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5 Benefits That Canadian Newcomers Must Know About The HSBC Cash Rewards Mastercard

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If you are a newcomer to the city of Canada, you must prepare yourself well for financial management as it is one of the most expensive countries to live in.

You must have an ace up your sleeve financially to get through everyday life and be well-prepared for any emergency.

When you start your life in a new country, you will look for a credit card that suits your needs and is efficient and provides additional benefits.

The “HSBC Cash Rewards Mastercard” is just the card that is worth the value and can provide additional benefits while keeping your finances in order.

Requirements for having the HSBC Cash Rewards Mastercard

One of the factors that trouble newcomers is the high requirements that are necessary for getting a new credit card in Canada.

  • Without a credit history (which is obvious if you are a newcomer), it tends to be very hard while getting a credit card, and people have to opt for a credit card that is not up to the mark.
  • However, the HSBC Cash Rewards Mastercard uses the credit history of your home country which tends to ease the process of you getting the credit card home.
  • If you are worried about the extra annual fee mandatory for many credit cards in Canada, this Mastercard has your back, as the annual fee needed to maintain your account is 0.

For instance, many credit cards such as the National Bank World Elite Mastercard have the following requirements (income):

  • $80,000 (Personal Income)
  • $150,000 (Household Income)

The BMO Eclipse Visa Infinite Privilege Card has

  • $150,000 (Personal Income)
  • $200,000 (Household Income)

There are also credit cards that have a whooping annual fee such as:

  • American Express Platinum Card: $699 annual fee
  • TD Aeroplan Visa Infinite Privilege Card: $599 annual fee

This high annual fee has many perks and benefits associated with it but with a $0 annual fee, the HSBC Cash Rewards Mastercard also has something to offer and will not put a hole in your pocket.

 You can redeem your Cash Back in several ways

The HSBC cash back Mastercard offers unique ways to redeem your cash back such as:

  • HSBC mortgage can be repaid by using your cash back.
  • You can add your cash back to your HSBC savings account.

Owning your dream house if you are a newcomer in Canada can be quite a hassle as the mortgage rates in 2023 have risen considerably, and is very tough for even settled Canadians to afford a home without a mortgage.

For example, if you save $600 as cash back, you can use that to pay back your mortgage. Even if $600 doesn’t have that much value while paying a huge mortgage, it will help you down the line considerably.

This cash-back Mastercard gives you 0.5-1.5 points on transactions such as groceries, gas, and any stuff.

It will really help you in the long run when repaying such a huge mortgage loan.

Travel Medical Insurance (Optional)

One of the perks that you can add for just $69 per year is Travel Medical Insurance.

In case you ever fall ill while traveling, this medical insurance will be able to compensate for the huge bill that will be a burden for you if you are not medically insured.

However, you have to know that this will only cover you if you fall ill while traveling and you have to take another medical insurance at your new home (Canada).

Welcome Bonus

A new cardholder is eligible for the sweet Welcome Bonus the HSBC cash back Mastercard offers.

You can earn up to 12.5% on all purchases for the first six months.

This high-interest rate will be beneficial as you can add the cashback directly to your HSBC savings account or repay the mortgage debt slowly and steadily.

This welcome bonus with the other cash-back options help you accumulate a significant amount of wealth that you can use for any purpose as:

  • Paying for groceries, rent, restaurant bills, and any other bills.
  • Paying your mortgage debt or any other debt.
  • It can add a significant amount to your savings.
  • You can use this cashback for any emergency that comes your way.

Embark on this journey with an HSBC account

The HSBC allows you to create a bank account while you are still residing in your country.

Opening an account before traveling will allow you to remain hassle-free when you travel to Canada.

It is the first step to building a good credit history and credit score in Canada.

Conclusion

Traveling to a new country is quite challenging if you are not prepared. Opening an account in HSBC and choosing the HSBC Cash Rewards Mastercard is the first step to have a smooth financial process.

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