Two of the top travel rewards cards have been put “in the ring,” where their travel rewards programs and generous welcome bonuses will be carefully compared.
The National Bank® World Elite™ Mastercard® and HSBC World Elite® Mastercard® face-off in a friendly competition to be named the card with the best overall travel value and benefits.
Click on the categories, like “Welcome bonus” or “Insurance coverage,” to jump down to a particular section.
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Cards |
National Bank® World Elite™ Mastercard® |
HSBC World Elite® Mastercard® |
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$150 (first year rebated) |
$149 (first year rebated) |
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Redeem À la carte Rewards points on travel, gift cards and merchandise, finances (RRSP, TFSA, credit card, mortgage), and donations. |
Redeem points on travel, gift cards and merchandise, finances (mortgage, credit card, personal savings account), and donations. |
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10 types of insurance coverage. |
8 types of insurance coverage. |
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740+ |
660+ |
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Purchases: 20.99% Cash advances: 22.49% Balance transfers: 22.49% |
Purchases: 20.99% Cash advances: 22.99% Balance transfers: 22.99% |
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Personal: $80,000 Household: $150,000 |
Personal: $80,000 Household: $150,000 |
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$1,154 |
$896 |
*To qualify for this offer, you must not currently hold a personal National Bank Mastercard credit card or have held one in the last 24 months.
**The RATESDOTCA Best of Finance methodology assumes the cardholder spends an average of $2,000 a month on their card to determine the first-year value. The calculation includes all welcome bonuses and promotional offers at the time of publishing.
Annual fee
Winner: HSBC World Elite® Mastercard®
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Cards |
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Annual fee |
$150 |
$149 |
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Annual fee for additional cardholders |
$50 |
$0 |
Both cards have nearly the same annual fee (both of which are rebated within the first year). However, the National Bank card charges a $50 extra card fee for a secondary user, while the HSBC card does not. For this reason, the HSBC World Elite® Mastercard® costs less in this category and wins this round.
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Welcome bonus
Winner: National Bank® World Elite™ Mastercard®
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Cards |
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Welcome bonus |
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The HSBC card earns you a welcome bonus valued at $400. And though the HSBC credit card can earn you more points in the first six months, the value of the points is lower than what National Bank offers.
Meanwhile, the National bank card earns you a welcome bonus worth $500. Plus, once you’re approved, get an extra $150 cash bonus from RATESDOTCA** (expires May 31, 2023).
Since the National Bank card can earn you up to $100 more — even before considering RATESDOTCA’s cash offer — it comes out on top.
*To qualify for this offer, you must not currently hold a personal National Bank Mastercard credit card or have held one in the last 24 months.
**Terms and Conditions Apply.
Earn rates
Winner: HSBC World Elite® Mastercard®
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Cards |
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Earn rates |
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The card with better earn rates comes down to what you spend more on — food or travel. The National Bank card offers five points for every dollar spent on groceries or at restaurants, while the HSBC card offers four points for every dollar spent on groceries.
When it comes to travel and transportation, the HSBC card has more room to earn. It offers six points for every dollar spent on travel and four for every dollar spent on gas, while the National Bank card offers two points for travel and gas. Overall, the HSBC card has higher earn rates, so it wins this round.
Reward redemption
Winner: National Bank® World Elite™ Mastercard®
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Cards |
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Reward redemption |
Redeem À la carte Rewards points on travel, experiences, finances, merchandise, gift cards, and charitable donations. |
Redeem HSBC rewards points on travel, experiences, finances, merchandise, gift cards, and charitable donations. |
Both credit cards offer countless ways to redeem points. But National Bank’s À la carte Rewards hold more value than HSBC’s rewards points.
For example, À la carte Rewards points are worth 0.83 cents per point (CPP) when redeeming on travel, one CPP on À la carte travel, and 0.4 CPP on statement credits. In comparison, with HSBC, rewards are worth 0.5 CPP on travel and 0.3 CPP on statement credits. À la carte Rewards also pack a bigger punch when it comes to redeeming points on things like gifts cards, where National Bank offers 0.77 CPP and HSBC offers 0.47 CPP.
While it may be easier to rack up points with the HSBC card, you’ll have more value to work with when redeeming National Bank’s À la carte rewards.
Travel Perks
It's a draw!
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Cards |
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Travel Perks |
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There are several travel perks to both cards that offer savings, exclusive experiences, and annual credits.
The National Bank® World Elite™ Mastercard® provides free access to the National Bank Lounge at YUL airport for you and a guest, a refund of $150 each year on select travel expenses, and exclusive travel opportunities at discounted prices.
The HSBC World Elite® Mastercard®, however, also offers Lounge Key access, no foreign transaction fees, 10% off select accommodation, and unlimited Wi-Fi at countless hotspots around the world.
But because the National Bank card offers $50 more in their annual credit and provides free lounge access for a guest, neither card is significantly ahead of the other in this category. This round is a draw.
Insurance coverage
Winner: National Bank® World Elite™ Mastercard®
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Cards |
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Insurance coverage* |
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*Insurance coverage is subject to change. Refer to your insurance certificate or contact your credit card issuer for full terms and conditions.
The National Bank card offers more insurance categories than the HSBC card, — as well as higher coverage caps and longer protection periods. On top of the coverage that the HSBC card provides, the National Bank card also offers $500 of flight delay insurance and $1,000 of mobile device insurance.
For this reason, the National Bank® World Elite™ Mastercard® is the clear winner of this category.
Recommended credit score
Winner: HSBC World Elite® Mastercard®
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Cards |
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Recommended credit score |
740+ |
660+ |
Both cards require at least a good credit score to qualify. But the National Bank cards requires a very good score that may be less accessible to some applicants. Therefore, the HSBC card wins this round.
Interest rates
Winner: National Bank® World Elite™ Mastercard®
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Cards |
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Interest rates |
Purchases: 20.99% Cash advances: 22.49% Balance transfers: 22.49% |
Purchases: 20.99% Cash advances: 22.99% Balance transfers: 22.99% |
Though both cards have almost identical interest rates, the National Bank card has marginally lower rates for two out of the three categories, making it the winner of this category by a hair.
Income requirements
Winner: It's a draw!
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Cards |
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Income requirements |
Personal: $80,000 Household: $150,000 |
Personal: $80,000 Household: $150,000 |
It’s clear to see that both cards have the same, relatively high personal and household minimum income requirements. For this reason, this round is a draw.
First-year value
Winner: National Bank® World Elite™ Mastercard®
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Cards |
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First-year value* |
$1,154 |
$896 |
*Based on the RATESDOTCA Best of Finance methodology.
Suppose a person spends an average of $2,000 a month on their credit card as they buy groceries, gas, and other miscellaneous purchases. In the first year, their credit card rewards would look something like this:
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Spending categories |
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Groceries |
$500 x 5 |
$500 x 4 |
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Gas |
$250 x 2 |
$250 x 4 |
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Drugstore |
$150 x 1 |
$150 x 4 |
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Travel |
$200 x 2 |
$200 x 6 |
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Restaurants |
$250 x 5 |
$250 x 2 |
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Entertainment |
$150 x 1 |
$150 x 2 |
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Recurring bills |
$300 x 2 |
$300 x 2 |
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Retail store |
$100 x 1 |
$100 x 2 |
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Local transit |
$50 x 1 |
$50 x 2 |
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Other |
$50 x 1 |
$50 x 2 |
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Rewards earned monthly: |
$42 |
$41.33 |
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First-year value (rewards + welcome bonus - annual fee): |
$1,154 |
$896 |
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Annual rewards (rewards - annual fee): |
$354 |
$347 |
According to our Best of Finance methodology, the average Canadian would pocket $1,154 in the first year with the National Bank® World Elite™ Mastercard®, including RATESDOTCA’s cash bonus and National Bank’s welcome bonus. After the first year, cardholders can earn approximately $354 worth of À la carte Rewards points per year.
HSBC World Elite® Mastercard® cardholders can earn $896 in the first year of ownership, while following years would offer roughly $347 in HSBC rewards points. That’s a total of $265 less than the National Bank card in the first and subsequent year.
Which credit card should you choose?
The National Bank® World Elite™ Mastercard® and the HSBC World Elite® Mastercard® are both advantageous travel rewards cards that add value with every tap or swipe. Each card also offers great travel perks that make your trip even more enjoyable. Choosing between the two can come down to what you spend most of your money on and what travel insurance you require, or whether or not you can qualify for both cards.
The National Bank® World Elite™ Mastercard® offers a better welcome bonus, more valuable reward redemption, more travel insurance coverage, slightly better interest rates, and a higher total first year value.
The HSBC World Elite® Mastercard® offers a lower annual and additional cardholder fee, higher earn rates, and a lower credit score requirement.
From an objective standpoint, the National Bank® World Elite™ Mastercard® surpasses the HSBC World Elite® Mastercard® in five out of the ten rounds, whereas the HSBC World Elite® Mastercard® only wins three. While both cards are great options for the avid traveller, the National Bank® World Elite™ Mastercard® brings more travel value to the table, overall.
Who won the last battle?
Rates, product information and reward estimates are subject to change at any time and do not constitute financial advice. This post was not sponsored. RATESDOTCA may receive a referral fee from our partners or affiliate links featured on the site; however, our editorial choices are objective and free from bias. The opinions expressed in this article are purely those of RATESDOTCA; thus, the credit card issuers and partners are not responsible for any editorials or reviews that may appear. Please visit the associated brand's website for complete and current terms and conditions on any product or service mentioned. The information in this article is accurate as of the date of this posting, May 1, 2023. Read our full disclaimer.
