HSBC Rewards Mastercard Review for Canadians: Maximize Points, Perks and No Foreign Transaction Fees

Why this HSBC Rewards card works for Canadians

The HSBC Rewards program pairs straightforward earning with practical perks that suit everyday life in Canada. Canadians who want reliable rewards without juggling bonus category rules will find the Mastercard easy to use and valuable for travel and daily spending.

With a flat earn rate and extra points for dining and entertainment, HSBC Rewards helps build points predictably. The card also fits well with mobile banking habits thanks to a robust app for tracking rewards points and transactions in CAD.

Earning and redeeming rewards points

Every dollar spent on the card earns points, and regular category bonuses accelerate earning on items like restaurants and tickets. For Canadians focused on maximizing points, putting recurring bills and large purchases on the card speeds accumulation while keeping cash flow intact.

Redemption options include travel bookings through the issuer portal, merchandise, statement credits and transfers to partner airline programs. Redeeming for flights or hotel stays through the travel portal often gives the best value per point for Canadian travellers.

Travel perks and no foreign transaction fees

One standout benefit for people who travel or shop online from foreign merchants is the absence of foreign transaction fees, which saves about 2.5% on purchases in other currencies. That makes this Mastercard especially attractive for Canadians who split time between Canada and the U.S. or shop internationally.

Travel insurance and purchase protections add practical value beyond points. Emergency medical coverage, trip cancellation protection and baggage benefits mean cardholders often avoid the extra cost of standalone travel policies when travelling from Canada.

Fees, interest and application tips

The card commonly offers a waived annual fee for the first year and then a competitive fee afterward, which should be weighed against expected points value. Interest rates and cash advance terms are clearly disclosed, so Canadians who pay in full monthly get the most from rewards points without interest eroding returns.

Applying is straightforward via the bank website or at a local branch; ensure you meet the age of majority in your province and income requirements. For best results, set up automatic payments and track promotional earn rates in the HSBC mobile app to maximize sign-up bonuses and ongoing rewards.