To the point
HSBC has announced several changes to its HSBC World Elite Mastercard effective February 1, 2023.
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.
Earning rates
Until now, with the HSBC World Elite® Mastercard®, you could get:
- 6 points per dollar for travel purchases (flights, hotels, Airbnb, all-inclusive, etc.)
- 3 points per dollar for all other purchases including Costco
From February 1, 2023, with the HSBC World Elite® Mastercard®, you can get:
- 6 points per dollar for travel purchases (flights, hotels, Airbnb, all-inclusive, etc) up to $50,000 in annual purchases
- 4 points per dollar for purchases at a gas station, grocery store or drugstore
- 2 points per dollar for all other purchases including Costco
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.
No Supplementary Card Fee
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.
Insurance improvements
Emergency Travel Medical Insurance
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:
- 31 days for persons 65 years and under (no change)
- 21 days for people 65 and over (new)
The HSBC World EliteMD MastercardMD is one of the best credit cards for those 65 and over.
Delay or loss of luggage
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.
New Insurance Coverage
In the series of this good news, HSBC will be adding numerous insurance coverages to its HSBC World EliteMD MastercardMD from February 1, 2023 :
| New insurance | Details |
| Flight Delay Insurance | Reimbursement of up to $250 per day to a maximum of $500 total (2 days) per trip for all insured persons travelling on the same trip for certain necessary and reasonable expenses if the confirmed scheduled flight is delayed by 6 hours or more |
| Hotel/Motel Burglary Insurance | Protects you from theft of most items of personal property from a hotel/motel room to a maximum of $1,000 per occurrence. |
| Mobile Device Insurance | Coverage of up to $1,000 if your eligible mobile device is lost, stolen, accidentally damaged, or experiences mechanical failure. |
| Price Protection Service | When you purchase a new item of personal property and find the same product advertised at a lower price within 60 days of your purchase, the difference will be refunded, up to $500, subject to a calendar year maximum of $1,000 per account. |
The HSBC World Elite® Mastercard® joins the ranks of credit cards with the best insurance coverage in Canada.
Other changes
The fine print also indicates that:
- Insurance will apply to both cash and HSBC Reward Points bookings
- It will be possible to pay rewards with a new “Cash and Points” option
- A change in provider for the travel redemption option, which opens up new opportunities to redeem points
- A new metal credit card with a $499 annual fee: there will likely be new benefits associated with this product
Finally, the card image changes to a vertical design (dropping the Lion to feature the HSBC logo).
HSBC Customers: Annual Fee Rebates
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.
- $149 off for HSBC Private Banking clients
- $50 off for HSBC Premier customers
- $25 off for HSBC Advance customers
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.
Bottom Line
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:
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