HSBC Credit Cards No Longer Available in Canada: 8 Solid Alternatives

HSBC Canada is shutting down its operations in Canada as it prepares to be taken over by RBC. So, if you are looking to apply for a new credit card or bank account, you can no longer do so.

Existing customers with HSBC accounts continue to have access to their accounts for now. However, if you are looking to open a new account, you should check out these alternatives.

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HSBC Mastercard Alternatives

HSBC used to offer these credit cards:

HSBC World Elite Mastercard
HSBC +Rewards Mastercard
HSBC Cash Rewards Mastercard
HSBC Travel Rewards Mastercard

HSBC World Elite Mastercard

The HSBC World Elite Mastercard was the bank’s premium credit card for travel rewards. It offered comprehensive travel insurance, no FX fees, and robust cash back earn rates.

Alternative credit cards for similar or better benefits include the Scotiabank Passport Visa Infinite Card and Scotiabank Gold American Express Card.

Both credit cards waive foreign currency transaction fees and include a long list of travel insurance benefits. Their cash back rates are also competitive.

Scotiabank Passport Visa Infinite Card

Best for no FX fees and travel perks

Annual fee: $150

Rewards: Earn 3x Scene+ points on eligible grocery purchases, 2x pts. on dining, entertainment and transit, and 1x pts. on everything else.

Welcome offer: Up to 40,000 bonus Scene+ points and no annual fee for the first year.

Interest rates: 20.99% for purchases, 22.99% for cash advances.

Minimum income requirement: $60,000

Recommended credit score:

760

900

Very Good

APPLY NOW

On Scotiabank’s website

Earn 3x Scene+ points for shopping at select grocery stores, including Sobeys and Safeway.
Earn 2x points on dining, select grocery stores, entertainment venues and eligible transit options.
Earn 1 point for all other eligible purchases.
No foreign transaction fees on purchases overseas.
Includes Avis® Preferred Plus membership.
Access to over 1,200 global airport lounges with the Visa Airport Companion Program.
Comprehensive travel insurance benefits are included.
A minimum annual income of $60,000 or a minimum household income of $100,000 is required.

Earn up to 3x Scene+ points

No foreign transaction fees

Premium perks like travel insurance included

High-income requirement of $60,000

$150 annual fee

The Scotiabank Passport Visa Infinite Card is a great option for anyone who wants to earn Scene+ points on their purchases. Zero foreign exchange fees, comprehensive travel insurance coverage, and Visa Airport Companion Program membership also make it a good option for travelers.

Scotiabank Gold American Express Card

Best travel credit card in Canada

Annual fee: $120

Rewards: Earn up to 6x Scene+ points on groceries, 5x pts. on dining, food delivery, & entertainment, 3x pts. on gas, and 1x pts. on everything else.

Welcome offer: Get up to 40,000 bonus Scene+ points in the first 12 months.

Interest rates: 20.99% for purchases, 22.99% for cash advances.

Minimum income requirement: $12,000

Recommended credit score:

660

900

Good

APPLY NOW

On Scotiabank’s website

Zero foreign transaction fees when travelling overseas or shopping abroad.
Earn 6x Scene+ points at select grocery stores, including Sobeys and Safeway.
Earn 5x points on dining or food delivery at select stores and restaurants as well as select movies, theatres and ticket agencies.
Earn 3x points on eligible gas and transit purchases.
Earn 1 point for every $1 CAD spent on eligible purchases.
Comprehensive travel insurance benefits and extended warranty protection are included.
Priority Pass™ membership discount to access VIP lounges.
Amex Offers® including deals on shopping, travel and dining.
Access to Front Of The Line® presale tickets to concerts, restaurants and events.
Minimum annual income of $12,000 required.

Earn up to 6x Scene+ point

Lots of premium perks included

No foreign transaction fees

Low income eligibility at $12,000

Expensive annual fee

$29 fee for each additional card

Scotiabank Gold American Express Card provides a great opportunity to earn Scene+ points on all purchases and extra points on select purchases. Its zero foreign transaction fees and travel insurance coverage make it a good choice for travellers.

HSBC +Rewards Mastercard

HSBC +Rewards Mastercard used to be one of Canada’s best low-interest credit cards, with a low 11.9% rate on cash advances and purchases.

A solid alternative credit card is the Scotiabank Value Visa Card, which currently also has a 0% introductory rate for balance transfers for the first 10 months.

Scotiabank Value Visa Card

Best for low-interest rates

Annual fee: $29

Welcome offer: No annual fee for the first year and 0% interest rate for cash advances for the first 10 months.

Interest rates: 12.99% for purchases and cash advances.

Minimum income requirement: N/A

Recommended credit score:

660

900

Good

APPLY NOW

On Scotiabank’s website

The annual fee is waived in the first year.
Low-interest rate of just 12.99%.
0% promotional balance transfer rate for 6 months; 1% balance transfer fee.
Save up to 25% on car rentals at AVIS and Budget in Canada and the United States.
Minimum gross income requirement of $1,000 per month.

Low-interest rate on purchases

Low-interest rate on cash advances

Low minimum income requirement

No rewards

Few premium perks

The Scotiabank Value Visa Card is a no-frills credit card that offers a very low-interest rate on purchases and cash advances. While it does not offer many other perks, it is a good option for anyone who carries a balance.

HSBC Cash Rewards Mastercard

The HSBC Cash Rewards Mastercard offered 0.5% and 1.5% cash back on all purchases and was a no-annual-fee credit card.

It can be replaced by several no-fee cash back credit cards, including the Tangerine Money-Back Credit Card (up to 2% cash back) and Neo Credit Card (average 5% cash back).

Tangerine Money-Back Credit Card

Best no-fee cash back credit card

Annual fee: $0

Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.

Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value).

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Minimum income requirement: $12,000

Recommended credit score:

600

900

Fair to Good

APPLY NOW

On Tangerine’s website

No annual fee.
Unlimited 2% cash back in two spending categories. Get an extra 2% cash back spending category when you deposit your rewards in a free Tangerine savings account.
Unlimited 0.50% cash back on all other purchases.
Cash back earned is paid out monthly.
1.95% promotional balance transfer for first 6 months; 3% balance transfer fee applies ($5 minimum).
Purchase assurance to cover loss, theft or damage of new items purchased using the card for up to 90 days.
Works with Apple Pay, Google Pay, and Samsung Pay.
Extended warranty for up to one extra year.

No annual fee

High cash back rates

Low-income requirement

Cash back paid monthly

Low-interest balance transfer

No travel insurance coverage

3% balance transfer fee

The Tangerine Money-Back Credit Card is one of the best cash back credit cards in Canada. It’s great for students and those who have a limited credit history. Cardholders can also enjoy no-fee chequing and a high interest savings account.

Neo Credit

Excellent credit card for cash back

Annual fee: $0

Rewards: Earn up to 15% cash back for first purchases at eligible partners, 5% average cash back at partner stores for subsequent purchases, and 0.5% cash back on average on all purchases.

Welcome offer: $25 bonus on approval.

Interest rates: 19.99% – 22.99% for purchases.

Minimum income requirement: None

Recommended credit score:

600

900

Fair

APPLY NOW

On Neo Financial’s website

Earn up to 15% cashback on first purchases at eligible partners.
Earn 5% cashback at over 10,000 merchants.
Earn 0.5% cash back on all other purchases.
Unlimited cashback on purchases.
Use Subscription Bundles to get extra cashback by choosing from selected categories, or get other rewards on insurance or subscriptions.
App Insights provides a clear picture of spending habits.

Earn unlimited cashback

Earn up to 15% cashback on first purchases

No annual fee

Useful app

High-interest rate

No extra perks besides cashback

The Neo Financial Mastercard is a great way to earn up to 15% cashback without paying an annual fee. Subscription Bundles give you more control over where you make the most cash back, and the easy-to-use app provides insights into your spending habits.

HSBC Travel Rewards Mastercard

This credit card was a no-annual-fee travel credit card. Consider the Tangerine World Mastercard or American Express Green Card to replace it.

American Express Green Card

Entry-level Amex rewards credit card

Annual fee: $0

Rewards: Earn 1X points on everyday purchases.

Interest rates: 20.99% on purchases and 21.99% on cash advances.

Minimum income requirement: None

Recommended credit score:

660

900

Good

APPLY NOW

On Amex’s website

Earn 1X points on all everyday purchases.
Earn 1 additional point on every dollar spent on eligible hotel or rental car bookings.
Redeem your Membership Rewards points for gift cards, merchandise, travel rewards, or purchases on Amazon.
Enjoy exclusive access to tickets, virtual events, live performances, and more through American Express Experiences.
Receive purchase protection for 90 days from the date of purchase in case of damage or theft.

Rewards points never expire and are unlimited

No annual fee

No minimum income or credit limit requirements

Limited travel and insurance benefits

High purchase APR at 20.99%

Limited categories with extra points

The American Express Green Card offers a broad points system with attractive options to redeem points. With no annual fee and no minimum income or credit limit requirements, it’s a great starter card to build your credit score.

Tangerine World Mastercard

Excellent no-fee cash back card with travel perks

Annual fee: $0

Rewards: Earn up to 2% unlimited cash back in 2-3 spending categories and 0.50% on all other purchases.

Welcome offer: Get an additional 10% cash back valued at $100 in the first 2 months.

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Minimum income requirement: $12,000

Recommended credit score:

660

900

Fair to Good

APPLY NOW

On Tangerine’s website

No annual fee.
Unlimited 2% cash back in two spending categories. Get an extra 2% cash back category when you deposit cash back earned in a free Tangerine savings account.
Unlimited 0.50% cash back on all other purchases.
Cash back earned is paid out monthly.
Complimentary Mastercard^® Travel Pass Provided By DragonPass membership with access to over 1,300 airport lounges at $32 USD per visit.
Rental car and mobile device insurance are included.
Access to over 1 million Wi-Fi hotspots worldwide through Boingo Wi-Fi
1.95% promotional balance transfer for first 6 months; 3% balance transfer fee applies ($5 minimum).
Purchase assurance to cover loss, theft or damage of new items purchased using the card for up to 90 days.
Compatible with Apple Pay, Google Pay, and Samsung Pay.
Extended warranty for up to one extra year.

No annual fee

Easy access to airport VIP lounges

Car rental and mobile device coverage

High cash back rates with unlimited earning potential

Lacks comprehensive travel benefits

The Tangerine World Mastercard offers premium perks without charging an annual fee. Its competitive cash back earn rate makes it worthwhile for any wallet, and the mobile device and car rental coverage are solid benefits to have up your sleeve.

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HSBC Credit Cards No Longer Available in Canada: 8 Solid Alternatives

HSBC Mastercard Alternatives