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Best HSBC Credit Cards

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HSBC Credit Cards

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HSBC has something for everyone, from no annual fee credit cards to low-interest credit cards. This major bank is the seven most prominent in Canada. While not known by many, HSBC has a lot going for it.

Types of HSBC Credit Cards

HSBC offers six personal credit cards in total to Canadians. This range of HSBC credit cards gives you several options. However, if you don’t bank with HSBC, only four credit cards are available to you.

This isn't too much of a disappointment since the options you're left with offer great perks. You can choose between the following:

  • HSBC World Elite Mastercard - premium credit card offering travel rewards
  • HSBC +RewardsMastercard - low-interest rate credit card earning travel rewards
  • HSBC Cash Rewards Mastercard - no annual fee credit card providing cashback rewards
  • HSBC Travel Rewards Mastercard - no annual fee credit card earning travel rewards

HSBC Reward Program

Like most credit card providers, HSBC has a rewards program named after the bank itself. Depending on the credit card you hold, you will earn the following rewards.

  • HSBC World Elite Mastercard - 6 points per dollar spent on eligible travel purchases and 3 points per $1 spent on all other eligible purchases.
  • HSBC +RewardsMastercard - 2 points per $1 on eligible restaurant meals or entertainment purchases and 1 point for everything else.
  • HSBC Travel Rewards Mastercard - 3 points for travel purchases, 2 points for gas and daily transportation spending, and 1 point for everything else.

There are several ways you can redeem your points. This includes experiences, travel, gift cards, statement credits, and merchandise.

As with all other rewards programs, the more you spend, the more points you earn. Soon enough, you’ll be using your points to book a flight to your dream travel destination.

HSBC Cash Rewards Program

One earns cashback rewards from the four HSBC credit cards available to everyone, namely the HSBC Cash Rewards Mastercard. As a cardholder, you'll be enrolled in HSBC's Cash Rewards program, earning:

  • 5% cashback for shopping online,
  • 1% for gas, groceries, and drugstore purchases, and
  • 5% for every other purchase.

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Pros and Cons of HSBC Credit Cards

If you’re considering getting an HSBC credit card, check out these benefits and drawbacks before settling on one.

The Pros of HSBC Credit Cards

  • No annual fee options are available. Two HSBC Mastercard credit cards have no annual fee.
  • Great earn rates for travel rewards. With the top-tier HSBC Mastercard, you can earn up to 6 points on purchases made with your card.
  • Comprehensive insurance benefits. The World Elite Mastercard available from HSBC comes with great insurance.
  • Low-interest rate option available. The HSBC +Rewards Mastercard has a low-interest rate on purchases of 11.9%. The interest rate for balance transfers and cash advances is the same.

The Cons of HSBC Credit Cards

  • High rewards will cost you. If you want to benefit from the highest rewards in HSBC’s Rewards Program, you’ll have to pay an annual fee. While not as high as other credit cards, the additional cost might not be welcome.
  • Some cards are limited to HSBC bank account holders. If you don’t have an HSBC bank account, you can’t apply for two of their credit cards.
  • A high credit score is required. To be approved for an HSBC Mastercard, you'll need good to excellent credit.

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April 14, 2022
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FAQs about
HSBC Credit Cards

Do I Need to Have an HSBC Bank Account for All Their Credit Cards?

No. Four out of six cards are available to everyone who doesn’t bank with HSBC. This includes a low-interest credit card, a cash rewards credit card, and two travel rewards credit cards.

What Can I Redeem My HSBC Rewards For?

You can redeem your rewards for gift cards, travel, merchandise, experiences, and statement credits. Remember that you won’t get the same value for these different redemption options. Some may get you more value out of your points than others may.

How Can I Get the Most Value from My Points?

When you redeem your HSBC Rewards for travel and experiences, you’ll get the most value for your points. The points to dollars conversion are often higher for these two categories. So you can book flights, cruises, hotels, and even helicopter rides with your redeemed points.

Can I Apply for an HSBC Mastercard Online?

Absolutely. Visit HSBC’s website and find the credit card you wish to apply for. Click on the ‘apply now’ button below the description. You’ll be redirected to another page to start your application.

Am I eligible for an HSBC Mastercard?

Most HSBC Mastercard credit cards require you to be the age of majority in your province and a Canadian resident. The only card with an income requirement is the World Elite Mastercard. You will also need to have good to excellent credit.

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