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HSBC +Rewards Mastercard Review

The HSBC +Rewards Mastercard offers a standard low-interest rate of 11.9% on purchases, balance transfers, and cash advances.

Considering that most credit cards charge a 19.99% rate or higher, this card can save you a lot of money if you carry a balance. It also offers HSBC Rewards points on your everyday spending.

When you combine the HSBC +Rewards Mastercard’s interest rates, rewards program, and insurance coverage, it is easily one of the overall best low-interest rate cards in Canada.

This HSBC Rewards Mastercard review covers what you need to know.

HSBC +Rewards Mastercard Overview

HSBC +Rewards Mastercard

Best for low-interest rates

Annual fee: $25

Welcome offer: Earn 35,000 points when you spend $2,000 within 180 days of account opening ($175 travel value).

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:


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 +Rewards Mastercard Benefits

While the main highlight of the HSBC +Rewards Mastercard is its low-interest rate offer when you use the card to pay for purchases or conduct cash advance or balance transfer transactions, its benefits extend beyond just that.

This card offers rewards points on your spending as follows:

  • 2 points per $1 spent on eligible dining or entertainment purchases
  • 1 point per $1 spent on all other purchases

You can redeem your points for a variety of rewards, including:

Travel Rewards: Redeem as a statement credit towards an airline ticket, vacation package, cruise, hotel, rail ticket, and more.

Gift cards: Including popular gift cards from brands and retailers such as Costco, iTunes, Amazon, Best Buy, Canadian Tire, Cineplex, Fas Gas,, and Hudson’s Bay.

Merchandise: You can choose from hundreds of products in the electronics, home appliances, sports and leisure, or outdoor and garden categories.

Personal finance: Use your points to pay down your credit card, add cash to your savings account, or pay down your mortgage.

HSBC +Rewards Mastercard Insurance

The HSBC +Rewards Mastercard comes with several insurance benefits to protect your purchases.

Cardholders enjoy a Price Protection service. If you find a lower price for an item within 60 days of buying it, the difference is refunded up to $500 (maximum of $1,000 calendar year).

The card offers Extended Warranty insurance that doubles the original manufacturer’s warranty for up to one additional year.

Lastly, the Purchase Assurance coverage means your purchases with this card are protected against loss, damage, or theft for up to 90 days.

For an extra $69/year, cardholders can obtain optional coverage for Emergency Travel Medical, trip cancellation, trip interruption, and baggage delay or loss.

Downsides of HSBC +Rewards Mastercard

If you want to add supplementary users to your card, each additional card costs $10 per year.

The redemption value of your points varies based on what you redeem them for.

If you typically don’t carry a balance from month to month, these cash back credit cards offer a better reward rate.

HSBC +Rewards Mastercard vs. Alternatives

The options for low-interest credit cards in Canada are few and far between.

Some of the credit cards meeting the base criteria include:

  • Scotiabank Value Visa Card
  • MBNA TrueLine Gold Mastercard, and
  • BMO Preferred Rate Mastercard

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 6 months.

Interest rates: 12.99% for purchases and cash advances.

Minimum income requirement: N/A

Recommended credit score:


Scotiabank Value Visa Card

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.

FeaturesHSBC +Rewards MastercardMBNA TrueLine MastercardScotiabank Value VisaBMO Preferred Rate Mastercard
Annual fee$25$39$29$20
Welcome bonusUp to 35,000 bonus pointsNone0.00% introductory rate on balance transfers for 6 months3.99% balance transfer promo rate for 9 months, annual fee waived in the first year
Purchase interest11.9%8.99%12.99%12.99%
Balance transfer interest11.9%8.99%12.99%12.99%
Cash Advances interest11.9%24.99%12.99%12.99%
RewardsUp to 2 points per $1 spent; redeem points for travel, gift cards, merchandiseNoneSave up to 25% off base car rental rates at participating AVIS and Budget locationsSave 15% on Cirque du Soleil shows in Canada; 20% off resident shows in Las Vegas
Insurance coveragesYesYesNoYes
Learn moreVisit HSBCRead reviewRead reviewRead review

Is the HSBC +Rewards Mastercard for you?

If you are looking for a versatile credit card that offers low interest rates and everyday rewards, this card is worth checking out.

The basic insurance coverage included with the card is an added perk. If you’d like additional travel insurance, it is available as an optional add-on for an extra fee.

HSBC +Rewards Mastercard FAQs

What can I do with HSBC rewards points?

You can redeem your points towards travel rewards, gift cards, hundreds of merchandise, and financial rewards. You can also use your points to donate to a charity.

What is the value of an HSBC reward point?

When redeemed as a statement credit towards travel purchases, each point is worth about $0.005, so 200 HSBC Rewards points are roughly equivalent to $1.

What other credit cards are offered by HSBC Canada?

In addition to the four credit cards linked with their chequing account, HSBC also offers the HSBC World Elite Mastercard, HSBC +Rewards Mastercard, and HSBC Mastercard.

HSBC +Rewards Mastercard Review
  • Annual fee
  • Rewards
  • Insurance
  • Eligibility
  • Interest rates


The HSBC +Rewards Mastercard offers a low-interest rate and rewards on purchases. This review covers its benefits, downsides, how to earn HSBC Rewards, and alternatives credit cards.


  • Earn up to 2 points per $1 spent on eligible purchases.
  • Low-interest rate of 11.90% on purchases, cash advances, and balance transfers
  • Offers price protection, purchase assurance, and extended warranty insurance


  • Supplementary cards cost $10 each.
  • Points vary in value based on what you redeem for.
  • There are cards with a higher cash back rate if you don’t carry a balance.

Best Credit Offers in May 2023

Get up to 5% cashback and grow your savings ($20 bonus)

Best free prepaid reloadable Mastercard plus a $20 welcome bonus.

Free budgeting app with automatic savings features.

Increase your credit score with an optional credit building add-on.

Earn up to 2.00% interest on your entire balance.*

Get the best no-fee cash back credit card in Canada ($100 bonus)

Earn 2% unlimited cash back in up to 3 spending categories.

Get a $100 welcome bonus after spending $1,000 in the first two months.

1.95% low-rate balance transfer and purchase protection insurance.

No annual fees to use the card; cashback is paid out monthly.

Earn up to 5% cash back at over 10,000 retail locations ($25 Bonus)

Get a $25 bonus when you are approved for the Card.

No annual account fees.

Earn up to 5% unlimited cash back at 10,000+ participating stores.

Guaranteed instant approval credit card.

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

Enoch Omololu is a personal finance expert and a veterinarian. 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. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in Forbes, The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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