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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
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.