HSBC World Elite Mastercard Review for 2024

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Written by Enoch Omololu

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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

**This card no longer accepts new applications**

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:
760
900

Very Good to Excellent

HSBC World Elite Mastercard

On HSBC’s website

  • Earn 3% in travel rewards on all eligible travel purchases (up to a maximum of $50,000 per year).
  • Earn 1.5% in travel rewards on all other purchases.
  • Redeem your points for travel, gift cards, merchandise, rewards for miles, and financial rewards.
  • Pay no foreign transaction fees, even online.
  • Receive a $100 annual travel enhancement credit to redeem towards airline baggage fees, airport lounge passes, and airplane seat upgrades.
  • Get a complimentary membership to Mastercard Travel Pass by DragonPass.
  • Get a 10% discount on select hotel bookings with Agoda and Expedia.
  • Connect to over 1 million wifi hotspots across the world with Boingo Wi-Fi for Mastercard.
  • You’re covered with worldwide emergency travel emergency insurance up to a maximum of $1,000,000 for 31 days.
  • Baggage delay or loss, trip cancellation, trip interruption/delay, and car rental insurance are included.
  • A minimum annual income of $80,000 personal or $150,000 household is required.

Earn up to 3% in travel rewards on all purchases

Pay no foreign transaction fees

$100 annual travel enhancement credit

High minimum income requirement

No purchase protection or extended warranty insurance

3% earn rate is capped at $50,000 annually

The HSBC World Elite Mastercard is a premium travel credit card that is generous with its travel rewards and benefits. You earn up to 3 travel rewards points for every $1 spent, pay no FX fees, and get benefits like a $100 travel voucher, Mastercard Travel Pass, Boingo Wi-Fi for Mastercard, and expansive travel insurance.

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

  • 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:
660
900

Good to Excellent

Scotiabank Gold American Express Card

On Scotiabank’s website

  • Earn 6 Scene+ points for every $1 spent at Sobeys, FreshCo, Safeway, Foodland, and other participating grocery stores.
  • Earn 5 Scene+ points for every $1 spent on dining, food delivery, other grocery stores, and at Cineplex theatres and Cineplex.com.
  • Earn 3 Scene+ points for every $1 spent on daily transit, gas, and select streaming services.
  • Earn 1 Scene+ point for every $1 spent on everything else.
  • Accelerated earn rates (6, 5, and 3 Scene+ points for every $1 spent) are capped at $50,000 annually.
  • Redeem Scene+ points at participating grocery stores, restaurants, entertainment purchases, movie tickets, statement credits, and more.
  • Pay no FX fees when travelling abroad.
  • Access Amex Invites, Offers, and Front of the Line perks.
  • Book and redeem travel through Scene+ Travel.
  • Get a discount on the Priority Pass Membership.
  • Access complimentary concierge services 24/7.
  • Travel insurance includes: travel emergency medical, trip cancellation/interruption, flight delay, delayed or lost baggage, travel accident, hotel/motel burglary, and rental car collision/loss damage insurance.
  • New mobile device insurance up to $1,000 is included.
  • Purchase security and extended warranty benefits are included.
  • Each supplementary card costs $29 yearly.
  • Minimum credit limit: $5,000.
  • The minimum personal income requirement is $12,000 per year.

No foreign transaction fees

High earn rate on groceries, dining, and Cineplex purchases

Comprehensive travel insurance included

Earn rates on most categories are capped at $50,000 per year

$120 annual fee + $29 for supplementary cardholders

$12,000 minimum personal income requirement

For a moderate $120 annual fee, the Scotiabank Gold American Express Card offers a high earning potential in categories like dining, groceries, and entertainment. It has a flexible redemption program and comprehensive travel insurance, plus no FX fees.

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:
760
900

Very Good to Excellent

scotiabank passport visa infinite cardart

On Scotiabank’s website

  • Earn 3 Scene+ points for every $1 spent on groceries at participating retailers like Safeway, Sobeys, Foodland, and FreshCo (up to $50,000 annually).
  • Earn 2 Scene+ points for every $1 spent on dining, other eligible grocery stores, and daily transit (up to $50,000 annually).
  • Earn 1 Scene+ point for every $1 spent on all other purchases.
  • Redeem Scene+ points for virtually anything, including travel, merchandise, dining, groceries, statement credits, and more.
  • No foreign transaction fees are charged on purchases outside of Canada.
  • 6 complimentary airport lounge passes per year.
  • Book and redeem travel through Scene+ Travel.
  • Get a complimentary Avis Preferred Plus membership, which includes complimentary upgrades and discounts of up to 25% off.
  • Visa Infinite benefits, like a 24/7 concierge service and guaranteed best hotel rates, are included.
  • Insurance includes: travel emergency medical, trip cancellation/interruption, flight delay, delayed or lost baggage, travel accident, hotel/motel burglary, and rental car collision/loss damage insurance.
  • Purchase security and extended warranty protection are included.
  • A minimum income requirement of $60,000 personal or $100,000 household is required to be eligible.

No foreign transaction fees

6 free airport lounge visits per year

Flexible redemption options for Scene+ points

$50,000 spend cap on the 3x and 2x categories

High income requirement of $60,000 or $100,000

High annual fee

The Scotiabank Passport Visa Infinite Card is your travel companion wrapped up into a credit card. For a $150 annual fee, you don’t pay FX fees, get 6 complimentary airport lounge visits per year, an Avis Preferred Plus membership, various travel insurance benefits, and more on top of earning and redeeming Scene+ points.

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:
660
900

Good to Excellent

TD First Class Travel Visa Infinite Card

On TD’s website

  • Earn 9 TD Points for every $1 spent on travel purchases through Expedia for TD.
  • Earn 3 TD Points for every $1 spent on all other purchases.
  • No limits to how many points you can earn. Points don’t expire as long as your account is open and in good standing.
  • Redeem points for travel at ExpediaForTD.com, purchases at Amazon.ca, statement credits, and more.
  • Earn 50% more Stars at participating Starbucks.
  • Comprehensive travel insurance includes travel medical, trip cancellation/interruption, common carrier travel accident, and delayed and lost baggage insurance.
  • Receive a discount on an annual Priority Pass membership.
  • Auto rental collision/loss damage insurance, along with purchase security and extended warranty protection, are included.
  • Get savings of up to 10% off at Avis and Budget car rental locations.
  • A minimum personal income of $60,000 or household income of $150,000 is required to apply.

Earn unlimited TD Points on everyday purchases

Flexible points redemption options

Comprehensive travel insurance

High income requirement

No travel benefits besides insurance

$120 annual fee

The TD First Class Travel Visa Infinite Card is a top choice if you want to earn points that can be flexibly redeemed for travel, cash back, and more. There’s no limit to the number of points that you can earn.

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

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

rbcionplusvisa-art
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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.

Credit CardAnnual FeeAPR PurchasesAPR Cash AdvancesRewards
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 Card120 (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.

Bonuses & Deals for May

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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  • One of the best savings rates in Canada.
  • Access to free unlimited chequing account with $400 bonus.
*Terms and conditions apply. Limited time offer.