HSBC World Elite® Mastercard® Review

Published by Mohamed Konate | Updated Mar 08, 2022
HSBC World Elite® Mastercard® Review

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HSBC World Elite® Mastercard® Review

HSBC World Elite® Mastercard® Review

 

When it comes to elite travel reward credit cards, the HSBC World Elite® Mastercard®
is designed with travellers with high spending habits in mind. With this credit
card, you can earn up to 6 points per $1 and enjoy perks focused on travel
including an impressive travel insurance feature and $100 travel enhancement
credit each year.


HSBC World Elite® Mastercard® Welcome Bonus

 

As a new cardholder, your first-year annual fee is waived, and you can get up to
100,000 bonus HSBC Rewards points. Your welcome bonus includes 20,000 Points
following your first purchase to start
. You then can earn 50,000 Points if you
spend a minimum of $6,000 in the first six months, and when you add your first
authorized user you get another 10,000 Points. On the date of the first anniversary
of your account, you get a 20,000 Point bonus. In total, this translates into
as much as a $500 value plus your $149 savings for your first annual fee rebate
for a grand total of $649.


Benefits and Features

 

When considering the HSBC World Elite® Mastercard® this highly attractive welcome
bonus isn’t the only thing that might attract you. The card also offers a very
lucrative earning system with the chance to earn up to 6 points per $1.
Benefits include:

     
6 points per $1 dollar on eligible travel purchases

     
3 points per $1 dollar on other eligible purchases

     
Use points on any travel expense that you charge on your card

     
Credit of $100 as an Annual Travel enhancement which you can redeem for things like seat upgrades, airline fees, and other travel-associated costs

     
21-day interest-free period following every purchase

     
Transfer points to three airline partners including Asia Miles – Cathay Pacific, Krisflyer – Singapore
Airlines, or Executive Club – British Airways

     
No foreign currency conversion fees

     
Airport lounge access with LoungeKey

     
Boingo unlimited Wi-Fi access

     
10% Expedia and Agoda discounts

     
31-day Worldwide Emergency Travel Medical insurance

     
Baggage Delay or Loss insurance

     
Trip Cancellation and Trip Interruption/Delay insurance

     
Car rental insurance

     
Purchase Assurance

     
Extended Warranty Insurance

      Accepted everywhere, including Costco

You’ll find your travel experience not only becomes more affordable but also much more
enjoyable. You can travel with peace of mind thanks to all that insurance
whether you lose your luggage, have to cancel the trip or become ill while
away.


HSBC World Elite® Mastercard® Rates and Fees

 

Your annual fees are quite high at $149 for the primary card and $50 per year for
each additional authorized card. Your APR is 19.9% and 22.9% for cash advances
or balance transfers which line up with other elite travel rewards cards.


Advantages

 

There are many advantages to carrying the HSBC World Elite® Mastercard® around in
your wallet. For one, if you travel frequently, you aren’t charged foreign
currency transaction fees and will only pay the Exchange Rate which saves you
on your purchases. As well, you can book your hotel through Expedia or Agoda
for a discount of 10% and also have one of the most comprehensive travel
insurance packages available. In fact, it’s so impressive we go into more
detail with a section dedicated to travel insurance below.


Things to watch out for

 

There are some downsides to the card, including only high-income earners can apply.
The fact high earners are the main target for this card means that what most
people should watch out for in the form of high fees, isn’t as much of a worry.
As mentioned, you are paying $50 for each authorized card users which can add
up depending on how many people you share the card with.


Additional Perks

 

Something you don’t see very often in this level of card is impactful bonuses. However,
the HSBC World Elite® Mastercard® offers the chance to get bonus points through
conversion thanks to promotions with HSBC Rewards and airline loyalty programs.
This can be as high as a 35% bonus. For example, if you wait until there is a
conversion event to book your flight, you can see an additional 70,200 Avios
miles when you convert 130,000 points. You also have your choice of rewards
including:

     
Gift cards for merchandise

     
Financial rewards through HSBC including credits towards your HSBC Mastercard Account Credit, HSBC Mortgage Account or HSBC Savings Account Credit

     
Travel rewards

      Transfer to airline rewards programs

So you really have a very flexible card with tons of perks and easy ways to really
ramp up your points especially for travel.


HSBC World Elite® Mastercard® Insurance Breakdown

 

As mentioned, comprehensive travel insurance coverage is probably the best
available on a travel rewards card. You have extended coverage for up to 31
days up to $1 million per person for emergency medical insurance coverage. You
have complete peace of mind when you travel because not only are you covered
for accidents or illness, but also for issues such as baggage delay or loss up
to $750 per insured person.

You get $200 to cover essentials in the case of delayed luggage if it takes 12
hours or more. If you charge at least 75% of trip expenses on your card, you
are reimbursed up to $2,000 per insured person with a $5,000 maximum per trip.
Other insurance coverage includes:

     
Car rental insurance for rentals charged on your card which covers the full value of the vehicle in case of theft or damage as well as personal effects and accidental death or injury.

     
Purchase Protection on purchases for 90 days including damage, loss, and theft.

      Extended Warranty that doubles the manufacturer’s warranty for up to one additional year
for eligible products purchased with the card.

You really are covered for just about anything you can think of when it comes to
credit card insurance.


HSBC World Elite® Mastercard® Eligibility and Requirements

 

The HSBC World Elite® Mastercard® does have a high-income requirement of $80,000
for an individual and $150,000 per household. You can also have assets under
management adding up to a minimum of $400,000 to qualify. Other than that, you
need the same requirements as any other Canadian credit card which is being the
age of majority in the province and having Canadian citizenship or permanent
residency.





HSBC World Elite® Mastercard® vs Scotiabank Passport® Visa
Infinite* Card vs Scotiabank Gold American Express Card

 

When comparing the HSBC World Elite® Mastercard® to cards in the same category,
here’s what you get with the Scotiabank Passport® Visa Infinite* Card and
Scotiabank Gold American Express Card:


Scotiabank Passport® Visa
Infinite* Card

     
Welcome Bonus: Earn up to
30,000 bonus points for a value of $300 in your first year, pay no annual fee
on any cards in the first year, earn 5X points on Travel for the first 3
months
, earn 20,000 bonus points when you spend $1,000 in everyday eligible
purchases in the first 3 months, 10,000 bonus points when you spend at least
$40,000 in everyday eligible purchases annually.

     
Redemption: Points go
towards statement credits, travel, the latest in tech, gift cards and more

     
Fee: $139/year which is
waived in the first year $0 for first authorized card and $50 for each
additional

     
Interest rates: 19.99% on
purchases and 22.99% on cash advances and balance transfers

     
Minimum credit limit:
$5,000

     
2 points on every $1 for
eligible grocery stores, dining, entertainment purchases, and daily transit
purchases

     
1 point on every $1 you
spend on all other eligible purchases.

     
First 3 months, earn 5x
the points on travel booked through Scotia Rewards

     
No foreign transaction
fees

      Save
2.5% on all your foreign currency purchases and online cross-border shopping

Insurance includes:

      Travel
Emergency Medical Insurance for up to 25 consecutive days and for people over
65 up to 3 consecutive days.

      Trip
Cancellation/Interruption Insurance when you charge at least 75% of your trip
costs to your card

      Flight
Delay Insurance when you charge at least 75% of the full ticket cost to your
card you are eligible for reimbursement for accommodation, emergency items and
meals

      Delayed
and Lost Baggage Insurance when you charge the full cost of your flight, train,
bus or cruise ship to receive lost or delayed luggage is covered

      Rental
Car Collision Loss/Damage Insurance when you change your full rental cost

      Hotel/Motel
Burglary Insurance when you charge your full hotel or motel stay

      Travel
Accident Insurance when you charge at least 75% of your ticket cost for
accidental loss of life or dismemberment coverage

      Purchase
Security & Extended Warranty Protection for most items purchased with your
card within 90 days

      Double
the manufacturer’s warranty for up to one year

Income requirement:
$60,000 personal, $100,000 household or a minimum assets under management of
$250,000.



Scotiabank Gold American
Express® Card

     
Welcome bonus: Earn up to
40,000 bonus Scotia Rewards points for a $400 value for travel and pay no
annual fee for all cards with an introductory interest rate of zero on balance
transfers for the first 6 months
.

     
Fee: $120/year and $29 for
each additional card

     
Interest rates: 19.99% on
purchases and 22.99% on cash advances and balance transfers

     
Minimum credit limit:
$5,000

     
Earn 5 points on every $1
on eligible grocery stores, restaurants, fast food, and drinking
establishments. Includes popular food delivery and food subscriptions.

     
Earn 5X points for every
$1 CAD spent on eligible entertainment purchases. Includes movies, theatre, and
ticket agencies.

     
Earn 3X points for every
$1 CAD spent on eligible gas and daily transit. Includes rideshare, buses,
taxis, subway, and more

     
Earn 3X points for every
$1 CAD spent on eligible select streaming services.

     
Earn 1X point for every $1
spent on every other purchase.

     
No foreign transaction fee
on foreign currency purchases, online shopping and when travelling abroad, pay
only the exchange rate.

      Save
2.5% on all your foreign currency purchases and cross border online shopping

Insurance includes:

      Travel
Emergency Medical Insurance for up to 25 consecutive days and for people over
65 up to 3 consecutive days.

      Trip
Cancellation/Interruption Insurance when you charge at least 75% of your trip
costs to your Card

      Flight
Delay Insurance when you charge at least 75% of the full ticket cost to your
card for reimbursement for accommodation, emergency items and meals

      Delayed
and Lost Baggage Insurance when you charge the full cost of your flight, train,
bus or cruise ship

      Rental
Car Collision Loss/Damage Insurance when you change your full rental cost

      Hotel/Motel
Burglary Insurance when you charge your full hotel or motel stay

      Travel
Accident Insurance when you charge at least 75% of your ticket cost you are
covered for accidental loss of life or dismemberment

      Purchase
Security & Extended Warranty Protection for most items purchased with your
Card within 90 days

      Double
the manufacturer’s warranty for up to one year

Income requirement:
$60,000 personal, $100,000 household


Who is this card good for?

 

If you are a frequent flyer looking for an elite rewards card, this is the card
for you. Although the annual fee is high, it is waived in the first year, and
you can always use your Annual Travel enhancement towards the fees. You’ll
enjoy no foreign transaction fees, an unbeatable travel insurance package and
earn higher points than any other card. As a result, you can have plenty of
points available to go towards travel, finance, or merchandise.


Conclusion

 

All in all, when it comes to the HSBC World Elite® Mastercard® you are getting
solid features, a quick way to earn points and an impressive list of travel
perks. You also have superior insurance coverage for stress-free travel and can
save even more on travel by watching for conversion cross-promotions through
Avios.

Keep in mind that the fee is high, and the interest is also not great, but this is
outweighed by how quickly you can earn points when you travel. You get a good
head start on your points with a generous sign-on bonus which gets you where
you want to go faster. If you have good credit and consider yourself a
globetrotter, you really can’t go wrong with the HSBC World Elite® Mastercard®

Author Bio

User
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.

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