HSBC Elite Credit Card (World Elite MasterCard)
Updated August 24, 2024.
The Facts
The Math
We don't consider the annual $400 travel credits as an effective annual fee reducer because they are tied to travel booking and essentially a very mediocre 5% discount. With a $495 annual fee, this card offers an additional 5% for travel and 1% for dining compared to our benchmark cashback cards such as Citi DoubleCash or Fidelity Visa, and a suite of travel perks including airport lounge access, luxury hotel privileges, travel credits and discounts (rideshare, Expedia, Agoda, HSBC Travel), etc.
HSBC Elite WEMC vs. Chase Sapphire Reserve: Sapphire Reserve is $55 more expensive in annual fees; however, after considering its easy-to-use annual travel credits, it is actually $245 cheaper in effective annual fees ($250 vs. $495). Our current valuation of both programs is the same at 1.5 cents a piece; however, Chase does have much more transfer partners. Their rewards structures and perks are pretty similar. With that, Sapphire Reserve offers one additional point for dining, arguably better hotel benefits (Chase LHRC & Visa Infinite Collection & Relais Chateaux vs. MasterCard Collection & 10% Expedia/Agoda discount & 5% HSBC Travel discount), and better travel and consumer protection. The bottom line: a fine card as it is, HSBC Elite WEMC won't be able to challenge Sapphire Reserve as one of the top high-end cards.
To see how HSBC Elite WEMC competes with other cards with similar annual fees, please check out our featured review Comparing High-end Cards covering Amex Platinum Card, Amex Delta Reserve, Amex Hilton Aspire, Amex Marriott Brilliant, Chase Sapphire Reserve, Chase United MP Club, Citi Prestige, Citi AA Executive, U.S. Bank Altitude Reserve, CNB Crystal, HSBC Elite WEMC, and MasterCard Black Card.
The Conclusions
HSBC Elite WEMC is a fine high-end card, as long as you have a HSBC Premier checking account to qualify. However, there are quite a few excellent high-end cards to consider before you go all in with HSBC.
The Facts
- Annual Fee: $495
- Signup Bonus: 60,000 points ($900 in airfare through HSBC) after spending $4,000 within 3 months of new account opening. NOTE: you must have an existing U.S. HSBC Premier checking account for qualify for this credit card. HSBC Premier checking account has a monthly fee of $50, waived if your combined deposit & investment balance exceeds $75,000 OR if you have recurring direct deposits totaling at least $5,000 per month OR if your original mortgage amount through U.S. HSBC exceeds $500,000.
- Application Landing Page
- Rewards: 5x travel, 2x dining, and 1x everywhere
- Best Use of HSBC Rewards points: you may redeem points using the following options: (1) for cash, merchandise, gift cards, charity at up to 1 cent per point, (2) for airfare through HSBC at a fixed value of 1.5 cents per point when you redeem at least 20K points at once, (3) transferring points to miles of 11 airline and 2 hotel partners, mostly at 1:1 (Aer Lingus, Avianca, British Airways, Emirates, EVA, Flying Blue, Iberia, Qantas, Qatar, TAP, Turkish, Accor, Wyndham). Please see other more popular programs that allow miles/points transfer to frequent traveller programs in our featured review Marriott vs. MR vs. UR vs. TY vs. CR.
- Annual statement credits: (1) Up to $400 travel credits each year, in form of a $100 statement credit for every $2,000 booked through HSBC Travel powered by Priceline, up to 4 times a year. (2) Up to $120 credits for taxis and rideshare each year, in form of $10 statement credits each month. (3) Up to $140 credits for Instacart+, in form of two months of Instacart+ membership for free and $10 off on the second qualifying order each month. Sign up before 3/31/2025 to enjoy this benefit.
- Other Benefits: (1) Complimentary Priority Pass membership with unlimited access for you (primary cardholder or authorized user) plus two guests to more than 1,500 airport lounges worldwide. See our featured review for details on airport lounge access. (2) 10% discount for hotels booked through Expedia and Agoda. (3) Application fee reimbursement for Global Entry ($120) or TSA PreCheck ($85) every 4.5 years. (4) Waived foreign transaction fees with an embedded EMV chip. (5) Take 3 rides and get a $5 Lyft App credit each month, through 9/30/2025. (6) Complimentary ShopRunner membership through 9/30/2025.
- World Elite MasterCard Benefits: MasterCard Luxury Hotels & Resorts (a collection of 2,000+ luxury hotels worldwide that offer complimentary breakfasts for two, room upgrades upon availability, early check-in, late check-out, and a special amenity such as a certain amount of hotel credit up to $100 per stay, free internet, or welcome gift, etc.), MasterCard Travel & Lifestyle Services (offers for hotels, airfare, private jets, airport concierge, car rentals, chauffeured cars, cruise lines, tours, vacation packages, golf, sports and entertainment event tickets, etc.), complimentary ShopRunner membership (free two-day shipping and returns at participating stores), complimentary DoorDash benefits (3 months of complimentary DashPass membership & $5 off first two orders per month through 9/30/2022), monthly $5 Lyft credit after 3 rides each month, 5% discount for every HelloFresh order, $5 rewards for every $20+ Fandango purchase, the Dining Program (special amenities at participating restaurants), the Nightlife Program (exclusive access to and recognition at participating night clubs), Priceless Cities, Priceless Surprises, Priceless Causes, Priceless Golf, 24/7 World Elite concierge service, MasterCard Cellular Wireless Telephone Protection (up to $800 for a stolen or damaged phone as long as you charge your monthly cellphone bills to the card), MasterCard ID Theft Protection, etc.
- Other Facts: (1) This card has a metal design and weighs around 16 grams, about three times as heavy as regular plastics. (2) Don't confuse this card with HSBC Premier World MasterCard (no annual fees for HSBC Premier checking account holders, 35,000 points at signup, 2x travel, rewards valued at 1.15 cents per point).
- History: in early 2021, this card was revamped with a few changes: the LoungeKey membership was upgraded from two free visits to unlimited access; $100 annual airline credit without any spending requirement was replaced by up to $400 travel credits tied to travel booking; $100 annual Uber/Lyft credit was removed; luxury gifts tied to $50K, $75K, $100K spending were added; the name was changed from "HSBC Premier World Elite MasterCard" to "HSBC Elite Credit Card" (still a World Elite MasterCard) and the card design was changed too. In early 2024, HSBC revamped this card again by increasing the annual fee from $395 to $495, replacing LoungeKey membership with Priority Pass membership, increasing travel category earning from 3x to 5x, and adding $120 rideshare credits ($10 per month).
The Math
We don't consider the annual $400 travel credits as an effective annual fee reducer because they are tied to travel booking and essentially a very mediocre 5% discount. With a $495 annual fee, this card offers an additional 5% for travel and 1% for dining compared to our benchmark cashback cards such as Citi DoubleCash or Fidelity Visa, and a suite of travel perks including airport lounge access, luxury hotel privileges, travel credits and discounts (rideshare, Expedia, Agoda, HSBC Travel), etc.
HSBC Elite WEMC vs. Chase Sapphire Reserve: Sapphire Reserve is $55 more expensive in annual fees; however, after considering its easy-to-use annual travel credits, it is actually $245 cheaper in effective annual fees ($250 vs. $495). Our current valuation of both programs is the same at 1.5 cents a piece; however, Chase does have much more transfer partners. Their rewards structures and perks are pretty similar. With that, Sapphire Reserve offers one additional point for dining, arguably better hotel benefits (Chase LHRC & Visa Infinite Collection & Relais Chateaux vs. MasterCard Collection & 10% Expedia/Agoda discount & 5% HSBC Travel discount), and better travel and consumer protection. The bottom line: a fine card as it is, HSBC Elite WEMC won't be able to challenge Sapphire Reserve as one of the top high-end cards.
To see how HSBC Elite WEMC competes with other cards with similar annual fees, please check out our featured review Comparing High-end Cards covering Amex Platinum Card, Amex Delta Reserve, Amex Hilton Aspire, Amex Marriott Brilliant, Chase Sapphire Reserve, Chase United MP Club, Citi Prestige, Citi AA Executive, U.S. Bank Altitude Reserve, CNB Crystal, HSBC Elite WEMC, and MasterCard Black Card.
The Conclusions
HSBC Elite WEMC is a fine high-end card, as long as you have a HSBC Premier checking account to qualify. However, there are quite a few excellent high-end cards to consider before you go all in with HSBC.