RBC now owns HSBC and discontinued the HSBC credit cards.

You can read all about it on our HSBC to RBC transition page. Or, feel free to check out the best RBC credit cards, or if you're looking to change you can compare Canadian credit cards.

HSBC +Rewards™ Mastercard® offers low-interest and a low annual fee for good value. Plus, you earn points on every purchase. With flexibility in how you redeem points, basic insurance protection included, and a generous welcome bonus, this may be the right card choice for you.

Welcome bonus

Special offer: Earn up to 35,000 points* ($175 travel value) PLUS a full annual fee rebate for the primary cardholder for the first year* ($25 value). Conditions apply.

  • Earn 35,000 points* when you spend $2,000 within 180 days of account opening ($175 travel value)
  • First year annual fee rebate for the primary cardholder* ($25 value)

An HSBC Rewards point is worth $0.005 when redeemed for travel, so that adds up to $200 in total value* in the first year. This offer is only available to residents of Canada other than the province of Quebec (Quebec residents eligible for separate offer).

How to earn reward points

HSBC +Rewards™ Mastercard® makes it easy to earn points and redeem them for great rewards. The amount of points you earn with each purchase depends on what you are buying. If you are spending on dining or entertainment, you will earn two points for every $1 spent on eligible purchases*. For all other purchases, you’ll earn one point for every $1 spent*.

How to redeem reward points

The value of HSBC Rewards points earned with this card depends on what the rewards are being redeemed for. For example, 30,000 points can be redeemed for approximately $150 towards travel. One benefit of this card is how flexible it is to redeem points; you can redeem any amount of points for rewards and enjoy a wide range of redemption reward choices.

Once you have the Mastercard Pay App, your purchases will begin accruing cash back automatically, which you can redeem at any time. When you’re ready to redeem your points, you go onto their online rewards catalog and choose how you’d like to redeem your points and for what purpose.

What can points be redeemed for?

You can redeem your HSBC +Rewards™ Mastercard® points for a wide range of rewards. This flexibility is one of the main selling points of this card – use points to redeem travel rewards such as flights or hotels, gift cards, and other items. You can also use points for three main purposes:

  • Personal finance: Redeem the points towards your mortgage, credit card or savings account
  • Rewards: Redeem the points for gift cards, electronics and exciting experiences
  • Travel: Redeem the points and go wherever you want

It’s also an advantage of this card that points that you earn will not expire as long as your accounts stay in good standing.

Pros and cons



  • Low annual fee and interest rate

  • Earn points on every purchase, with double points for dining/entertainment

  • Flexible redemption options with no expiry

  • Generous welcome bonus, including fee rebate

  • Basic insurance protection included

  • Purchase Assurance, Extended Warranty, and Price Protection



  • Other cards offer higher points value

  • Fewer benefits compared to some competitors

  • No comprehensive travel insurance

  • Foreign currency fee and balance transfer fee apply

  • No minimum income requirement, but fair credit score recommended

More perks and features

  • Earn points on every purchase
  • Low interest rate of 11.9% on purchases, 11.9% on cash advances, and 11.9% on balance transfers
  • Includes Purchase Assurance coverage
  • Price Protection Service included

With low interest and a low rate on other transactions, including balance transfers and cash advances, this card is very attractive. Standing at just 11.9% for purchases, this rate is one of the best available. Plus, there is no minimum income requirement, making this card accessible and easy to manage.

Another advantage of this card is Purchase Assurance. Any eligible item that you buy with this card is insured against loss, theft, or damage for 90 days so that you can rest easy knowing that when you decide to spend your hard-earned money, you’ll be protected. You can also add Extended Warranty insurance to get even more protection on eligible purchases and, the card offers price protection, where if you find a lower price for an item you purchased with the card within 60 days, you will be refunded the difference (up to $500). This price-match guarantee is a great feature of this card.

This card offers both security and convenience with features like Tap & Go and Apple Pay compatibility, zero liability protection if your card gets stolen, and advanced chip and PIN technology to protect against unauthorized use of your credit card. Lastly, if you are seeking additional insurance for travel, you can add it at a cost of $69/year.

Rates and fees

The fees for the HSBC +Rewards™ Mastercard® are a low $25/year for the primary cardholder and an additional $10/year for any additional associated cards issued.

Aside from the annual fee, you will pay a 2.5% foreign currency fee, and 5% of your balance transfer, along with an expected fee for ATM withdrawals ($2 in Canada) and wire transfers.

Launched in the summer of 2019, HSBC designed this card for customers who want to earn points on every purchase while saving on fees and interest. Cardholders benefit from the bank’s lowest available rate, paying just 11.9% interest on purchases.

Eligibility and requirements

Applying for an HSBC +Rewards™ Mastercard® is easy and accessible. All you need is to be a Canadian resident and meet the age of majority in your home province (either 18 or 19).

There is no minimum income requirement to obtain this card, although it is recommended that you have a fair credit score of 630 or higher. When applying for the card, you will need to present some basic information attesting to your identity and residency such as your name, address, contact information, social insurance number, and date of birth.

How to get the card

To apply for this card, you’ll be asked to fill out a basic application form with some general information, including your name and birthdate, residential information and email address, and social insurance number. Once your application has been reviewed and approved, you will receive your card in the mail within a couple of days.

How the HSBC +Rewards™ Mastercard® compares

HSBC +Rewards™ Mastercard®
BMO Preferred Rate Mastercard®*
Purchase interest rate
Welcome bonus
Get up to $200 in total value* for the first year! Conditions apply.
0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee* and get the $29 annual fee waived for the first year.*
Annual fee
Maximum points
Earn 2 Points for every $1 spent on eligible dining or entertainment purchases.*

With so many rewards credit cards to choose from, it can be confusing deciding which one is best for you. This is how the HSBC +Rewards™ Mastercard® stacked up against the BMO Preferred Rate Mastercard®*. Both cards have about the same annual fee, with the BMO Preferred Rate Mastercard®* saving you a bit on that, however, the HSBC +Rewards™ Mastercard® has a lower interest rate than the BMO Preferred and also offers rewards points, earning points for every $1 spent (unlike the BMO card).

If you’re looking for a low-interest, low annual fee card that also gets you ahead in travel and rewards you for your purchases, the HSBC +Rewards™ Mastercard® is the one you’ll need.

Our take

If you are looking for an inexpensive card with low interest and fees, then this is a great card to consider. The HSBC +Rewards™ Mastercard® gives customers solid, basic protections and limited perks, doesn’t require an income minimum, and lets you earn points on every purchase.

This card may not be right for you if you are looking for comprehensive insurance and benefits, or if you are looking for a zero-fee credit card. While there are many cards available that offer significantly more benefits and will let you earn many more points per dollar spent, these generally come attached to higher fees and less friendly interest rates, so these factors should all be considered before picking your preferred card.

With double points earned on eligible dining and entertainment spending, this card is a great option for people who like to enjoy the finer things in life and don’t want to spend a lot of money on fees and interest to benefit from a credit card.

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Sarah Pritzker Freelance Contributor

Sarah Pritzker has been writing for Money.ca since 2017, and loves learning about the latest trends in Canadian personal finance.


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