In renewing its exceptional welcome offer, HSBC Canada has taken the opportunity to announce several upcoming changes to its HSBC World EliteMD MastercardMD from February 1, 2023. Let’s take a look at these excellent and not-so-good changes.
Following the acquisition of HSBC Bank by RBC, the HSBC World EliteMD MastercardMD has been discontinued since October 1, 2023. For other great cards with no conversion fees, consider the Scotiabank Passport™ Visa Infinite* Card, for example.
Until now, with the HSBC World Elite® Mastercard®, you could get:
From February 1, 2023, with the HSBC World Elite® Mastercard®, you can get:
This is a 1-point per dollar improvement for gas station, grocery store and drugstore purchases. But a decrease of 1 point per dollar on all other purchases.
Those who spend more than $50,000 on travel purchases per calendar year will earn 3 points per dollar.
Like other institutions, HSBC is adapting to Canada’s declining interchange fees.
Until now, HSBC charged $50 per additional card for the HSBC World Elite® Mastercard®.
From February 1, 2023, you can add up to 4 cards at no annual fee to your HSBC World Elite® Mastercard® account.
Until now, the Travel Medical Emergency insurance of the HSBC World Elite® Mastercard® did not cover stays in Cuba.
From February 1, 2023, you can benefit from Travel Medical Emergency insurance with your HSBC World Elite® Mastercard®, including in Cuba.
In addition, Emergency Travel Medical coverage will increase from $1,000,000 to $2, 000,000 effective February 1, 2023.
However, please note that you will not be able to pay for transactions locally with your HSBC World EliteᴹMD Mastercard®.
In other good news, Emergency Travel Medical Insurance will now be available to seniors 65 years and older!
Until now, Emergency Travel Medical Insurance provided 31 days of coverage for those 65 years of age and under.
From February 1, 2023, HSBC World Elite® Mastercard®MD Travel Medical Emergency insurance will cover:
The HSBC World EliteMD MastercardMD is one of the best credit cards for those 65 and over.
Until now, the HSBC World EliteMD MastercardMD Baggage Delay insurance offered $200 compensation from 12 hours of delay for purchasing essential items. As for the Baggage Loss Insurance, it covered you up to $750.
As of February 1, 2023, you will be able to benefit from Baggage Delay Insurance as early as 6 hours after your flight is delayed. And coverage extends to $1,000 for lost luggage.
In the series of this good news, HSBC will be adding numerous insurance coverages to its HSBC World EliteMD MastercardMD from February 1, 2023 :
The HSBC World Elite® Mastercard® joins the ranks of credit cards with the best insurance coverage in Canada.
The fine print also indicates that:
Finally, the card image changes to a vertical design (dropping the Lion to feature the HSBC logo).
Good news! If you are an HSBC Banque Privée, Premier or Advance customer, you can benefit from a discount on your HSBC World EliteMD MastercardMD annual fee.
And don’t forget that you get an annual $100 credit for travel purchases charged to the HSBC World Elite® Mastercard®. This means that if you are an HSBC Bank customer, it’s worth keeping your card year after year. This is what I do by being an HSBC Premier customer myself.
Apart from the change in the points accumulation rate for other purchases, all the other changes are positive and make this card even more competitive.
And it remains, in our opinion, one of the best credit cards with no foreign currency conversion fees. Here are our comparative posts between this HSBC credit card vs competing credit cards:
Savings are here:
