HSBC Premier finally getting a World Mastercard in Canada
HSBC Premier customers in Canada have always been stuck with a regular Mastercard, but not anymore. They've just introduced a World Mastercard for Premier a couple weeks ago:
https://www.hsbc.ca/1/2/personal/ban...ier-mastercard The World Mastercard apparently offers better rewards/cashback than the current version, with 2% reward on foreign purchases, 1.5% on gas/groceries/drugstores. The regular card earns 1% on everything. Other than that it's practically the same card. No idea why the distinction but the relationship manager I spoke with insisted it's an intentional choice to maintain two separate card products. |
Originally Posted by stingray300
(Post 19759884)
No idea why the distinction but the relationship manager I spoke with insisted it's an intentional choice to maintain two separate card products.
There are a few exceptions but those exceptions mostly deal with cards that existed before the Code of Conduct came into force. The idea is that the banks cannot force a premium card on a customer who does not want that premium card. So, if the Card Issuer wants to upgrade their product to World (and thus bring in much higher interchange fees from merchants) they must also offer an alternative to existing cardholders who do not want the premium product. |
Are there foreign transaction fees? Thanks for letting us know about it.
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Originally Posted by aba20
(Post 19760478)
Are there foreign transaction fees?
https://www.hsbc.ca/1/PA_ES_Content_...s-fees-eng.pdf |
Much ado about nothing I'm afraid. The rewards have been slightly improved, though taking into account the fact that they've withdrawn the 25% bonus points after $10k for 2013, I'm not sure it's much of an improvement at all. The insurance doesn't seem to have changed any. That they've maintained a 2.5% forex fee when other Canadian cards have slowly begun doing away with that is disappointing. The ability to transfer points to SQ, BA and CX is a nice perk, but the fact that these transfers are not at 1:1 (BA is 10k points to 8k miles; SQ and CX are 10k points to 9k miles) makes HSBC look cheap. At least there's no annual fee.
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Originally Posted by aba20
(Post 19760478)
Are there foreign transaction fees?
Originally Posted by mia
(Post 19761163)
2.5%
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