The HSBC World Elite Mastercard is often overlooked by Canadians. This includes myself who just never bothered to apply for it before. But, I have learned my lesson and see the true benefit of this card. Besides the amazing promotional sign-up bonus HSBC tends to offer yearly, the travel medical insurance is fantastic as well. If you travel every year, this is an additional big savings from having to purchase extra travel insurance.
I have no affiliation with HSBC or this credit card.
VIDEO – HSBC World Elite Mastercard Quick Guide For Canadians
How to qualify for the HSBC World Elite Mastercard
If you plan on getting this credit card, you do need to make $80,000 personal income per year. Another method which works well for a lot of people would be the $150,000 household income. So if you have a big family, you can add up everyone’s income and you can qualify for this card through that method.
Points and sign-up bonus
- Earn 20,000 after your first purchase
- During promotional periods, you can earn 100,000 points in Canada except for Quebec where you earn 130,000 points after spending $5000 within 90 days of being approved for this card
- When you sign-up during promotion periods, you typically get the first year annual fee waived unless you live in Quebec in which case, you have to pay the $149 annual fee
- Earn 6 points for for every $1 spent on travel related purchases and 3 points on all other purchases
- Frequent flyer partners includes Asia Miles, Kris Flyer, and British Airways Avios
Using HSBC points natively
If you decide to use your HSBC points towards your statement balance, you can expect to see the following statement rebates when you apply them towards travel purchases:
- 25,000 points – $125
- 35,000 points – $175
- 45,000 points – $225
- 55,000 points – $275
- 75,000 points – $375
- 85,000 points – $425
- 95,000 points – $475
- 105,000 points – $525
- 115,000 points – $575
- 125,000 points – $625
- 135,000 points – $675
Should you decide to transfer your HSBC points to Asia Miles you can expect to transfer them at a 0.32 ratio. If you transfer 25,000 HSBC points, you will get 8,000 Asia Miles. If you decide to go this route, make sure to wait during promotional periods. Asia Miles have offered 10-15% more points bonus in the past.
There’s not many credit cards in Canada that offers the option to transfer your points to Kris Flyer. If you aspire to fly on the Singapore Suites First Class, then this is an excellent method to make that happen.
The transfer ratio to Kris Flyer is 0.36. This means, if you transfer 25,000 HSBC points, you will get 9,000 Kris Flyer points.
British Airways Avios
If you transfer your points to British Airways Avios, the transfer ratio is 0.4. Basically, if you transfer 25,000 HSBC points, you will get 10,000 Avios. However, during promotion periods, you can get up to 35% more points. So I’d definitely wait until the transfer bonus promotion if you decide to transfer your points to Avios.
While not the best use of your HSBC points, you can redeem gift cards with them. This are the rates:
- Costco – 65,000 points = $200
- Esso – 33,000 points = $100
- Amazon – 33,400 = $100
- BestBuy – 80,900 = $250
- Disney – 41,300 – $100 USD
- IGA/Safeway/Sobeys – 17,600 = $50
The HSBC World Elite Mastercard also comes with numerous perks. They include:
- Mastercard Airport Experience lounge access provided by LoungeKey
- Unlimited Wifi access through Boingo
- 10% discount with Expedia and Agoda
- Worldwide Emergency Travel Medical insurance for up to 31 days
- Baggage delay or loss insurance
- Trip cancellation insurance
- Trip interruption and delay insurance
- Car rental insurance
- Purchase assurance and extended warranty insurance
- $100 annual travel enhancement credit.
As you can see, the perks are numerous. The travel insurance alone is amazing and can save you a ton of money from not having to purchase insurance from another company.
How to use the $100 annual travel enhancement credit
One of the great perks for this card is that $100 annual travel enhancement credit. Ways that would allow you to redeem this credit includes:
- Booking a flight
- Buying extras for seats and baggages
- Purchasing an airport lounge pass
- Booking a refundable flight on Expedia
Limited time offers
The HSBC World Elite Mastercard also provides limited time offers. As of writing this article, the current offers are the following:
I personally signed up for this credit card rather late so I think I only qualify for two months of free Spotify and discounts with DoorDash.
I love travelling and because of that, I do need to purchase quite a bit of travel insurance. Thanks to the HSBC World Elite Mastercard and the National Bank World Elite Mastercard, I can have 90 days of travel insurance covered on an annual basis.
The sign-up bonus is pretty good as well and I’d definitely look into transferring it to Avios or using it as a statement credit. There are many flights in the world that is not covered by Aeroplan, British Airways Avios, or Alaska Airlines. If anything, it gives us a little bit of flexibility on which airline to fly on.
Overall, this is a solid credit card that many Canadians who love travelling will reap massive benefits.