If you’re researching credit cards, chances are you’re looking for a specific set of features—but with so many rates, rules and rewards to compare, it can be a time-consuming and confusing experience. Sometimes, less is more. In this article, using the HSBC World Elite Mastercard as an example, we’ll break down five common spending profiles and show how identifying your habits can simplify the process and ensure you get the best credit card for your needs.
You’re a world traveller
You like to get out and explore new places, which means you spend a good deal of time in airports, driving rental cars and booking tickets. COVID-19 put a lot of travel on hold this year and last, but now that things are opening back up, the wanderlust is stronger than ever. If globe-trotting is your idea of a good time, you’ll want to select a card that has powerful travel-related benefits and perks, including travel medical insurance, airport lounge passes, travel-related discounts, free Wi-Fi abroad and travel rewards.
- Emergency travel medical insurance
Travel insurance can be a daunting and costly expense on top of the price of every trip you take. But as a credit card perk, it’s worth considering. With the HSBC World Elite Mastercard, you get worldwide emergency travel medical coverage for yourself, your spouse and your dependent children travelling with you for trips up to 31 days. - Other insurance
Enjoy peace of mind on your journey with two more types of insurance: baggage delay or loss, and trip cancellation and trip interruption/delay with the HSBC World Elite Mastercard. In addition, your automobile rental is covered by car rental collision/loss damage insurance (which also includes personal effects and accidental death and dismemberment coverage). - Airport lounge access
Get access to more than 1,000 global airport lounges with your free membership in Mastercard Airport Experiences Provided by LoungeKey. There, you can pamper yourself with discounts on select dining, shopping and spa offers. - Hotel discounts
Take advantage of a 10% discount on select hotel bookings on your card when you reserve through the HSBC Expedia and Agoda sites. - More than one million free mobile hotspots
Getting connected on the go isn’t a hassle when you’ve got Boingo, a hotspot service available at airports, in hotels and in many other public spaces worldwide. As an HSBC World Elite Mastercard holder, you can connect up to four devices at a time. - Travel rewards
With every eligible purchase on your card, you’ll receive HSBC Rewards points, which can be redeemed for travel at a respectable rate of $0.005 per point (put another way, 20,000 points are worth $100 in travel). Additionally, you will earn points at a rate of 6 points per $1 on travel purchases. - $100 travel credit
With HSBC, you know they understand travellers when your credit card gets you an annual $100 credit to spend on travel-related expenses, like seat upgrades, lounge passes and baggage fees.
Get more details about the HSBC World Elite Mastercard*
You shop online like it’s a hobby
Many Canadians buy things online, but some of us are also enthusiastic comparison shoppers who seek out the best deals—which often come from outlets south of the border. Savvy online shoppers look for these credit card benefits:
- No foreign exchange fee
When you buy from retailers outside of Canada, you’ll still be charged in Canadian dollars. This is why something purchased for US$20 will actually cost around $24.75 CAD. In addition, most credit cards charge a foreign exchange fee of 2.5% to 3%. To save money, look for a card without foreign exchange fees, like the HSBC World Elite Mastercard. - Earn rewards
If you’re spending your money anyway, choose a card that gets you something back. The HSBC World Elite Mastercard is part of the HSBC World Elite Rewards Program, which lets you earn 3% back in travel spends and 1.5% back on everything else. - Protect your investments
When you shop with your HSBC World Elite Mastercard, purchase protection covers eligible purchases from loss, damage or theft for 90 days. Plus, you’ll automatically double the original manufacturer’s warranty for up to one additional year with the card’s extended warranty.
You share financial responsibilities with a partner
If you and your partner share household tasks like grocery shopping, then an additional card for the same account is a good option for convenience and doubling your rewards.
- Additional cardholders
You can multiply your rewards without multiplying your annual fees by adding a cardholder. With the HSBC World Elite Mastercard, you can get your family members their own plastic for $50 each per year. - Earn more
If you have a multi-car family, why not combine your earning power on gas? Earn 1.5% back in points with the HSBC World Elite Mastercard.
You shop for a family
Larger households have more expenses. The good news is that the strategic use of the right credit card can really pay off. Look for:
- Rewarding incentives
You use your card a lot for spend categories like groceries and household, so make sure you’re maximizing that spending power. You’ll earn 1.5% back in points, and 3% back on travel spends, with the HSBC World Elite Mastercard. You can redeem these points for travel, gift cards or merchandise, or even as a credit towards your credit card balance. - Apple Pay
Never again worry about you or your kids having cash on hand. With an auxiliary family credit card in their Apple Pay app, they can pay for their purchases with a single tap.
Get more details about the HSBC World Elite Mastercard*
You’re saving for a goal
A wedding, home renovations or a once-in-a-lifetime trip are all major expenses. If you’re getting ready to make a big splurge, look for a credit card that will help you rack up big bonuses, fast. Right now, new applicants for the HSBC World Elite Mastercard are eligible to receive an enormous welcome bonus that includes:
- Up to 100,000 bonus HSBC Rewards points
Make your first year pay! Open a new account and you’ll get a welcome bonus of 20,000 points. Earn an additional 50,000 points when you spend $6,000 in the first 180 days and another 10,000 points when you add your first authorized user. Finally, on your one-year anniversary as a cardholder, you’ll receive another 20,000 points. If you earn all 100,000 points, that’s a value of $500. - Annual fee rebate
Get your annual fee rebated (a value of $149) for the first year.
The first step to finding the perfect credit card is understanding your own spending profile. Whether you travel the world, shop online, run a household, share finances or are saving for a short-term goal, there are valuable perks and benefits to help you live your best life.
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