HSBC has rolled out changes to many of their credit cards, including the popular HSBC World Elite Mastercard. These changes are in effect as of February 1, 2023.
They’ve also launched a new premium product, the HSBC Metal World Elite Mastercard, the first Mastercard of its kind in Canada.
New Features: HSBC World Elite Mastercard
One of our longtime favourite Mastercards for travel, the HSBC World Elite Mastercard is getting a modest but comprehensive makeover.
Some of our favourite features are staying the same, such as no foreign transaction fees, Boingo airport Wi-Fi, and the ability to transfer HSBC Rewards to frequent flyer programs.
Many areas are getting a slight adjustment, including earning rates, insurance, and ways to save on annual fees. Here are they key changes to be aware of as a traveller and points collector.
Category Earning Rates
The card has introduced new category bonuses. 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
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% back on every purchase.
Before, the card earned 6 points per dollar spent on travel, and 3 points per dollar spent on all other purchases.
While the move to category bonuses will be disappointing for anyone who highly valued the card’s uniquely strong base rate, it’ll benefit anyone who uses the HSBC World Elite Mastercard as their daily driver. Plus, it aligns HSBC more closely with its competitors, as almost all other Canadian credit cards use a category structure.
Improved Insurance
HSBC has also added new and improved insurance benefits for cardholders.
Emergency medical insurance is getting a significant boost. Now, you’ll now be covered for up to $2 million in claims for trips up to 31 days, or 21 days for cardholders 65 years or older.
Previously, cardholders were only covered for up to $1 million, and only those under the age of 65. 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 can claim up to $1,000 for delays of six hours or…
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