Changes Coming to HSBC World Elite Mastercard in February 2023

HSBC has just announced that they will be making changes to the features of many of their credit cards, including the popular HSBC World Elite Mastercard. These changes will take effect on February 1, 2023.

Everything is getting a slight adjustment, including earning rates, insurance, and the rewards program. Here are they key changes to be aware of as a traveller and points collector.

Category Earning Rates

The HSBC World Elite Mastercard has long been a favourite for its high earning rate on uncategorized transactions.

Currently, the card earns points on daily spending as follows:

• 6 points per dollar spent on travel
• 3 points per dollar spent on all other purchases

With HSBC Rewards valued at 0.5 cents per point for statement credit, or more via airline transfer partners, the card earns a minimum of 1.5% back on every purchase. That’s quite high, and it’s one of the only cards left in Canada that offers such a high rate on general spending.

However, the card is introducing new category bonuses, dropping the base rate in the process. As of February 1, 2023, here’s what you’ll earn on everyday spending:

• 6 points per dollar spent on travel
• 4 points per dollar spent on groceries, gas, and drugstores
• 2 points per dollar spent on all other purchases

This move aligns HSBC more closely with its competitors, as almost all other Canadian credit cards use a category structure. 

As is always the case with category bonuses, this may be a win or a loss, depending on your individual spending habits. I’m personally a bit disappointed, as I was rather fond of the high base rate as a unique feature of this card.

Improved Insurance

HSBC will also be adding new and improved insurance benefits for cardholders.

Emergency medical insurance is getting a significant boost. Currently, it covers up to $1 million in claims for trips up to 31 days, with no coverage for cardholders 65 years or older.

As of February 1, 2023, you’ll now be covered for up to $2 million. Also, cardholders 65 years or older will be covered for trips up to 21 days. This is a hugely generous protection for a vulnerable demographic, one that is often underserved by credit card insurance for that very reason.

Baggage delay insurance is also getting a boost. Instead of claiming up to $750 for delays of 12 hours or longer, you’ll be able to claim up to $1,000 for delays of six hours or longer.

Rounding out the travel…