HSBC +Rewards Mastercard Review for 2024

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Written by Enoch Omololu

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Are you in search of a credit card that offers incredible rewards and benefits?

Look no further than the HSBC+ Rewards Mastercard. This sought-after rewards credit card in Canada has become a favourite among cardholders. It provides a wide range of advantages and perks.

In this comprehensive review, we will explore the features, advantages, and drawbacks of the HSBC +Rewards Mastercard, including its HSBC Travel Rewards program and HSBC Mastercard Rewards login process.

HSBC +Rewards Mastercard – Summary

HSBC +Rewards Mastercard

Rewards: Earn 2 points for every $1 spent on dining and entertainment, and 1 point for every $1 spent on everything else.

Welcome offer: Earn up to 35,000 points ($175 in travel rewards), plus get the first year annual fee rebated.

Interest rates: 11.9% for purchases, balance transfers, and cash advances.

Annual fee: $25

Recommended credit score:

Good to Excellent

HSBC +Rewards Mastercard

On HSBC’s website

  • Low interest rate of 11.9% to pay off your balance.
  • Earn 2 points for every $1 spent on dining and entertainment purchases.
  • Earn 1 point for every $1 spent on all other purchases.
  • Points can be redeemed for travel, gift cards, merchandise, or financial rewards.
  • Price protection service included – if you find a lower price within 60 days of your purchase, HSBC will refund up to $500 of the difference (up to $1,000 yearly).
  • Extended warranty and purchase assurance are included.
  • No minimum income is required to apply.

Low non-introductory interest rate of 11.9%

No spend cap on points earned

Price protection service

No travel benefits or insurance

Price protection service only refunds up to $1,000 per year

The low-fee HSBC +Rewards Mastercard has an 11.9% interest rate on purchases, balance transfers, and cash advances, perfect if you tend to carry a balance. You earn unlimited points on all purchases, and it comes with a price protection service.

Benefits of the HSBC +Rewards Mastercard

The HSBC +Rewards Mastercard comes packed with several enticing benefits that cater to the needs of Canadian consumers. Let’s explore the key advantages offered by this credit card:

  • Reward Points Accumulation: Earn 2 points for every dollar spent on eligible entertainment and dining purchases and 1 point for all other purchases.
  • Price Protection Service: If you see a qualified item purchased in Canada promoted at a lower price (same make, model, and features) within 60 days, you will be refunded the difference up to $500 per item (up to $1,000 per year Dollar).
  • Purchase Protection: covers up to 90 days from the purchase date in cases of theft or damage.
  • Extended Warranty Protection: the manufacturer’s original Canadian warranty is doubled for up to an additional year for eligible purchases, providing additional protection.
  • Enjoy low-interest rates for purchases and cash advances at 11.9%.
  • Contactless Payment Technology: Experience the convenience and security of contactless payments via Apple Pay and Tap & Go and Zero Liability protection for unauthorized card usage.

Downsides of the HSBC +Rewards Mastercard

While the HSBC +Rewards Mastercard boasts numerous benefits, it’s important to consider the potential drawbacks before making a decision:

  • Annual Fee: This card comes with an annual fee of $25 for primary cardholders and $10 for supplementary cardholders.
  • No built-in Travel and Medical Insurance: There’s no default travel and medical insurance. But, optional travel and medical insurance coverage can be added with a yearly premium of $69.
  • Foreign Currency Conversion Fee: Charges a standard 2.5% fee on purchases made in foreign currencies.

How to Apply for the HSBC +Rewards Mastercard

Applying for the HSBC +Rewards Mastercard is a straightforward process. Follow these steps to initiate your application:

  1. Before starting, keep one of the following I.D handy (make sure the I.D you are using is still valid):
  2. Passport
  3. Driver’s Licence or
  4. Provincial government Issued I.D.
  1. Visit the official HSBC website or branch to access the application form.
  2. Review the terms and conditions carefully before submitting your application.
  3. Await the bank’s decision, which typically includes a credit check.

In order to qualify, you must:

  • Be a Canadian resident
  • Has reached the age of majority in the province where you live

HSBC +Rewards Mastercard Alternatives

In addition to the HSBC +Rewards Mastercard, several alternatives are available in the Canadian credit card market. Here are some notable options:

RBC ION+ Visa Credit Card

The RBC ION+ Visa, a low annual fee card, is one of two new cards from a trusted name in Canadian finance. For a small fee (billed monthly instead of annually), cardholders can earn money on some lucrative Avion points in several categories.


Annual fee: $48

Welcome offer: Get 7,000 bonus Avion points following approval.

Rewards: Earn 3x Avion points per $1 spent on groceries, rides, gas, streaming, subscriptions, digital gaming, and EV charging; 1 Avion point for every $1 spent on all other purchases.

Interest rates: 19.99% on purchases and 22.99% on cash advances.

Minimum income requirement: None


On RBC’s website

  • Earn 3 Avion points for every dollar you spend on groceries, rideshare, daily public transit, gas, streaming, subscriptions, and digital gaming.
  • Earn 1 Avion point for every dollar you spend on all other qualifying purchases.
  • Save 3¢/L on fuel purchased at Petro-Canada when you link your credit card to your Petro-Canada Card.
  • Redeem your points for air travel, gift cards, merchandise, statement credits, dining, etc. The minimum redemption is only $10.
  • Get a 3-month complimentary DashPass subscription, valued at almost $30.
  • Offers mobile device insurance and optional travel insurance coverage.
  • Includes Purchase Security and Extended Warranty Insurance.

Competitive purchase APR at 19.99%

Attractive point redemption options

No minimum income threshold

Limited insurance benefits

The conversion rate for points is not as enticing

The RBC ION+ Visa is a step up from the RBC ION Visa, with double the points on specific purchases. It is an excellent choice for students or newcomers looking to get approved for their first credit card in Canada.

Neo Card

Neo Financial is a Canadian fintech company that offers a credit card with three levels of cashback rewards and a savings account with a higher than average interest rate. Neo is different from other credit card companies in that it is 100% digital.

Neo Financial Mastercard

Rewards: Earn up to 15% cash back at Neo partners and never fall below 0.5% average cash back.

Welcome offer: Get an extra 15% cash back on your first purchases at many Neo partners.

Interest rates: 19.99% to 26.99% for purchases, 22.99% to 28.99% for cash advances.

Annual fee: $0

Recommended credit score:

Fair to Excellent

neosecuredmastercard cc-img

On Neo’s website

  • Earn up to 15% cash back on your first purchases at many Neo partners.
  • Get an average of 5% instant cash back at over 8,000 Neo partners.
  • Never fall below 0.5% average cash back – if you do, Neo will top it up.
  • Cash back is instantly rewarded.
  • Use the Neo app to view cash back offers near you and view insights on your spending.
  • Instantly use the digital Neo card after signing up.
  • Optionally subscribe to Bundles for more cash back on certain spending categories.
  • No annual fees or income requirements.

No annual fee or income requirements

Earn up to 15% cash back

Neo mobile app shows you cash back offers near you

Only earn 15% cash back once at each Neo partner

You need to subscribe to Neo Bundles for more cash back

No insurance coverage

The Neo Card is an all-in-one cash back credit card and mobile app that earns you cash back on all purchases. Shop at Neo partners and earn up to 15% cash back, rewarded instantly.

Scotia Momentum Visa Infinite Card

The Scotia Momentum Visa Infinite Card is a credit card that offers cash-back rewards on every purchase. It also provides access to exclusive experiences related to hotels, dining, and wine.

Scotia Momentum Visa Infinite Card

Rewards: Earn up to 4% cash back on everyday purchases.

Welcome offer: Earn 10% cash back on all purchases in the first 3 months (up to $2,000), and get the annual fee waived for the first year.

Interest rates: 20.99% for purchases, 22.99% for cash advances.

Annual fee: $120

Recommended credit score:

Very Good to Excellent

Scotia Momentum Visa Infinite Card

On Scotiabank’s website

  • Earn 4% cash back on recurring bill payments, subscription purchases, and grocery store purchases (up to $25,000 annually).
  • Earn 2% cash back on gas and daily transit purchases (up to $25,000 annually).
  • Earn unlimited 1% cash back on all other purchases.
  • Visa Infinite benefits, including a 24/7 concierge service and the Visa Infinite Hotel Collection, come with this card.
  • Save up to 25% off at participating Avis and Budget car rental locations in Canada and the US.
  • Pay off purchases of $100 or more in installments with Scotia SelectPay.
  • New mobile device insurance is included, with coverage of up to $1,000.
  • Purchase security and extended warranty protection are included.
  • Travel insurance includes: travel accident, flight delay, delayed and lost baggage, travel emergency medical, trip cancellation and interruption, and rental car collision loss/damage insurance.
  • To qualify, you must meet the minimum annual income requirement of $60,000 personal or $100,000 household.

Earn up to 4% cash back in a few categories

Comprehensive travel, shopping, and mobile device insurance

Generous welcome bonus for 3 months

4% and 2% cash back categories are capped at $25,000 annually

High minimum income requirement

High annual fee

The Scotia Momentum Visa Infinite Card is one of our top picks for cash back credit cards, as you earn up to 4% on groceries, bill payments, and subscriptions. Although it has an annual fee, the comprehensive travel and mobile device insurance make up for it, along with the cash back rewards.

Credit CardAnnual FeeAPR PurchasesAPR Cash AdvancesRewards
HSBC +Rewards Mastercard$2511.99%11.99%2X points for every $1 spent on eligible entertainment and dining purchases 1X point on everything else
Scotia Momentum Visa Infinite Card$12020.99%22.99%4% for every dollar spent on subscriptions, recurring payments, and grocery store purchases.
Neo Mastercard$019.99%-26.99%22.99%-28.99%5% average cash back at 10,000 affiliated merchants across Canada
RBC Ion+ Visa Card$4820.99%22.99%3X Avion points per $1 spent on gas, groceries and entertainment Earn 1X Avion points on everything else  

Is the HSBC +Rewards Mastercard Worth It?

If you’re looking for an inexpensive card with low-interest rates and fees, this is the card you should consider. The HSBC +Rewards™ Mastercard® offers customers solid, fundamental coverage with limited benefits and no minimum income requirements and allows you to earn points on every purchase.

But if you prefer a no-fee credit card with built-in travel and medical insurance coverage, this card probably isn’t for you.

There are many cards that offer more benefits and reward you with more points per dollar spent.

But these cards come with higher fees and less favourable interest rates. Thus, you should consider all these factors before choosing your card of choice.


Can I apply for the HSBC +Rewards Mastercard online?

Yes, you can visit the official HSBC website or a branch nearest you to access the online application form. Make sure you have a valid ID ready before starting the application process.

Are there any welcome bonuses or offers for new cardholders?

While this review focuses on the regular benefits and rewards, HSBC occasionally offers welcome bonuses. Currently, they offer a first-year annual fee waiver. Also, you can earn 35,000 points after spending a total of $2,000 within 180 days of opening your account. 

How can I redeem the reward points earned with the HSBC +Rewards Mastercard?

You can redeem your reward points through the HSBC +Rewards Program. Visit the HSBC rewards website or contact their customer service hotline to explore other redemption options.


Bonuses & Deals for June

Free prepaid card with up to 5% cashback. No credit check & $20 bonus when you deposit $50 and complete first purchase.

Unlimited transactions with free chequing account and $400 welcome bonus!

No current offers for this category.

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Gravatar for Enoch Omololu

Enoch Omololu

Enoch Omololu is a personal finance expert. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. Enoch is passionate about helping others win with their finances and has written about money matters for over a decade. He has been featured or quoted in The Globe and Mail, CBC News, Yahoo Finance, GO Banking Rates, Financial Post, Bankrate, Forbes, Toronto Star, CTV News, and other personal finance publications. He founded Savvy New Canadians, one of Canada’s top financial education platforms.

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  • Earn up to 225x more than other banks!
  • Get 4.00% interest rate* on every dollar.
  • No monthly fees and unlimited free transactions.
*Terms and conditions apply. Limited time offer.
  • Earn up to 225x more than other banks!
  • Get 4.00% interest rate* on every dollar.
  • No monthly fees and unlimited free transactions.
*Terms and conditions apply. Limited time offer.