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.
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.
HSBC +Rewards Mastercard Overview
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 +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, Hotels.com, 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 0.99% interest rate for cash advances for the first 9 months.
Interest rates: 13.99% for purchases and cash advances.
Minimum income requirement: N/A
Recommended credit score:
Good
On Scotiabank’s website
| Features | HSBC +Rewards Mastercard | MBNA TrueLine Mastercard | Scotiabank Value Visa | BMO Preferred Rate Mastercard |
|---|---|---|---|---|
| Annual fee | $25 (rebated in the first year) | $39 | $29 | $20 |
| Welcome bonus | Up to 35,000 bonus points | None | 0.00% introductory rate on balance transfers for 6 months | 3.99% balance transfer promo rate for 9 months, annual fee waived in the first year |
| Purchase interest | 11.9% | 8.99% | 12.99% | 12.99% |
| Balance transfer interest | 11.9% | 8.99% | 12.99% | 12.99% |
| Cash Advances interest | 11.9% | 24.99% | 12.99% | 12.99% |
| Rewards | Up to 2 points per $1 spent; redeem points for travel, gift cards, merchandise | None | Save up to 25% off base car rental rates at participating AVIS and Budget locations | Save 15% on Cirque du Soleil shows in Canada; 20% off resident shows in Las Vegas |
| Insurance coverages | Yes | Yes | No | Yes |
| Learn more | – | Read review | Read review | Read 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
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.
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.
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
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Annual fee
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Rewards
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Insurance
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Eligibility
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Interest rates
Overall
Summary
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.
Pros
- 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
Cons
- 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.
