Earn up to 130,000 points with this welcome offer for the HSBC World Elite Mastercard, the best no-FX fee credit card in Canada!
HSBC World Elite Mastercard Welcome Offer
Here’s the offer for the HSBC World Elite Mastercard, if you are a resident of Quebec:
- Welcome bonus of 20,000 points (max. value $100)
- Earn 80,000 points (max. value of $400) if your account remains open and active for six months*.
- Earn 10,000 points ($50 in travel rewards) when you add your first authorized user*.
- 20,000 additional points (max. value $100) as a birthday bonus*.
On the other hand, the first-year annual fee is $149.
But don’t forget the $100 annual travel enhancement credit! This partly offsets the annual fee.
This is a welcome offer that we value at $451 in the first year:
|130,000 points Welcome Bonus||$500|
|Annual Travel enhancement credit||$100|
|First-Year Annual Fee||$149|
And if you keep the card for a second year, you’ll earn an additional 20,000 points, a $100 value. That’s what I recommend you do, especially since you’ll get a new $100 Annual Travel enhancement credit.
Knowing that travel is uncertain for the next few months, this is a credit card to get now while waiting for better days! Especially since there is no minimum spending requirement: the welcome bonus will be released in time to book your future trips!
An HSBC Rewards Card
The HSBC World Elite® Mastercard® is part of the HSBC Rewards travel points program. Let’s take a look at how to earn HSBC Rewards points with this card , and more importantly how to use them to save on travel!
HSBC Rewards Points earning
With the HSBC World Elite Mastercard, you can earn:
- 6 points for every dollar in travel purchases (a 3% value of travel rewards)
- 3 points for every dollar in other purchases (1.5% travel rewards value)
The HSBC World Elite® Mastercard® is one of the best credit cards for travel purchases, but also everyday purchases. Few cards offer 3% on travel and 1.5% on everyday purchases.
Avios, Krisflyer or Asia Miles Earning
Knowing that this card allows you to transfer your points to airline programs, here is a chart of mileage accumulation based on purchases made on the HSBC World Elite® Mastercard®:
|Program||Travel (6 points / dollar)||Other purchases (3 points / dollar)|
|Asia Miles||1.92 miles per dollar||0.96 mile / dollar|
|Krisflyer||2.16 miles / dollar||1.08 mile / dollar|
|Executive Club||2.4 miles per dollar||1.2 mile / dollar|
So if you earn HSBC Rewards points to transfer them into Avios miles from British Airways Executive Club, it’s like you’re accumulating:
- 2.4 Avios miles per dollar for your travel purchases
- 1.2 Avios miles per dollar for all your purchases
This is much better than the British Airways Executive Club card offered by RBC! And that’s not counting promotional periods for converting HSBC Rewards points to airline miles (up to 35% bonus)!
By transferring your HSBC Rewards points into Avios miles as part of a 35% conversion promotion, it’s like earning:
- 3.24 Avios miles per dollar for your travel purchases
- 1.62 Avios miles per dollar for your other purchases
Exceptional for a credit card in Canada!
Accepted at Costco
The HSBC World Elite® Mastercard® belongs to the Mastercard network.
It will be accepted for purchases made at Costco and will earn 3 points per dollar at Costco (a 1.5% travel rewards value).
Redeeming HSBC Rewards Points
Redeeming HSBC Rewards points for travel rewards will be the best possible use of your points earned by the HSBC World Elite® Mastercard®.
100,000 HSBC Rewards points are worth $500 in travel rewards.
To use your HSBC Rewards points, simply charge any travel purchase to your HSBC World Elite Mastercard (and earn 6 points per dollar on that purchase).
Then you can go to the HSBC Rewards portal to apply your points to your purchases and get a credit to your credit card account.
Here is an example of the purchase of an Air Transat ticket on my HSBC World Elite Mastercard :
Or for purchases on Airbnb or Hotels.com:
To use HSBC Rewards points, it works with a redemption chart starting at 25,000 points (or $125) :
Therefore, you will need to have a minimum of 25,000 points to get a statement credit. With 100,000 points, you will have $500 in available account credit!
For converting points into miles
In Canada, few institutions offer the ability to convert travel points into airline loyalty programs (American Express, RBC and HSBC).
HSBC Rewards partners with 3 airline loyalty programs:
- Asia Miles – Cathay Pacific
- Krisflyer – Singapore Airlines
- Executive Club – British Airways
Here is the HSBC Reward Points to miles conversion ratio:
|HSBC Rewards Points||Miles||Ratio|
|Asia Miles||25 000||8 000||0.32|
|Krisflyer||25 000||9 000||0.36|
|Executive Club||25 000||10 000||0.4|
If you want to convert your 100,000 Welcome Bonus points into miles, here’s what you could get:
|Asia Miles||32,000 miles|
|Executive Club||40,000 miles|
And that’s not counting promotional periods for converting HSBC Rewards points to airline miles (up to 35% bonus)!
So if you wait for a 35% conversion promotion to convert your 100,000 points earned with the welcome bonus, you could earn 54,000 Avios miles!
For gift cards and products
Like all the loyalty programs, you can use your HSBC Rewards points for gift cards.
Many retailers are available such as Costco, Esso, Amazon, Best Buy, Disney, Transat, Via Rail, IGA. Here are some examples and costs in points:
|Gift-card||HSBC Rewards Points||Value|
As always, my advice will be to redeem your HSBC Rewards points for travel and not gift cards.
However, if you have a balance of less than 25,000 points (and therefore cannot be used for travel), it may be practical to liquidate your points through this method.
For financial rewards
Finally, the last option to use HSBC Rewards points is for financial products offered by HSBC.
Here are the different possible redemptions:
|HSBC Rewards Points||Value|
|HSBC Mastercard Account Credit||25 000||$75|
|HSBC Mortgage Account Credit||25 000||$100|
|HSBC Savings Account Credit||25 000||$75|
A card for travellers
The HSBC World Elite® Mastercard® is primarily a card designed for travellers or those who regularly pay in foreign currency. Here are the main perks.
$100 Annual Travel enhancement credit
A great perk of the HSBC World Elite® Mastercard® is the $100 Annual Travel enhancement credit. This credit is available upon application to the HSBC World Elite® Mastercard® and is then renewed on the account anniversary date.
If you think about it: your HSBC World Elite Mastercard annual fee is, therefore, virtually reduced from $149 to $49. Unbelievable for a World Elite Card! So you can keep it year after year.
To use this credit, just:
- book a plane ticket,
- buy extras for seats, luggage
- buy airport lounge passes
Then, you will have 60 days after the expense to use your annual Travel Edge credit on it. You can apply it on several small transactions like this:
No foreign currency conversion fees
The main advantage of the HSBC World Elite® Mastercard® is that there are no conversion fees for foreign currency transactions. Only a few credit cards in Canada offer this travel perk.
Being often abroad, I use my HSBC World Elite® Mastercard® for all my everyday purchases. Here are, for example, recent purchases on my card during a stay in France:
Checking the tool provided by Mastercard for foreign currency conversion rate, it’s easy to verify that there are no conversion fees applied by HSBC (all other cards having a 2.5% fee).
My FNAC purchase of 71.08 euros cost me $103.90 on my HSBC statement.
And remember to ALWAYS pay in local currency (here in Euros) while abroad. The conversion rate offered on the retailer machine will ALWAYS be unfavourable.
Here is the proof in image for this same purchase at FNAC with my HSBC World Elite Mastercard :
Instead of CA$103.90, I would have been charged CA$107.74! A difference of $3.84!
Unlimited Wi-Fi access through Boingo
HSBC World Elite® Mastercard® holders have free and unlimited access to Wi-Fi through Boingo (more than one million access points around the world).
To take advantage of this free benefit, register at this address with your HSBC World Elite Mastercard number.
Then, you will have a Boingo account you can use worldwide. Boing usually charges US$14.99 per month for this!
Swiss, Lufthansa and Singapore Airlines are among the few airlines that offer Boingo on board their aircraft. I have already been able to use it on board and in many airports and public places.
10% discount with Expedia and Agoda
HSBC World Elite Mastercard credit cardholders receive a 10% discount on prepaid hotel bookings on Expedia or Agoda.
Airport lounges access with LoungeKey
Finally, HSBC World Elite Mastercard credit cardholders receive a complimentary membership to Mastercard Airport Experiences Provided by LoungeKey.
However, there will be a charge of US$32 per entry. You can, of course, use your annual $100 Travel enhancement credit to cover it.
A card with solid insurance
The HSBCWorld Elite Mastercard comes with a large number of insurance policies, especially for travel.
Worldwide Emergency Travel Medical insurance
Regarding the Emergency Travel Medical insurance, the HSBC World Elite Mastercard provides coverage of up to $1,000,000 per insured person:
- the primary cardholder
- dependent children
Coverage extends up to 31 days per trip for those under age 65.
Please note: stays in Cuba are not covered by this insurance.
Baggage Delay or Loss insurance
Regarding Baggage Delay or Loss insurance, you are covered to a maximum of $750per insured person (maximum of $500 per item) with the HSBC World Elite Mastercard.
- Loss or damage
- fire or transport hazards
There is also coverage of up to $200 per trip to purchase necessary items if your luggage is delayed at your destination for more than 12 hours.
Trip Cancellation and Trip Interruption/Delay insurance
Regarding trip Cancellation and Trip Interruption/Delay insurance, the HSBC World Elite Mastercard covers up to $2,000 per insured person ($5,000 per trip). You have to charge at least75% of your eligibletravel expenses to your card.
This includes all non-refundable expenses (prepaid trips) in the event of cancellation, as well as costs incurred for the change of ticket or the cost of a ticket to return home early.
Car rental insurance
Regarding car rental insurance, the HSBC World Elite Mastercard covers up to 31 consecutive days. You have to charge at least 75% of the cost of the rental vehicle to your card.
This includes collisions or damage up to the full value of the damaged or stolen rental vehicle, as well as towing or loss of use charges.
Car Rental insurance also includes Personal Effects and Car Rental Accidental Death and Dismemberment insurance coverage.
Be careful, like all the other credit cards providing car rental insurance, liability insurance is not included.
Purchase Assurance and Extended Warranty Insurance
Finally, regarding Purchase Assurance and Extended Warranty Insurance, when you use your HSBC World Elite Mastercard to purchase eligible items, Purchase Protection provides coverage in the event of loss, damage or theft for 90 days from the purchase date.
And offers an automatic doubling of the manufacturer’s warranty for up to one additional year.
The HSBC World Elite Mastercard is a card I like for several reasons:
- No conversion fees for foreign currency purchases
- Points redemptions flexibility (either used in travel credit or transferred to airline partners)
- The fact that it is a Mastercard, it is accepted everywhere (including at Costco)
- Its ability to earn points for travel purchases (6 points per dollar or 3%)
- Its earning rate for all other purchases (3 points per dollar or 1.5%)
On top of that, there is the 10% discount for purchases on Expedia and Agoda as well as unlimited access to Wi-Fi through Boingo.
It’s a card I keep because its $100 annual travel privilege credit offsets most of its annual fee.
During our world tour with our family, we used it a lot to save on our foreign exchange transaction fees and to use our points for different apartment rentals on Airbnb!