HSBC +Rewards™ Mastercard® Review
Earn 30,000 Points (up to $150 in travel value) PLUS a 1st Year annual fee rebate($25 value).
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Recommended Credit Score:
670 900
Average to Excellent
Welcome Bonus Value
Annual Fee
Purchase Interest Rate
Min Personal Required
HSBC +Rewards™ Mastercard®
Apply Now
My Rate Compass Rating: star star star star star_half (4.6)
Bank Name:HSBC
Network Type:Mastercard
Awards:Best Credit Card Award Winner
HSBC +Rewards™ Mastercard®
Welcome Bonus
Earn 30,000 Points (up to $150 in travel value) PLUS a 1st Year annual fee rebate($25 value).
Annual Fee
HSBC +Rewards™ Mastercard®
Card Details
HSBC +Rewards™ Mastercard® review

Welcome offer

Apply for an HSBC +RewardsTM Mastercard® by January 31, 2022 and earn 30,000 Points ($150 travel value) when you spend $2,000 in the first 180 days of account opening*, and get a 1st Year annual fee rebate for Primary Cardholder*($25 value)

This offer is only available to residents of Canada other than the province of Quebec (Quebec residents eligible for separate offer).

HSBC Plus Rewards Program

2x Rewards on eligible dining and entertainment

Earn 1 Point for every $1 on all other everyday purchases*.

Redeem your Points your way – The choice is yours.

  • Travel
  • Gift cards and valuable merchandise
  • Financial rewards

*Terms and Conditions apply

®/TM Mastercard and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Used pursuant to license

  • Priority airport services No
  • Airport lounge access No
  • Concierge service No
  • Balance protection(Optional) No
  • Purchase Security & Extended Protection Insurance Yes
  • Flight delay insurance,Baggage Insurance No
  • Vehicule rental insurance No
  • Travel accident insurance No
  • Travel medical insurance No
Fees and Eligibility
  • Annual Fee: $25
  • Additional Card Fee: $10
  • Purchases Interest Rate: 11.9%
  • Cash Advance Interest Rate: 11.9%
  • You're a Canadian resident
  • You've reached the age of majority in your province or territory
Recommended Credit Score:
670 900
Average to Excellent
Our Rating
My Rate Compass Rating: star star star star star_half (4.6)
Rating Methodology: My Rate Compass's ratings are determined by our editorial team. Our editors rate credit cards objectively based on the benefits and features the credit card offers, interest rates, the fees, and how a credit card compares with other cards in its category. Credit card rating methodology
Editorial Guidelines: Learn more about our editorial guidelines here.
Pros and Cons


The main advantages to being a HSBC +Rewards™ Mastercard® holder are:

  •       You can earn points on everything you purchase
  •       Your low interest rate of 11.9% applies to everything: purchases, cash advances, and balance transfers
  •       Personal Assurance covers eligible items purchased with your card against loss, theft, or damage for 90 days
  •       Option for Extended Warranty insurance
  •       Price protection so you receive the difference of a purchase you made if you find a lower price within 60 days (up to $500) as the ultimate price-match guarantee
  •       No minimum income is required so anyone can apply as long as you are a Canadian resident over 18
  •       Tap & Go and Apple Pay compatibility
  •       Zero liability protection if your card gets stolen
  •       Advanced chip and PIN technology for added security
  •       Additional insurance for travel for $69/year

So with low interest on everything in hand with price protection, you really can improve your finances. The ability to use rewards towards your personal finances takes this one step further, so rewards can help pay down your mortgage or credit cards. If savings is your goal, rewards can be deposited as cash in your bank account.


Editor's Review
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.



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.

HSBC +Rewards™ Mastercard®

Rates and Fees Information Box

Annual Interest Rates

These interest rates are in effect on the day your HSBC Mastercard account (“Account”) is activated.

Purchases and fees: 11.9%
Cash Advances including Quasi-cash transactions: 11.9%
Balance Transfers: 11.9%
Cheques: 11.9%

If you do not pay the Minimum Payment in full by the due date on your Account statement two billing periods in a row (the “first” and “second” billing periods), your interest rates in effect at the end of the third billing period will increase by 5% per year. The increased rates will apply on the first day of the fourth billing period and will continue to apply until you qualify for a rate decrease.

If you pay the Minimum Payment in full by the due date on your Account statement six billing periods in a row (the “first” through “sixth” billing periods), your previously increased rates in effect at the end of the seventh billing period will decrease by 5% per year. The decreased rates will apply on the first day of the eighth billing period.

Example: Your billing periods end on the last calendar day of each month and your Minimum Payments become due on the 22nd calendar day of each month. If you miss or are late to make Minimum Payments that become due in December and January, your rates in effect on the last day of February will go up by 5% per year starting on the first day of March. An annual interest rate of 11.9% will increase to 16.9%.

If you pay each Minimum Payment that becomes due in March through August in full and on time, your previously increased rates in effect on the last day of September will decrease by 5% per year starting on the first day of October. An annual interest rate of 16.9% will decrease to 11.9%.

Interest-free Grace Period

21 days

You will benefit from an interest-free grace period on new Purchases and fees of at least 21 days if you pay off your balance in full by the due date.

There is no interest-free period on Cash Advances including Quasi-cash transactions, Balance Transfers and Cheques.

Interest begins to accrue on Purchases, Cash Advances including Quasi-cash transactions, and fees from the date of the transaction and on Balance Transfers and Cheques from the date posted.

Minimum Payment

Your minimum payment is the greater of $10 and 5% (if you reside in Quebec) or 3% (if you reside outside Quebec) of the total outstanding amount (rounded to the next dollar), plus all past due amounts and amounts over your credit limit. If the total outstanding amount is less than $10, then the Minimum Payment is equal to the total outstanding amount.

Foreign Currency Conversion


We will bill you in Canadian currency if you use your Account to make transactions in foreign currency. If you make (or return) transactions in a foreign currency, we convert the amount to Canadian dollars at the conversion rate that is 2.5% above a benchmark foreign currency exchange rate determined by Mastercard that is in effect and that we must pay on the date we post the transaction to the Account. This rate may be different from the rate in effect on the date you made the transaction.

Annual Fees

Primary card fee: $25

Supplementary card fee: $10 for each Authorized User on your Account. You may have up to four Authorized Users on your Account.

The annual fees will be charged on the first statement date after the card is issued (regardless of activation) and annually on the anniversary of your account.

If you add an Authorized User after your card is first issued, a pro-rated supplementary card fee will be charged on the first statement date after the supplementary card is issued (regardless of activation). The amount of the fee will be pro-rated for the number of months remaining between the day the fee is charged and the next anniversary of your account. After that, as long as the card remains issued, a $10 supplementary card fee will be charged for that card annually on the anniversary of your account.

Other Fees

To be charged on the date of the transaction:

  • Cash Advance fees (does not apply in Quebec):
    • Automated Teller Machine (ATM) displaying the Mastercard or Cirrus® symbol – ATM in Canada – $2; ATM outside Canada – $4
    • Over-the-Counter (in Branch) at a Mastercard Financial Institution – In Canada – $3; Outside Canada – $5
  • Wire transfers, travelers cheques, foreign currency, money orders, payment of an existing debt, bets, lottery tickets and casino gaming chips (referred to as “Quasi-cash transactions”; fee does not apply in Quebec): $4

To be charged on the date the transaction is posted:

  • Charge for dishonoured payment or dishonoured Cheque (does not apply in Quebec): $25
  • Cheque fee – for Cheques written to a merchant outside Canada (does not apply in Quebec): $5
  • Extra copy of your monthly statement or sales slip: $0
  • Promotional Offer Balance Transfer fee (does not apply in Quebec): Up to 5% of the Balance Transfer amount. We charge this fee when we offer a promotional interest rate on Balance Transfers for a specified period which is lower than the annual interest rate that applies to Balance Transfers to your Account. We may waive or lower this 5% fee at the time the promotional interest rate offer is made to you. We do not charge Balance Transfer fees outside of promotional offers.
  • Rush card or PIN replacement fee: for courier delivery within Canada: $25

To be charged on the statement date:

  • Over the credit limit fee – if your balance exceeds your assigned credit limit during the statement period (the fee does not apply in Quebec): $29

We may change the interest rates and fees from time to time. Please read the Cardholder Agreement for more information.

Optional Insurance

Travel and Medical Insurance*Fee

Please refer to the Travel & Medical Insurance Summary for additional information about this product.

The annual premium is $69, and includes applicable taxes. The premium will be billed to your Account when you enrol and annually at renewal.

INFORMATION ABOUT THE OPTIONAL INSURANCE: If you enrol in any optional products, you may cancel at any time and we will issue a pro rated refund of the unearned portion of any premium that you have paid (as a credit to your Account). To cancel, you may contact HSBC Mastercard Customer Care at the number on the back of your HSBC Mastercard.

* Insurance coverage is underwritten by American Bankers Life Assurance Company of Florida (ABLAC) and American Bankers Insurance Company of Florida (ABIC). ABLAC, ABIC, their subsidiaries, and affiliates carry on business in Canada under the name of Assurant®.

® Assurant is a registered trademark of Assurant, Inc. Details of coverage, including definitions, benefits, limitations, and exclusions, are in the Certificate of Insurance provided with your card and available online at

® Mastercard and Cirrus are registered trademarks of Mastercard International Incorporated. Used pursuant to license.

™ HSBC +Rewards is a trademark of HSBC Group Management Services Limited. Used pursuant to license.

Travel and Medical Insurance Summary

Information before you apply

Travel and medical insurance can provide you with coverage in the following situations:

  • a medical emergency happens during the first 17 days of your trip
  • your trip is cancelled (before you depart)
  • your trip is delayed (after you depart)
  • your baggage is lost or delayed

This insurance is available to the Primary Cardholder with an HSBC Mastercard, as an option (for a fee), as long as you are under age 65. This insurance does not cover any person 65 years of age or older. This insurance covers the Primary Cardholder and where applicable his/her Spouse and Dependent Children.

Emergency travel medical insurance does not apply to travel in Cuba.

Emergency travel medical, trip cancellation, trip interruption, and baggage delay or loss insurance are subject to limitations and exclusions as stated in the Certificate of Insurance. The Certificate of Insurance is sent to the Primary Cardholder at the time of enrolment (and is available at Please read the Certificate of Insurance for full details, including the complete list of limitations and exclusions.

Emergency travel medical insurance

This insurance covers eligible medical expenses which arise due to a medical emergency. For example, eligible medical expenses may include: emergency hospital, ambulance and medical expenses; private duty nursing expenses; emergency air transportation or evacuation; professional services; emergency dental expenses; transportation to the bedside; return of deceased; additional hotel and meal expenses; and return of vehicle.

Emergency travel medical insurance automatically applies to the first 17 days of a trip. You and your spouse (under age 65 at the time of departure) are insured, as well as your dependent children while traveling with you or your spouse, to a maximum of $1,000,000 per person. It does not cover expenses arising from:

  • a medical emergency while travelling in Cuba
  • pre-existing conditions or ignoring the recommendation of a doctor
  • any other limitations and exclusions stated in the Certificate of Insurance.

Each insured person must be a permanent resident of Canada and covered by a provincial or territorial Government Health Insurance Plan. This insurance only covers amounts greater than the expenses covered by your Government Health Insurance Plan or any other insurance or reimbursement program. Coverage stops once your condition is stable or you can return to Canada for treatment.

Trip cancellation insurance

If you or your spouse (under age 65) is required to cancel a trip due to a covered cause, you will be reimbursed eligible expenses to a maximum of $2,000 per Account. For example, a covered cause occurs if:

  • you, your spouse, an immediate relative, or your travel companion become sick, injured, or dies
  • involuntary job loss
  • default of your travel provider
  • extreme weather delay

Coverage starts from the time you purchase a trip and ends at the trip’s scheduled departure time.

Trip interruption insurance

While on a trip, if you or your spouse (under age 65) is required to change your scheduled return date to a later date due to a covered cause, you will be reimbursed the extra cost of one-way economy airfare to a maximum of $2,000 per Account. For example, a covered cause occurs if you, your spouse, an immediate relative or travel companion accidentally die, or become sick or injured, and the attending physician recommends a travel delay.

Coverage starts after the scheduled departure date and lasts until the scheduled return date.

Baggage delay or loss insurance

If baggage, including personal contents, is lost or damaged during a trip, you will be reimbursed to a maximum of $750 per insured person (and maximum of $500 per item). This coverage also includes up to $200 for the purchase of necessities required by a delay of your checked-in baggage of 12 hours or more. This insurance does not cover certain types of loss or damage. For example, it does not cover:

  • loss or damage due to normal wear and tear
  • confiscation of your luggage by authorities
  • loss or damage to certain items (such as contact lenses, cell phones, computers, jewellery or camera equipment contained in your checked-in baggage, and business equipment or materials).

Paying for your trip with your HSBC Mastercard. To receive coverage for trip cancellation, trip interruption, and baggage delay or loss insurance, you must charge at least 75% of the eligible expenses for your trip (such as transportation, hotel or package tour costs) with your HSBC Mastercard Account.

Term of insurance. The effective date of insurance coverage is the date of enrolment set out in the Letter of Confirmation we send at the time of enrolment. Coverage ends at the earliest of the following:

  • the date the Insured Person ceases to be eligible for coverage;
  • the date the Primary Cardholder reaches age 65;
  • the date the Policy terminates;
  • the date your notice of cancellation is received by the Insurer or HSBC; and
  • the date the HSBC Mastercard account is cancelled, closed, or not in good standing.

How much insurance costs. The annual premium is $69, including applicable taxes. We may change the premium and we will tell you at least 30 days in advance. The premium is charged to your Account when you enrol and at each annual renewal.

Misrepresentation. The certificate will be void if at any time you conceal or misrepresent any material fact or circumstance concerning this coverage, your interest in this coverage, or any fraud or attempted fraud.

If you wish to cancel. You may cancel coverage at any time and receive a prorata refund of the unused premium (as a credit to your Account). If you cancel within the first 30 days, any premium paid will be credited to your Account and coverage will be void. Cancellation is effective on the date your notice of cancellation is received by the insurer or HSBC.

To make a claim (if you enrol). Call 1-800-668-8680 from Canada or the US, or 416-977-6066 collect from anywhere else in the world and you will be sent a claim form.

Privacy. The insurer may collect, use, and share personal information provided by you to the insurer, and obtained from others with your consent, or as required or permitted by law. The insurer may use the information to: serve you as a customer and communicate with you. The insurer may process and store your information in another country, which may be subject to access by government authorities under applicable laws of that country. You may obtain a copy of the insurer’s privacy policy by calling 1-888-778-8023 or from their website: If you have any questions or concerns regarding the privacy policy or your options for refusing or withdrawing this consent, you may call the Insurer at the number listed above.

Travel and Medical Insurance is voluntary insurance offered on a group basis. This insurance is designed to cover losses from sudden and unforeseeable circumstances only. Travel and Medical Insurance is underwritten by American Bankers Life Assurance Company of Florida and American Bankers Insurance Company of Florida. Details of insurance, including definitions, benefits, limitations, and exclusions, are outlined in the Certificate of Insurance sent to cardholders who enrol.


Author Bio

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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