Compare HSBC Credit Cards in Canada
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HSBC Credit Cards Overview
With 139 branches across the country, HSBC Bank Canada is the seventh largest bank in Canada, with offices in every province except Prince Edward Island. HSBC Bank is one of the most trusted banks not only in Canada, but globally with 40 million customers.
HSBC offers a large variety of credit cards. However, some of them require applicants to be HSBC bank account holders. There are three HSBC credit cards open to any Canadian citizen (outside of citizens of Quebec) that offer a variety of cashback rewards. Most cards require annual fees while others offer reduced annual fees in exchange for lower sign-up bonuses.
HSBC Credit Card Benefits and Perks
While HSBC credit card benefits and perks vary by card, most offer either welcome rates and/or special reward programs that entice shoppers to spend using their HSBC credit cards. Like most credit card programs, the more you spend the more you earn. The best card for you is dependent on your lifestyle. Frequent travelers will enjoy the travel reward cards that earn miles while others may prefer the simple point structure of the Rewards program that earns them measurable cashback for each completed purchase.
In addition, HSBC cards offer a standard set of Mastercard benefits that all cardholders can take advantage of. For example, all HSBC credit cards offer some form of extra insurance. While the exact type varies by card, cardholders are eligible for purchase assurance, extended warranty protection, car rental insurance, and even cell phone insurance in some cases.
Some HSBC credit cards also offer price protection and identity theft resolution services. Price protection provides the buyer with reimbursement for any product they purchase if they find a lower price advertised within 120 days of purchase. Identity theft resolution is provided to help cardholders who become victims of identity theft.
In addition, online shoppers enjoy access to ShopRunner for free with HSBC credit cards. A ShopRunner membership entitles cardholders to unlimited, free two-day shipping along with free online returns to over 140 online stores.
HSBC Credit Card drawbacks
Although there are a lot of benefits attached to HSBC credit cards, there are some downsides as well. The HSBC credit cards that offer the highest amount of rewards also carry annual fees and higher credit score eligibility markers. In addition, some HSBC cards are exclusively available to only HSBC bank account holders.
HSBC Credit Card Types
HSBC offers a variety of credit cards based on whether you are looking for travel rewards or cashback rewards. In addition, HSBC also offers one credit card that offers an enticing low-interest-rate although it does not offer as many rewards.
HSBC Low Interest Cards
If interest rates are your main concern, then the HSBC +Rewards Mastercard is the best choice with an 11.9% APR on purchases and cash advances and/or balance transfers. In addition, the card offers 20,000 free rewards points if cardholders spend $2,000 within 180 days of opening their account.
HSBC No Annual Fee Cards
Some HSBC card offers allow applicants to apply for a rebate at the close of their first year while others start with a low annual fee. The HSBC Premier Mastercard, HSBC Advance Mastercard, and HSBC Mastercard do not have annual fees attached to them while The HSBC +Rewards card has a $25 annual fee. If an annual fee is a gamechanger, it is important to review the terms and conditions of any HSBC credit cards you are interested in before applying.
HSBC Cashback Credit Cards
Applicants who are interested in cashback rewards will be pleased with the many HSBC cards that offer a structured reward program. Most HSBC cashback credit cards offer at least 1% back on eligible purchases, while the HSBC Premier World Cash Back MasterCard offers a 2% rebate on all eligible purchases made in foreign currency and an additional 1.5% cashback for all eligible gas, grocery, and drugstore purchases made in Canada. However, in order to be considered for the Premier World Cash Back card applicants must have an annual income of at least $60,000. All other cards offer from 1-1.25% on all purchases and offer extra incentives such as the HSBC mortgage paydown program.
HSBC Rewards Credit Cards
HSBC also offers a variety of rewards credit cards where cardholders can choose to use their rewards in a variety of fashions. The HSBC reward program allows cardholders to earn one point for every $1 spent on eligible purchases. Rewards can then be used to book flights, hotels, and other travel goods or used to pay down an HSBC mortgage.
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
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!
HSBC Credit Cards 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:
- Visit HSBC Canada’s website.
- At the top right, click Login.
- 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.
What is the Eligibility to Get an HSBC Credit Card?
In order to get an HSBC credit card applicants need to be an HSBC bank account holder or apply for one of the three cards that do not require a bank account. These are the HSBC+ Rewards Mastercard, HSBC World Elite Mastercard, and the HSBC Mastercard. Income requirements vary by card and credit score eligibility varies as well although all cards require at least a credit score of 660.
How Do I Apply for an HSBC Credit Card?
Follow the secured links on this page to apply for an HSBC credit card.