HSBC World Elite Mastercard adds more grocery power to Canadian households

Arguably, the best Canadian credit card to travel internationally, the HSBC World Elite Mastercard has introduced a new earn category which further enhances the cards’ all-round reputation. All purchases at Gas, Grocery and Drugstores now earn 4 points per $1, giving cardmembers an opportunity to make this into their everyday card, and not just a travel card. The welcome bonus continues to offer up to 80,000 points (110,000 Points for Quebec Residents), first year annual fee rebate, and a $100 travel enhancement credit for all new card accounts approved by May 31, 2023. There is so much to love about the card, let’s look at the updates in detail;

HSBC World Elite Mastercard – Apply Now 

• • Annual Fee: $149 CAD (Annual Fee Rebate for the primary cardholder* for the first year*)
  • Welcome Bonus:
    • Up To 80,000 points* (Apply by May 31, 2023);
      • 20,000 points* as welcome bonus upon approval
      • 60,000 points* (10,000 points for each month with with $1,000 CAD spend, in the first six months of account opening)
    • Offer for Quebec Residents: Up To 110,000 points* (May 31, 2023);
      • 20,000 points* as welcome bonus upon approval
      • 90,000 points* when you keep account open and active for 180 days
  • Earning Rate:
    • 6 Points per $1 on all eligible Travel purchases
    • 4 Points per $1 on all eligible purchases that are Gas, Grocery and Drugstore
    • 2 Points per $1 on all other eligible purchases

• • Additional Benefits:
    • $100 annual travel enhancement credit*
    • No foreign transaction fees
    • Unlimited Wi-Fi through Boingo at over 1 million hotspots worldwide
    • Complimentary membership to Mastercard Airport Experiences Provided by LoungeKey, offering access to over 850 airport lounges worldwide
    • 10% discount on select hotel bookings on your card with Expedia and Agoda when you book directly through the HSBC Expedia and Agoda websites
    • Comprehensive Insurance Coverage
      • 31–day insurance coverage – Worldwide Emergency Travel Medical insurance
      • Baggage delay or loss insurance
      • Trip Cancellation and Trip Interruption/Delay insurance
      • Car Rental Insurance
      • Purchase Assurance and Extended Warranty insurance

• • Eligibility Requirements: Annual individual income of $80,000 or $150,000 household income, or minimum of $400,000 in assets under management (based on liquid, investable assets with a financial institutions in Canada).

HSBC Rewards Program

There is a lot to love about a simple and straightforward rewards program, and HSBC Rewards is just that. No mental gymnastics required, and members can earn and redeem directly within the program.

• • Earning HSBC Points
    As seen above, with the HSBC World Elite® Mastercard®, members earn 6 points on every $1 spent towards any travel purchases, and 3 points on every $1 spent on all other eligible purchases.
  • Redeeming HSBC Points
    • Statement Credit – HSBC Mastercard cardholders can redeem points for statement credit towards any eligible travel purchase charged to an HSBC Mastercard. No blackout dates.
    • Convert to Frequent Flyer miles – Cardholders can also choose to convert their points into other airline miles. Currently, the options include Asia Miles (25,000 Points = 8000 Miles), Singapore Airlines Krisflyer (25,000 Points = 9000 Miles), and British Airways Executive Club (25,000 Points = 10000 Miles)
    • Financial Rewards – Cardholders can redeem HSBC Points towards HSBC Personal Finance. The options in this category include;
      • HSBC Mastercard Account Credit: 25,000 Points = $75
      • HSBC Mortgage Account Credit: 25,000 Points = $100
      • HSBC Savings Account Credit: 25,000 Points = $75
    • Gift Cards and valuable merchandise – Last but not least, cardholders can also redeem points towards gift cards such as Esso, Costco, Amazon, and more., and other merchandise on the HSBC Rewards website.

Take Away

I would peg the HSBC World Elite® Mastercard® as a must have for all Canadian wallets, be it for daily spend or as a designated travel card. My personal favorite is the simplicity of the rewards program, and the flexibility to redeem credits towards any eligible travel purchase billed to the card. The $100 travel credit, unlimited Wi-Fi through Boingo, and lounge access through Lounkey membership, are excellent additional perks that make it a well rounded card for Canadian households.