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 took the opportunity to announce many upcoming changes to its HSBC World Elite® Mastercard®. Let’s take a look at these good and not-so-good changes.
Earning rates
Until now, with the HSBC World Elite® Mastercard®, you could earn:
- 6 points per dollar for travel purchases (flights, hotels, Airbnb, all-inclusive, etc.)
- 3 points per dollar for all other purchases including Costco
As of February 1, 2023, with the HSBC World Elite® Mastercard®, you will earn:
- 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 has charged $50 per supplementary card for the HSBC World Elite® Mastercard®.
Beginning February 1, 2023, you may add up to 4 supplementary cards with no annual fee to your HSBC World Elite® Mastercard®.
Insurance improvements
Emergency Travel Medical Insurance
Until now, the Emergency Travel Medical Insurance of the HSBC World Elite® Mastercard® did not cover stays in Cuba.
As of February 1, 2023, you will be able to receive Emergency Travel Medical Insurance while travelling with your HSBC World Elite® Mastercard®, including 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 Elite® 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.
Effective February 1, 2023, the Emergency Travel Medical Insurance on the HSBC World Elite® Mastercard® will cover:
- 31 days for persons 65 years and under (no change)
- 21 days for people 65 and over (new)
The HSBC World Elite® Mastercard® comes as one of the best credit cards for people 65 and older.
Delay or loss of luggage
Until now, the Baggage Delay Insurance of the HSBC World Elite® Mastercard® offered $200 compensation for 12 hours of delay for the purchase of 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 good news, HSBC will be adding many insurance coverages to its HSBC World Elite® Mastercard® effective 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 Private Banking, Premier or Advance customer, you will be eligible for an annual fee rebate on your HSBC World Elite® Mastercard®.
- $149 off for HSBC Private Banking clients
- $50 off for HSBC Premier customers
- $25 off for HSBC Advance customers
And don’t forget, you get a $100 Annual 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
Aside from the change related to the earning rate for other purchases, all other changes to the HSBC World Elite® Mastercard® are positive and make this card even more competitive.
And it remains, in our opinion, the best credit card without foreign currency conversion fees. Here are our comparative posts between this HSBC credit card vs competing credit cards:
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