HSBC +Rewards™ Mastercard® Review

  • 4 min read

Enjoy the best of both worlds with the HSBC +Rewards™ Mastercard®. Clients not only earn points for every purchase charged, but also enjoy a lower-than-normal credit card interest rate. Couple this with a low annual fee and this is a Canadian credit card that stands out from the crowd. HSBC +Rewards Mastercard holders earn 2 points for every $1 charged on eligible entertaining or dining purchases.

All other charges earn one point for every dollar spent. Points can be redeemed via the HSBC rewards catalog for travel (including flight and accommodations), merchandise and gift cards, or financial rewards. “Financial” rewards come with choices as well:  credit may be placed towards your HSBC +Rewards Mastercard, HSBC mortgage account, or HSBC savings or checking account. The flexibility to redeem rewards in a variety of ways is a major selling point with the credit card. Plus, points don’t expire as long as clients keep their Mastercard active and in good standing by making payments on time.

In addition to client rewards, HSBC +Rewards Mastercard holders also enjoy a low APR rate of 11.9% on balance transfers, purchases, and cash advances. Price Protection Service and Purchase Assurance are also offered. 

Lastly, there is no income requirement to apply for this Mastercard, and the entire process can be done quickly and conveniently at the HSBC website. Customers will need one piece of I.D. to submit with the application, which can either be a driver’s license, passport, or government-issued I.D. Another benefit is that the HSBC +Rewards Mastercard is accepted all across the globe at most retailer locations, so traveling with the credit card allows peace of mind.

An annual fee is included; however, it is at a mere $25 each year for the Primary cardholder, and $10 annually for added individuals on the account, which is considered very reasonable for any low-interest rate card or rewards-based credit product. As well, customers pay a fee of 2.5% for foreign currency and a 5% fee for balance transfers. ATM withdrawals (within Canada) cost $2, and there are also fees for wire transfers. 

While there are many benefits linked to the HSBC +Rewards Mastercard, there are some drawbacks:  currently no “welcome offer” is linked to the card and fewer “perks” are given with this HSBC Mastercard than with others. (Other cards may include roadside assistance, and travel benefits like travel insurance and free airport lounge access.)

The HSBC +Rewards™ Mastercard® offers both rewards and low-interest rates, but it isn’t the only low-interest (or rewards) choice out there, so it depends on what a client wants out of their credit card.

There is a wide-variety of credit card competition for clients focused on low interest rates. Here are the best competitive cards.

BMO Preferred Rate Mastercard offers a 12.99% interest rate, a good value, as most credit card interest rates range from 19.99% to 24.99%.The Preferred Rate also provides a “welcome offer” of 3.99% on balance transfers within the first 9 months, a transfer fee of 1%, and the annual fee of $20 waived for the first year. 

National Bank Syncro Mastercard provides clients with an interest rate of 4% + Prime (or a minimum of 8.90%) on purchases, and 8% + Prime (or a minimum of 12.90%) on cash advances and balance transfers. The annual fee is set at $35. 

MBNA True Line Gold Mastercard has a slightly higher annual fee of $39 which might be worth it to gain access to the 8.99% interest rate on purchases and balance transfers. It’s important to note, cash advances are at an APR of 24.99%.

With flexible reward earning options and multiple choices to redeem points, plus that attractive low-interest rate linked to purchases, balance transfers, and cash advances, the HSBC +Rewards Mastercard stands tall in the land of credit cards. There’s no other credit card in Canada that currently provides the benefits of both rewards and low-interest rate, not to mention a low annual fee.

View to learn more about the HSBC +Rewards™ Mastercard®.

Christopher - BSc, MBA

With over two decades of combined Big 5 Banking and Agency experience, Christopher launched Underbanked® to cut through the noise and complexity of financial information. Christopher has an MBA degree from McMaster University and BSc. from Western University in Canada.