HSBC +Rewards™ Mastercard® Review

*Before getting started, note that the review below is for a Canandian credit card available only to Canandian citizens. You can find reviews of U.S.-based travel rewards cards here.

CardName BENEFITS

For Canadian citizens looking for a lower interest credit card with a rewards “kicker”, the CardName might be just what you’re looking for.

This is somewhat light on perks but it makes up for that with a low RegAPR APR interest rate on new purchases, balance transfers and also, (as a pleasant surprise) cash advances. The combination of a low everyday interest rate plus any type of rewards program is extremely rare among Canadian credit cards.

Of course, if you pay your balance off in full each billing cycle, you won't have to worry about the interest rate anyway, which is what you want to aim for in order to make any of the rewards truly rewarding.

Consumer protection is one of the strengths of the CardName. Purchases are insured against loss or damage for a full 90 days from the time of purchase. Plus, eligible purchases made with your card automatically get an extra 12 months tacked on to the manufacturer’s warranty.

The CardName also offers price protection for two months on all purchases. This means if the price of the item you bought drops in the 60 days after your purchase, you will be reimbursed the difference on your statement.

The protections above could be plenty to offset the modest AnnualFees annual fee ($10 for each additional user), but we haven't even discussed the rewards program yet.

The rewards program for the CardName is pleasantly simple. You earn two points for every $1 spent on dining and entertainment purchases and one point per $1 on all other purchases. This can add up if you use the card when you travel for business or recreation or even just in your everyday grabbing a bite during your lunch hour. You can redeem points for travel, merchandise, gift cards or account credits.

While the CardName is Canada-based card for Canadian citizens, it is welcomed all around the world with the purchasing power of Mastercard as the processor.

FEATURED CARD

 

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• Earn a $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months.
• $0 intro annual fee for the first year, then $95.
• Buy Now, Pay Later: Enjoy $0 intro plan fees when you use Plan It® to split up large purchases into monthly installments. Pay $0 intro plan fees on plans created during the first 12 months from the date of account opening. Plans created after that will have a monthly plan fee up to 1.33% of each eligible purchase amount moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase, and other factors.
• Low Intro APR: 0% on purchases and balance transfers for 12 months from the date of account opening. After that, your APR will be a variable APR of 19.24% - 29.99%. Variable APRs will not exceed 29.99%.
• 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
• 6% Cash Back on select U.S. streaming subscriptions.
• 3% Cash Back at U.S. gas stations.
• 3% Cash Back on transit (including taxis/rideshare, parking, tolls, trains, buses and more).
• 1% Cash Back on other purchases.
• Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
• Get up to $120 in statement credits annually when you pay for an auto-renewing subscription to Equinox+ at equinoxplus.com with your Blue Cash Preferred® Card. That's $10 in statement credits each month. Enrollment required.
• Thinking about getting the Disney Bundle which can include Disney+, Hulu, and ESPN+? Your decision made easy with $7/month back in the form of a statement credit after you spend $9.99 or more each month on an eligible subscription (subject to auto renewal) with your Blue Cash Preferred® Card. Enrollment required.
• Terms Apply.

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Terms and Limitations Apply

Credit Needed:

Good, Excellent

CardName REWARDS REDEMPTION

The rewards program for the CardName is easy to understand and take advantage of, even if it lacks a bit of flair.

For starters, while not specifically related to the rewards program, the low interest rate for purchases, balance transfers and cash advances means that if you do have to carry a balance from time to time, the interest won't eat into your rewards quite as much. You still want to make a practice of paying off your balance every month, but a lower interest rate is always nice to have.

As for the rewards, CardName cardholders earn two points per $1 spent at restaurants and on entertainment and one point per $1 on other eligible purchases. It isn't skyhigh rewards, but it's also not bad for a card with just a AnnualFees.

Redeem your rewards for travel; for gift cards or merchandise; or as credit to an HSBC mortage account, savings account or your credit card account.

One of the great things about redeeming rewards for travel is that you aren't tied to a particular portal or site in order to use your rewards. Just use your card to purchase your travel, whether directly through the provider or through a third-party site, and redeem points for statement credits to cover the travel purchase.

Simple, flexible rewards are always a welcome feature of a rewards credit card.

WHO IS ELIGIBLE FOR THE CardName

As previously mentioned, the CardName is a Canadian card for Canadian citizens only.

Unlike many Canadian credit cards, though, this one does not have a minimum income requirement in order to qualify. Citizens of majority age in their province and with good credit can apply for this card. If you're looking for reviews of travel rewards cards as a U.S. citizen, you can start here.

CardName POTENTIAL DOWNSIDES

As with any credit card, with the CardNameyou need to be aware of the fees. There is a AnnualFees annual fee and a $10 annual fee for additional cards. Fees for cards for your partner or children, for instance, could add up quickly.

The rewards program, while simple, isn’t as strong as you might be hoping. The problem is not with the points accumulation, the problem is with redemption. Each point accumulated is worth only one half-cent ($0.005) in redemption value. This is significantly less than many other rewards programs. To put this in practical terms, you would need to accumulate 30,000 points ($15,000 in travel and entertainment expenditures) to earn $150 worth of rewards. It's not an uncommon rate among similar cards, but it is unfortunate.

HOW CardName COMPARES TO OTHER CREDIT CARDS

CardName vs. CardName

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These sibling cards share some similarities but their target markets are quite different. While the CardName offers more bonuses and perks, you will definitely pay for the privileges.

The CardName is offering a one-time welcome bonus of 20,000 points worth $100 in travel rewards plus a $100 Travel Enhancement Credit to cover lounge access, airline seat upgrades and baggage fees each year. Additionally, members will earn six points for every $1 spent on travel (3% back) and three points per $1 (1.5% back) on other purchases.

This looks very attractive when compared to the points program offered to CardName members, who earn just two points for every $1 spent eligible dining and entertainment, but you really need to consider your budget and spending habits to truly decide which rewards structure is better for you.

Furthermore, the annual fee for the World Elite® card is AnnualFees ($50 for additional users), compared to just AnnualFees ($10 for additional users) for the +Rewards™ card.

The CardName also has stricter applicant requirements: an income of at least $80,000 per year for individuals ($150,000 for a household) or $400,000 of managed assets with Canandia institutions.

CardName vs. CardName

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CardName offers a clear alternative to CardName, especially if you hate paying annual fees. While CardName charges an annual fee for the primary cardholder as well as fees for each additional card, the CardName charges no annual fee for the primary cardholder or authorized users.

Another nice feature of the CardName is the bonus offer. You can earn $200 cash back if you spend $500 on your card in the first 90 days of card membership.

The points programs for each card are a bit tricky to compare, apples to apples. With the CardName, you earn two points per $1 spent on travel and entertainment and one point per $1 on all other purchases. With CardName you choose your top two spend categories to earn unlimited 3% and 2% cash back and earn unlimited 1% cash back on all other purchases.

IS THE CardName A GOOD CARD?

As with any credit card, you need to make sure the HSBC +Rewards Mastercard is well suited to your lifestyle and spending habits.

If you are a Canadian resident, looking to shift from a high interest card to a card with a low everyday interest rate, the CardName is going to be an excellent addition to your wallet.

If you are a super fan of rewards, you can find other cards with a more attractive offering; however, if you travel a good deal for business or recreation, you’ll find the points can accumulate quickly. While the redemption value is low, every little bit helps.

The CardName is also perfectly suited to anyone with good credit, but a slightly lower income. It might be just the card to help you through a challenging financial period.