HSBC Rewards Program: Everything You Need To Know

HSBC Rewards Program: Everything You Need To Know

 

HSBC is among the world’s biggest banking and financial services institutions. The organization offers numerous services including personal banking, commercial banking and global banking. It is one of the best financial institutions for international banking needs. Their network spans 64 countries including regions within Europe, Asia, Africa, North America, the Middle East and Latin America. HSBC operates in Canada under the name HSBC Bank Canada.

As a HSBC client, you have the opportunity to participate in the HSBC Rewards program. This loyalty program allows members to earn points while using HSBC’s credit card products. Once enough points have been accumulated, members can make a redemption for travel, experiences, merchandise or personal finances. To learn more about how the HSBC rewards program works, continue reading below.


How to earn HSBC rewards

In order to earn points, you must have a HSBC credit card. Fortunately, HSBC has an array of credit cards to choose from. A summary of each credit card, including the earning rates and annual fees, can be found below.

  • HSBC World Elite® Mastercard®. Earn 6 points for every dollar spent on travel purchases and 3 points per dollar spent elsewhere. The annual fee for this credit card is $149.










  • HSBC +Rewards™ Mastercard®. Earn 2 points for every dollar spent on dining or entertainment purchases and 1 point for every dollar spent elsewhere. The annual fee for this credit card is $25.










  • HSBC Premier World Elite® Mastercard®. Earn 6 points for every dollar spent on travel purchases and 3 points per dollar spent elsewhere. The annual fee for this credit card is $149.

  • HSBC Premier Mastercard®. Earn 0.75 points for every dollar spent. There is no annual fee for this credit card.

  • HSBC Advance Mastercard®. Earn 0.75 points for every dollar spent. There is no annual fee for this credit card.

  • HSBC Mastercard®. Earn 1 point for every dollar spent. There is no annual fee for this credit card, unless the cardholder chooses to use the Low-Rate Program. The annual fee for this program is $25.

  • HSBC Premier World Mastercard. Earn 2 points for every dollar spent on purchases made in a foreign currency, 1.5 points for every dollar spent on gas, grocery and pharmacy, and 0.75 points for every dollar spent elsewhere. There is no annual fee for this credit card.

  • HSBC Gold Mastercard. Earn 1 point for every dollar spent. The annual fee for this credit card is $60.

 


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.


Getting 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!



FAQs


Do you have additional questions about the HSBC rewards points program? Check out the commonly asked questions and My Rate Compass’ corresponding responses below.



How do I log into my HSBC rewards account?

You can log into your HSBC rewards account by following the below steps:

  1. Visit HSBC Canada’s website.
  2. At the top right, click Login.
  3. Enter your login details.

If you don’t remember your HSBC rewards login information, contact HSBC to reset it.



How do I contact HSBC rewards?

You can contact HSBC rewards by phone. For questions about your HSBC rewards, call 1-866-688-4722. For all other inquiries related to your HSBC credit card, call 1-866-406-4722.


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

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.


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.

 

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