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HSBC +Rewards Mastercard®
Credit cards

HSBC +Rewards Mastercard®

Updated 01.12.2022

About HSBC +Rewards Masterсard

The HSBC +Rewards Masterсard is a tool that allows for convenient shopping and booking, receiving and redeeming rewards, and saving, as cashback will enable you to get lower prices.

This card has friendly tariffs for additional authorized users and secure transactions. In addition, the card has a chip and pay wave option and can be used for online and offline payments, e-wallets, etc. 

HSBC +Rewards Masterсard features

This card belongs to the cash back or rewards cards category. The welcome bonus can amount to 35,000 points, corresponding to a travel value of $175. The first 30,000 points are available when the cardholder spends $2,000 within six months of account opening. The second half is available after submitting an online application. This card has a low annual fee of $25; the interest rate on purchases, transfers, and cash advances is capped at 11.9%. There is a service for additional authorized users; each additional card costs $10 annually. Missing a minimum payment or defaulting on repayments will increase the interest rate to 16.9%.

There is a grace period limited to 21 days, and the cardholder can enjoy low-interest rates plus extended warranty purchase assurance (90 days). In addition, this card may be used for online purchases or payments at the store to avoid extra fees. 

A fee of 2.5% is charged for foreign currency transactions. 

Cash withdrawals from ATMs are subject to a fee, depending on the location (it is $2 domestically and $4 abroad). 

If the cardholder has lost the last monthly statement, it is possible to get a free duplicate.

If the customers prefer extended insurance, it is possible to get this upgrade for an additional fee of 69$. 

According to available sources, it is possible to redeem the collected rewards with one of the three options:

  • travel;

  • gift cards;

  • financial rewards.

Pros and cons

HSBC Rewards Masterсard has numerous advantages for the customers:

  • it offers a welcome bonus of over 20,000 points, and if the applicant is from Quebec, it is higher;

  • extended warranty purchase assurance for 90 days, it includes cases when the item is stolen or lost;

  • travel and media insurance;

  • a grace period is available;

  • available cash-back;

  • a low annual fee and a reasonable fee for additional authorized card users;

  • a relatively low-interest rate on purchases, balance transfers, and even cash advances;

  • multiple ways to redeem earned reward points.

At the same time, some things could be considered a disadvantage for some applicants:

  • If the applicant is not from Quebec, the welcome bonus is lower;

  • a credit check and a good to very good credit score are required;

  • there is a foreign transaction fee;

  • the grace period is less than one month;

  • if two payments or minimum payments are missed or not made, the interest rate increases;

  • cash withdrawals are subject to fees and are more expensive outside Canada.

It always pays to compare different options, even within one bank, and make a weighted decision that meets all expectations.

How to apply for an HSBC +Rewards Masterсard

HSBC offers more than two ways to apply for this card. One can apply for it online through a simple form, offline at a bank branch, or one can initiate the application process by requesting a consultation with a bank specialist who is ready to answer any questions about this product. 

To qualify, the applicant must have a positive credit history and a high credit score, better than 700 points, but in detail, your situation can be discussed with the bank's specialist.

To apply, the following information is required: identification documents, social security number, home address, employment and income information, credit score information, and consent to a credit check.

The applicant must meet the following criteria:

  • Canadian citizenship or permanent resident status, age of majority at the time of application;

  • Legal capacity to sign documents and enter into contracts;

  • Have a valid ID document.

  • After reviewing the information provided, the Bank will decide whether to approve the applicant for the HSBC Rewards Masterсard.

What credit score is required to be approved for an HSBC +Rewards Masterсard?According to available sources, a high credit score is required. It is best to have it above 700 points.
Does HSBC +Rewards Masterсard have a foreign transaction fee?Yes, the foreign transaction fee is 2.5%, and payments in foreign currency are credited in Canadian dollars.
Is a credit check needed to get approved for an HSBC +Rewards Masterсard?The applicant has to consent to a credit check; positive credit history and a high credit score are required to be approved for this credit card. According to open sources, the credit score should be above 700 points.
Rate
i

Effective interest rate on the product

11.9% - 16.9%

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