Are you a frequent traveller in Canada looking for a premium travel credit card that offers exclusive benefits and rewards?
Look no further than the HSBC World Elite Mastercard. In this comprehensive review, we will delve into the benefits, pros and cons, and alternatives of this highly acclaimed credit card.
Whether you’re seeking airport lounge access, comprehensive travel insurance, or lucrative rewards, the HSBC World Elite Mastercard has it all.
HSBC World Elite Mastercard – Summary
HSBC World Elite Mastercard
Rewards: Earn up to 3% in travel rewards on travel purchases and 1.5% travel rewards on all other purchases.
Welcome offer: Earn up to 80,000 points, a full rebate of the annual fee, and receive a $100 annual travel enhancement credit.
Interest rates: 19.99% for purchases, 22.99% for balance transfers, and cash advances.
Annual fee: $149
Recommended credit score:
Very Good to Excellent
On HSBC’s website
Benefits of the HSBC World Elite Mastercard
The HSBC World Elite Mastercard offers a wide range of benefits designed to enhance your travel experience. Here are the key advantages of this card:
Reward Points:
With the HSBC World Elite® MasterCard®, you get:
- Earn 6 points per $1 spent on travel (flights, hotels, car rentals, cruise lines, etc.) up to $50,000 in a calendar year
- 4 points per dollar spent at eligible grocery store, gas station or drugstore
- Earn 2 points per $1 on all other purchases
Travel Insurance and Benefits
The HSBC World Elite® Mastercard® offers comprehensive travel insurance coverage and benefits, including
- Emergency Medical Insurance– covers your emergency medical needs while travelling out of your province
- Baggage Insurance – covers baggage delay for more than 6 hours and reimbursement of up to $1,000 for lost baggage
- Trip Cancellation and Delay Coverage – covers trip interruption or cancellation due to illness or injury, as well as the cost of your return flight
- Car Rental Insurance – covers for damage due to vandalism, damage or theft
- $100 annual Travel Enhancement credit – you can charge your airline seat upgrades, luggage fees, or airport lounge access through this benefit
- Access to Boingo WiFi hotspots globally – connect up to 4 devices
- 10% discount on bookings through Expedia or Agoda – enjoy this discount whenever you book via HSBC Expedia or Agoda website
- Complimentary Mastercard Travel Pass membership via Dragon Pass – free membership to Travel Pass, gives you access to over 1,300 airport lounges globally
Other Insurance
- Mobile Device Insurance – covers damage or theft to your mobile device up to $1000
- Purchase Protection and Extended Warranty – eligible purchases are protected from loss or damage for up to 90 days from the date of purchase
Foreign Currency Transaction Fee
Cardholders can save on foreign currency purchases (including online) with no additional currency conversion fees.
Downsides of the HSBC World Elite Mastercard
While the HSBC World Elite Mastercard offers an array of benefits, it’s essential to consider its downsides:
Annual Fee
The card carries an annual fee of $149 for the primary cardholder and $0 for each additional cardholder. Come to think of it, the annual fee is offset by the $100 Travel Enhancement credit, effectively reducing it to $49.
Income Requirement
To be eligible for this card, you must meet the minimum income requirement of $80,000 as an individual or $150,000 as a household.
How To Apply for the HSBC World Elite Mastercard
Applying for the HSBC World Elite Mastercard is a straightforward 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:
- Meet the minimum income requirement of $80,000 (individual) or $150,000 (household) or assets amounting to a minimum of $400,000
- Have Canadian citizenship or Permanent Residency
- Be the age of majority in the province where you live.
Make sure you have at least one of the following valid IDs on hand before applying:
- Passport
- Driver’s Licence or
- Provincial government-issued I.D.
HSBC World Elite Mastercard Alternatives
While the HSBC World Elite Mastercard offers exceptional benefits, it’s always beneficial to check out other options. Here are a few alternatives:
Scotiabank Gold American Express Card
The card allows you to earn 6x Scene+ Rewards points at participating grocers, as well as 5x Scene+ Rewards points at other eligible grocery stores, restaurants, and entertainment venues.
Scotiabank Gold American Express Card
Rewards: Earn up to 6x Scene+ points for every $1 spent.
Welcome offer: Earn up to 40,000 bonus Scene+ points in the first year, plus the first year annual fee waived.
Interest rates: 20.99% for purchases, 22.99% for cash advances.
Annual fee: $120
Recommended credit score:
Good to Excellent
On Scotiabank’s website
Scotiabank Passport Visa Infinite Card
With this card, you can earn 2x Scene+ points on groceries, restaurants, entertainment, and everyday local transportation, and 1x points on all other activities. Cardholders also get six free airport lounge passes per year and no international transaction fees.
Scotiabank Passport Visa Infinite Card
Rewards: Earn up to 3x Scene+ points on groceries, dining, and entertainment.
Welcome offer: Earn up to 40,000 bonus Scene+ points in the first year (up to $400 towards travel).
Interest rates: 20.99% for purchases, 22.99% for cash advances
Annual fee: $150
Recommended credit score:
Very Good to Excellent
On Scotiabank’s website
TD First Class Travel Visa Infinite Card
With this card, you can enjoy benefits like a $100 annual TD Travel Credit, a TD Rewards Birthday Bonus, comprehensive travel insurance, no bans or seat restrictions, and points that won’t expire as long as your account is open
TD First Class Travel Visa Infinite Card
Rewards: Earn up to 9 TD Points for every $1 spent.
Interest rates: 19.99% for purchases, 22.99% for cash advances.
Annual fee: $120
Recommended credit score:
Good to Excellent
On TD’s website
RBC ION+ Visa Credit Card
Has a unique set of features that come with an annual fee of $48. For every $1 spent on gas, groceries, and streaming subscriptions, cardholders will receive 3 Avion points and 1 Avion point on all other qualifying purchases.
RBC ION+ Visa
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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
- 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.
| Credit Card | Annual Fee | APR Purchases | APR Cash Advances | Rewards |
| HSBC World Elite Mastercard | $149 (Primary) $0(Supplementary) | 20.99% (19.99% for Quebec Residents) | 22.99% (21.99% for Quebec Residents) | Earn 3% travel rewards (6 points per $1) on Travel Purchases; 2% on all eligible gas, grocery, and drugstore purchases(4 points per $1); and 1% on all other eligible purchases (2 points per $1) |
| Scotia Gold American Express Card | 120 (Primary) $29(Supplementary) | 20.99% | 22.99% | Earn 6x Scene Points for purchases at eligible grocers, 5x Scene Points on dining and entertainment, 3x Scene Points on gas and streaming services |
| Scotia Passport Visa Infinite Card | $150 (Primary) $0(1st Supplementary) $50(Succedding Supplementary) | 20.99% | 22.99% | Earn 3x Scene Points for purchases at eligible grocers, 2x Scene Points on dining and entertainment, 2x Scene Points on gas and streaming services |
| TD First Class Travel Infinite Card | $139(Primary) $50(Supplementary) | 20.99% | 22.99% | Earn 8 TD Rewards Points for every $1 spent on booking via Expedia® ,6 TD Rewards Points on Groceries and Restaurants, 4 TD Rewards Points on recurring bill payments,and 2 TD Rewards Points on all other purchases |
| RBC Ion+ Visa Credit Card | $48(Primary) $0(Supplementary) | 20.99% | 22.99% | 3X Avion points per $1 spent on gas, groceries and entertainment Earn 1X Avion points on everything else |
Is the HSBC World Elite Mastercard Worth It?
The HSBC World Elite Mastercard is worth considering for frequent travellers seeking premium benefits and rewards.
With its comprehensive travel insurance and feature to earn points on travel purchases (6 points per $1, or 3%), this card caters to the needs of discerning tourists.
Although it carries an annual fee, it is offset by the $100 annual Travel Enhancement credit.
So, if you travel often with a taste for luxury, the HSBC World Elite Mastercard could be the perfect companion on your journeys.
FAQs
What is the annual fee for the HSBC World Elite Mastercard?
The HSBC World Elite Mastercard has an annual fee of $149 for the primary cardholder and no fee for each additional authorised user.
What are the eligibility requirements for the HSBC World Elite Mastercard?
To be eligible for the HSBC World Elite Mastercard, you must meet the minimum income requirement of $80,000 (individual) or $150,000 (household). You must also be a Canadian resident and at the age of majority where you live.
Does the HSBC World Elite Mastercard offer any travel benefits?
Yes, the HSBC World Elite Mastercard provides a range of travel benefits. These include access to over 1,300 airport lounges worldwide through the Travel Pass program provided by Dragon Pass, Travel Medical Insurance coverage, Flight Delay Insurance, Trip Cancellation and Interruption Insurance, and Car Rental Insurance.
