The best alternatives to the HSBC World Elite Mastercard

The disappearance of this product is a great shame, as it came with a host of advantages for frequent travelers. However, in the world of credit card rewards, the only constant is change. New products are created, others disappear, and we have to adapt.

With that in mind, here’s a guide to help you choose the best card(s) to replace your HSBC World Elite Mastercard.

A much-loved feature of the HSBC World Elite Mastercard was the flexibility of HSBC Rewards points. Indeed, these points could be applied to any travel expense, up to two months after the transaction.

In terms of flexible travel points, the equivalent is the Scene+ program. As with HSBC Rewards, Scene+ points can be applied to any travel expense charged to the card at a rate of 100 points to $1 in statement credit.

You can spend as you wish while traveling, then redeem your points when you return home.

Two great Scotiabank cards earn Scene+ points on everyday purchases, plus offer generous welcome bonuses: the Scotiabank Passport^® Visa Infinite Card and the Scotiabank Gold American Express^® Card.

What’s more, these two cards also allow you to save on the 2.5% conversion fee for foreign currency transactions. An excellent combo for a travel credit card!

The TD Rewards program also gets a special mention, since points can be used on Expedia for TD. Admittedly, this limits the options a little, since you have to use them on Expedia for TD to get maximum value (0.5¢ per point).

It’s also possible to apply them as an statement credit for any travel expense, but the rate is not advantageous: you’ll have to use 250 points for a $1 credit (a value of 0.4¢ per point).

However, you can use TD Rewards points for flights, hotels, all-inclusive packages, car rentals, cruises and even excursions.

Take advantage of the TD First Class Travel^® Visa Infinite* Card ‘s excellent 135,000-point welcome bonus until March 4, 2024. That’s $625 off your next vacation!

Plus, receive a $100 annual travel credit to be applied to any purchase over $500 via Expedia for TD.

The HSBC World Elite Mastercard was very lucrative with its accrual rate of 6 points per dollar spent on travel. Two cards on the market offer similar accumulation rates: the TD First Class Travel^® Visa Infinite* Card and the BMO Ascend World Elite^®* Mastercard.

With the TD First Class Travel^® Visa Infinite* Card, you earn an excellent 8 points per dollar spent on travel via the Expedia for TD platform.

Of course, this option is less flexible than with HSBC, but you can find almost anything on Expedia. With 8 points per dollar spent and a value of 0.5¢ per TD Rewards point, the net return is 4%.

With the BMO Ascend World Elite Mastercard, you can earn 5 points per dollar spent on travel, on any booking platform.

BMO Rewards points are worth 0.67¢ per point when applied as an statement credit toward travel expenses. This gives you a return of 3.35%. Be careful if the expense is not in Canadian dollars: the 2.5%foreign exchange fee on the transaction will eat into your net return.

Two other good options for saving 2.5% on every foreign currency transaction are the Visa Debit Wise card and the Mastercard Debit Wealthsimple Cash card. These two prepaid cards offer a host of advantages for travelers.

With the imminent withdrawal of the Mastercard^MD HSBC World Elite^MD Mastercard, I had to think about an alternative strategy to maximize rewards on my travel purchases. Indeed, with HSBC, I didn’t have to bother. I put all my travel bookings and foreign expenses on this card to earn 6 points per dollar, a 3% return.

Without this all-purpose card, I have to turn to the other cards in my wallet. For now, my strategy will be to book my flights, independent hotels and car rental on Expedia for TD with my TD First Class Travel^® Visa Infinite* Card. These expenses will earn me 8 TD Rewards points per dollar, a return of 4%.

Then, once abroad, I plan to continue using my American Express Cobalt Card for restaurant and grocery purchases. Despite the 2.5% FX fee, I still come out ahead, as these purchases earn 5 points per dollar. American Express Membership Rewards points vary in value, but can be redeemed for a minimum of 1¢ per point. Taking all this into account, I get a minimum return of 2.5% on my food purchases when I travel.

Finally, for other expenses when traveling, I plan to use a card with no conversion fees. Both Scotiabank cards offer the same base multiplier, i.e. 1 Scene+ point per dollar spent. As American Express is not as widely accepted as Visa around the world, my choice is the Scotiabank Passport Visa Infinite* Card. Considering the value of Scene+ points, I’ll get a 1% return on these out-of-category travel expenses.

Unfortunately, it will be difficult to replace the HSBC World Elite Mastercard^® with just one product. To get all the same benefits, you’ll need to choose at least two cards.

However, the National Bank World Elite Mastercard^® often tops the list in most of the categories listed above. This card is your best choice for excellent insurance, a $150 annual travel credit, flexible points to apply to travel and access to the National Bank Lounge at Montréal-Trudeau International Airport. Its only shortcoming is that it charges a 2.5% fee for foreign currency transactions.

So I recommend rounding out your travel wallet with the Scotiabank Passport™ Visa Infinite* Card. This way, you’ll save on conversion fees abroad, and even gain access to VIP airport lounges worldwide with six passes per year. A truly winning duo!

Finally, for an excellent multiplier on travel spending, also consider the BMO Ascend World Elite Mastercard and the TD First Class Travel^MD Visa Infinite* Card.