[wpcode id=\"6346\"]
{{card.name}} Review
![\"\"](\"https://www.dollarwise.ca/wp-content/uploads/2023/06/HSBC-World-Elite-MasterCard.png\")
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Annual Fee
{{card.rewards}}
Annual Rewards
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Intro Offer
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Annual fee
{{card.rewards}}
Annual rewards
{{card.introOffer}}
Intro offer
Pros
{{Pros}}
Cons
{{Cons}}
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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 {{card.name}} has earned a {{ranking}} DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).
{{factor_score_rewards}}
Rewards
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Fees
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Perks
{{factor_score_interest}}
Interest rates
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Insurance
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Acceptance
{{factor_score_approval}}
Approval
The highest scoring categories for the {{card.name}} are {{score_1}} and {{score_2}}.
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 {{card.name}} the most important factors for scoring this card are its {{score_1}} and {{score_2}}.
Rewards
With the {{card.name}}, here's the rates at which you earn rewards for different spending categories per dollar you spend:
| Bills | {{reward_bills}} |
| Pharmacy | {{reward_drug}} |
| Gas | {{reward_gas}} |
| Groceries | {{reward_grocery}} |
| Restaurants | {{reward_restaurant}} |
| Specific Stores | {{reward_store}} |
| Travel | {{reward_travel}} |
| All Other Spend | {{reward_other}} |
Calculating your annual rewards
We estimate that spending {{monthlyspend}} per month with the {{card.name}} would earn {{card.rewards}} 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:
| Bills | {{bills_dollarrewards}} |
| Pharmacy | {{drug_dollarrewards}} |
| Gas | {{gas_dollarrewards}} |
| Groceries | {{grocery_dollarrewards}} |
| Restaurants | {{restaurant_dollarrewards}} |
| Specific Stores | {{store_dollarrewards}} |
| Travel | {{travel_dollarrewards}} |
| All Other Spend | {{other_dollarrewards}} |
![\"\"](\"http://www.dollarwise.ca/wp-content/uploads/2024/01/HSBC-World-Elite-MasterCard_dollar_rewards.svg\")
Our study investigating the value found that each dollar spent on the {{card.name}} is worth up to {{card.max_reward}}, depending on how you redeem.
This {{card.rewards}} in rewards value puts the {{card.name}} in the {{decile.annual_rewards}} of credit cards in Canada based on rewards earned.
The average credit card in our database earns {{averages.mean_annual_rewards}} in rewards for the same spend that the {{card.name}} earns {{card.rewards}} in rewards value.
![\"\"](\"http://www.dollarwise.ca/wp-content/uploads/2024/01/HSBC-World-Elite-MasterCard_rewards_comparison.svg\")
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.
| Spend | This Card | Average |
|---|---|---|
| Bills | {{bills_earnrate}} | {{averages.mean_bills_earnrate}} |
| Pharmacy | {{drug_earnrate}} | {{averages.mean_drug_earnrate}} |
| Gas | {{gas_earnrate}} | {{averages.mean_gas_earnrate}} |
| Groceries | {{grocery_earnrate}} | {{averages.mean_grocery_earnrate}} |
| Restaurant | {{restaurant_earnrate}} | {{averages.mean_restaurant_earnrate}} |
| Store | {{store_earnrate}} | {{averages.mean_store_earnrate}} |
| Travel | {{travel_earnrate}} | {{averages.mean_travel_earnrate}} |
| Other | {{other_earnrate}} | {{averages.mean_other_earnrate}} |
| Redemption method | Annual rewards |
|---|---|
| Transfer to partner airlines | {{transfer_airlines}} |
| Fixed points travel | {{fixed_points_travel}} |
| Transfer to partner hotels | {{transfer_hotel}} |
| Redeem for travel | {{redeem_travel}} |
| Apply to statement credit | {{statement_credit}} |
| Ticketmaster | {{ticketmaster}} |
| Charity | {{charity}} |
| Gift cards | {{gift_cards}} |
| Amazon.ca | {{amazon}} |
| Merchandise | {{merchandise}} |
| Make investments | {{investments}} |
| Enjoy experiences | {{experiences}} |
| Car rentals | {{car_rental}} |
| Vacations | {{vacation}} |
| Attractions | {{attractions}} |
| Cash rewards | {{cash_rewards}} |
| Grocery rewards | {{grocery_rewards}} |
| Restaurant rewards | {{restaurant_rewards}} |
| Movie rewards | {{movie_rewards}} |
| Apple / BestBuy | {{apple_bestbuy}} |
| Flight rewards | {{flight_rewards}} |
| Airlines Rewards (Charts) | {{airlines_rewards_chart}} |
| CIBC financial products | {{cibc_financial_products}} |
| Air travel - redemptions (scheduled) | {{air_travel_redemptions_schedule}} |
| RBC travel | {{rbc_travel}} |
| Transfer to WestJet | {{transfer_westjet}} |
| Transfer to Hudson Bay | {{transfer_bay}} |
| RBC financial products | {{rbc_financial_products_rewards}} |
| Air Canada gift cards | {{aircanada_gift_card}} |
| Air Canada vactions | {{air_canada_vacations}} |
| Electronics gift cards | {{electronics_gift_cards}} |
| Cash - World Elite | {{cash_worldelite}} |
| Cash - Platinum Plus | {{cash_platinumplus}} |
| Banking plans | {{banking_plans}} |
| Desjardins financial products | {{desjardins_financial_products}} |
| Expedia travel | {{expedia_td}} |
| Educational rewards | {{education_rewards}} |
| HSBC financial products | {{hsbc_financial_products}} |
| Walmart | {{walmart_rewards}} |
| Triangle (Canadian Tire) | {{triangle_rewards}} |
| Meridian travel | {{meridian_travel}} |
| Direct deposit | {{direct_deposit_rewards}} |
| Costco gift cards | {{costco_gift_cards}} |
| Wireless Rogers rewards | {{wireless_rogers_rewards}} |
| 1 Rogers rewards | {{1_roger_rewards}} |
| Other Rogers rewards | {{other_roger_rewards}} |
| Other 1 Rogers rewards | {{other_1_roger_rewards}} |
For an annual spend of {{annualspend}}, we estimated annual rewards value at up to {{total_net_rewards}}.
That's equivalent to a {{total_earn_rate}} return on spending.
The {{card.name}} has an annual fee of {{card.annualFee}}. After deducting this, we predicted net annual rewards of {{net_after_fee}}.
This puts it in the {{decile.net_annual_rewards}} of credit cards for net rewards after fees.
In comparison, the average card earns net annual rewards of {{averages.mean_net_annual_rewards}}.
Fees
The {{card.name}} has a {{card.annualFee}} annual fee.
The average card charges {{averages.mean_annual_fee}}. So, the {{card.name}} is in the {{decile.annual_fee}} of cards based on the cost of the annual fee.
Perks
![\"\"](\"http://www.dollarwise.ca/wp-content/uploads/2024/01/HSBC-World-Elite-MasterCard_perk_score.png\")
We manually review the perks of each credit card to determine how they compare to other cards.
The {{card.name}} scored a {{factor_score_perks}} out of 5 for perks, putting it in the {{decile.factor_score_perks}} of cards.
The average card scores {{averages.mean_factor_score_perks}} out of 5 for perks.
Interest Rates
| Purchase | {{purchase_interest_rate}}% |
| Cash Advance | {{cash_advance_interest_rate}}% |
| Balance Transfer | {{balance_transfer_interest_rate}}% |
The average (median) credit card has a purchase interest rate of {{averages.median_purchase_interest_rate}} and so the {{card.name}} charges {{purchase_interest_diff}} than the average.
For cash advances it costs {{cash_advance_interest_rate}}% compared to the average of {{averages.mean_cash_advance_interest_rate}}.
![\"\"](\"http://www.dollarwise.ca/wp-content/uploads/2024/01/HSBC-World-Elite-MasterCard_interest_accumulated_difference.jpg\")
Testing the {{card.name}} with a $2,000 starting balance, you can see in the graph how the {{purchase_interest_diff}} in interest rates impacts the interest over a year, compared to the average card.
Insurance coverage
| Insurance | This Card | Average |
|---|---|---|
| Extended Warranty | {{warranty}} | {{averages.median_warranty}} |
| Purchase Protection | {{purchase_protection}} | {{averages.median_purchase_protection}} |
| Travel Accident | {{travel_accident}} | {{averages.median_travel_accident}} |
| Emergency Medical Term | {{emergency_medical_term}} | {{averages.median_emergency_medical_term}} |
| Emergency Medical over 65 | {{emergency_medical_65}} | {{averages.median_emergency_medical_65}} |
| Trip Cancellation | {{trip_cancellation}} | {{averages.median_trip_cancellation}} |
| Trip Interruption | {{trip_interruption}} | {{averages.median_trip_interruption}} |
| Flight Delay | {{flight_delay}} | {{averages.median_flight_delay}} |
| Baggage Delay | {{baggage_delay_insurance}} | {{averages.median_baggage_delay_insurance}} |
| Lost or Stolen Baggage | {{stolen_baggage}} | {{averages.median_stolen_baggage}} |
| Event Cancellation | {{event_cancel}} | {{averages.median_event_cancel}} |
| Rental Car Theft & Damage | {{rental_theft_damage}} | No |
| Rental Car Personal Effects | {{rental_personal}} | {{averages.median_rental_personal}} |
| Rental Car Accident | {{rental_accident}} | {{averages.median_rental_accident}} |
| Hotel Burglary | {{hotel_burglary}} | {{averages.median_hotel_burglary}} |
| Mobile Phone Insurance | {{mobile_insurance}} | {{averages.median_mobile_insurance}} |
| Personal Effects Insurance | {{personal_effects}} | {{averages.median_personal_effects}} |
| Price Protection Insurance | {{price_protection}} | {{averages.median_price_protection}} |
We scored it {{factor_score_insurance}} out of 5 for insurance.
It offers {{insurance_count}} types of insurance, whereas the average card has {{averages.insurance_count}} types of coverage.
Approval and qualifying
| Do I qualify? | |
|---|---|
| Estimated Credit Score | {{credit_score_low}} - {{credit_score_high}} |
| Personal Income | {{personal_income}} |
| Household Income | {{household_income}} |
| Fees | |
|---|---|
| Annual Fee | {{card.annualFee}} |
| Extra Card Fee | $0 |
| Card type | {{card_type}} |
We scored it {{factor_score_approval}} out of 5 for approval.
We predict that you will require a credit score of at least {{credit_score_low}} to qualify for the {{card.name}}, while the average card requires {{averages.mean_credit_score_low}} to qualify.
This puts it in the top {{decile.credit_score_low}} of cards by approval difficulty.
The personal income requirements are {{personal_income}}, while the average card requires {{averages.mean_personal_income}}.
This puts it in the {{decile.personal_income}} of cards by the income required to qualify.
The HSBC World Elite MasterCard is a popular choice among Canadian credit card users, known for its rewarding point system and extensive range of benefits.
In this review, we will take an in-depth look at its earning potential, outline four significant benefits, discuss two drawbacks, and provide additional relevant information for potential users.
Earning potential
With the HSBC World Elite MasterCard, users earn points that can be redeemed for travel, merchandise, gift cards, and more. Cardholders receive 6 points per dollar spent on travel purchases, 3 points per dollar on dining and entertainment, and 1.5 points per dollar on all other purchases.
Additionally, new cardholders receive a welcome bonus of 20,000 points if they spend $1,000 within the first 90 days.
Benefits
- No Foreign Transaction Fees: The first major advantage of this card is the no foreign transaction fee feature. While most cards charge a fee of around 2.5% on foreign transactions, the HSBC World Elite MasterCard waives these fees, making it an excellent choice for frequent international travelers.
- Comprehensive Travel Insurance: The second major advantage of this card is the extensive travel insurance package it offers. Cardholders receive coverage for emergency medical needs, trip cancellation/interruption, baggage loss/damage, and car rental insurance.
This added protection allows users to travel confidently and securely. - Airport Lounge Access: The third major advantage is the airport lounge access offered to cardholders. With a complimentary membership to MasterCard Airport Experiences provided by LoungeKey, users gain access to over 1,000 airport lounges worldwide upon presenting their HSBC World Elite MasterCard.
These upscale spaces allow for improved comfort and convenience during layovers or pre-flight waits. - Flexible Rewards Program: The fourth major advantage of this card is the HSBC Rewards Program’s flexibility. Users can redeem points for an extensive range of rewards, including gift cards, statement credits, merchandise, and travel.
The program also offers occasional promotions and the ability to use points towards charitable contributions.
Drawbacks
- High Annual Fee: A significant drawback of the HSBC World Elite MasterCard is the relatively high annual fee of $149. This fee can be a deterrent for potential users looking for a low-cost credit card option. However, the card does offer an annual fee waiver for the first year, which can help offset this expense.
- High Income Requirement: The second major drawback of this card is its stringent income requirements. To qualify for the HSBC World Elite MasterCard, applicants must have a minimum annual personal income of $80,000 or a minimum annual household income of $150,000.
This can be impractical for potential users who don’t meet these income thresholds.
Additional information
The HSBC World Elite MasterCard also includes additional benefits such as a $100 annual travel enhancement credit that can be used for various travel-related expenses, 24/7 concierge service, and eligibility for exclusive MasterCard experiences and events. These additional perks serve to enhance the card’s overall value and allure for users.
In conclusion, the HSBC World Elite MasterCard offers excellent rewards potential and a wide range of benefits, especially for those who travel frequently.
Despite its high annual fee and income requirements, the card’s travel perks, insurance coverage, airport lounge access, and flexible rewards program make it a competitive choice among premium credit cards in Canada.
Interested in other credit cards? Canadians that like the HSBC World Elite MasterCard credit card also like the HSBC Cash Rewards MasterCard. If you’re looking for other options you should consider the HSBC +Rewards MasterCard, and the HSBC Travel Rewards Mastercard.
FAQ
With your HSBC World Elite MasterCard credit card points, you can redeem them for various rewards including:
- Travel: Use your points to book flights, hotels, car rentals, and more through the HSBC Rewards program. You can also book travel with your preferred travel agency and then redeem points as a statement credit for travel purchases.
- Gift Cards: You can redeem your points for a variety of popular retail and dining gift cards, giving you flexibility in how you choose to treat yourself or your loved ones.
- Merchandise: The HSBC Rewards catalogue offers a wide selection of items ranging from electronics to home appliances. Browse the available options and use your points to redeem products from leading brands.
- Financial Rewards: Put your points towards your financial goals by redeeming them for credits on your HSBC mortgage, savings accounts, or investments. You can also choose to use your points to pay down your credit card balance.
- Charitable Donations: If you prefer to give back, you can use your points to make donations to select charitable organizations, helping those in need and making a meaningful impact.
The HSBC World Elite MasterCard credit card offers an attractive feature when it comes to foreign transaction fees. Typically, credit cards in Canada charge a fee of 2.5% to 3% on any transaction made in a foreign currency.
However, with the HSBC World Elite MasterCard, cardholders can enjoy a waived foreign transaction fee. This means that when using the card for purchases made in foreign currencies, you will not incur any additional charges beyond the original purchase amount.
As a result, this card is particularly beneficial for frequent travelers or those who often shop internationally.
The HSBC World Elite MasterCard does have a minimum income requirement. Applicants need to meet either a personal annual income of $80,000 or a household annual income of $150,000 to be eligible for this credit card.
Key benefits
- Earn 3% in travel rewards on eligible travel purchases
- Receive 1.5% in rewards on all other purchases
- Complimentary membership to MasterCard Airport Experiences by LoungeKey
- 31-day emergency travel medical insurance included
- Up to $200 in annual travel enhancement credit
- Roadside assistance provided at no additional cost
- Trip interruption and cancellation insurance
- Lost or stolen baggage protection
- Hotel/Motel burglary insurance
- Car rental collision and damage waiver
- 90-day purchase protection and extended warranty