance package that's worth more than $100 in value.

 

Why We Like It:

  • High cashback rewards One of the highest we've seen, the 10% promo cash back is a welcome opportunity for people who have a major purchase coming up. After the four-month promotional period is up, it returns to a still high 2% cash back with no limits. Cash back is applied as a statement credit to your account each September.
  • Complete suite of insurance and protection plans This Amex card offers extensive insurance that includes insurance against rental car damage, travel accident, foreign medical, and baggage theft as well as double manufacturer's warranty and insurance against theft or damage for purchases.

The SimplyCash Preferred credit card allows you to earn while you spend. There are no categories or limitations - wherever you spend, you’ll earn cash back with no earning caps. While the credit card does come with an annual fee of $99, you’ll benefit from numerous perks in addition to cash back.

American Express - SimplyCash Preferred Card

The American Express SimplyCash Preferred Card offers cardholders an incredible range of benefits that include high cashback rates and a referral bonus. American Express offers exceptional customer service to its cardholders, with customer care professionals that are available to answer questions and deal with card problems, such as lost or stolen cards, 24 hours a day.

Features and Benefits of the SimplyCash Preferred Card

  • Fantastic Welcome Offer. Earn 10% cash back in your first four months of card ownership.
  • Cash Back Rate. After the welcome offer expires, earn 2% cash back on all purchases.
  • Up to $1,500 cashback annually for approved referrals
  • No Limit on Earnings. After the welcome offer expires, there are no limitations on earnings with the 2% rate. 
  • Travel and Shopping Insurance. Travel abroad and shop around with peace of mind. Insurance coverage includes travel accident, car rental theft and damage, buyers assurance protection and much more.
  • Entertainment Benefits. Access special event offers from American Express, such as theatre, music, fine dining, fashion and shopping.
Pros and Cons of the SimplyCash Preferred Card

Pros
  • Cashback is earned on every purchase made with your card
  • There are no limits on the amount of cashback you can receive
  • Travel insurance limits are generous
  • Early access to concerts and other events

Cons

  • Amex isn't accepted as widely as Visa and Mastercard

The Takeaway

The American Express SimplyCash Preferred Card is an excellent option for those who are looking for a generous cashback program. Individuals who travel frequently for business or pleasure can also benefit from this card's included travel insurance, which covers accidents, medical expenses, and even lost baggage. Although this card comes with great benefits, it's important for potential users to consider the downfalls, which is the fact that some retailers across Canada don't accept American Express cards.It is always good to have a Visa or Mastercard credit card as a backup.

American Express AIR MILES Platinum Credit Card
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Annual Fee: $120
Purchases Interest Rate: 20.99%
Cash Advance Interest Rate: 21.99%
Min Income Requirement: Not Available
Why Apply:
  • Generous welcome bonus
  • Wide variety of rewards
  • Sufficient travel and shopping insurance
Recommended Credit Score:
670 900
Average to Excellent
Apply Nowlock On American Express's Secure Website

If you pay all your credit card balance monthly and is good at managing money, it makes perfect sense to get a credit card that rewards you – especially if it means free flights. Delivering the right mix of rewards and a low annual fee, the American Express AIR MILES Platinum Credit Card is a sensible credit card for people with mid to high spending. It gives you a lucrative welcome bonus, a generous rewards and referral program, and a good earn rate for an affordable annual fee.

Good value – For a $120 annual fee, this credit card provides more than enough travel benefits, rewards and insurance coverage.
  • Generous welcome bonus – This credit card comes with a 2,000 MILES sign-up bonus that is worth $200 as cash AIR MILES. This is already enough for a short-haul flight.
  • Wide variety of rewards – With more than 1000 rewards to choose from, you can redeem everything from travel to movie tickets, electronics, and more.
  • Sufficient travel and shopping insurance – You get car rental theft and damage insurance, $100,000 travel accident insurance, purchase protection plan, and buyer’s assurance protection plan.

Owners of the American Express Air Miles Platinum credit card earn one Air Mile for every $5 spent on eligible expenses. These expenses include food, drinks, groceries, gas, ride share and transit purchases in Canada, to name a few. Card holders also earn 1 Mile for every $10 spent on non-eligible purchases.

 

Card holders also have the opportunity to earn 2,000 bonus Air Miles.


 New American Express® AIR MILES®* Platinum Credit Card Cardmembers, earn a Welcome Bonus of 2,000 AIR MILES®* Bonus Miles when you charge a total of $1,500 in purchases to your Card within your first three months of Cardmembership. That’s enough to redeem for $200 towards your purchases with AIR MILES®* Cash

 

When it comes to points redemption, card holders can use them to purchase flights, merchandise, electronics, hotels, car rentals, among many other things. In addition, card holders will get 25% bonus Miles, based on how many you’re spending, on their first single flight or vacation package purchased through Air Miles once per calendar year. This once a year offer caps at 750 Air Miles, but still will contribute to one of your annual trips!

 

Card holders also benefit from Front of the Line, Insider Access, travel insurance and shopping insurance from American Express. There are also no income requirements, aside from paying the annual fee of $120.

 

In conclusion, the American Express Air Miles Platinum credit card is an excellent choice, particularly if you’re already invested in Air Miles’ loyalty program. You’ll also reap the benefits of low commitment balance transfers and other American Express benefits. Keep in mind that if you’re not keen on the annual fee of this credit card, American Express offers a basic Air Miles credit card with no annual fees.

 

  Scotiabank Gold American Express® Card
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Annual Fee: $129
Purchases Interest Rate: 19.99%
Cash Advance Interest Rate: 22.99%
Min Income Requirement: Not Available
Why Apply:
  • Generous sign-up bonus
  • Flexible redemption options
  • Travel convenience
  • Additional protection
Recommended Credit Score:
670 900
Average to Excellent
Apply Nowlock On Scotiabank's Secure Website

With a generous rewards rate of 5 points per dollar on gas, groceries, restaurants and entertainment, the Scotiabank Gold American Express Card will help make your travel plans a reality. Plus, with a flexible points program, you can book you flights on your own schedule.

  • Generous sign-up bonus -The Scotiabank Gold American Express® offers a way for new cardholders to quickly stockpile points. It lets you earn up to 50,000 bonus Scotia Rewards points in your first year (that’s up to $500 towards travel) Plus, no annual fee in the first year, including on supplementary cards.  
  • Flexible redemption options - With the Scotia Rewards Program, you can book your travel with any airline or hotel through its full-service travel agency. You can use your points to cover the whole cost of the trip, including taxes and fees, or combine your points and a charge to your card. Points can also be used to book hotels and rental cars.
  • Travel convenience - Added features such as rental car discounts and hotel room upgrades are designed to make travel as convenient and comfortable as possible.
  • Additional protection - This Amex credit card provides has one of the most comprehensive travel protection benefits with insurance against flight delays and lost baggage even insurance against burglaries.

With a generous rewards rate of 5 points per dollar on gas, groceries, restaurants and entertainment, the Scotiabank Gold American Express Card will help make your travel plans a reality. Plus, with a flexible points program, you can book you flights on your own schedule.Excellent credit card with 7 types of travel coverage and great reward earn rates.

  • Generous sign-up bonus -The Scotiabank Gold American Express offers a way for new cardholders to quickly stockpile points. It lets you earn 50,000 bonus points in your first year. 
  • Flexible redemption options - With the Scotia Rewards Program, you can book your travel with any airline or hotel through its full-service travel agency. You can use your points to cover the whole cost of the trip, including taxes and fees, or combine your points and a charge to your card. Points can also be used to book hotels and rental cars.
  • Travel convenience - Added features such as rental car discounts and hotel room upgrades are designed to make travel as convenient and comfortable as possible.
  • Additional protection - This Amex credit card provides has one of the most comprehensive travel protection benefits with insurance against flight delays and lost baggage even insurance against burglaries.




Scotiabank®* Platinum American Express® Card
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Annual Fee: $399
Purchases Interest Rate: 19.99%
Cash Advance Interest Rate: 22.99%
Min Income Requirement: Not Available
Why Apply:

 

  • Generous rewards
  • Travel benefits
  • Complete travel insurance coverage
Recommended Credit Score:
670 900
Average to Excellent
Apply Nowlock On Scotiabank's Secure Website

Aside from its high return rates, the Scotiabank Platinum American Express provides an impressive list of purchase and travel insurance benefits that justifies the annual fee. The best credit card for insurance coverage in Canada, it provides peace of mind and comprehensive protection on the road and the longest extended warranty and purchase protection.

 

  • Generous rewards -The Scotiabank Platinum Amex Card has one of the highest rates for a travel credit card. It offers an unmatched 4X points for groceries, gas, restaurants and entertainment purchases and 1x point anywhere else. Points can be used for travel, merchandise and gift cards.
  • Travel benefits -Credit cards with annual fee have to justify the cost with lots of benefits. The Scotiabank Platinum Amex gives access to a full-service travel agency with a best price guarantee, Front Line tickets to the hottest events, 24/7 concierge, and 14 free visits to priority pass lounges per year.
  • Complete travel insurance coverage -This credit card gives the best travel medical and purchase protection and the longest extended warranty (2 years) among other credit cards.

The Scotiabank Platinum American Express® Card is definitely not your average Scotiabank card. This card has a high annual fee. However, the rewards are simply exceptional.

 

First of all, this card gives you 4 points of Scotia rewards for every $1 you spend on dining, entertainment, groceries and gas. Second, it offers you some exquisite travel privileges. Third, you get 30,000 points the moment you make your first purchase.

 

This card costs $399, with the supplementary cards each costing $99. The interest rate for this card is the regular one, with 19.99% for purchases and 22.99% for cash advances.

 

In terms of features, the Scotiabank Platinum American Express® Card offers you the following:

 

- Premium concierge services

- Priority pass when travelling and access to 600+ VIP lounges all across the globe

- Leverage the American Express Invites program to be the first one to discover unique events and experiences happening in your city

- Use your VIP pass to gain priority entrance at worldwide events

- Use the Scotia rewards advantage to enjoy new offers

- Capitalize on the Hertz club membership for improved services



Scotiabank®* Platinum American Express® Card is a premium credit card with exclusive benefits and 7 types of insurance coverage.

Aside from its high return rates, the Scotiabank®* Platinum American Express® Card provides an impressive list of purchase and travel insurance benefits that justifies the annual fee. The best credit card for insurance coverage in Canada, it provides peace of mind and comprehensive protection on the road and the longest extended warranty and purchase protection.

 

Scotia Momentum® Visa Infinite* Card
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Annual Fee: $120
Purchases Interest Rate: 19.99%
Cash Advance Interest Rate: 22.99%
Min Income Requirement: $60000
Why Apply:
  • Welcome bonus
  • No-nonsense rewards
  • Enhanced insurance package
Recommended Credit Score:
670 900
Average to Excellent
Apply Nowlock On Scotiabank's Secure Website

For people who love to eat and drive, the Scotia Momentum VISA Infinite Card is the best rewards credit card with a fee. It provides an unrivaled 4% cash back on food and gas along with 2% on recurring payments and drugstore purchases, and 1% on the rest. On top of that, this card also comes with comprehensive insurance benefits and concierge benefits.

  • Welcome bonus  No annual fee in the first year, including on supplementary cards.
  • No-nonsense rewards Rewards are clear, transparent, easy to earn and easy to redeem. Cash back rewards are paid out annually either as a deposit to eligible chequing or savings account or credited to your credit card statement.
  • Enhanced insurance package The improved insurance package is comparable with other more premium cards. It provides comprehensive coverage on travel, including rental car collision loss or damage as well as purchase security and extended warranty protection.
  • Additional Perks. Obtain exclusive offers from Scotiabank including concierge service, competitive hotel rates and upgrades, and access to dining and wine country programs.
  • Annual Fee. Gain access to all of the above perks at the cost of $120 after the first year.

Excellent credit card with outstanding benefits and full insurance coverage.

The Scotia Momentum Visa Infinite card was the winner of the MoneySense best cashback card with a fee in 2020 - and for good reasons! Card holders earn cash back on all purchases at varying rates. There are also other perks of card ownership including access to exclusive Scotiabank events and offers, plus ample insurance coverage.

  • Special Welcome Offer. No annual fee in the first year, including on supplementary cards.
  • Tiered Cash Back Rates. Earn 4% cash back for every dollar spent on groceries and recurring bill payments. Earn 2% cash back for every dollar spent on gas and daily transit. Finally, earn 1% cash back for every dollar spent elsewhere.
  • Additional Perks. Obtain exclusive offers from Scotiabank including concierge service, competitive hotel rates and upgrades, and access to dining and wine country programs.
  • Insurance Coverage. Ample coverage comes with this credit card, such as new mobile device, trip cancellation, trip interruption, purchase protection insurance and much more.
  • Annual Fee. Gain access to all of the above perks at the cost of $120 after the first year.
HSBC World Elite® Mastercard®
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Annual Fee: $149
Purchases Interest Rate: 19.9%
Cash Advance Interest Rate: 22.9%
Min Income Requirement: Not Available
Why Apply:

No foreign transaction fees

$100 annual travel enhancement credit

31-day insurance coverage

Mastercard Airport Experiences 

Get unlimited Wi-Fi through Boingo 

Recommended Credit Score:
670 900
Average to Excellent
Apply Nowlock On HSBC's Secure Website

Earn 3% in travel rewards on all eligible travel purchases(6 Points per $1) and 1.5% in travel rewards on all other eligible purchases(3 Points per $1).

This card comes with no foreign transaction fees, 31-day emergency travel medical insurance coverage, a 10% discount on hotel bookings, unlimited Wifi through Boingo, extended warranty, purchase assurance, and $100 travel enhancement credit.

The HSBC World Elite® Mastercard® is a modern rewards card that is quite useful for any clients who are using their credit cards for any type of purchase. With this card, you can get 6 points for every $1 you spend on eligible travel purchases, 3 points per $1 spent on all other eligible purchases. 

This card also comes with no foreign transaction fees, 31-day emergency travel medical insurance coverage, a 10% discount on hotel bookings, unlimited Wifi through Boingo, extended warranty, purchase assurance, and $100 travel enhancement credit. 

The HSBC World Elite® Mastercard® costs $149 a year and comes with a standard interest on purchases of 19.9% and interest on balance transfers and cash advances of 22.9%.The current Welcome Bonus is 20,000 Points ($100 travel value) PLUS apply by January 31, 2022  and get an additional 50,000 Points ($250 travel value) when you spend $6,000 in the first 180 days of account opening*, and get a 1st Year annual fee rebate for Primary Cardholder*($149 value), earn 10,000 Points ($50 travel value) for adding your 1st Authorized User*, and receive an additional 20,000 Points ($100 travel value) as an Anniversary Bonus* 

You can use all points accumulated on this card to purchase airplane tickets to the airline partners of HSBC, which are British Airways, Singapore Miles and Asia Miles. As for medical travel insurance, this card is one of the absolute best, coming with $1 million in medical insurance, $500,000 in common carrier travel insurance, $750 for lost or delayed baggage, $5,000 trip cancellation in total, and another $65,000 in auto rental collision insurance.


How to redeem HSBC rewards points

You can track your rewards and make a redemption by logging into HSBC’s website or by calling 1-866-611-4722. HSBC rewards points can be redeemed for travel, experiences, merchandise or personal finances. A breakdown of each category can be found below.

  • Travel and experiences. Use your points to purchase airline tickets, vacation packages, car rentals, hotels, cruises, train tickets or tours. There are no blackout dates or seat restrictions. If you prefer to book through a travel agent other than HSBC, you can complete the purchase and have the amount refunded via HSBC points. However, you must make the claim within 60 days of the purchase date and you must secure the booking using your HSBC credit card.
  • From products to charitable donations to gift cards, the HSBC rewards catalogue has something for everyone.
  • Personal finances. Put your points towards your finances to reduce the burden. Rewards can be used to pay down your mortgage, add to your savings account or pay down your credit card balance.

How to get the most out of your HSBC rewards?

The value of a HSBC point varies immensely depending on what you choose to make a redemption for. The value of each point is estimated below based on rewards type.

  • 57 cents per point for experiences
  • 5 cents per point for travel
  • 47 cents per point for gift cards
  • 42 cents per point for merchandise
  • 3 cents per point for statement credits

As you can see, members obtain the most financial value when redeeming on travel and experiences. The least financial value is obtained when using points for personal finance purposes.

Keep in mind that qualitative aspects of the loyalty program should be considered when making a redemption too. If you receive the greatest intrinsic value when redeeming for merchandise, then you should use your points for that. After all, the program is for your personal benefit, use it for that purpose!


Do HSBC rewards points expire?

So long as your account is in good standing, your points will never expire. Keep in mind that HSBC, like many other loyalty program hosts, have the right to cancel your rewards at any time. A common reason they would cancel your rewards is if you continuously failed to make payments on your account.


Can I transfer my HSBC rewards points?

It is possible to transfer HSBC rewards to another loyalty program. However, you must have an eligible credit card and the program you want to transfer to must be affiliated with HSBC.

Only the World Elite Mastercard, Premier World Elite Mastercard and Premier World Mastercard allow for point transfers. Asia Miles, KrisFlyer Miles and British Airway Executive Club are affiliated frequent flyer programs. Unfortunately, popular travel loyalty programs, such as Aeroplan and WestJet Rewards, are not compatible. The rate of transfer is as follows:

  • 25,000 HSBC points to 8,000 Asia Miles
  • 25,000 HSBC points to 9,000 Singapore Krisflyer Miles
  • 25,000 HSBC points to 10,000 British Airways Avios

How do I check my HSBC rewards points balance?

You can check your HSBC points balance using one of the following options:

  • Check your monthly statement.
  • Log into HSBC’s Personal Internet Banking portal (if you’re registered)
  • Log into HSBC’s Mastercard Online Access portal (if you’re registered)
  • Call HSBC at 1-866-688-4722 and inquire about your balance.

Do HSBC rewards points cover taxes and fees?

The answer is likely yes. It does not say anywhere in the terms and conditions that points cannot be used to cover taxes and fees. This communicates that points can be put towards taxes and fees. In addition, members can make a travel-based purchase and have the full amount, which would include taxes and fees, refunded using HSBC points.


Are HSBC rewards points subject to blackout dates or seat restrictions?

No, there are no blackout dates or seat restrictions.


How do I earn HSBC rewards faster?

You can earn HSBC rewards faster by spending more on your HSBC credit card or by upgrading to a credit card that earns points at an accelerated rate.

 

HSBC +Rewards™ Mastercard®
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Annual Fee: $25
Purchases Interest Rate: 11.9%
Cash Advance Interest Rate: 11.9%
Min Income Requirement: Not Available
Why Apply:
Low Interest Rate
Insurance Coverage 
Price Protection Service
Recommended Credit Score:
670 900
Average to Excellent
Apply Nowlock On HSBC's Secure Website

This card is perfect for any Canadian resident who wants a low-interest rate and coverage. With it, you can gain access to comprehensive travel insurance, price protection, zero liability protection, enhanced security, tap & pay, and worldwide acceptance.

Low Interest Rate :Reduce your interest on purchases, cash advances and balance transfers.

Insurance Coverage: Shop confidently knowing that your eligible purchases are well-protected when you make them using your card.

Price Protection Service: If you find a lower price within 60 days of your purchase the difference will be refunded – up to $500.

HSBC +Rewards™ Mastercard® Review

 

If you are looking for a card with low interest and annual fees, the HSBC +Rewards™ Mastercard® could be a good option. One of the main draws to this card is that not only do you have low fees and interest, but also the opportunity to earn points on every purchase. Not everyone is familiar with HSBC as a bank, as it is more internationally focused.

However, Canadians can find an excellent credit card with flexible redemption as well as an enticing welcome bonus offer that could be just what they are looking for in a credit card. Here’s our review of the HSBC +Rewards™ Mastercard® to help you decide if it will meet your needs.

HSBC +Rewards™ Mastercard® Welcome Bonus

 

It’s always smart to look at welcome bonuses credit cards offer new cardholders. You will find a pretty generous offer for becoming a HSBC +Rewards™ Mastercard® holder with a first year annual fee waiver for the Primary Cardholder and 30,000 bonus HSBC Rewards points with a minimum purchase of $2,000 within the first six months.

This is twice as much time to get your bonus points, as many banks often require the spend within the first three months. As well, an HSBC Rewards point is worth $0.005 when redeemed for travel, so you start off right out of the gate with up to $150 available. All of this for a low annual fee of just $25.

Benefits and Features

 

In hand with the above-mentioned bonus, although not an extensive list of perks, there are many other benefits and features with the HSBC +Rewards™ Mastercard® including:

  •       Low yearly fees of $25
  •       Low interest rate of 11.99%
  •       Double points on eligible dining and entertainment
  •       Price Protection for comparison shoppers
  •       Purchase insurance
  •       No minimum income requirement so anyone can apply
  •       Contactless payment perfect for pandemic shopping

The card is accepted worldwide and offers optional travel insurance for those who need it.

HSBC +Rewards™ Mastercard® Rates and Fees

 

As mentioned, you have very reasonable low fees with the HSBC +Rewards™ Mastercard® at just $25 a year for the primary cardholder and $10/year for associated cards issued. Other fees include:

  •       2.5% foreign currency fee
  •       5% of your balance transfer
  •       $2 withdrawal fees for ATM withdrawals in Canada
  •       $2 wire transfer fee

Where you really see a difference is in the low interest rate of just 11.9%. This represents exceptional savings for those who tend to carry a balance.

Earning HSBC Reward Points

 

HSBC +Rewards™ Mastercard® is designed to make it easy for people to both earn and redeem points. As with other cards, your points earned are broken down into categories, with 2 points for every $1 on eligible dining or entertainment purchases and 1 point for every $1 spent on everything else.

Redeeming HSBC Reward Points

 

Some people might find it confusing for points redemption as the value varies based on the rewards you choose. You can redeem for travel, gift cards, merchandise or financial rewards. If you were travelling 30,000 points is equal to about $150.

On the other hand, what people love about this approach is they have more flexibility and can use their points where they need them most or to suit their lifestyle. You can also use the Mastercard Pay App if you want to build up your cashback automatically then redeem your points to make purchases from their online rewards catalogue.

Redemption Options for HSBC Rewards Points

 

As mentioned, many people choose the HSBC +Rewards™ Mastercard® due to its flexibility on how points are redeemed whether it is travel rewards, gift cards, or merchandise. Your choices include:

  •       Personal Finance such as your mortgage, credit card or savings account
  •       Rewards towards gift cards, electronics and exciting experiences
  •       Travel points towards flights, hotels, car rentals, etc.

As long as your account is in good standing, you never lose your points. That means you can continue to use your card to earn the number of points needed to meet certain goals whether it is planning a trip, paying down your mortgage or buying something special.

 

HSBC +Rewards™ Mastercard® Eligibility and Requirements

 

You just need to meet the age of majority in your home province and be a Canadian resident to apply. With no minimum income, it becomes easier to be eligible as long as you have a fair credit score of 680 or higher. Just be sure you have proof of identity and residency such as a driver’s license. You can apply online with an ID ready to go for instant verification.

HSBC +Rewards™ Mastercard® vs Scotia Value Visa Card

 

Another popular choice in this category of credit cards is the Scotia Value Visa card. Here’s how it lines up with the HSBC +Rewards™ Mastercard®:

  •       Welcome offers: 0.99% introductory interest rate on balance transfers for the first 6 months
  •       Annual fee: $29, $0 for supplementary cards
  •       ARP interest rate: 12.99% on purchases, cash advances, balance transfers and Scotia Credit Card Cheques
  •       Credit Limit: $500.00 minimum
  •       Tap your Scotiabank Value® Visa* Card or your smartphone
  •       Save up to 25% off base car rental rates at participating AVIS and Budget locations in Canada and the U.S.

One of the biggest advantages of the Scotia Value Visa card is if you have a balance owed on a high-interest rate card you can balance that transfer to your new card and pay only 0.99% interest for six months. Planned right you can save tons of money, especially if you can completely pay down the balance in that period. However, the card doesn’t offer the same benefits and features as the HSBC +Rewards™ Mastercard® such as rewards, price protection, extended warranties and more. It all depends on your goals and what is most important to you.

Who is this card good for?

 

This is the best card for people who want a card with rewards, don’t mind paying a low annual fee and are looking to reduce the interest they pay. If you have a fair to good credit score, but no income, you can reap the rewards of the points program, enjoy a low interest rate and use your reward points to help establish your financial health.

You can also use the rewards to work towards something like a trip or purchase. The HSBC +Rewards™ Mastercard® might have limited perks but compared to the Scotia Value Visa card you really are seeing much more value. You get a good base card that helps you save not just on interest but also on purchases in many categories allowing you to compare shop and still see savings if you find a better offer within 60 days of your purchase. It also offers excellent protection for this category of card.

You can also enjoy more nights out with double points earned on dining and entertainment, with those points used to pay for future meals and fun. All in all it is a nice rounded card for those looking to collect points on a low fee, low interest card.

How to Apply for the HSBC +Rewards™ Mastercard®

 

As with any credit card you can apply online using their online application form. Be prepared to provide ID to prove you are a Canadian resident such as a driver’s license or something with your address and a photo as well as your social insurance number. The process is quick and painless and if approved you should receive your card within a few days via mail.

Conclusion

 

The bottom line is that the HSBC +Rewards™ Mastercard® is a solid card offering enough perks to make it worth the low $25 annual fee. It is really a great starter card, but also allows you to reduce how much interest you pay if you tend to carry a balance. If you are looking for basic perks including a very respectable and flexible rewards program, you can use your card to work towards a dream trip or to help you out financially.

You can also simply use your rewards towards purchases, and everything you purchase provides points. However, if you are interested in no fees or extensive benefits and insurance, this isn’t the card for you. Although you will find cards with many more benefits that also help you earn rewards more quickly, this is the perfect choice for a starter card, or for people looking for the best of both worlds: Low annual fees and interest rates plus a way to collect rewards to go towards financial support or living life to the fullest.

Author Bio

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Mohamed Konate

Mohamed Konate is a personal finance expert, blogger, and marketing consultant based out of Toronto. He is a former financial services professional who worked for many years at major Canadian financial institutions where he managed the marketing strategy around various financial products ranging from credit cards to lines of credit. Mohamed is passionate about personal finance and holds a Bachelor in Business Administration from the University of Quebec (Montreal) and a Master in International Business from the University of Sherbrooke (Quebec).He is also the author of the Canadian Credit Card Guidebook.