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From cards offering travel rewards to paying no annual fee, our expert advises on how to select an HSBC Canada credit card that works best for your lifestyle.

DisclosureThe information related to HSBC Mastercard® and HSBC Advance Mastercard® has been collected by Young and Thrifty and has not been reviewed or provided by HSBC.

Considering an HSBC credit card? Given that HSBC is the seventh-largest bank in Canada, it’s well worth adding one of their credit cards to your wallet. Although not as well-known as other credit cards on the market, they offer some excellent benefits. In this article, we’re breaking down our top picks for the best HSBC credit cards in Canada to help you decide which card is best for you.

The Best HSBC Canada Credit Cards

Credit CardBest For
HSBC World Elite® Mastercard®
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Travel Rewards
HSBC +Rewards™ Mastercard®
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Low Interest
HSBC Mastercard®
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No Annual Fee
HSBC Advance Mastercard®
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Cash Back

Best for Travel: HSBC World Elite® Mastercard®

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If you are looking to a travel rewards credit card, the HSBC World Elite® Mastercard® is a good pick. With this card, you’ll earn 3% in travel rewards on all eligible travel-related purchases (6 points per $1) and 1.5% in travel rewards on all other eligible card purchases (3 points per $1). As a welcome bonus, new cardholders can earn up to 100,000* Points (worth $500 in travel rewards) PLUS a full annual fee rebate* for the Primary Cardholder for the first year. Must apply by December 28, 2020. Conditions Apply.

For reference, 200 points are equal to $1 to redeem towards travel as well as merchandise, HSBC financial products, gift cards, and more. Cashing in your rewards is easy: you just apply your points to a purchase you have made on your credit card within the last 60 days. You can do this yourself online, or call customer service and have someone do it for you.

Other cardholder benefits include no foreign transaction fees (only the exchange rate applies), a $100 annual travel enhancement credit (which can be used towards upgrading your airline seats, covering baggage fees, or towards airport lounge passes), and a complimentary membership to Mastercard Airport Experiences provided by LoungeKey (worth $131), giving you access to 850 airport lounges worldwide.

The card also comes with Worldwide Emergency Travel Medical insurance with coverage for 31 days – which is one of the longest included policies among the travel credit cards in Canada. Additional “nice to have” perks include 10% savings on select hotel bookings made through the HSBC Expedia and Agoda websites and unlimited Wi-Fi at Boingo hotspots worldwide.

Despite the current global pandemic, many Canadians still need to travel domestically for business. While you may not have any use for the perks and benefits at this time, you can take advantage of the opportunity to earn extra travel rewards to use in the future when it is safe to travel abroad again as your points will remain valid for up to 3 years from the earn date.

the overall value of the card in terms of perks, earn rates, and the fact that it has no foreign transaction fees makes up for the annual fee. The HSBC World Elite Mastercard does have a lot of benefits, making it one of the best travel credit cards in Canada.

The Details

  • Annual Fee: $149
  • Minimum Income Eligibility: Annual individual income of $80,000 or $150,000 household income, or a minimum of $400,000 in assets under management.
  • Credit Score Required: N/A
  • Welcome Bonus: Earn up to 100,000* Points ($500 travel value) PLUS a full annual fee rebate* for the Primary Cardholder for the first year. Must apply by December 28, 2020. Conditions Apply.
  • Additional Perks: No foreign transaction fees, travel insurance, $100 annual travel enhancement credit
  • Purchase APR: 19.9% | Cash Advance and Balance Transfer APR: 22.9%
Learn more about the HSBC World Elite® Mastercard® credit card.

*This offer is not available for residents of Quebec. For residents of Quebec, please click here. 

Best For Low Interest: HSBC +Rewards™ Mastercard®

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Thanks to the pandemic throwing the economy into a spiral, many Canadians are currently struggling to pay credit card debt. In this case, consider a low-interest credit card like the HSBC +Rewards™ Mastercard®. It offers an interest rate of 11.9% — an incredible rate given that most credit cards have interest rates of 19.9% and higher. By switching to a low-interest credit card, you can avoid astronomical interest charges and pay off credit card debt faster.

As a low-interest credit card, the HSBC +Rewards™ Mastercard® doesn’t come with a ton of perks and benefits but offers a low annual fee, and unlike other no-frills cards, you can still earn rewards. Specifically, you’ll get 2 points for every $1 spent on eligible dining or entertainment purchases and earn 1 point for every $1 on all other everyday purchases. Cardholders will also benefit from purchase assurance for 90 days, price protection service (find a lower price within 60 days of your purchase and the difference will be refunded), and extended warranty insurance that doubles the manufacturer’s warranty for up to 1 additional year.

The Details

  • Annual Fee: $25
  • Minimum Income Eligibility: N/A
  • Credit Score Required: N/A
  • Welcome Offer: Earn 20,000* Points ($100 travel value) PLUS a full annual fee rebate* for the Primary Cardholder for the first year ($25 value). Must apply by December 28, 2020. Conditions Apply.
  • Additional Perks: Redeem points for travel, financial rewards, gift cards, merchandise, and more; extended warranty and purchase protection; optional travel insurance
  • Purchase APR: 11.9% | Cash Advance and Balance Transfer APR: 11.9%

Learn more about the HSBC +Rewards™ Mastercard® Credit Card.

*This offer is not available for residents of Quebec. For Quebec residents, please click here. 

Best For No Annual Fee: HSBC Mastercard®

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Some people loathe the idea of having to pay an annual fee for a credit card, especially when money is tight. If you just want a basic card that gets the job done without any extra fees, then consider the HSBC Mastercard® — a no-frills credit card with no annual fee. There are no fancy perks or rewards programs with this card, but you’ll pay $0 to stow it in your wallet. It’s ideal for individuals who don’t have much interest in credit cards but want to have one on hand in case of emergencies. The one benefit that this credit card does include is extended warranty protection, which doubles the manufacturer’s warranty (up to one year) on items purchased with this credit card.

The Details

  • Annual Fee: $0
  • Minimum Income Eligibility: N/A
  • Credit Score Required: Good
  • Additional Perks: Extended warranty protection (up to 1 year) on card purchases.
  • Purchase APR: 19.9% | Cash Advance and Balance Transfer APR: 22.9%
Learn more about the HSBC Mastercard®

Best For Cash Back: HSBC Advance Mastercard®

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With the current COVID crisis, choosing a credit card that gives you such flexibility in the rewards earning structure is essential. The HSBC Advance Mastercard® offers such freedom, allowing you to choose from two rewards options. The first option is earning HSBC Rewards points, which can be redeemed for travel, merchandise, financial products, gift cards, and more. Or you can opt for door number two: cash back rewards.

If you choose cash back rewards, you earn a 0.75% cash back rebate for every $1 on all eligible card purchases. The cash back is then applied as a credit to your statement every January, so long as your HSBC Advance Mastercard® stays in good standing.

For those who decide to go the rewards program route, you will earn 0.75 points per $1 spent on eligible card purchases. Points can then be redeemed towards travel, financial rewards, merchandise, and gift cards.

This credit card doesn’t have many perks and benefits, but you can save some dough with the included car rental insurance (especially for road trips). You can also opt into travel and medical insurance for an annual fee of $69.

One caveat: this credit card is only available to HSBC clients. To apply, you must open and maintain an active HSBC chequing account as well as meet one of these other requirements:

  • Maintain personal deposits and investments of at least $5,000 with HSBC; OR
  • Hold a personal mortgage with an original value of $150,000+ with HSBC

Given that there is no annual fee for this card but you still can earn rewards, it’s definitely one to consider.

The Details

  • Annual Fee: $0
  • Minimum Income Eligibility: N/A
  • Credit Score Required: Excellent
  • Welcome Bonus: $50 for cashback option or $5000 points for rewards option
  • Additional Perks: Car rental insurance included
  • Purchase APR: 19.9% | Cash Advance and Balance Transfer APR: 22.9%
Learn more about the HSBC Advance Mastercard®

Comparing HSBC Credit Card Canada

Credit CardWelcome OfferAnnual FeeMore Info
HSBC World Elite® Mastercard® Earn up to 100,000* Points ($500 travel value) PLUS a full annual fee rebate* for the Primary Cardholder. Must apply by December 28, 2020$149Learn More
HSBC +Rewards™ Mastercard®

 
Earn 20,000* Points ($100 travel value) PLUS a full annual fee rebate* for the Primary Cardholder for the first year ($25 value). Must apply by December 28, 2020$25Learn More
HSBC Mastercard®None$0Learn More
HSBC Advance Mastercard®$50 or 5,000 points (your choice)$0Learn More

*Conditions Apply. This offer is only available to residents of Canada other than the province of Quebec. (Quebec residents eligible for separate offer)

The Verdict: Which HSBC Credit Card is Best?

Each HSBC credit card has excellent features, but it will depend on your personal needs. Take the time to examine your spending habits, decide whether the perks are worth paying for, and know your bottom line. For a broader range of brands and options, you can also check out the best credit cards in Canada.

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