HSBC World Elite Mastercard Canada – Get Canada’s Best Travel Credit Card Before It’s Too late

Best Travel Credit Card in Canada - HSBC World Elite Mastercard Canada

All the so-called “best travel credit cards in Canada” promoted by travel sites on the Internet have some things in common. Most of these cards do not provide zero foreign currency transaction fees and offer very low rewards on travel spending.

The HSBC World Elite Mastercard is one of the few travel credit cards in Canada that offers no FX fee on foreign currency transactions and a whopping 6 points per dollar spent on travel purchases. These points also are hybrid points that can be converted to airline points.

However, this not-so-well-known travel credit card is coming to an end due to the RBC buying HSBC’s Canadian portfolio. RBC does not offer any no foreign currency transaction fee and other benefits like the HSBC World Elite Mastercard offers. One of them is very extended travel medical insurance and even travel medical insurance for seniors beyond 65.

As of the writing this article, HSBC is still accepting applications for this card and I think you should get one right now as the window of opportunity is closing any time now.

No one knows at this point what RBC will do after acquiring the HSBC World Elite Mastercard. They may let existing account holders keep all the perks and features and stop issuing this card. They could also convert the HSBC World Elite Mastercard into an RBC World Elite MasterCard, cutting all the benefits. Another option, which is very unlikely, is that RBC may rebrand this card and keep issuing the same benefits and features under the RBC name.

Whatever the outcome is, it’s wise to get a HSBC World Elite Mastercard now and wait and see what happens. I just got mine last week and couldn’t be happier receiving it.

I Put Canada’s Only No Foreign Transaction Fees Bank Card to the Test at Foreign ATM

EQ Bank’s Debit Card Is the Only No Foreign Exchange Fees Bank Card

If you are using a traditional bank card to withdraw cash from ATMs in foreign countries, you will be charged:

- Foreign currency transaction fees

- International ATM withdrawal fees

- ATM fees imposed by your own bank

- ATM fees imposed by the local ATM

You can avoid the first 3 by using a bank card that does not charge these fees. The 4th one, ATM fees imposed by the local ATM, is not controlled by your bank card and this is something you can’t avoid.

It seems to be that the EQ Bank Debit Card is the only card that does not charge foreign currency transaction fees or its own ATM fees for using it in a foreign country.

I tested the EQ Bank Card by withdrawing from 2 different bank ATMs in Manila and Boracay in the Philippines. Each time, I paid only 250 Peso (about 6 CAD) in charges by the local bank. I walked out with cash with a very good currency exchange rate without paying any other fees.

It is very important to have a travel-friendly card in your wallet. As of writing this article, the EQ Bank Debit Card is the only card that I am aware of that offers this type of service.

So next time you travel, make sure you pack a card that offers no FX fees, no International ATM withdrawal fees or ATM fees imposed by your own bank and have a happy and smart trip.

I have documented my experience with my EQ Bank Debit Card here in this video:

I Tested Canada's Only No Foreign Transaction Fees EQ Bank Card to Withdraw Money At Foreign ATM

Canada’s Best Credit Card Travel Insurance for Seniors

Best Travel Insurance Credit Cards for Seniors

If you are a 65+ Canadian it’s difficult to find a travel credit card with emergency travel medical insurance. Of course, you will find some travel credit cards that provide 3 to 4 days of travel medical insurance after for those over the age of 65.

But if you are looking for more than a week, it’s something almost impossible to come by. Even the higher end $799 annual fee American Express card provides no travel medical insurance after the age of 65. What’s more, the emergency travel insurance benefits totally stop after age 75.   

In search of the best travel insurance credit for seniors in Canada, I came up with one that seems to be beating every other credit card on the market. The best senior-friendly travel credit card in Canada is:

 
HSBC World Elite Mastercard

With the HSBC World Elite Mastercard, those 65 years and older get an unmatched 21 days of emergency travel medical insurance and it also does not stop once you are 75.

There are some other credit cards I found that offer 7 to 15 days emergency travel medical insurance as mentioned below, but these do not provide anything after 75.

National Bank World Elite Mastercard (15 days)

National Bank World Mastercard (15 days)

Meridian Visa Infinite Travel Rewards Card (15 Days)

Desjardins Odyssey World Elite (15 Days)

CIBC Aerogold Visa Infinite Privilege (10 days)

National Bank Platinum Mastercard (10 Days)

Scotiabank Passport Visa Infinite (10 Days – May provide coverage after age 75, but read the pre-existing conditions terms and rules)

RBC Avion Visa Infinite Privilege (7 Days)

RBC British Airways Visa Infinite (7 Days)

As you can see, there are some emergency medical travel options for those over 65. However, before deciding on any cards, do your research and be mindful of the annual fees, terms and conditions, pre-existing conditions, and all other fine print.  

Canada’s Best 3 Cash-Back Credit Cards to Offset Sky-high Grocery Prices

Top 3 Cash Back Credit Cards in Canada

Grocery prices are skyrocketing and there is no sign they will come down anytime soon. To offset high grocery prices, I will give you the best 3 cash-back credit cards in Canada. Although these credit cards won’t lower grocery prices directly, the cash you will receive back will be significant and help you to cope with higher grocery costs.

I will concentrate only on the grocery cash back return in this article.

CIBC Dividend Visa Infinite – Provides 4% cash back. Annual fee is $120. This is the only card that offers cash-back redemptions anytime once you reach $25. If not redeemed monthly, cash back will be provided annually.

Scotia momentum Visa Infinite - Provides 4% cash back. Annual fee is $120. There is only an annual option to redeem your cash back.

American Express SimplyCash Preferred – Fees are charged monthly, but come close to $120 annually when you add them up. 4% cash back on groceries, but on everything else (except gas and groceries) the cash-back rate is 2% with no limit, making it the only card in Canada to provide this type of cash back.

Honorary Mention – BMO World Elite MasterCard - Provides 5% cash back on groceries (the highest in Canada), however the problem with this card is that there is a $500 monthly limit on groceries for 5% cash back.

I have a video on this topic which can be viewed here: How to Beat High Grocery Prices with These 3 Canada’s Best Cash Back Credit Cards

Canada’s Best No Foreign ATM Fee Bank Card Debit Card

Best No Foreign Transaction Fees Bank Card in Canada

I was looking for a Canadian bank card that charges no foreign currency transaction fee and no international ATM withdrawal fee. Then I came across the EQ Savings Plus Account.

EQ Bank offers a high-interest savings account, unlimited transactions, unlimited Interac e-Transfers, bill payments, and Electronic Funds Transfers. No minimum balance requirements, no separate accounts for savings/chequing … and all these are free.

All these sounded too good to be true, so I was hesitant. So, I read of few reviews online and contacted their customer support. At this point, I was certain that this was the real deal and I ended up opening an account.

I was only interested in the unique feature of EQ Bank’s no foreign currency ATM withdrawal fees and no foreign currency transaction fees. I have a one-month long trip coming up, so I needed to have a bank card that lets me withdraw from foreign ATMs.

The problem with taking out money from a foreign ATM with a Canadian bank card is that you will get hit 3 times with fees. Your Canadian bank’s ATM fee, a foreign currency transaction fee, and a foreign location’s ATM fee imposed by that ATM.

With an EQ Bank card debit card, I am removing my Canadian bank’s ATM fee and foreign currency transaction fee, which is a win-win situation and for all these benefits EQ Bank is not charging anything. 

I will keep a few hundred dollars (for security) to access via my EQ bank card when I am traveling and if I need more, I can always transfer more money from my regular bank.

I have a video about EQ Bank you can watch here:

The Best Canadian Bank Debit Card To Avoid International ATM Fees