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HSBC Rewards Program Canada: How to Maximize and Earn More Points

Updated:

Fact Checked

The HSBC Rewards Program is a popular program exclusive to HSBC customers.

The only way to earn points is by using an HSBC credit card, and there are currently four cards available with which you can earn rewards.

You can earn different rewards depending on the credit card you use. You can then redeem points for various rewards, including travel, gift cards, financial rewards and even air miles.

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.

HSBC Rewards Points – An Overview

The HSBC Rewards Program is available to HSBC credit card holders only. If you head to the HSBC Canada website, you will see that there are currently four credit cards to choose from, all of which provide you with access to the Reward Program.

However, the specific rewards available to you will differ depending on the card that you are using. In addition, the amount of points you can earn differs with each card.

The program provides you with several ways to earn points and redeem them in many different ways, including travel, gift cards, financial rewards and more.

It’s straightforward to use. All you have to do is start using your HSBC rewards credit card, and you will start earning points immediately.

When you have enough points to use, you can redeem them whenever you want, and we will look at how to do this later.

How to Earn HSBC Rewards Points

There are currently four credit cards available from HSBC that you can use to earn HSBC Rewards Points:

HSBC World Elite Mastercard

With this card, you can earn 3% in travel rewards when you make eligible travel purchases. This means you will earn six reward points for every $1 you spend on travel purchases.

You can also earn 4 points for every $1 spent on gas, drugstore and grocery purchases and 2 points for every $1 spent on all other purchases.

With this credit card, you can enjoy HSBC Mastercard rewards in travel, gift cards, merchandise, and financial categories. In addition, you can convert them into frequent flyer miles.

Here’s a detailed review.

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:
760
900

Very Good

hsbcworld_elite_card art

On HSBC’s website

  • Earn 6 points (3%) per $1 spent on eligible travel purchases.
  • Earn 4 points (2%) per dollar spent on gas, grocery, and drugstore purchases.
  • Earn 2 points (1%) per $1 spent on all other eligible purchases.
  • Never pay foreign transaction fees.
  • Redeem your points for travel, gift cards, financial rewards, or rewards for miles.
  • Get access to a complimentary Travel Pass that offers you access to more than 1,300 airport lounges worldwide.
  • No foreign transaction fees (only the exchange rate will apply).
  • Get an annual $100 travel enhancement credit.
  • Receive a 10% discount on eligible hotel bookings through Expedia and Agoda.
  • Access various travel insurance benefits, including emergency medical ($1M), baggage, car rental, and trip delay insurance.
  • A minimum personal income of $80,000 or household income of $150,000 is required to apply.

Premium travel credit card

Comprehensive travel benefits, including insurance

Attractive reward redemption options

3% travel reward categories are limited

Minimum personal income may be restrictive

The HSBC World Elite Mastercard offers a comprehensive selection of travel benefits while maintaining a manageable annual fee. It’s a great option for frequent travellers who would make enough purchases in the travel sector to maximize their rewards.

HSBC +Rewards Mastercard

With the HSBC +Rewards Mastercard, you will earn 2 points for every $1 spent on dining and entertainment purchases. You will earn 1 point for every $1 spent on everything else.

With this card, you can redeem your points for travel, gift cards, merchandise, and financial rewards. However, you can’t redeem them for frequent flyer miles.

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:
720
900

Good

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 Travel Rewards Mastercard

With the HSBC Travel Rewards Mastercard, you will earn 3 points per $1 spent on travel purchases, 2 points for transportation and gas, and 1 for all other eligible purchases.

You can redeem your points for travel, gift cards, merchandise and financial rewards in the HSBC Rewards Program.

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:
725
900

Very Good

HSBC Travel Rewards Mastercard

On HSBC’s website

  • Earn 3 HSBC Travel Rewards Points for every $1.00 spent on eligible travel purchases.
  • Earn 2 HSBC Travel Rewards Points for every $1.00 spent on eligible gas and daily transportation purchases.
  • Earn 1 HSBC Travel Rewards Point for every $1.00 on any other purchases.
  • Baggage delay, hotel burglary, and trip interruption insurance are offered.
  • Redeem your HSBC Travel Rewards Points for travel purchases, gift cards, merchandise, or HSBC financial rewards.
  • Extended Warranty Insurance for an additional year on new purchases.
  • Purchase assurance for 90 days from purchase.
  • Emergency travel insurance, trip cancellation insurance, and baggage loss insurance are offered for an additional $69.00 per year.

Excellent rewards perks

No annual fees

Flexible HSBC Rewards Points system

Some travel insurances are an extra fee

High-interest rates

The HSBC Travel Rewards Mastercard is a great entry-level travel card for Canadians. It comes with travel benefits, although actual travel insurance is an extra annual fee.

HSBC Cash Rewards Mastercard

The HSBC Cash Rewards Mastercard is slightly different because you do not earn rewards points like with the other three cards.

With this card, you will earn 1.5% cashback for every $1 spent online with the HSBC Cash Rewards Mastercard. You will also earn 1% cashback for every $1 spent on grocery, gas and drugstore purchases and 0.5% cashback for every $1 spent on all other purchases.

With the HSBC Cash Rewards Program, you can only redeem your rewards points for financial rewards to help meet your financial goals. For example, you can use them to pay off your HSBC mortgage, add cash to your savings account or reduce your credit card balance.

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:
720
900

Very Good

HSBC Cash Rewards Mastercard

On HSBC’s website

  • Earn 1.5% cash back for every dollar spent on eligible online purchases.
  • Earn 1% cash back for every dollar spent on eligible gas, grocery, and drugstore purchases.
  • Earn 0.5% cash back for every dollar spent on all other everyday purchases.
  • Get up to $1,000 of mobile device insurance.
  • Receive purchase assurance for 90 days from the date of purchase in case of loss, damage, or theft.

No minimum credit score or income requirement

No annual fee

High purchase APR at 20.99%

1.5% cash back is limited to online purchases

Limited insurance and travel benefits

The HSBC Cash Rewards Mastercard offers cash back without an annual fee or minimum income requirement. It’s a great starter card option for those looking to build a credit score or those who primarily shop online to maximize its cash back benefits.

How to Redeem HSBC Rewards Points

One of the reasons the HSBC Rewards Program is popular is that it is very flexible in terms of earning points and redeeming them.

How you redeem them depends on the credit card you are using and the rewards you want to enjoy.

The best way to redeem points is at the HSBC Rewards website. You can find many options here, along with several special offers.

Here are a few of the main categories:

Travel Rewards

Travel rewards are some of the best rewards available in the HSBC Rewards Program.

If you use one of the credit cards that allow you to earn points, HSBC rewards redemption for travel is very easy.

First of all, you can book your travel using an HSBC Mastercard. You can book various travel types, including flights, hotels, cruises, rental cars, vacation packages, tours and more.

You can then use your rewards to get a travel rebate for the transactions online or by calling HSBC Rewards.

The good thing about this option is that you can make a purchase at any airline, travel agent or website.

You can also use your points when making travel purchases directly via the HSBC Rewards website. You can redeem them when booking flights, hotels, vacation packages and more.

Air Miles

If you are using the HSBC World Elite Mastercard, you can also convert your points into frequent flyer miles. You can do this using the Rewards for Miles section on the HSBC Rewards website.

There are currently three travel partners you can convert your points with British Airways Executive Club, Asia Miles and KrisFlyer Miles.

Gift Cards

Gift cards are a great option if you want to get discounts or free items. There are gift cards for almost anything in the HSBC Rewards Program, and you can use your rewards points to buy the gift card directly via the HSBC Rewards website.

Gift cards are available from Amazon, Air Canada, CostCo, Avis, Petro-Canada and lots more.

Merchandise

You can also search the HSBC Rewards website for merchandise. You will find a wide range of brand merchandise, including cell phones, gadgets, sports items and more, and you can redeem your points directly on the website.

Financial Rewards

Financial rewards are another easy option. You can use your reward points to pay off your credit card balance, pay down your HSBC mortgage or save in your HSBC savings account.

You can cash them in at any time via the HSBC Rewards website.

HSBC Rewards Points Value

When it comes to HSBC rewards points value, this varies depending on how you redeem the points.

In general, you can earn about 0.5 cents for every point you redeem on travel, making this the best way to redeem points in terms of value.

Using them on gift cards means you can expect about 0.45 cents per point, while merchandise works out at about 0.40. You can expect about 0.30 to 0.35 cents per point for financial rewards.

Top Credit Cards That Earn HSBC Rewards Points

Credit CardAnnual FeeAPRRewardsPoints Redeemable OnMinimum Income Requirement
HSBC World Elite Mastercard$14920.99% for purchases, 22.99% for cash advances2-6 points per $1 spent    Travel, gift cards, merchandise, financial rewards, frequent flyer miles$80,000 personal income, or $150,000 household income  
HSBC +Rewards Mastercard$2511.9%1-2 points per $1 spentTravel, gift cards, merchandise, financial rewardsN/A
HSBC Travel Rewards Mastercard$020.99% for purchases, 22.99% for cash advances1-3 points per $1 spentTravel, gift cards, merchandise, financial rewardsN/A
HSBC Cash Rewards Mastercard$020.99% for purchases, 22.99% for cash advances0.5% to 1.5% cashback back on purchasesFinancial rewardsN/A

Pros and Cons of the HSBC Rewards Program

There are several pros and cons to consider with the HSBC Rewards Program:

Pros:

  • Huge amount of flexibility regarding how and when you use your points.
  • Great discounts available on travel.
  • Ability to convert points for frequent flyer miles.
  • Earn rewards wherever you spend using your credit card.

Cons:

  • To earn the most points, you need the HSBC World Elite Mastercard, which has a higher annual fee and minimum income requirements.
  • You can only earn rewards by using an HSBC credit card.

Is the HSBC Rewards Program Worth It?

If you’re currently choosing a credit card and you’re looking for a top rewards program, the HSBC Rewards Program is a great choice.

HSBC provides several credit cards, many of them with no income requirements and no or low annual fees, so that’s a great starting point.

The Rewards Program itself is excellent. You can earn lots of points for all your spending on your credit card, and you can quickly and easily redeem points for some excellent rewards.

The HSBC Rewards Program is also particularly suitable for anyone who loves travelling.

FAQs

How much are HSBC points worth for travel?

If you earn HSBC points and want to redeem them for travel, each point is worth about 0.5 cents. However, this is a general amount; the exact amount could be higher or lower depending on how you redeem your points.

What is the value of 1 reward point in HSBC credit cards?

One reward point in the HSBC Rewards Program is worth between about 0.3 and 0.5 cents. However, this will depend on how you redeem your points.

Do HSBC reward points expire?

One of the great things about the HSBC Rewards Program is that your points do not expire. As long as your account is open and in good standing, you will be able to keep your points to use when you are ready.

How do I check my reward points?

You can easily check your HSBC Rewards Points in several ways. They will appear on your credit card statement each month. You can also see them via Online Banking or by calling HSBC Rewards Customer Care.

Related: Best First-Time Credit Cards With No Credit History.

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Author

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

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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