Shannon Terrell
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Note: On March 28, 2024, the sale of HSBC Bank Canada and its subsidiaries to the Royal Bank of Canada closed, and all HSBC credit card holders were transitioned to RBC credit cards. The cards listed below are no longer available and all other information is out of date.
The best HSBC credit cards
| HSBC Credit Card | Interest Rate | Intro Offer |
|---|---|---|
| HSBC Cash Rewards Mastercard® | 20.99% | Up to $100 (terms and conditions apply) |
| HSBC World Elite® Mastercard® | 20.99% | Up to 50,000 Points (terms and conditions apply) |
| HSBC +Rewards™ Mastercard® | 11.90% | Up to 35,000 Points (terms and conditions apply) |
| HSBC Travel Rewards Mastercard® | 20.99% | 20,000 Points (terms and conditions apply) |
How HSBC credit cards work
The Hongkong and Shanghai Banking Corporation Limited (more commonly called HSBC or HSBC Bank Canada) was founded in Hong Kong in 1865, and opened its first Canadian branch in 1981. It now represents the 7th largest bank in Canada.
Types of HSBC credit cards
Compared to the variety of Canada’s Big 6 banks, HSBC offers a relatively small collection of consumer and business credit cards. It also doesn’t have any co-branded cards.
Unlike the special bank accounts for international students and newcomers to Canada, there aren’t any credit cards that are overtly geared towards them.
HSBC offers the following types of cards:
- HSBC cash-back cards. Cash-back credit cards earn a set amount of money back for each eligible purchase.
- HSBC travel cards. Travel credit cards often (though not always) have accelerated earn rates for travel purchases and/or also let you earn points for a travel related loyalty program. They also often feature other travel-friendly perks like airport lounge access, priority boarding and travel insurance.
- HSBC general rewards cards. These cards earn HSBC Rewards, which can be redeemed for a variety of items like merchandise, gift cards and travel options
- HSBC low-interest cards. The bank’s low interest credit cards offer lower than normal interest rates for those who may often carry a balance.
- HSBC business credit cards. These cards can help business owners separate business from personal spending, and earn rewards.
Some common features of HSBC credit cards
Only available as Mastercards
One common feature among all HSBC cards is their affiliation with the Mastercard network. Unlike some other banks, HSBC does not offer any Visa or American Express cards.
Typical interest rates
HSCB credit cards have purchase interest rates ranging from 19.99% up to 20.99%, with cash advances available usually at a rate of 22.90%. The one exception is the HSBC +Rewards Mastercard, which has a low purchase and cash advance rate of 11.90%.
Reasonable annual fees
Insurance options for all
For its no-fee and low-fee cards, HSBC offers clients the opportunity to pay $69 a year to get optional medical insurance, including emergency medical, trip cancellation and baggage delay. All HSBC credit cards come with purchase assurance and extended warranty insurance.
How to find the best HSBC credit card for you
There are several things to look for when choosing any credit card:
Your eligibility. It doesn’t make sense to apply for a card that you have no chance of getting and a hard pull could hurt your score so check to see if you meet the card’s income requirements. Though they may not advertise it, some credit cards are also more likely geared towards those with a solid credit score, meaning you should also know your score before applying.
Fees. Are you willing to pay an annual fee? Keep in mind that no-fee cards tend to have fewer perks than premium cards that come with an annual fee.
Interest rate. If you tend to keep a balance on your card, it’s wise to look for a card with a lower interest rate.
Rewards or cash back: Rewards can be more lucrative than cash back but can be complicated to redeem.
Who should consider an HSBC credit card?
HSBC’s potential sale to RBC makes it an odd time to apply for one of its credit cards — some of the products might change or be discontinued if the bank is acquired. That said, credit card applications are still open on the bank’s website.
The HSBC World Elite Mastercard may be of interest to consummate travellers as it offers an impressive 31-days of consecutive travel medical insurance for those under 65, as well as a $100 travel credit and no foreign transaction fees.
The HSBC +Rewards Mastercard is a good choice for those who may typically carry a balance month to month, and may be looking for a low-fee card that comes with a standard low interest rate.
How to open a HSBC credit card
- The easiest way to apply for an HSBC credit card is via the bank’s website. From HSBC’s main credit card page, click the “How to Apply” button next to the credit card you’re interested in.
- For all of its credit cards, HSBC notes that applicants must be the age of majority in their respective province or territory and be a Canadian resident. Depending on the card you apply for, HSBC may also specify a required minimum individual or household income or amount of investments.
- HSBC also suggests applicants have a passport, driver’s license or other form of government-issued ID at the ready to make your identity easier to verify and thus make the application process faster.
- The bank also notes that people can phone or book an appointment to apply for a card if they would rather not apply online.
- When you begin your application by clicking “Apply online” you’ll be asked if you’re an existing HSBC customer. If you’re already a client you would then log into your account and go through the application process more quickly because the bank would already have a lot of your info on file. If you’re not a client, you’ll first be asked to go over the card’s rates and fees.
- Next, you’ll be required to provide personal information like your name and address. You’ll also need to provide information about how long you’ve lived at your current address and how much your monthly rent or mortgage payments cost.
- FInally, you’ll be asked to prove your ID by taking a photo of an acceptable form of ID and uploading it.
Once your application is submitted, you may be approved for a credit card instantly. Otherwise it can take several weeks for the bank to process your application.
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