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The Canadian credit card industry is largely dominated by the Big 5 banks and American Express, although there have been cards with niche features trying to capture customers, like the Home Trust Preferred Visa. HSBC refreshed their premium credit cards last year. At that time, it was one of the few credit cards in Canada with no foreign transaction fees. You needed to be a Premier Client to qualify, but since then, there is now a MasterCard available to everyone. Earlier this week, HSBC released a fantastic improved offer on the World Elite Mastercard.
HSBC World Elite Mastercard – Improved Offer
HSBC World Elite MasterCard
The HSBC World Elite Mastercard welcome bonus is up to 75,000 points. You earn 20,000 points after approval. To earn the remainder, you have to spend $10,000 within the first four months of opening the card:
- 5,000 points after spending $1,000
- 25,000 points after spending an additional $4,000
- 25,000 points after spending an additional $6,000
This is steep, but still perfectly achievable especially if you are making large bill payments through PayTM, which don’t charge fees for Mastercard at this time. You earn three points per dollar on everyday purchases. This would accumulate a total of 105,000 points after meeting the minimum spend. Points look to be worth 0.5 cents apiece if redeemed for travel, which makes the signup bonus worth a minimum of $525. As well, the $149 annual fee is waived for the first year.
Quebec residents get a slightly different offer, with no annual fee waiver and 105,000 points simply for keeping the account open. Essentially, you pay $149 to avoid the $10,000 minimum spend – fabulous. It’s one of the few times Quebec residents actually end up with the better end of the deal. These offers are only valid if you do not currently have an HSBC credit card, have not held a premium HSBC Mastercard in the past 12 months, and do not have an HSBC Premier banking relationship. That, in my opinion, is quite harsh towards current clients.
Nonetheless, this is a stunning offer if you are eligible. Overall, the card looks pretty neat and I look forward to examining everything in more detail later. There are a variety of benefits which look fantastic, and I can’t wait to use them!
Apply for the HSBC World Elite Mastercard today! Offer ends December 31, 2018.
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What are the best redemption options for HSBC Rewards ? I am not familiar with the program and have a tough time finding “prices” on their website. It seems you have to be a member to see prices…
There is no way at all to figure out how much these points are actually worth! You say they’re “worth 0.5 cents apiece if redeemed for travel” but this cannot be substantiated anywhere. The “redemption schedule” stays well hidden, making this an overall unattractive proposition.
Points can be redeemed at merchants that are coded as “travel”.
Terms & Conditions are on the registration page:
https://www.hsbc.ca/1/2/personal/banking/credit-cards/hsbc-world-elite-mastercard
7 … “For example, $5,000 in eligible travel purchases earns you 30,000 Points, which can be redeemed for travel rewards valued at $150. Other rewards that require 30,000 Points for redemption may be valued at less than $150. Redemption offers may change from time to time.
8 Eligible travel purchases mean purchases made from merchants that are classified in the Mastercard network as airlines, car rental agencies, hotels, cruise lines, passenger railways, tour operators, timeshares and travel agencies. Some merchants may sell travel services but are classified in another manner, therefore, purchases from such merchants are not considered to be eligible travel purchases.
Points can be redeemed at merchants that are coded as “travel”.
Terms & Conditions are on the registration page:
https://www.hsbc.ca/1/2/personal/banking/credit-cards/hsbc-world-elite-mastercard
7 … “For example, $5,000 in eligible travel purchases earns you 30,000 Points, which can be redeemed for travel rewards valued at $150. Other rewards that require 30,000 Points for redemption may be valued at less than $150. Redemption offers may change from time to time.
8 Eligible travel purchases mean purchases made from merchants that are classified in the Mastercard network as airlines, car rental agencies, hotels, cruise lines, passenger railways, tour operators, timeshares and travel agencies. Some merchants may sell travel services but are classified in another manner, therefore, purchases from such merchants are not considered to be eligible travel purchases.
What are HSBC’s rules for multiple sign-up bonuses?
I got this card in September…but what if I downgraded to an HSBC Advance and then re-applied?
Thanks as always for the article.
Regarding this card:
1. The $10k spend requirement is ridiculous (for non-QC residents). That will lock out a large chunk of regular folk from signing up. Anything less than the 75k offer is also not worth it, and the 75k is also not worth it due to the high spend effort required. Very good deal if you are in QC.
2. The seemingly exorbitant amount of points gets you only $375, which is likely done to bait customers that don’t look beyond the point amount.
3. See point 1
4. At a time when there is the Rogers WE MC, having a no-FX fee on the card is not really a bonus because you are effectively losing 1.5% you could have gained with the Rogers card on FX transactions.
Looking for a better deal..
Cheers to all!
yes, agree that # 7 and # 8 from terms&conditions don’t explain much, it’d be nice to read more details on the redemption chart