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:
Very Good
On HSBC’s website
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:
Good
On HSBC’s website
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:
Very Good
On HSBC’s website
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:
Very Good
On HSBC’s website
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 Card | Annual Fee | APR | Rewards | Minimum Income Requirement |
| HSBC World Elite Mastercard | $149 | 20.99% for purchases, 22.99% for cash advances | Earn between 2 and 6 points for every $1 spent | $80,000 personal income or $150,000 household income |
| HSBC +Rewards Mastercard | $25 | 11.9% | Earn 1-2 points for every $1 spent | N/A |
| HSBC Cash Rewards Mastercard | $0 | 20.99% for purchases, 22.99% for cash advances | Earn 0.5% to 1.5% cash back on all purchases | N/A |
| HSBC Travel Rewards Mastercard | $0 | 20.99% for purchases, 22.99% for cash advances | Earn between 1 and 3 points for every $1 spent | N/A |
Related: Everything you need to know about credit card fees.
FAQs
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.
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.
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.
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.
