HSBC World Elite® Mastercard® Review

  • 4 min read

Potential cardholders, unsure about the value for them of a rewards credit card, should  review the HSBC World Elite® Mastercard®. This credit card provides a stellar bonus sign-up offer of up to 40,000 HSBC Points—a travel value of $200, which can be redeemed for eligible vacation packages, airline tickets, hotels, cruises, as well as rail tickets, tours, and car rentals. HSBC Points can also be used for merchandise, gift cards, and towards personal finance products such as a client’s credit card balance, mortgage, or deposit account. More information on how points can be redeemed is available on the HSBC Rewards website.

Clients initially earn 20,000 bonus points for simply applying and getting approved for an HSBC World Elite Mastercard. Cardholders who spend $5,000 within the first six months of opening the account, collect an added 20,000 HSBC Points. Included in the “welcome offer” is a $149 rebate for the primary cardholder’s first year’s annual fee. Added cards on the account cost $50 per authorized user.

After the initial “welcome offer”, HSBC World Elite Mastercard clients collect 3% (6 points for every $1) in rewards on eligible travel spending. They also earn 1.5% (3 points for every $1) on all other eligible purchases on the account.

As long as a customer’s Mastercard account is in good standing, the HSBC Points do not expire; however, like many rewards programs, HSBC does reserve the right to cancel rewards at any time. World Elite Mastercard clients are encouraged to read the terms and conditions of their credit card to better understand the HSBC Rewards program.

Added perks to this Mastercard, separate from the points earned, include no foreign transaction fees when shopping in-person abroad, or even at home online. An annual travel enhancement credit of $100 is issued every year: this can be redeemed towards airline baggage fees, airport lounge passes, and airline flight upgrades. World Elite cardholders are also given a free membership with Mastercard Airport Experiences, via LoungeKey. This offers clients access to more than 850 airport lounges, worldwide. Mastercard holders can also take advantage of up to 20% off on select spa treatments, retailers, and food experiences while waiting for their flight at an airport. They are given 10% discounts on select hotel bookings with Agoda and Expedia when using the World Elite. Lastly, clients can get unlimited Wi-Fi for up to four devices at more than one million hotspots across the world through Boingo. This can be accessed in-and-around towns that are visited, hotels, or airports.

Clients also gain access to important travel benefits through Mastercard’s Worldwide Emergency Travel Medical Insurance for a 31-day coverage period. It’s important to note that this feature is available only to cardholders and spouses under 65 years of age. Also, insurance for travel to Cuba is not included. Zero Liability is offered to ensure clients are not held responsible for unauthorized charges, and the HSBC World Elite Mastercard provides clients with an Emergency Cash Transfer of up to $5,000 if a card is stolen or lost, through their 24-Hour Worldwide Assistance program. With this, clients can reach out for help at any time, or anywhere across the globe, should they misplace their Mastercard. Added insurance coverage offered on this card includes Trip Cancellation and Trip Interruption/Delay Insurance, Car Rental Insurance, as well as Extended Warranty and Purchase Protection on all items charged to the World Elite.

The annual interest rate for the HSBC World Elite® Mastercard® is standard at 19.9% for purchases and 22.9% on balance transfers and cash advances. Requirements to qualify include an individual annual income of $80,000, a household annual income of $150,000, or a minimum of $400,000 in assets under management. Clients must also be the age of majority within their province and be residents of Canada. For a fast and more convenient way of applying, customers can fill out an online application. Before starting the application process,clients need to ensure they have one of the following pieces of I.D. in digital format. Types of I.D. that are accepted include a Driver’s Licence, Passport, or other government-issued I.D.

View more information about the HSBC World Elite® Mastercard®.

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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.