HSBC +Rewards Mastercard Review

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by Enoch Omololu


Advertiser Disclosure

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 over time 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 – At a Glance

  • Annual fee: $25
  • Earn 2 points per $1 spent on eligible dining and entertainment purchase
  • Earn 1 point per $1 spent on all other purchases
  • 11.9% annual interest on purchases, cash advances, and balance transfers
  • Price protection service
  • Purchase assurance
  • Extended warranty insurance

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 a number of 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.


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 cards meeting the base criteria include:

  • Scotiabank Value Visa Card
  • MBNA TrueLine Gold Mastercard, and
  • BMO Preferred Rate Mastercard
FeaturesHSBC +Rewards MastercardMBNA TrueLine MastercardScotiabank Value VisaBMO Preferred Rate Mastercard
Annual fee$25$39$29$20
Welcome bonusNoneNone0.99% 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 moreRead reviewRead reviewRead review

Is the HSBC +Rewards Mastercard for you?

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

The basic insurance coverage included with the card is an added perk, and 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 make a donation 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


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 July 2022

Earn up to 10% cash back for a limited time ($100 bonus)

One of the best no-fee credit cards in Canada.

Get 2% unlimited cash back on up to 3 purchase categories.

Get 0.5% unlimited cash back on all other purchases.

Get 10% bonus cash back in first 2 months ($100 value).

1.95% balance transfer offer for 6 months.

Get up to 10% cashback and grow your savings ($20 bonus)

Free prepaid reloadable Mastercard (use referral code CASHBACK during signup for $20 free).

Access to a portion of your paycheque 3 days early.

Free budgeting app with automatic savings features.

1.20% savings interest on every dollar balance.*

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Pre-approvals are available in as fast as 5 minutes.

Low-interest rates start at 1.99% and terms from 4-60 months.

The NeoCard pays up to 5% cash back at select retailers

Get a $25 bonus when you apply for the Card.

Up to 5% cash back at participating stores.

No annual account fees and 1% minimum cash back guaranteed.

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Enoch Omololu

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 has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

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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