HSBC +Rewards™ Mastercard®

Last updated: October 13, 2023
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This card is no longer available for new applications.
Annual fee:
$25
Interest rates:
11.9% purchases
11.9% cash advances
11.9% balance transfers
Earning rate:
2 HSBC Rewards points per dollar spent on eligible dining and entertainment purchases
1 HSBC Rewards point per dollar spent on all other eligible purchases
Insurance:
Weak

This card is no longer available for new applications.

The HSBC +Rewards Mastercard® is an excellent card to dip your feet into the HSBC ecosystem, earning HSBC Rewards points which can be redeemed against travel expenses charged to the card.

Bonuses & Fees

The HSBC +Rewards Mastercard®’s current offer varies based on your province of residence.

If you’re based outside of Quebec, you’ll earn 35,000 HSBC Rewards points* upon spending $1,000 within 60 days of account opening.

The annual fee of $25 is also rebated for the first year*.

Meanwhile, Quebec residents can sign up for 40,000 HSBC Rewards points* upon keeping your account open and in good standing for 60 days.

However, there is no first-year annual fee rebate on the Quebec offer.

Earning Rewards

The HSBC +Rewards Mastercard® offers 2 HSBC Rewards points per dollar spent on eligible dining and entertainment purchases and 1 HSBC Rewards point per dollar spent on all other eligible purchases.

Given the fact that every 200 HSBC Rewards points can be redeemed towards $1 in travel purchases (more on that later), this means that you’re effectively getting a 1% return on travel purchases and 0.5% return on all other purchases.

Redeeming Rewards

HSBC Rewards points aren’t given much attention here in Canada, but they’re a very versatile points currency once you understand the rather convoluted way that everything’s set up.

There are no simple 1:1 ratios here. Instead, one of the best uses of HSBC Rewards points is cashing out for travel credits at a ratio of 200 HSBC Rewards points = $1.

You can also redeem HSBC Rewards points for statement credits at an inferior ratio, so it’s best to avoid this option and always redeem against travel purchases instead.

The major strength of HSBC Rewards compared to the other Canadian banks’ in-house travel rewards program is that you don’t need to go via any sort of dedicated travel portal to redeem your points.

Indeed, you can book any travel with any provider – flights, trains, hotels, Airbnbs, car rentals, cruises, vacations, etc. – and offset it using HSBC Rewards points within 60 days of the purchase posting to your account.

Compared to many other banks, which force you to go through their own travel agency (sometimes while paying marked-up prices) in order to use your points, HSBC Rewards is a much more flexible currency to use.

Another way to use HSBC Rewards points is to redeem them for gift cards or for other financial rewards in the form of a credit applied to your HSBC credit card, HSBC mortgage, or HSBC personal savings account.

Perks & Benefits

The HSBC +Rewards Mastercard® has no meaningful perks or benefits to speak of.

Insurance Coverage

The HSBC +Rewards Mastercard® is an introductory credit card, and comes with basic insurance benefits:

  • Price protection, if a lower price is found elsewhere within 60 days, up to $500*
  • Extended warranty*
  • Purchase assurance, with 90-day coverage in the event of loss, damage, or theft*

Legal Disclaimers

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As an introductory product, this credit card has no minimum income requirement.

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