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Best HSBC Credit Cards in Canada in 2024

Updated:

Fact Checked

HSBC is one of the largest banks in Canada and the world. It provides several credit cards to choose from, all of which offer slightly different benefits in terms of the costs and the rewards you can earn by using them.

Update: HSBC no longer accepts new credit card applications as it prepares to merge with RBC. Here are some alternative rewards credit cards you can consider.

Best HSBC Credit Cards

Here are some of the best HSBC credit cards you can choose from:

HSBC World Elite Mastercard

The HSBC World Elite Mastercard gives you access to the HSBC World Elite Rewards Program. You can earn from 1% to 3% in travel rewards (between 2 and 6 points for every $1 spent), then redeem points for travel, gift cards and more.

It has an annual fee of $149, includes travel insurance coverage and does not charge FX fees. However, you need a minimum personal income of $80,000 or a household income of $150,000 to apply.

HSBC World Elite Mastercard

Excellent credit card for travel rewards

Annual fee: $149 (waived in the first year).

Rewards: Earn up to 3% in travel rewards on eligible purchases.

Interest rates: 20.99% on purchases and 22.99% on cash advances.

Minimum income requirement: $80,000

Recommended credit score:
760
900

Very Good

hsbcworld_elite_card art

On HSBC’s website

  • Earn 6 points (3%) per $1 spent on eligible travel purchases.
  • Earn 4 points (2%) per dollar spent on gas, grocery, and drugstore purchases.
  • Earn 2 points (1%) per $1 spent on all other eligible purchases.
  • Never pay foreign transaction fees.
  • Redeem your points for travel, gift cards, financial rewards, or rewards for miles.
  • Get access to a complimentary Travel Pass that offers you access to more than 1,300 airport lounges worldwide.
  • No foreign transaction fees (only the exchange rate will apply).
  • Get an annual $100 travel enhancement credit.
  • Receive a 10% discount on eligible hotel bookings through Expedia and Agoda.
  • Access various travel insurance benefits, including emergency medical ($1M), baggage, car rental, and trip delay insurance.
  • A minimum personal income of $80,000 or household income of $150,000 is required to apply.

Premium travel credit card

Comprehensive travel benefits, including insurance

Attractive reward redemption options

3% travel reward categories are limited

Minimum personal income may be restrictive

The HSBC World Elite Mastercard offers a comprehensive selection of travel benefits while maintaining a manageable annual fee. It’s a great option for frequent travellers who would make enough purchases in the travel sector to maximize their rewards.

HSBC +Rewards Mastercard

With the HSBC +Rewards Mastercard, you can earn points in the HSBC Plus Rewards Program. You will earn 1-2 points for every $1 you spend.

One of its main features is the low interest rate, and the APR is 11.9% for purchases and cash advances.

It has an annual fee of $25 for the primary cardholder (waived in the first year) and $10 for supplementary cards. There is no annual income requirement for this credit card.

HSBC +Rewards Mastercard

Best for low-interest rates

Annual fee: $25

Rewards: Earn up to 2 points per dollar on eligible purchases.

Interest rates: 11.9% on both purchases and cash advances.

Minimum income requirement: None

Recommended credit score:
720
900

Good

hsbc plus rewards vertical art

On HSBC’s website

  • Earn 2 points per dollar spent on eligible dining or entertainment purchases.
  • Earn 1 point per dollar spent on all other everyday purchases.
  • Pay a low-interest rate on purchases, cash advances and balance transfers.
  • Redeem your points on travel, gift cards, or financial rewards.
  • Receive purchase protection for 90 days from the date of purchase in case of loss, damage, or theft.

Very competitive purchase APR at 11.9%

Low annual fee

Points are unlimited

2X points categories are limited

Limited insurance benefits

Limited travel benefits

The HSBC +Rewards Mastercard is an excellent low-interest credit card with no minimum personal or household income. It offers a robust point system with attractive redemption options and is a solid beginner card.

HSBC Cash Rewards Mastercard

Earn in the HSBC Cash Rewards Program with the HSBC Cash Rewards Mastercard.

You will earn between 0.5% and 1.5% cash back on all purchases, with online purchases earning you the most cash back.

It also includes mobile device insurance up to $1,000, and there is no annual fee or minimum income requirements.

HSBC Cash Rewards Mastercard

Good cash back credit card

Annual fee: $0

Rewards: Earn 1.5% cash back on eligible online purchases; 1% on gas, drugstore, and grocery; and 0.5% cash back on other purchases.

Interest rates: 20.99% on purchases and 22.99% on cash advances.

Minimum income requirement: No income requirement.

Recommended credit score:
720
900

Very Good

HSBC Cash Rewards Mastercard

On HSBC’s website

  • Earn 1.5% cash back for every dollar spent on eligible online purchases.
  • Earn 1% cash back for every dollar spent on eligible gas, grocery, and drugstore purchases.
  • Earn 0.5% cash back for every dollar spent on all other everyday purchases.
  • Get up to $1,000 of mobile device insurance.
  • Receive purchase assurance for 90 days from the date of purchase in case of loss, damage, or theft.

No minimum credit score or income requirement

No annual fee

High purchase APR at 20.99%

1.5% cash back is limited to online purchases

Limited insurance and travel benefits

The HSBC Cash Rewards Mastercard offers cash back without an annual fee or minimum income requirement. It’s a great starter card option for those looking to build a credit score or those who primarily shop online to maximize its cash back benefits.

HSBC Travel Rewards Mastercard

In the HSBC Travel Rewards Program, you can earn between 0.5% and 1.5% travel rewards for your purchases, which are between 1 and 3 points per $1 spent. You earn more points for eligible travel purchases.

It also includes trip interruption, baggage delay, and hotel/motel burglary insurance. There is no annual fee and no minimum income requirement.

HSBC Travel Rewards Mastercard

Entry-level travel rewards credit card

Annual fee: $0

Rewards: Earn HSBC Travel Rewards Points on every purchase you make with the card.

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

Recommended credit score:
725
900

Very Good

HSBC Travel Rewards Mastercard

On HSBC’s website

  • 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.

How to Apply for an HSBC Credit Card

Applying for any HSBC credit card is straightforward.

First, review the cards in this guide to decide which is most suitable for you, then check the minimum requirements.

To apply for any HSBC credit card, you need to be a Canadian resident and the age of majority in your province or territory.

Most of the cards have no minimum income requirements. However, the HSBC World Elite Mastercard has a minimum personal income requirement of $80,000. You will also need a good credit score to apply for any of these cards.

If you are sure you meet the requirements, you can apply online. You will need a form of ID, such as a passport, driver’s licence, or provincial government-issued ID.

Then simply fill in the required information, including your personal details, and submit your application.

How to Choose the Best HSBC Credit Card

There are several HSBC credit cards to choose from, so how do you choose the most suitable one?

For a start, you can only apply for cards where you meet the eligibility criteria. Once you’ve determined whether you are eligible, your choice depends on your spending habits and the types of rewards that interest you.

For example, if you are a frequent traveller, the HSBC Travel Rewards Mastercard is probably the most suitable. However, if you want to earn cash back, you may prefer the HSBC Cash Rewards Mastercard.

Also, do you mind paying an annual fee? Some HSBC credit cards are free, while you must pay for others.

Consider all of these factors and choose the card that most suits your requirements.

Pros and Cons of HSBC Credit Cards

Pros:

  • Good selection of credit cards to choose from.
  • Ability to earn rewards for all your spending.
  • Annual fee rebate if you are an HSBC Private, Premier or Advance client.
  • Easy online application.
  • No minimum income requirements for most cards.

Cons:

  • Cards mostly offer reward points, with only one offering cash back.
  • High annual fee for the HSBC World Elite Mastercard.

Best HSBC Credit Cards Compared

Credit CardAnnual FeeAPRRewardsMinimum Income Requirement
HSBC World Elite Mastercard$14920.99% for purchases, 22.99% for cash advancesEarn between 2 and 6 points for every $1 spent    $80,000 personal income or $150,000 household income  
HSBC +Rewards Mastercard$2511.9%Earn 1-2 points for every $1 spentN/A
HSBC Cash Rewards Mastercard$020.99% for purchases, 22.99% for cash advancesEarn 0.5% to 1.5% cash back on all purchasesN/A
HSBC Travel Rewards Mastercard$020.99% for purchases, 22.99% for cash advancesEarn between 1 and 3 points for every $1 spentN/A

Related: Everything you need to know about credit card fees.

FAQs

Is the HSBC World Elite Mastercard worth it?

Yes, the HSBC World Elite Mastercard could be a suitable credit card for you as long as you meet the minimum income requirements and are prepared to spend $149 on the annual fee. It is a good way to earn up to 6 points for every $1 you spend.

What is the highest-level HSBC credit card?

The highest-level HSBC credit card in Canada is the HSBC World Elite Mastercard. However, this also comes with a higher annual fee and annual income requirement compared to the other HSBC cards.

Is it hard to get a World Elite Mastercard?

Getting an HSBC World Elite Mastercard is straightforward because you can apply online. However, you must have a good credit score and a minimum personal annual income of $80,000 or a household income of $150,000 for your application to be accepted.

Is HSBC better than Amex?

It depends on what you are looking for. HSBC only provides Mastercard credit cards, which you may be able to use in more places than Amex cards. However, the different rewards will likely determine which card is best for your purposes.

Best Credit Offers in March 2024

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

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