HSBC World Elite® Mastercard® Review

**This post may contain affiliate links. I may be compensated if you use them.

When it comes to travel credit cards, the HSBC World Elite Mastercard kind of flies under the radar since HSBC is a brand they may not be familiar with. What many people don’t realize is that HSBC is a major bank and they offer some excellent credit cards.

The HSBC World Elite Mastercard comes packed with travel benefits and HSBC Rewards is highly flexible which is why this card should be on your radar. Continue reading my HSBC World Elite Mastercard review and find out why it may be the most underrated travel credit card in Canada.

HSBC World Elite® Mastercard® benefits

  • Annual Fee Rebate for the Primary Cardholder for the first year ($149 value). Must apply by January 31, 2022. Conditions Apply.
  • Welcome Bonus of 20,000 Points ($100 travel value)
  • Spend $6,000 in the first 180 days to earn an additional 50,000 Points ($250 travel value)
  • Earn 10,000 Points ($50 travel value) for adding your 1st Authorized User
  • Receive an additional 20,000 Points ($100 travel value) as an Anniversary Bonus
  • 3% (6 points per $1 spent) in travel rewards on all eligible travel purchases
  • 1.5% (3 points per $1 spent) in travel rewards on all other eligible purchases
  • No foreign transaction fees. Only the exchange rate will apply.
  • $100 annual travel enhancement credit
  • 31-day travel insurance coverage
  • Mastercard Airport Experiences Provided by LoungeKey (fee per visit still applies)
  • 10% discount on select hotel bookings on your card with Expedia and Agoda
  • Unlimited Wi-Fi through Boingo at over 1 million hotspots worldwide
  • Purchase assurance
  • Extended warranty

For Quebec residents

  • $149 annual fee
  • Welcome Bonus – 20,000 Points ($100 travel value)
  • Receive an additional 80,000 Points ($400 travel value) if you keep your account open and active for 180 days
  • Earn 10,000 Points ($50 travel value) for adding your 1st Authorized User
  • Receive an additional 20,000 Points ($100 travel value) as an Anniversary Bonus

To be clear, this HSBC World Elite Mastercard review refers to the card that is available to Canadians. The welcome bonus that comes with the HSBC World Elite Mastercard can be quite generous. They’re to have increased offers from time to time, so it’s worth checking to see what’s available if you’re considering the card.

Having no foreign transaction fees on a premium travel credit card is huge, but some of the other benefits are also appealing. You get free Boingo Wi-Fi and travel medical insurance that covers 31-days if you’re under the age of 65.

With HSBC rewards, you’re allowed to book your travel on your own and then call in to redeem your points. In other words, there’s no need to book through their own portal so you have maximum flexibility. You could even book directly with hotels to get your loyalty points or find the best promotions out there and then redeem your points. That said, you need a minimum of 25,000 points ($125) to redeem a travel credit when you make your own booking which will annoy many people.

Even though there’s an annual fee, you do get a yearly $100 travel enhancement credit which can be applied towards things such as select airline seat upgrades, airline baggage fees and airport lounge passes. Some people don’t think that this benefit is of any real value, but I think it’s one of the HSBC World Elite Mastercard’s best features since it has so much flexibility.

3% (6 points per $1 spent) in travel rewards on all eligible travel purchases and 1.5% (3 points per $1 spent) on all other eligible purchases is pretty generous while the 31-day travel insurance coverage is much better than some of the best credit cards with travel insurance. The 10% discount on hotels booked with Expedia and Agoda is obviously appealing, but it doesn’t apply to all hotels which can be a concern if you have a specific property in mind.

I should also mention that if you’re a resident of Quebec, the sign up bonus is usually different. Quite often the Quebec offer is better than the rest of the country.

Transferring points to airline partners

With the HSBC World Elite Mastercard, you can transfer your points to a few airline partners. Oddly enough, the airline transfer partners aren’t even listed on the HSBC website, but a call to customer service has confirmed the following.

  • 25,000 HSBC Rewards points transfer to 8,000 Asia Miles
  • 25,000 HSBC Rewards points transfer to 9,000 Singapore Krisflyer Miles
  • 25,000 HSBC Rewards points transfer to 10,000 British Airways Avios

As you can see, there’s no set formula when it comes to the transfer of miles, but think about the potential of your earnings. If Singapore Airlines is one of your preferred carriers, the HSBC Premier World Elite Mastercard is one of the few cards that allow you to earn Krisflyer points which is the frequent flyer program of the airline. This may not matter to most travellers, but it’s worth highlighting nonetheless.

HSBC World Elite® Mastercard® travel insurance

  • Travel medical – $1,00,000 for 31 days if you’re under the age of 65
  • Trip cancellation/trip interruption – up to $2,000 per person / $5,000 total
  • Delayed and lost baggage – up to $750 / 12 hours ($200 for essential items after 12 hours)
  • Common carrier travel accident – $500,000
  • Auto rental collision / loss damage – 31 consecutive days / $65,000

Overall, I like the HSBC World Elite Mastercard travel insurance but there are some things that need to be pointed out. First off, to qualify for any of your travel insurance that’s not related to medical, you need to charge 75% of your travel expenses to your card for it to apply. This isn’t bad considering some cards require you to charge 100% of your expenses if you want your insurance to be valid.

I love how this card covers you for 31 days, but that’s only if you’re under the age of 65. If you’re 65 or older, you’ll need to buy a separate travel insurance policy. I personally think the trip cancellation/trip interruption is a bit low at $2,000 per person / $5,000 total as there are cards out there that give you $2,500 per person / $10,000 total in protection. The delayed and lost baggage is also a bit low at $750 and it’s a bit odd that you need to wait 12 hours before you can make a claim for essential items when other cards usually only require a 4-6 hour delay.

Final thoughts

My HSBC World Elite Mastercard review is positive. It’s easily one of the best credit cards with no foreign transaction fees and is one of the best travel credit cards in Canada since it comes packed with benefits. The flexibility of your HSBC Rewards points will also appeal to people who travel with different airlines.

*Terms and Conditions apply
®/TM Mastercard and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Used pursuant to license

HSBC World Elite® Mastercard® Review

About Barry Choi

Barry Choi is a Toronto-based personal finance and travel expert who frequently makes media appearances. His blog Money We Have is one of Canada’s most trusted sources when it comes to money and travel. You can find him on Twitter:@barrychoi


  1. Nancy on September 16, 2017 at 12:22 PM

    Hi Barry – I acquired the Rewards Visa card strictly for the no transaction fee charge on foreign exchange. Now that they have closed down future applications, can you advise if existing customers will continue to benefit from no transaction fees on FX?

    • Barry Choi on September 16, 2017 at 4:22 PM

      Hi Nancy,

      All current cardholders were grandfathered so you still don’t pay foreign transaction fees. That being said, I would not be surprised if this benefit disappears later.

  2. Nancy on September 16, 2017 at 10:27 PM

    Thanks, Barry. If that happens, I will dump the card – it was the only benefit that distinguished it from other cards.

    • Barry Choi on September 16, 2017 at 10:29 PM


      Agreed. I’ll likely apply for the HomeTrust card to replace my Amazon card if they get rid of the no fees for foreign transactions.

  3. GYM on September 27, 2017 at 12:12 AM

    Wow this card sounds very elitist! $100K minimum balance in HSBC? I like that it is black though, seems very fancy and flashy when you pull it out to pay for something.

    I already have 2 World Elite MC’s, I shouldn’t add another one, and besides I’m not with HSBC for banking anyways.

    • Barry Choi on September 27, 2017 at 8:52 AM


      I really don’t get why this card is only available to Premier members, it’s not that good.

  4. JMB on December 15, 2017 at 5:06 PM

    You made a mistake… it is not a card for ALL Premier clients…. it is for Premier clients WITH MINIMUM of $400,000 in assets under management (based on liquid, investable assets with financial institutions in Canada).

    • Barry Choi on December 15, 2017 at 6:23 PM


      Thanks for this, I’ve updated the article.

  5. K on March 29, 2018 at 7:38 AM

    I just cancelled my Elite card, and my wife’s card for my account, after a month. My family was traveling internationally to visit a dying family member and HSBC’s “Security Center” blocked my wife’s card three times in five days, leaving my family high and dry on the other side of the planet without access to funds. In fairness, one event was a $20 purchase in Milan, which was a location not on the original itinerary, but when it happened again a day later — when family was where we had notified the bank they would be and i was where i was reported to be — i’d had enough. By the way, i had multiples of the minimum deposit with HSBC, but no more. I don’t have my wife carry the card only for the perks. I look to products like this for assurance; i expect it to function as one resource in the event of a crisis during international travel. Instead of providing me the assurance i need, my reliance on the card ended up being the source of the crisis.

  6. A.B. on November 23, 2018 at 2:10 PM

    There’s an error in the article:

    “Since it takes 20 points to claim $1 in travel, the 30,000 welcome points are worth $150.”

    You mean 200 points (not 20).

    • Barry Choi on November 23, 2018 at 2:41 PM


      Thanks for flagging that, I’ve updated my post!

  7. Dubuc Daniel on January 15, 2019 at 12:44 PM

    I am considering getting this HSBC World Elite card. I was looking at all these restrictions concerning the reimbursement of expenses for a trip due to an annulation for different reasons. It seems to me that these restrictions are broader than some other credit cards. Also, some reimbursements are less generous. Did anyone made any research at that effect. People should not look only the regards.


  8. Edward John Allen on May 31, 2019 at 8:12 AM

    I’ve used this card for 18 months now and find the “Rewards” site almost impossible to understand. then when you ask for support / guidance it is also quite useless. I won’t be renewing the card HSBC are just not providing a proper level of support…

    • Barry Choi on May 31, 2019 at 9:03 AM


      I also find it really annoying when rewards sites have a terrible user experience. TO be honest, most of them are pretty crap but I can’t believe that HSBC can’t provide you support or guidance. The Scotiabank Passport Visa Infinite card could be a good alternative to the HSBC card.

      • Edward John Allen on May 31, 2019 at 9:07 AM

        Thanks Barry. good to know.

  9. Robert Lim on October 24, 2019 at 12:07 AM

    Hi Barry, keep up the great work on reviewing credit cards. I have the Amex Platinum acquired via your review, and I am very happy with it. But need to supplement with a Mastercard. I wanted to apply for the HSBC Premier World Elite , but it looks like they require you to be a customer again with all the conditions that you mentioned. Can you confirm this? TIA.

    • Barry Choi on October 24, 2019 at 7:03 AM

      Hey Robert,

      I just looked at the application requirements and you’re right, you do need to be an HSBC Premier client to apply for this card. I have no idea when this changed. Maybe the BMO World Elite Mastercard could be a good alternative for now since the first year is free?

  10. Rob Lim on October 24, 2019 at 11:01 AM

    Just cancelled my BMO World Elite, agreed it is a very good card. But I would like a card with No Foreign transaction fees now. So I ended up signing up for the HSBC World Elite Mastercard. It looks like the only difference is the “Premier” version discounts your yearly fee? . They may have done some rebranding, I think most of your article applies, but you may want to update it to remove the “Premier”.

    • Barry Choi on October 24, 2019 at 6:43 PM


      Another no forex Mastercard worth considering is STACK. It has no fees, not even for ATMs.

  11. Charles on June 1, 2020 at 6:49 PM

    Just applied for this card. I have 710 on Equifax and the income requirements. I have other three cards with a total of 11,500 of credit. Never carry balances, and all my payments made on time since my file credit file was opened. What do you think are my chances of getting it?

    • Barry.Choi on June 1, 2020 at 6:51 PM


      Hopefully you get it, the only thing working against you is your credit score, but it’s still considered good.

      • Charles on June 1, 2020 at 7:03 PM

        Thank you, Barry! I hope so; I forgot to mention that I own an Amex Cobalt, among my other cards, but you know Amex is not accepted everywhere…

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