Canadian credit cards offer a significant benefit when it comes to eliminating foreign exchange fees.
Key Comparisons
| HSBC World Elite® Mastercard® | Scotiabank Passport Visa Infinite Card | |
| Estimated Credit Score | 725 | 660 |
| Annual Fees | $149 | 139 |
| Interest Rate | 19.99% | 19.99% |
| Insurance Coverage | Yes | Yes |
| Pros | 1. Earn a one-time 50,000-point bonus by spending $4,000 on this card in the first three months. 2. $100 annual statement credit that can be applied to any air travel spending. There’s another $100 annual statement credit for rides with Uber and Lyft (at up to $20 per ride), and $1 million in travel insurance coverage. 3. Offers two one-time complimentary passes to more than 1,000 LoungeKey airport lounges throughout the world and statement credits for Global Entry or TSA Precheck every four years. | 1. Not charging any foreign exchange fees. 2. This card gives you a complimentary Priority Pass membership along with 6 free passes. 3. Comes with 11 different types of insurance coverages, including one that is hard to find. 4. Get 3 days of coverage if you’re over 65, including anyone older than 75. |
| Cons | 1. Need to be an HSBC Premier customer in order to get this card, and the requirements are stiff. 2. $50 cost for authorized card users. 3. To keep this card, you must consistently meet the requirements to be an HSBC Premier Client. | 1. A return of 1.3% for a normal $2,000 monthly spend, which is less than comparable premium cards. 2. Minimum credit limit is $5,000 which is higher than many other credit cards. 3. Need to have either a personal income of $60,000 or a household income of $100,000 to qualify. 4. Rewards are only intended for frequent travelers. |
Key Benefits of HSBC World Elite® Mastercard
Rewards and Bonus
Earn 20,000 points as a welcome bonus ($100 worth of travel), earn 40,000 points when you spend $6,000 within six months of opening your account ($200 worth of travel), earn 20,000 points as an anniversary bonus ($100 worth of travel), get your first year’s annual fee waived ($149 worth of value), and get a $100 annual travel enhancement credit. With no additional fees for currency conversion, you may save on all of your international purchases (including those made online). $100 annual travel enhancement credit usable for certain airline seat upgrades, airline baggage fees, and airport lounge passes; only the exchange rate will be used.
Insurance Coverage
Since HSBC World Elite is a high-end product, it provides strong insurance advantages. This covers unexpected medical illness or injury for you, your spouse, and dependent children when traveling outside of your province and is valid for up to 31 days, which is longer than the industry standard of 15 days. Additionally, insurance is provided for flight delays, travel interruptions, and rental car collisions or damage. Traveling for extended periods of time is more enjoyable when you have international emergency travel medical insurance (This coverage is only available if the primary cardholder and spouse are under age 65. Please note that travel in Cuba is not covered.)
Purchase Assurance and Extended Warranty
When you use your HSBC World Elite® Mastercard® to buy qualifying items, Purchase Protection offers coverage in the event of loss, damage, or theft for 90 days from the purchase date. This is in addition to Purchase Assurance and Extended Warranty Insurance. When you use your HSBC World Elite Mastercard to buy the majority of things, Extended Warranty coverage automatically doubles the original manufacturer’s warranty for up to an additional year.
Key Benefits of Scotiabank Passport Visa Infinite Card
Rewards Points and Bonus
Earn 2 points for every $1 spent on meals out, entertainment, and regular transportation, and 1 point for every dollar $1 spent on all other expenditures. But if you’re a big spender, there’s more. You can earn an extra 10,000 points when you use this card for $40,000 in annual spending. You will receive 2,000 bonus points for every additional $10,000 spent. Finally, there is a pleasant bonus that is simple to obtain. After spending $1,000 within the first three months, you will receive 25,000 points. When 25,000 points are redeemed for travel, they are worth $250.
Foreign Exchange Fees and Priority Pass
What is this card’s greatest advantage? not charging any foreign exchange fees. When you make a transaction in a currency other than CAD, you’ll normally save 2.5% above what other cards regularly charge. This alone will result in some significant savings if you frequently shop outside of Canada. You’re keeping $25 out of your own pocket for every $1,000 you spend. With this card, air travelers can get 6 free passes as well as a free Priority Pass subscription. While waiting at the airport for your next flight, you can unwind in luxury and comfort. There should be no problem finding a Priority Pass lounge on your upcoming trip because there are over 1,200 of them around the world.
Insurance
A premium insurance that offers 11 distinct kinds of insurance protection, including one that is difficult to find. While many offer emergency medical care, the majority quit providing it once you turn 65. Obtaining health insurance at 75 or older is much more uncommon. Fortunately, this card provides coverage for all ages. If you’re over 65, including anyone over 75, you’ll get three days of coverage. The only prerequisite is that you must not have had any pre-existing conditions in the prior calendar year.