Are you looking for a premium travel rewards credit card that offers exceptional benefits and rewards? Look no further than the HSBC World Elite Mastercard. In this article, we will review this credit card in detail, covering everything from its features and benefits to eligibility requirements and fees.
What does World Elite Mastercard mean?
World Elite Mastercard is a premium credit card program offered by Mastercard. It is designed to cater to the needs of high-income individuals who travel frequently and expect exclusive benefits and privileges from their credit cards.
As the name suggests, World Elite Mastercard is the highest tier of Mastercard credit cards and offers an elite level of benefits and services to cardholders. These benefits may include higher credit limits, access to exclusive airport lounges, travel insurance, concierge services, reward points, and many more.
To be eligible for a World Elite Mastercard, you typically need to have a high income and an excellent credit score. The specific eligibility requirements may vary depending on the issuer and the country.
World Elite Mastercard provides a premium level of benefits and services to cardholders, making it an attractive choice for frequent travellers and those who value luxury and exclusivity in their credit card program.
HSBC World Elite Mastercard Review
HSBC World Elite Mastercard is a premium credit card offered by HSBC Canada. It is designed to cater to the needs of high-income individuals who travel frequently and expect exclusive benefits and privileges from their credit card.
Here is a review of the HSBC World Elite Mastercard:
Features and Benefits of HSBC World Elite Mastercard
The HSBC World Elite Mastercard is designed for frequent travellers and offers a range of benefits, including:
- Welcome Bonus – Earn up to 100,000 Points ($500 travel value) in the first year. Conditions Apply. The offer ends on December 5, 2022.
- Earn Rewards – Earn 3% in travel rewards on all eligible travel purchases (6 Points per $1) and earn 1.5% in travel rewards on all other eligible purchases (3 Points per $1).
- Lounge Access – Enjoy unlimited access to over 1,000 airport lounges around the world, including select LoungeKey airport lounges.
- Travel Insurance – Get up to $2 million in travel medical coverage for the first 10 days of your trip, trip cancellation and interruption insurance, car rental collision and loss damage insurance, and more.
- No Foreign Transaction Fees – Avoid the typical 2.5% foreign transaction fee on all purchases made outside of Canada.
- Travel Enhancements – Receive up to $100 in travel enhancement credits per calendar year towards your airline seat upgrades, baggage fees and airport lounges.
- Reward Redemption – Redeem your rewards for flights, hotels, car rentals, vacation packages, and more, with no blackout dates or seat restrictions.
Fees:
- Annual fee: $149
- Supplementary card fee: $50 per card
- Purchase interest rate: 19.9%
- Cash advance interest rate: 22.9%
Eligibility Requirements and Fees
To be eligible for the HSBC World Elite Mastercard, you must meet the following requirements:
- Minimum Income – You must have a personal income of $80,000 or a household income of $150,000.
- Credit Score – A good credit score is required to qualify for the card.
- Residency – You must be a Canadian resident with a Canadian credit file.
- Age – You must be the age of majority in your province or territory of residence.
- Annual Fee – The annual fee for the HSBC World Elite Mastercard is $149.
- Additional Cards – You can add up to 9 authorized users for a fee of $50 per additional card per year.
Pros:
- Generous welcome bonus and rewards program
- Comprehensive travel insurance coverage
- Unlimited lounge access through the LoungeKey program
- Access to concierge service and luxury hotel program
Cons:
- High annual fee
- High minimum income requirement
- High-interest rates
Overall, the HSBC World Elite Mastercard offers a premium level of benefits and services to cardholders, making it an attractive choice for frequent travellers and those who value luxury and exclusivity in their credit card program. The card’s generous rewards program, comprehensive travel insurance coverage, and access to exclusive perks like lounge access and a 24/7 concierge service make it a great option for those looking for a top-tier credit card. However, the high annual fee, minimum income requirement, and interest rates may be a barrier for some consumers.
How to get an HSBC World Elite Mastercard?
To apply for an HSBC World Elite Mastercard, follow these steps:
- Check Eligibility: Before applying, ensure that you meet the eligibility criteria for the HSBC World Elite Mastercard. The minimum annual income requirement for the HSBC World Elite Mastercard is $80,000 or a minimum household income of $150,000. You must also be a Canadian resident who has reached the age of majority in your province or territory of residence.
- Gather Required Documents: You will need to provide some personal and financial information during the application process. This may include your full name, contact information, employment details, and income information. Make sure you have all the necessary documents and information ready before you begin the application process.
- Apply Online or In-Person: You can apply for the HSBC World Elite Mastercard online through the HSBC website or in person at a branch. To apply online, visit the HSBC Canada website and navigate to the HSBC World Elite Mastercard page. Click on the “Apply Now” button to begin the application process. If you prefer to apply in person, visit an HSBC branch near you.
- Wait for a Decision: After submitting your application, HSBC will review your application and credit history to determine your eligibility for the HSBC World Elite Mastercard. If your application is approved, you will receive your new card in the mail within a few business days.
It’s important to use credit responsibly and only applies for credit products that you can afford to repay. Before applying for any credit card, consider your financial situation carefully and ensure that you can manage the credit card responsibly.
What is the world elite limit?
The World Elite Mastercard is not associated with a specific credit limit, as credit limits are determined by the creditworthiness of the individual cardholder. The credit limit for a World Elite Mastercard can vary depending on several factors, including the applicant’s credit history, income, and other financial obligations.
However, the HSBC World Elite Mastercard is a premium credit card that requires a high annual income to qualify. The minimum annual income requirement for the HSBC World Elite Mastercard is $80,000 or a minimum household income of $150,000. Additionally, the card has a minimum credit limit of $10,000.
It’s important to keep in mind that while a higher credit limit may offer more flexibility for spending, it is essential to use credit responsibly and pay off the balance in full each month to avoid high-interest charges and fees.
How do I increase my credit limit on my HSBC World Elite Mastercard?
If you have an HSBC World Elite Mastercard and wish to increase your credit limit, there are a few steps you can take:
- Contact HSBC Customer Service: You can call the HSBC customer service number on the back of your card to speak to a representative about increasing your credit limit. They may ask for additional information about your income, credit history, and other financial obligations to determine if you are eligible for a credit limit increase.
- Request a Credit Limit Increase Online: You can also request a credit limit increase online through your HSBC online banking account. Log in to your account and look for the “Credit Limit Increase” option. You will be prompted to provide some additional information about your income and other financial obligations.
- Wait for an Offer: HSBC may also periodically review your credit history and other financial information to determine if you are eligible for a credit limit increase. If you are eligible, they may offer you a higher credit limit without you having to request it.
It’s important to remember that a credit limit increase may not be granted immediately or at all, as it depends on several factors such as your credit history, income, and other financial obligations. It’s also important to use credit responsibly and avoid taking on more debt than you can afford to repay.
HSBC World Elite Mastercard Points
The HSBC World Elite Mastercard is a popular credit card among Canadians due to its generous rewards program. Cardholders can earn points on every dollar spent on eligible purchases and redeem them for a range of rewards, including travel, merchandise, and statement credits.
The point system used by HSBC for its rewards program is straightforward. Cardholders earn a certain number of points per dollar spent on eligible purchases, depending on the category of spending. For instance, cardholders can earn 6 points per dollar spent on eligible travel purchases, 3 points per dollar spent on eligible dining and entertainment purchases, and 2 points per dollar spent on all other eligible purchases.
It’s also worth noting that there are no limits to the number of points you can earn with the HSBC World Elite Mastercard. As long as you use your card for eligible purchases, you can continue to accumulate points and watch your rewards balance grow.
Once you’ve accumulated enough points, you can redeem them for a range of rewards. One popular option is to use points for travel, where cardholders can redeem points for flights, hotels, car rentals, and more. Alternatively, points can be used for merchandise such as electronics, fashion, and home goods. Cardholders can also use points to receive statement credits or to make a donation to a charity.
The HSBC World Elite Mastercard rewards program is a great way for cardholders to earn points and redeem them for valuable rewards. With a range of options available, cardholders can choose rewards that best suit their needs and preferences.
HSBC World Elite Mastercard Rewards Redemption
The HSBC World Elite Mastercard rewards program allows cardholders to redeem points for a variety of rewards, including travel, merchandise, statement credits, and donations to charity. Here’s a closer look at the rewards redemption options available with the card:
- Travel: One of the most popular reward redemption options for HSBC World Elite Mastercard holders is travel. Points can be redeemed for flights, hotels, car rentals, and vacation packages through HSBC’s travel rewards portal. Cardholders can also transfer points to airline frequent flyer programs or book travel directly through their preferred airline or hotel.
- Merchandise: HSBC World Elite Mastercard points can also be redeemed for a wide range of merchandise, including electronics, fashion, home goods, and more. The rewards catalogue features popular brands like Apple, Bose, Samsung, and Sony, among others.
- Statement Credits: Points can also be redeemed for statement credits, which can help offset the cost of purchases made on the card. Cardholders can use points to receive a credit on their account statement, reducing their balance or making it easier to manage monthly payments.
- Charitable Donations: Finally, cardholders can use their HSBC World Elite Mastercard points to make a donation to a charitable organization of their choice. HSBC has partnered with several charities, including the Canadian Red Cross, to allow cardholders to donate points and support worthy causes.
To redeem points, cardholders can log into their HSBC Rewards account online or by phone. Redemption options and point values may vary depending on the reward selected and availability. It’s worth noting that some rewards may require a minimum number of points to redeem, so it’s important to check the rewards catalogue before making a redemption request.
HSBC World Elite Mastercard Travel Enhancement Credit
The HSBC World Elite Mastercard offers a unique benefit known as the HSBC World Elite Mastercard travel enhancement credit. This credit can be used to offset a variety of travel-related expenses, including airline fees, seat upgrades, and airport lounge access.
Cardholders receive an annual travel enhancement credit of $100 CAD, which is automatically applied to their account once per calendar year. The credit is available for use on a variety of travel-related expenses, such as:
- Airline Fees: Cardholders can use the travel enhancement credit to cover fees charged by airlines, such as baggage fees, change fees, and in-flight purchases.
- Seat Upgrades: Cardholders can also use the credit to upgrade their seat on a flight, whether it’s a premium economy seat, a business class seat, or a first-class seat.
- Airport Lounge Access: Finally, the travel enhancement credit can be used to access airport lounges around the world. This is a valuable benefit for frequent travellers who want to relax in a quiet, comfortable environment before their flight.
To take advantage of the HSBC World Elite Mastercard travel enhancement credit, cardholders simply need to use their card to pay for eligible travel expenses. The credit will be automatically applied to their account, up to the $100 CAD limit per calendar year.
It’s worth noting that the travel enhancement credit is just one of several valuable benefits available with the HSBC World Elite Mastercard. Other benefits include travel insurance, purchase protection, and extended warranty coverage, among others.
HSBC World Elite Mastercard vs. HSBC Premier World Elite Mastercard
The HSBC Premier World Elite Mastercard is a premium credit card that is available exclusively to HSBC Premier clients. It offers many of the same benefits as the HSBC World Elite Mastercard but with some additional perks.
Here are some of the differences between the two cards:
Minimum Income Requirement:
The minimum income requirement for the HSBC Premier World Elite Mastercard is higher than the HSBC World Elite Mastercard. To qualify for the HSBC Premier World Elite Mastercard, you need to have a minimum annual income of $80,000 or $150,000 in assets under management with HSBC Bank Canada.
Welcome Bonus:
The HSBC Premier World Elite Mastercard offers a higher welcome bonus of up to 100,000 points after making the first purchase. This bonus is enough to redeem $500 in travel rewards.
Annual Fee:
The annual fee for the HSBC Premier World Elite Mastercard is slightly higher than the HSBC World Elite Mastercard. The HSBC Premier World Elite Mastercard charges an annual fee of $149, while the HSBC World Elite Mastercard charges an annual fee of $149.
Priority Pass Membership:
The HSBC Premier World Elite Mastercard comes with a complimentary Priority Pass membership, which gives cardholders access to over 1,300 airport lounges worldwide.
Different Variations of HSBC World Elite Mastercard
Now, let’s take a closer look at the different variations of the HSBC World Elite Mastercard and the benefits they offer.
HSBC Premier World Elite Mastercard
The HSBC Premier World Elite Mastercard is designed for HSBC Premier clients and offers all the benefits of the HSBC World Elite Mastercard, as well as additional perks. The annual fee for this card is also $149, but Premier clients can have this fee waived if they meet certain requirements. Cardholders earn 6 points per $1 spent on travel, and 3 points per $1 spent on all other purchases. Additionally, the card offers access to over 1,000 airport lounges worldwide through the LoungeKey program, as well as exclusive hotel benefits through the Mastercard Luxury Hotels & Resorts program.
HSBC Jade World Elite Mastercard
The HSBC Jade World Elite Mastercard is exclusively available to HSBC Jade clients, who have a minimum total relationship balance of $1 million with HSBC. This card offers all the benefits of the HSBC Premier World Elite Mastercard, as well as additional concierge services and exclusive privileges, such as access to private golf clubs and yacht clubs, and invitations to high-end events.
HSBC Metal World Elite Mastercard
The HSBC Metal World Elite Mastercard is a luxury card made of stainless steel, offering all the benefits of the HSBC World Elite Mastercard, as well as additional perks such as accelerated rewards earning rates, and access to a 24/7 concierge service for personalized assistance. The annual fee for this card is $499.
In terms of eligibility, to be approved for the HSBC World Elite Mastercard, applicants must have an annual income of $80,000 or a household income of $150,000, as well as a good credit score. The application process is straightforward and can be completed online, with a decision usually provided within a few business days.
Is the HSBC World Elite Mastercard worth it?
Whether the HSBC World Elite Mastercard is worth it for you depends on your lifestyle and spending habits. If you are a frequent traveller who spends a lot on travel-related expenses, the rewards and benefits of the card may make it worth the annual fee. However, if you do not travel frequently, or if you do not spend enough to earn significant rewards, the card may not be worth it for you.
It is important to weigh the benefits and costs of the card and determine if it aligns with your financial goals and lifestyle. You should also consider other credit cards on the market and compare their rewards programs and benefits to determine which one is the best fit for you.
FAQs about the HSBC World Elite Mastercard
To provide further information about the HSBC World Elite Mastercard, we have compiled some frequently asked questions below:
What is the minimum income requirement for the HSBC World Elite Mastercard?
The minimum income requirement for the HSBC World Elite Mastercard is $80,000 annually or $150,000 in household income.
Is the HSBC World Elite Mastercard worth it?
The HSBC World Elite Mastercard is worth it for individuals who travel frequently and want to earn rewards and benefits for their spending. With its comprehensive travel insurance coverage, airport lounge access, and flexible rewards program, the HSBC World Elite Mastercard offers a premium travel experience that is hard to match.
Who qualifies for the World Elite Mastercard?
The World Elite Mastercard is typically reserved for individuals with a high income and excellent credit score. To be eligible for the HSBC World Elite Mastercard, you must have an annual income of $80,000 or a household income of $150,000.
How much does the World Elite Mastercard cost?
The annual fee for the HSBC World Elite Mastercard is $149. The HSBC Premier World Elite Mastercard has the same annual fee, but the fee can be waived for HSBC Premier clients who meet certain requirements. The HSBC Metal World Elite Mastercard has an annual fee of $499.
What is the difference between the HSBC Premier World Mastercard and the World Elite Mastercard?
The HSBC Premier World Mastercard is a lower-tier card that offers fewer benefits than the HSBC World Elite Mastercard. The Premier World Mastercard has a lower annual fee of $79, but it also has a lower rewards earning rate and fewer travel benefits.
What are the benefits of the World Elite Mastercard?
The HSBC World Elite Mastercard offers a wide range of benefits, including comprehensive travel insurance coverage, airport lounge access, flexible rewards programs, and exclusive experiences such as access to private golf clubs and yacht clubs.
What is the World Elite limit?
The credit limit for the HSBC World Elite Mastercard is determined by the applicant’s credit score, income, and other factors. The World Elite Mastercard is a top-tier credit card, so it typically has a high credit limit.
Can I use my World Elite Mastercard anywhere?
Yes, the HSBC World Elite Mastercard can be used anywhere Mastercard is accepted.
How do I increase my credit limit on my HSBC World Elite Mastercard?
To request a credit limit increase on your HSBC World Elite Mastercard, you can contact HSBC customer service or log in to your HSBC online banking account and submit a request.
What is HSBC Elite?
HSBC Elite is a program offered by HSBC to its high-net-worth clients. The program offers personalized financial and banking services, as well as access to exclusive benefits and privileges such as the HSBC Jade World Elite Mastercard.
Is HSBC a Visa or Mastercard?
HSBC offers both Visa and Mastercard credit cards. The HSBC World Elite Mastercard is a Mastercard credit card.
How do I activate my HSBC World Elite Mastercard?
To activate your HSBC World Elite Mastercard, you can log in to your HSBC online banking account and follow the prompts, or you can call HSBC customer service and activate the card over the phone.
Does HSBC give high credit limits?
HSBC determines credit limits based on various factors such as income, credit score, and credit history. High net worth individuals and clients with a strong credit profile may be eligible for a higher credit limit.
Final thoughts
The HSBC World Elite Mastercard is a premium credit card that offers a range of rewards and benefits for frequent travellers. With its generous rewards program, airport lounge access, comprehensive travel insurance coverage, and other unique benefits, this card can provide valuable experiences and savings for those who travel frequently. However, it is important to carefully consider the benefits and costs of the card and determine if it aligns with your lifestyle and financial goals. If you do decide to apply for the HSBC World Elite Mastercard, make sure to use it responsibly and pay off your balance in full each month to avoid high-interest charges and fees.
HSBC World Elite Mastercard Review: Is it Worth the Hype for Canadian Travelers? - Post Disclaimer
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