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:
Very Good
On HSBC’s website
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:
Good
On HSBC’s website
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:
Very Good
On HSBC’s website
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:
Very Good
On HSBC’s website
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 Card | Annual Fee | APR | Rewards | Points Redeemable On | Minimum Income Requirement |
| HSBC World Elite Mastercard | $149 | 20.99% for purchases, 22.99% for cash advances | 2-6 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 | $25 | 11.9% | 1-2 points per $1 spent | Travel, gift cards, merchandise, financial rewards | N/A |
| HSBC Travel Rewards Mastercard | $0 | 20.99% for purchases, 22.99% for cash advances | 1-3 points per $1 spent | Travel, gift cards, merchandise, financial rewards | N/A |
| HSBC Cash Rewards Mastercard | $0 | 20.99% for purchases, 22.99% for cash advances | 0.5% to 1.5% cashback back on purchases | Financial rewards | N/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
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.
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.
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.
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.
