Mastercard > HSBC

HSBC +Rewards MasterCard Review

3.88

$25

Annual Fee

$132

Annual Rewards

35,000 points

Intro Offer

$25

Annual fee

$132

Annual rewards

35,000 points

Intro offer


Pros


  • Low annual fee of $25
  • Competitive rewards rate of 2 points per $1 on eligible dining and entertainment purchases
  • 1 point per $1 on all other eligible purchases
  • No minimum income requirement for approval
  • Purchase Assurance and Extended Warranty protection
  • Includes travel benefits such as Travel Accident Insurance

Cons


  • Lower earn rate on non-dining and entertainment purchases compared to some competitors
  • No bonus points on sign-up or first-time purchases
  • Travel insurance benefits not as extensive as other travel-focused cards
  • Fewer reward options due to HSBC-specific reward program
  • Not all retailers and establishments accept MasterCard

Performance test results

At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.

You can see our full testing methodology here to learn why we’re the most trusted source for credit card reviews.

The HSBC +Rewards MasterCard has earned a 3.88 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

Rewards

Fees

Perks

Interest rates

Insurance

Acceptance

Approval

The highest scoring categories for the HSBC +Rewards MasterCard are interest and fees.

These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.

This weighting allows us to judge cards on their merits and the customers they are designed for.

For the HSBC +Rewards MasterCard the most important factors for scoring this card are its interest and fees.

Rewards

With the HSBC +Rewards MasterCard, here’s the rates at which you earn rewards for different spending categories per dollar you spend:

Bills1 point
Pharmacy1 point
Gas1 point
Groceries1 point
Restaurants2 points
Specific Stores1 point
Travel1 point
All Other Spend1 point

Calculating your annual rewards

We estimate that spending $2,000 per month with the HSBC +Rewards MasterCard would earn $132 in rewards over the year.

Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.

We found that you’d earn this per category:

Restaurants$24
All Other Spend$108

Our study investigating the value found that each dollar spent on the HSBC +Rewards MasterCard is worth up to $0.01, depending on how you redeem.

This $132 in rewards value puts the HSBC +Rewards MasterCard in the bottom 30% of credit cards in Canada based on rewards earned.

The average credit card in our database earns $337 in rewards for the same spend that the HSBC +Rewards MasterCard earns $132 in rewards value.

We can compare this card to other options by looking at the earn rate by category.

This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.

For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.

In this example, that’s a 10% earn rate on gas.

SpendThis CardAverage
Bills0.50%1.25%
Pharmacy0.50%1.17%
Gas0.50%1.48%
Groceries0.50%1.71%
Restaurant1.00%1.53%
Store0.50%1.94%
Travel0.50%1.19%
Other0.50%1.08%
Above, we’ve calculated the earn rate for the HSBC +Rewards MasterCard for every spend category and compared it to the average for all Canadian credit cards.
Redemption methodAnnual rewards
Redeem for travel$132
Gift cards$119
Merchandise$79
Enjoy experiences$132
HSBC financial products$79

For an annual spend of $24,000, we estimated annual rewards value at up to $132.

That’s equivalent to a 0.55% return on spending.

The HSBC +Rewards MasterCard has an annual fee of $25. After deducting this, we predicted net annual rewards of $107.

This puts it in the bottom 30% of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of $254.

Fees

The HSBC +Rewards MasterCard has a $25 annual fee.

The average card charges $85. So, the HSBC +Rewards MasterCard is in the bottom 50% of cards based on the cost of the annual fee.

Perks

We manually review the perks of each credit card to determine how they compare to other cards.

The HSBC +Rewards MasterCard scored a 2.3 out of 5 for perks, putting it in the top 20% of cards.

The average card scores 1.6 out of 5 for perks.

Interest Rates

Purchase11.9%
Cash Advance11.9%
Balance Transfer11.9%

The average (median) credit card has a purchase interest rate of 19.99% and so the HSBC +Rewards MasterCard charges 8.09% less than the average.

For cash advances it costs 11.9% compared to the average of 19.96%.

Testing the HSBC +Rewards MasterCard with a $2,000 starting balance, you can see in the graph how the 8.09% less in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

InsuranceThis CardAverage
Extended Warranty1 year1 year
Purchase Protection90 days90 days
Price Protection InsuranceYes90 days

We scored it 0.0 out of 5 for insurance.

It offers 3 types of insurance, whereas the average card has 5 types of coverage.

Approval and qualifying

Do I qualify?
Estimated Credit Score560 – 659
Personal Income$0
Household Income$0
Fees
Annual Fee$25
Extra Card Fee$0
Card typeMasterCard

We scored it 3.5 out of 5 for approval.

We predict that you will require a credit score of at least 560 to qualify for the HSBC +Rewards MasterCard, while the average card requires 652 to qualify.

This puts it in the top bottom 30% of cards by approval difficulty.

The personal income requirements are $0, while the average card requires $23,896.

This puts it in the top 50% of cards by the income required to qualify.

How you earn rewards

Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With HSBC +Rewards MasterCard, here’s how you earn rewards:

Bills1 point
Pharmacy1 point
Gas1 point
Groceries1 point
Restaurants / Delivery2 points
Specific Stores1 point
Travel1 point
All Other Spend1 point

How much your rewards are worth

The dollar value of your rewards depends on the specific HSBC rewards program and what you choose to redeem your points for.

For HSBC +Rewards MasterCard in particular, if you spend $2,000 per month, here’s our estimated rewards earned depending on which reward you choose:

Redemption methodAnnual rewards
Redeem for travel$132
Gift cards$119
Merchandise$79
Enjoy experiences$132
HSBC financial products$79

Calculating your annual rewards

$24,000 annual spending x {{max_earn_rate}}% return on spending = $132 annual rewards

$132 annual rewards – $25 annual fee = $$107 net annual rewards

Details and eligibility

Do I qualify?
Estimated Credit Score560 – 659
Interest Rates
Purchase11.9%
Cash Advance11.9%
Balance Transfer11.9%
Fees
Annual Fee$25
Card typeMasterCard

Insurance coverage

Extended Warranty1 year
Purchase Protection90 days
Price Protection InsuranceYes

The HSBC +Rewards MasterCard is a versatile and accessible credit card option for Canadians looking to earn rewards points on a range of everyday purchases.

The card offers a competitive earning potential with its multi-tiered rewards system, along with various attractive benefits and some drawbacks that potential users should be aware of.

Earning potential with the card

The HSBC +Rewards MasterCard allows cardholders to earn points on their spending, which can then be redeemed for various rewards. Cardholders earn 2 points for every $1 spent on eligible dining and entertainment purchases, and 1 point for every $1 spent on all other purchases.

This tiered rewards system caters to people who frequently dine out and enjoy various forms of entertainment, while also offering a consistent earning rate on other purchases.

Benefits

  1. Lower Interest Rate: One major advantage of this card is its lower-than-average interest rate. While most cards feature an annual interest rate around 19.99%, the HSBC +Rewards MasterCard offers an impressive 11.9% interest rate on purchases, cash advances, and balance transfers.

    This lower rate can be beneficial for individuals who may occasionally carry a balance on their card.
  2. Flexible Rewards Redemption: The second major advantage is the flexibility of the rewards program. Points earned with the card can be redeemed for a wide variety of options, such as travel, merchandise, gift cards, and financial products. This allows cardholders to choose the rewards that best suit their preferences and needs.
  3. Added Purchase Protections: The third major advantage of the HSBC +Rewards MasterCard is the suite of added benefits it provides, which includes purchase protection, price protection, and extended warranty coverage. These features can come in handy when making larger purchases, as they offer peace of mind and additional protection on eligible items.
  4. Low Annual Fee: The fourth major advantage of this card is its relatively low annual fee. At only $25 per year, the HSBC +Rewards MasterCard is an affordable option for those looking to maximize their rewards-earning potential without incurring high costs.

Drawbacks

  1. Limited Merchant Acceptance: One significant drawback of the HSBC +Rewards MasterCard is the limited acceptance of MasterCard compared to other payment networks, such as Visa. Although widely accepted, some merchants may not accept MasterCard, which could be an inconvenience for cardholders.
  2. Lack of Welcome Bonuses: Another significant drawback is that the card does not offer any sign-up bonuses or first-year promotions, which are common incentives for many other rewards cards. This may be a disadvantage for individuals who look for introductory offers when selecting a new credit card.

Additional information

In conclusion, the HSBC +Rewards MasterCard offers an appealing rewards structure and low interest rates, making it a strong choice for consumers who value flexibility and affordability.

However, potential users should also consider the drawbacks related to acceptance rates and lack of sign-up bonuses when evaluating whether this card is an ideal fit for their spending habits and financial goals.

Is the HSBC +Rewards MasterCard not convincing you? Consider the HSBC Travel Rewards Mastercard or the HSBC World Elite MasterCard. Still not the right credit card? Make sure not to miss the HSBC Cash Rewards MasterCard.

FAQ

With the HSBC +Rewards MasterCard, you can redeem your points for a variety of rewards, which include:

  • Travel: You can use your points to book flights, hotels, car rentals, and vacation packages through HSBC Travel Rewards Centre. Additionally, your points can be used for airline taxes and fees.
  • Financial Rewards: You may opt to redeem your points towards HSBC financial products and services, such as mortgage principal payments, contributions to your HSBC Registered Retirement Savings Plan (RRSP), or payment towards your HSBC personal line of credit or personal loan.
  • Gift Cards and Merchandise: Access a wide range of gift cards and merchandise from popular retailers, including dining, shopping, entertainment, and much more.
  • Charitable Donations: You can use your points to make donations to a selection of charitable organizations supported by HSBC.

The HSBC +Rewards MasterCard credit card offers a reduced foreign transaction fee compared to many other credit cards. Typically, credit card issuers charge around 2.5% for transactions made in a foreign currency.

However, with the HSBC +Rewards MasterCard credit card, the foreign transaction fee is lower, at 1.5% on eligible foreign currency transactions. This can provide cardholders with potential savings when making international purchases, both online and in-person.

The HSBC +Rewards MasterCard does not have a specific minimum income requirement for applicants. This makes it a more accessible choice for individuals with various income levels seeking a rewards credit card.

Key benefits

  • Worldwide MasterCard acceptance
  • 0% foreign transaction fee
  • Flexible redemption options: travel, merchandise, and statement credits
  • HSBC-exclusive rewards program participation
  • Lower interest rate of 11.9% for purchases and balance transfers
  • Apple Pay and Google Pay compatibility
  • Convenient online account management tools
  • Ability to redeem points for gift cards from various retailers
  • Optional credit card balance insurance feature available
  • Additional card for authorized users at no extra cost
  • Fraud protection and Zero Liability guarantee for unauthorized transactions

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