To the point
Here is our detailed comparison of the HSBC World Elite Mastercard and the National Bank World Elite Mastercard.
Welcome bonus
The Benefits
Annual Travel Credit
Access to the VIP airport lounge in the Montréal-Trudeau international zone
Use the card abroad
Redeeming points
Points redeemed for trips purchased with the card
Points for other rewards
Transfers to partners
Annual fee
Insurance
Minimum income
Bottom Line
National Bank and HSBC each offer a Mastercard World Elite credit card with travel rewards:
At first glance, they may seem to be identical, especially because of their name! But which one is the most advantageous?
Let’s look at each of their features in detail, to distinguish these two credit cards.
Welcome bonus
Both credit cards offer a welcome bonus.
When signing up for the National Bank World Elite Mastercard, you get:
- Up to 70,000 NBC Rewards points
- First-Year annual fee waived for the primary cardholder
The HSBC World Elite® Mastercard® offers a different welcome bonus depending on your province of residence:
- Quebec: up to 110,000 points
- Outside Quebec: up to 80,000 points and first-year annual fee waiver
In Quebec: annual fees must be paid in the first year. However, to compensate, HSBC offers the equivalent of this fee in points (30,000 points), and no minimum spending is required to get the Welcome Bonus!
Outside Quebec: annual fees are generally waived in the first year. On the other hand, the offer will be less generous in points, and there will often be a minimum spending requirement in the first 3 to 6 months (usually $5,000).
IT'S A DRAW
If you spend throughout the year on your National Bank’s World Elite Mastercard®, you’ll earn more points (higher value for travel redemptions).
However, with the HSBC World Elite® Mastercard® card, you have no minimum spending requirement (if you live in Quebec) and the requirements are more straightforward.
The Benefits
Both of these credit cards come with an Annual Travel Credit.
Annual Travel Credit
Each calendar year, the National Bank’s World Elite Mastercard® credit cardholder has a total of $150 Annual Travel Credit available on select travel-related expenses:
- Airport parking
- Baggage fees
- Seat selection
- Access to airport lounges
- Airline ticket upgrades
In each year of enrollment, the HSBC World Elite® Mastercard® credit cardholder has a total of $100 applicable toward travel expenses.
Advantage: National Bank's World Elite Mastercard®
With a $150 Annual Travel Credit, the National Bank’s World Elite Mastercard® wins this round.
These two cards share similar privileges, being World Elite Mastercards:
- Membership in the DragonPass Program, which provides access to over 1,000 airport lounges worldwide (USD 32 per person entry fee)
- Free Wi-Fi access while travelling anywhere in the world, thanks to Boingo
Access to the VIP airport lounge in the Montréal-Trudeau international zone
Having access to an airport lounge before a flight is convenient.
The National Bank card provides complimentary and unlimited access to the National Bank Lounge.
The cardholder, one guest and up to 2 children (under 12) may enter the lounge upon presentation of the National Bank World Elite Mastercard.
This card does not offer complimentary access to airport lounges at Montreal-Trudeau.
Like all Mastercard World Elite cards, you have the option of purchasing admission to the National Bank and Air France lounges, both members of the DragonPass network.
Advantage: National Bank's World Elite Mastercard®
For unlimited access to its airport lounge, the point goes to the National Bank World Elite Mastercard. This is especially convenient for the cardholder and her/his family.
Use the card abroad
What about using these credit cards abroad (or for your Internet purchases in foreign currency)?
With the National Bank’s World Elite Mastercard®, you pay a 2.5% conversion fee on each foreign currency transaction.
With the HSBC World Elite® Mastercard®, there are no conversion fees for foreign currency transactions.
Advantage: HSBC World Elite Mastercard
A rare benefit offered by a handful of credit cards in Canada is the absence of foreign currency conversion fees.
This is the case with the HSBC World Elite Mastercard as opposed to the card offered by National Bank.
Earning reward points
Both credit cards offer purchase categories that allow you to earn more rewards points.
Purchasing categories
With the National Bank’s World Elite Mastercard®, you can earn up to 5 points per dollar:
| Category | Points |
| Grocery and Restaurant | 5* |
| Gas and electric recharge | 2 |
| Recurring bills | 2 |
| À la carte Travel | 2 |
For the Grocery and Restaurant category, you will be able to earn 5 points per dollar up to $2,500 in total monthly purchases charged to the card.
With the HSBC World Elite Mastercard, you can earn 6 points per dollar (or 3%) for travel purchases and 4 points per dollar (or 2%) for purchases in:
- Grocery store
- Gas station
- Drugstore
Advantage: National Bank's World Elite Mastercard®
With an earning rate of up to 5 points per dollar, the National Bank’s World Elite Mastercard® takes the lead over the HSBC card.
However, if you make a lot of travel purchases with your credit card, it will be more interesting to opt for the HSBC World Elite® Mastercard®: you will get the equivalent of 3%.
Basic earning level
Outside of these accelerated purchase categories, the HSBC World Elite® Mastercard® and the National Bank’s World Elite Mastercard® Mastercard offer a basic earning rate.
With the National Bank’s World Elite Mastercard®, you can earn 1 point per dollar on all other purchases.
This represents a value of approximately 1%.
With the HSBC World Elite Mastercard, you can earn 2 points per dollar on all other purchases.
This is a 1% value.
IT'S A DRAW
For out-of-category purchases, both cards offer a similar return of approximately 1% per dollar of purchase.
Redeeming points
Both cards are reward point cards, mainly for travel.
However, the loyalty programs are completely different:
- HSBC Rewards for the HSBC World Elite® Mastercard®
- À La Carte Rewards for the National Bank’s World Elite Mastercard®
This means that the ways you can redeem your points are different.
Points redeemed for trips purchased with the card
You can use the points from both credit cards for travel.
With the National Bank’s World Elite Mastercard®, you can apply your points to travel purchases.
The redemption rate is:
- 10,000 points = $100 for purchases made through Travel À la Carte
- 11,000 points = $100 by redeeming at least 55,000 points for any travel purchase charged to the card
- 12,000 points = $100 for any travel purchase charged to the card
A minimum of 12,000 points (or 10,000 points through the Travel A la Carte Agency, i.e. a minimum of $100) must be redeemed.
With the HSBC World Elite® Mastercard®, you can apply your points to travel purchases charged to the card.
The redemption rate is 20,000 points = $100.
You must apply at least 25,000 points (or a minimum of $125), thereafter it will be in increments of 10,000 points (or $50).
Advantage: HSBC World Elite Mastercard
To get the best redemption rate, the HSBC World Elite® Mastercard® does not require you to deal with a specific travel agency or redeem a large number of points.
Points for other rewards
The HSBC World Elite® Mastercard® and the National Bank’s World Elite Mastercard® both allow points to be used for other rewards: everyday purchases, gift cards, products, and investments.
But we do not recommend these uses because of the low value.
With the National Bank’s World Elite Mastercard®, you can contribute to an RRSP or TFSA or pay down your mortgage: 12,000 points = $100.
You can also get a gift card: 12,000 to 13,500 points for a $100 gift card.
Finally, you can apply your points to everyday purchases: 25,000 points = $100.
With the HSBC World Elite® Mastercard®, you can pay off your mortgage: 25,000 points = $100
You can contribute to an RRSP or TFSA: 25,000 points = $75.
You can apply your points to everyday purchases: 25,000 points = $75.
Finally, you can use 33,400 points for a $100 gift card.
IT'S A DRAW
It’s hard to tell the difference between the two cards on this aspect: the redemption rate is quite similar. Better to use the points for travel!
Transfers to partners
Being able to transfer your points to another program is a strength.
With the National Bank’s World Elite Mastercard®, you cannot transfer points to partners.
With the HSBC World Elite® Mastercard®, you can transfer your travel points into airline miles.
HSBC Rewards partners with 3 airline loyalty programs:
- Asia Miles – Cathay Pacific
- Krisflyer – Singapore Airlines
- Executive Club – British Airways
Advantage: HSBC World Elite Mastercard
The HSBC World Elite Mastercard wins this duel, thanks to its three transfer partners.
Annual fee
Both credit cards have similar annual fees.
The National Bank’s World Elite Mastercard® has an annual fee of $150.
However, this card offers an annual travel credit of $150, so it costs you almost nothing each year!
The HSBC World Elite® Mastercard® has an annual fee of $149.
However, this card offers an annual $100 Annual Travel credit, which means it only costs $49 a year!
And if you have an HSBC Premier account, you get an additional $50 rebate.
Advantage: National Bank's World Elite Mastercard®
By using the $150 annual travel credit, your National Bank’s World Elite Mastercard® could be virtually “free” year after year.
Insurance
Both credit cards offer extensive insurance.
The National Bank World Elite Mastercard is one of the only credit cards in Canada that covers you even if you only pay a portion of the cost of your trip.
This travel coverage only protects the policyholder, his/her spouse and their dependent children.
- Global Travel Medical Emergency Insurance: $5,000,000 and 60 days (under 54), 31 days (55-64), 15 days (65-75)
- Delayed or lost luggage insurance: $1,000 per person
- Trip interruption/delay insurance: $2,000 per person
- Trip cancellation insurance: $5,000 per person
- Car rental insurance: up to 48 days
- Purchase insurance: 180 days (loss, damage, theft)
- Extended warranty insurance: tripled warranty period
- Mobile Device Insurance: up to $1,000
The HSBC World Elite Mastercard offers different insurances:
- Global Travel Medical Emergency Insurance: $2,000,000 and 31 days (under 65); $2,000,000 and 21 days (over 65)
- Baggage Delay or Loss of Baggage Insurance: $1,000 per person
- Flight Delay Insurance: $500 per person
- Trip Cancellation/Trip Interruption/Trip Delay Insurance: $2,000 per person
- Car Rental Insurance: up to 31 days
- Hotel/motel theft insurance: up to $1,000
- Purchase insurance: 90 days (loss, damage, theft)
- Mobile Device Insurance: up to $1,000
- Extended Warranty Insurance: Doubling the Warranty
- Price Protection Service: 60 days after purchase
Advantage: National Bank's World Elite Mastercard®
With its more generous insurance coverage, the National Bank’s World Elite Mastercard® takes the lead over the HSBC credit card.
Minimum income
The National Bank World Elite Mastercard requires:
- a minimum individual income of $80,000
- or $150,000 minimum family income
- or assets under management of $400,000 or more
To get an HSBC World Elite® Mastercard®, you must have one of the following criteria:
- a minimum individual income of $80,000
- or $150,000 minimum family income
- or assets under management of $400,000 or more
Equality
Both World Elite Mastercard cards require the same criteria for enrollment.
Bottom Line
So? Which Card is the winner?
First, it should be noted that both are great credit cards to use at Costco!
With the National Bank’s World Elite Mastercard®, you will get:
- Better travel insurance
- Better purchase insurance
- Higher earning rate for select categories of purchases, including groceries
- First-year annual fee waiver ($150 value)
- Complimentary and unlimited access to the National Bank Lounge in Montreal
- Annual Travel Credit of up to $150
Opposite it, with the HSBC World Elite® Mastercard®, you will get:
- Higher earning rate for travel purchases
- Possibility to transfer points to select partners
- No conversion fees for foreign currency transactions
- Annual Travel Credit of up to $100
It’s up to you to choose between these two excellent credit cards according to your needs!
Come to discuss that topic in our Facebook Group!
