HSBC MasterCard credit card reviews
HSBC MasterCard credit card details
and credit card application link.The HSBC MasterCard
is a flexible financial instrument that offers almost universal applicability, reasonable interest rates, and the opportunity to participate in one of the company’s two rewards programs, the HSBC Cash Back Rewards and the HSBC Travel & Merchandise Rewards.
Upon enrolment, you will be asked whether you want to take part in either program, and if you agree, the company will charge you with an annual participation fee of $35.00 (if a supplemental card is added to your account, you will have to pay another $35.00 per year).
The benefits of joining a rewards program are well worth this relatively small annual fee. For example, the Cash Back Rewards Program allows you to receive a full 1 percent rebate on all eligible purchases you make with the card during the calendar year (as eligible purchases qualify all purchases charged to your account, bar cash advances (balance transfers and convenience checks included), credits for returns, refunds, and adjustments). You don’t have to do anything special to redeem the rebate – it will be automatically added to your balance statement for January the following year.
The HSBC Travel & Merchandise Rewards Program has a broader application. As part of it, you will receive 1 rewards point for every $1 of eligible purchases you make. Later, these points can be used for a wide range of rewards, e.g. financial benefits (paying down a HSBC Bank Canada
residential mortgage, adding to a HSBC Advance savings account, etc.), travel rewards such as buying tickets, making hotel reservations, and car rentals, among others, or gift cards and merchandise from the various stores which participate in the program.
There are two options for the annual interest rate that will be levied: the regular interest rate and the low interest rate. The latter option is available to all Canadian residents, except those living in Quebec, for an annual fee of $25.00, and no annual fee is charged for the regular interest rate. As of October 2010, the regular interest rate is set at 19.9 percent on all card transactions, while the low interest rate stands at 12.9 percent. Both rates are subject to a 5 percent increase if you fail to make two consecutive minimum payments or three minimum payments within 12 months. The increased rate will be valid until you make six consecutive minimum payments by their due date.
The stipulated grace period is 21 days for the regular interest rate or 23 days (low interest rate); however, it is not applicable to cash advances and balance transfers.
Overall, the HSBC MasterCard is a useful product for everyone who enjoys making discount purchases, by way of rewards points, but it should be used wisely and with restraint, or else it may accumulate significant interest charges.
Another rewards credit card you might want to check is the BMO World Elite MasterCard® which gives exclusive access to theatre events, concerts, and travel packages. The card comes with an annual fee of $150, interest rate of 20.5 percent, and comprehensive travel coverage: collision damage waiver, Trip Cancellation/ Delay Insurance, and out-of-country travel medical coverage. The Concierge service helps customers with leisure, dining, travel, and entertainment recommendations. Card holders earn 1 bonus point for every dollar spent, getting 15,000 welcome bonus points. The best part is that the points one earns never expire.
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