Are you looking for a no-fee travel rewards credit card in Canada that offers value and flexibility?
Look no further than the HSBC Travel Rewards Mastercard.
In this review, learn about the features, benefits, downsides, application process, and alternative options of this credit card.
Whether you travel a lot or just want to maximize your everyday spending, the HSBC Travel Rewards Mastercard could be the perfect solution for you.
HSBC Travel Rewards Mastercard – Summary
Let’s summarize the key features and benefits that make this card a standout choice:
- There is no annual fee for both primary and supplementary cardholders
- 20.99% interest rate on purchases
- 22.99% interest rate on cash advances (21.99% for Quebec residents)
- 2.5% foreign transaction fee
- No income requirements
HSBC Travel Rewards Mastercard
Annual fee: $0
Welcome offer: Earn 25,000 points ($125 travel value) if you spend $1,000 in the first 180 days.
Rewards: Earn HSBC Travel Rewards Points on every purchase.
Interest rates: 20.99% for purchases, 22.99% for cash advances and balance transfers to non-Quebec residents, and 21.99% for Quebec residents.
Minimum income requirement: N/A
- Earn 3 HSBC Travel Rewards Points for every $1.00 spent on eligible travel purchases.
- Earn 2 HSBC Travel Rewards Points for every $1.00 spent on eligible gas and daily transportation purchases.
- Earn 1 HSBC Travel Rewards Point for every $1.00 on any other purchases.
- Baggage delay, hotel burglary, and trip interruption insurance are offered.
- Redeem your HSBC Travel Rewards Points for travel purchases, gift cards, merchandise, or HSBC financial rewards.
- Extended Warranty Insurance for an additional year on new purchases.
- Purchase assurance for 90 days from purchase.
- Emergency travel insurance, trip cancellation insurance, and baggage loss insurance are offered for an additional $69.00 per year.
Excellent rewards perks
No annual fees
Flexible HSBC Rewards Points system
Some travel insurances are an extra fee
High-interest rates
The HSBC Travel Rewards Mastercard is a great entry-level travel card for Canadians. It comes with travel benefits, although actual travel insurance is an extra annual fee.
Benefits of the HSBC Travel Rewards Mastercard:
The HSBC Travel Rewards Mastercard comes with a range of benefits to enhance your travel experiences and provide financial value. Let’s explore the key benefits:
Travel Rewards Program
- Earn 1.5% Travel Rewards (3 points per $1) on travel purchases
- 1% Travel Rewards (2 points per $1) on gas and transportation purchases
- 0.5% Travel Rewards on other eligible everyday purchases (1 point per $1)
Built-in Travel Insurance
Baggage Delay – pays up to $100 per day for up to 3 days for essential items if your checked bag is delayed for 6 hours or more.
Hotel/Motel Burglary – protects most personal items from theft in your hotel/motel room with signs of forced entry anywhere.
Trip Interruption – pays up to $1,500 per insured person and $5,000 per trip if travel is interrupted by covered cause.
Extended Warranty – the original manufacturer warranty is automatically doubled and extended by up to one year.
Purchase Assurance – 90 days protection against loss, damage or theft on eligible purchases made with the HSBC Travel Rewards Mastercard.
Flexible Rewards Redemption Options
Use your points to pay off your HSBC Bank Canada mortgage faster, top up your HSBC Bank Canada personal savings account or reduce your HSBC credit card balance.
Convenience and Security
Tap your card into the reader and you’re ready to go. Plus, enjoy Zero Liability Protection for each purchase made.
Downsides of the HSBC Travel Rewards Mastercard
While the HSBC Travel Rewards Mastercard offers many advantages, it’s important to consider the following downsides:
Low Rewards for Non-Travel Expenses
Expenses such as gas and daily transportation earn 1% rewards points and you earn 0.5% on everything else. Not as attractive as some other no-fee credit cards which offer a higher standard rate for all purchases.
Cap on Travel Rewards Earnings
Earn 3 points per $1 spent on your first $6,000 in purchases per year, then 1 point per $1 spent thereafter. All good if you’re not going to spend more. If not, you will miss out on rewards.
How to Apply for the HSBC Travel Rewards Mastercard:
Applying for the HSBC Travel Rewards Mastercard is a simple process. Here’s what you need to know:
Visit the official HSBC website or the nearest branch to access the application form.
To be eligible, you must:
Subscribe to our Newsletter!
Subscribe to get the latest personal finance news, offers, and our weekly newsletter. You can unsubscribe at any time.
- Have Canadian citizenship or Permanent Residency
- Be at the age of majority in the province where you live.
Make sure you have the following valid IDs on hand before applying:
- Passport
- Driver’s Licence or
- Provincial government-issued I.D.
HSBC Travel Rewards Mastercard Alternatives
While the HSBC Travel Rewards Mastercard offers attractive features, it’s essential to check out other options. Here are a few alternatives:
KOHO Extra Mastercard
This is a prepaid rewards card that offers up to 5% cashback at selected merchants. It comes with a unique-looking physical card and a virtual card for safe online transactions.
KOHO Prepaid Mastercard
Rewards: Earn 1% cash back on all grocery and gas purchases and up to 5% cash back at KOHO partners.
Welcome offer: Get a $20 welcome bonus after your first purchase.
Interest rates: N/A
Annual fee: $0
Recommended credit score:
N/A
On KOHO’s website
American Express Green Card
This card allows you to earn 1 rewards point per $1 spent on eligible purchases. It also has zero annual fee, exclusive offers and free access to American Express Experiences.
American Express Green Card
Rewards: Earn 1 point for every $1 spent, plus 1 additional point on Amex Travel Online.
Welcome offer: Earn 10,000 Membership Rewards points after spending $1,000 within the first 3 months.
Interest rates: 20.99% for purchases, 21.99% for cash advances.
Annual fee: $0
Recommended credit score:
Good to Excellent
On American Express’s website
RBC ION Visa
This is a rewards card that earns you 1.5 Avion points per $1 in eligible purchases. Plus, enjoy no annual fees, the convenience of Mobile Pay, and purchase security and extended warranty coverage.
RBC ION Visa
Annual fee: $0
Welcome offer: Get 3,500 bonus Avion points following approval.
Rewards: Earn 1.5x 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
- Earn 1.5 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.
- 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 an excellent choice if you are a student or newcomer looking to get approved for a credit card with little to no credit history. It has no annual fees, and the Avion points you earn are easy to redeem.
BMO Air Miles Mastercard
With this card, you can earn 3 miles at partner locations, 2 miles at eligible grocery stores and 1 mile elsewhere for every $25 spent. It has zero annual fee and offers an automatic Air Miles Gold status.
BMO Air Miles World Elite Mastercard
Rewards: Earn up to 3 Air Miles for every $1 spent on everyday purchases.
Welcome offer: Get 2,000 bonus Air Miles and the first year annual fee waived.
Interest rates: 20.99% for purchases, 23.99% for cash advances.
Annual fee: $120
Recommended credit score:
Good to Excellent
On BMO’s website
| Credit Card | Annual Fee | APR Purchases | APR Cash Advances | Rewards |
| HSBC Travel Reward Mastercard | $0 | 20.99% | 22.99% (21.99% for Quebec Residents) | 1.5% travel rewards on travel purchases, 1% travel rewards on gas and transportation purchases, and 0.5% on all others |
| KOHO Extra Mastercard | $84 | NA | NA | Get 5% cash back at selected merchants, 2% cash-back on groceries, dining, transportation,0.5% on everything else |
| American Express Green Card | $0 | 20.99% | 21.99% | 1x reward points on daily purchases, plus 1x additional point on Amex Travel Online |
| RBC Ion Visa Card | $0 | 20.99% | 22.99% | Get 1.5X Avion points for every $1 spent on groceries, rides, gas, streaming, subscriptions, online games |
| BMO AIRMILES World Elite Mastercard | $0 | 20.99% | 22.99% (21.99% for Quebec Residents) | Earn 3 miles for every $25 spent, 2x miles at eligible groceries, 4x miles at Shell Go+Miles |
Is the HSBC Travel Rewards Mastercard Worth It?
If you’re someone who spends a lot on travel, this card might be the right fit for you. It has no annual fee, flexible rewards redemption options, and built-in travel insurance coverage which is uncommon for a no-fee card.
The cap on the reward amount may be a turn-off for some. But the added value provided by this card outweighs this aspect.
All in all, if you’re looking for an easy way to maximize your earnings while travelling, the HSBC Travel Rewards Mastercard is a solid choice.
Related:
