HSBC World Elite Card Review
The HSBC World Elite Mastercard is an ideal choice for routine travellers. One of the most notable benefits is users don’t pay foreign transaction fees. In addition, the card comes with numerous perks that you can use while abroad and ample travel insurance coverage. If you’d like to earn points on everyday purchases, then this might not be the best credit card for you. World Elite Mastercard users earn the most points when they spend on travel. To learn more, read the complete review below.
Main Perks & Benefits of HSBC World Elite Card
With this card, you gain access to a range of benefits that can be used while you’re travelling. Check out a list of all the perks below:
- Earn 6 points for every dollar spent on travel purchases
- Earn 3 points for every dollar spent on other purchases
- Obtain an annual $100 travel enhancement credit which can be put towards airline seat upgrades, airline baggage fees and airport lounge passes
- No foreign transaction fees, only pay the applicable exchange rate
- 24 hour, 7 days a week worldwide assistance including an emergency cash transfer of up to $5,000 if your card is stolen or lost abroad
- Receive a complimentary Mastercard LoungeKey membership which allows access to over 850 airport lounges worldwide for a fee of $32 USD per person for each visit
- When using Mastercard LoungeKey, enjoy a 20% discount on food, spa treatments and retail while waiting for your flight
- Select 10% discounts when booking hotels through HSBC Expedia and Agoda
- Unlimited wi-fi through Boingo at over 1 million hotspots worldwide
World Elite Fees & Welcome Bonus
The annual fee for the HSBC World Elite Mastercard is $149. Additional cards for authorized users cost $50 each. The interest rate is 19.9% for purchases and 22.9% on cash advances and balance transfers. Fees still apply for cash advances, dishonoured payments, overlimit fees and other similar transactions.
The welcome bonus is 20,000 points and a full annual fee rebate for the first year. You can earn an additional 80,000 points if you spend $5,000 within the first 6 months of having the credit card. Instead of the extra 80,000 points, Quebec residents have the opportunity to earn an additional 110,000 points by simply keeping the account open and active for 6 months.
Redeeming HSBC Points
Under the HSBC World Elite Program, members can redeem their points in the following ways:
- Redeem points for airfare, vacation packages, car rentals, cruises, hotels and travel experiences. There are no blackout dates and you can choose from a selection of providers.
- Gift cards. Purchase gift cards using your points.
- Browse products from various partner retailers. Use points to make a purchase.
- Financial rewards. Put your points towards an HSBC mortgage, credit card or savings account to achieve your financial goals faster.
The HSBC World Elite Mastercard comes with significant insurance coverage so you can travel stress free. In most cases, your trip expenditures must be charged to your HSBC credit card to be eligible for coverage. Insurance coverage included with this credit card is listed below:
- Worldwide Emergency Travel Medical. Receive emergency travel medical coverage for you, your spouse and dependent children travelling with you. The maximum is $1 million per insured person. Coverage lasts up to 31 days per trip. The cardholder and spouse must be under the age of 65 to be eligible. Cuba is the only excluded destination.
- Baggage Delay or Loss. Coverage of up to $750 per insured person with a maximum of $500 per item. Damage, theft, burglary, fire and transportation hazards are covered. If you must purchase necessities because your baggage is delayed by 12 hours or more, you’re covered up to $200 per trip.
- Trip Cancellation and Trip Interruption/Delay. All costs are covered if you need to cancel your trip due to death, injury or illness to yourself or an immediate family member. You will be reimbursed for the prepaid portion of your trip that is non-refundable or non-transferable up to $2,000 per insured person with a maximum of $5,000 per person.
- Car Rental Insurance. Receive coverage for car rental collision, loss and damage. In order to be eligible, you must decline the insurance offered by the car rental provider. Benefits only cover one vehicle rental during any period for up to 31 days. Personal Effects and Car Rental Accidental Death and Dismemberment insurance coverage is included.
HSBC World Elite Mastercard FAQs
What are the approval requirements?
The basic requirements for this credit card are that you must be a Canadian resident and be the age of majority in your province or territory. There is also a minimum income requirement which is $80,000 as an individual or $150,000 as a household. Alternatively, if you have $400,000 of assets under management with financial institutions in Canada, you will be eligible for this credit card.
What is the credit limit?
HSBC hasn’t set a minimum or maximum credit limit for the World Elite Mastercard. Your credit limit will be determined during the application process. The better your credit and financial situation is, the higher your approved limit will be.
Can I transfer points to other programs?
You can transfer points to other HSBC Rewards programs given that your account is in good standing. There is also an option to transfer your points to airline programs. The only compatible programs include Asia Miles, KrisFlyer Miles and British Airways Executive Club.
Is the HSBC World Elite Mastercard worth it?
If you’re a frequent traveller and want to save on foreign transaction fees, then the HSBC World Elite Mastercard is an optimal choice. Unfortunately, cardholders who want to optimize point earnings on daily purchases will not benefit from this credit card. Before making a final decision on the credit card you’d like, consider your financial position and goals.
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