HSBC +Rewards™ Mastercard® Review

A credit card that allows you to earn points with every purchase.

WRITTEN BY
Lisa Rennie
Updated November 24, 2020


RATING

Categories
Tags

HSBC is a global banking giant serving clients all across the world, including in Canada. The bank is known for its commercial banking and wealth-building products, but it also offers a suite of personal banking products including the HSBC +Rewards Mastercard

This credit card comes with a variety of perks, including a low-interest rate and low annual fee. Plus, cardholders can earn points with every purchase made, which can be redeemed at a later time for merchandise, travel, and other products. There’s also an insurance package included with card membership, as well as a handsome welcome bonus that can help you get a jumpstart on the points collected. 

Let’s go into more detail about the HSBC +Rewards Mastercard to help you decide if this is the right credit card for you. 

Earning Rewards With HSBC +Rewards Mastercard

To earn points with the HSBC +Rewards Mastercard, all you need to do is use it to make purchases, both in-person and online. The value of the points earned will depend on where you spend your money and what you’re spending it on.

You can earn 2 points for every $1 you spend on eligible dining or entertainment, and 1 point for every $1 you spend on all other eligible purchases.

As a welcome bonus, you can earn up to 20,000* points when you spend $2,000 over the first 180 days, which is the equivalent of a $100* travel value. To take advantage of this special offer, you’ll need to apply by December 28, 2020.

Redeeming Your HSBC +Rewards Mastercard Reward Points

You can redeem the points you collect with your HSBC +Rewards Mastercard towards a variety of great rewards, including travel, merchandise, and gift cards. You can even redeem your points to put towards your personal finance products, such as your savings account, credit card, or mortgage. That way, you can get a little help paying down your debt or adding to your savings simply by using your HSBC +Rewards Mastercard.

The value of the points you’ve earned with the HSBC +Rewards Mastercard depends on what you are redeeming the rewards for. For instance, points are worth 0.5 cents when you redeem them for travel. 

So, if you have accumulated 30,000 points, that would have a value of $150. You can redeem travel points towards things like plane tickets, hotels, and car rentals. You also have the option to convert your points for frequent flyer rewards with a number of airlines or apply the points to charges made up to 2 months earlier.

There’s a lot of flexibility that comes with redeeming your points and what you can redeem them for. If you download the Mastercard Pay App, every purchase you make will allow you to start to build up cash-back automatically, which can be redeemed at any time. 

You can redeem your points online by browsing through the rewards catalogue and decide how you’d like them redeemed. Otherwise, just contact an HSBC customer representative over the phone to redeem. 

HSBC +Rewards Mastercard Perks

There are plenty of benefits that come with using the HSBC +Rewards Mastercard: 

  • Low-interest rate. Credit cards are notorious for their sky-high interest rates, which are often over the 20%. But the HSBC +Rewards Mastercard comes with an APR that’s far less than the average. The rate for purchases, cash advances, and balance transfers is 11.9%. If you have a tendency to carry a balance from month to month, then a low-interest rate can help keep more money in your pocket. 
  • Low annual fee. The $25 annual fee is quite low for a rewards credit card. 
  • Annual fee rebate*. As long as you apply for the HSBC +Rewards Mastercard by December 28, 2020, you can have the $25 annual fee rebated*for the first year. 
  • Earn points can be used to redeem rewards. With every $1 you spend using your HSBC +Rewards Mastercard, you can earn up to 2 points that you can redeem towards travel, products, and other goods and services. The combination of a low annual fee and the ability to earn points is a unique feature that you won’t see with most other credit cards. 
  • Welcome bonus. You can earn 20,000* in bonus points, which you can then redeem for some amazing rewards. And with points being worth 0.5 cents when you use them for travel, that’s $100* you’ll have to spend right out of the gate.
  • No minimum income required. Getting approved for the HSBC +Rewards Mastercard is easy since there’s no income requirement. 
  • Insurance offerings. This credit card comes with a variety of insurance products, including purchase protection, extended warranty, and price protection. Plus, you can opt for travel insurance for an additional fee rather than take out a policy elsewhere to stay protected when you travel. 
  • Robust security. When you shop online, you can use your Mastercard SecureCode to protect your personal information. Plus, the Zero Liability Protection plan will protect you against unauthorized purchases made with your credit card so you’re not stuck paying a bill for purchases that you did not make. 
  • Contactless pay. With Apple Pay, you don’t even need to take your credit card out of your wallet to make a purchase. Instead, simply use your mobile phone to pay. 

Costs Associated With The HSBC +Rewards Mastercard

Using the HSBC +Rewards Mastercard comes with a few fees in exchange for the ability to earn rewards points and have insurance coverage. You can expect the following fees as a cardholder:

  • Annual fee: $25 (rebated* for the first year)
  • Supplementary card: $10 per year
  • Purchase interest rate: 11.9% 
  • Cash advance rate: 11.9%
  • Balance transfer rate: 11.9%
  • ATM cash advances: $2 in Canada, $4 outside Canada
  • Dishonoured cheques: $25
  • Foreign currency conversion rate: 2.5%

Travel Medical Insurance 

For a fee of $69, you can opt to get travel medical coverage through your HSBC +Rewards Mastercard. With this policy, you will be covered for the following:

  • Medical emergency for 17 days
  • Trip cancellation
  • Trip delay
  • Lost or delayed baggage

This insurance policy covers the primary cardholder, the cardholder’s spouse, and dependent children. Cardholders must be under the age of 65 years. Coverage is not provided for travel to Cuba.  

HSBC +Rewards Mastercard Overview

Annual Fee– $25 for primary cardholders- $10 for supplemental cards
APR11.9%
Cash Advances11.9%
Balance Transfer11.9%
Welcome Bonus– Earn up to 20,000* points when you spend $2,000 in the first 180 days PLUS a full annual fee rebate for the Primary Cardholder for the first year (must apply by December 28, 2020)
Points– Earn 2 points for every $1 spent on eligible dining or entertainment- Earn 1 point for every $1 spent on all other eligible purchases
Extra Benefits– First-year annual fee rebate*-Low foreign transaction fees- Optional travel insurance (for an extra fee)- Apple Pay- Zero liability protection- Purchase protection- Extended warranty
Minimum income requirementsN/A

HSBC +Rewards Mastercard Eligibility Requirements

In order to be eligible for the HSBC +Rewards Mastercard, you must meet the following criteria:

  • Be a Canadian resident.
  • Be the age of majority in the province you live in.

There are no income requirements to secure the HSBC +Rewards Mastercard.

How to Apply For HSBC +Rewards Mastercard 

You can apply for the HSBC +Rewards Mastercard in person at any HSBC branch or online. Applying online takes just a few minutes and requires some of your personal information to be submitted, including the following: 

  • Full name
  • Home address
  • Email address
  • Phone number
  • Date of birth
  • Social insurance number

You may be asked to provide a copy of a government-issued photo ID to verify your identity, such as your driver’s license or passport. 

Final Thoughts

You’d be hard-pressed to find a credit card that offers you the ability to earn points with purchases made without any hefty annual fees or income requirements. But with the HSBC +Rewards Mastercard, you’ll get the best of both worlds. Plus, with the generous welcome bonus and various insurance offerings, the HSBC +Rewards Mastercard may be one that’s worth consideration. 

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