hsbc jade travel enhancement credit

HSBC : How to use HSBC Reward Points on your travel?

March 25, 2024 is the last day to redeem your HSBC Travel Rewards Points and use your $100 annual credit . After this date, your points will be converted to RBC Avion points as explained in our HSBC to RBC transition guide .

HSBC World Elite Mastercard Reward Points

With the HSBC World Elite MD Mastercard ® (now discontinued), you earn rewards points on every spend.

You can use these reward points for any travel purchase: flights, train tickets, rental cars, hotels, Airbnb rentals, etc). The same applies to any booking made through a travel agency such as Expedia .

Exchanges must be made within 60 days of the transaction date.

Once you have 25,000 points in your account (a value of $125), you can use them. Then in increments of 10,000 points (i.e. $50).

Also, please note that HSBC won’t take back the statement credit if you need to cancel a hotel reservation : you will keep the cash on your credit card .

Access the HSBC Rewards portal

To use your HSBC World Elite ® Mastercard ® rewards points, you will need to log in to your HSBC online account.

Then click on the link for your HSBC credit card.

Then click on” View more details “.

When the details drop-down menu opens, click on “Reward Points “. A page will open and you will be directed to the HSBC Rewards portal. Please make sure that your browser does not block this new window.

Choose the expense to use your Reward Points .

Once in the HSBC Rewards portal, select the “Travel” option from the “Redeem Now ” menu. Alternatively, you can click on this link to go to this page.

Then, all you have to do is check off the eligible expense(s) such as this Easyjet flight. Then choose from the drop-down menu the number of points you would like to use. You will not be able to exceed the amount of your expense.

Then click on “Add to shopping cart.”

Then, once in your cart, you will have to confirm once by clicking on “Proceed to checkout” .

Then a second time by entering your email address and clicking on “Redeem” .

The value of the points redeemed will then appear directly on your credit card account within 48 hours.

Bottom Line

Don’t forget that you also get a $100 Travel Privilege credit every year with the HSBC World Elite MD Mastercard ® . If you haven’t used it yet, the deadline is March 25, 2024. As for your HSBC Rewards Points, those not used by this date will be transferred to RBC Avion Points.

All posts by Audrey

Suggested Reading

HSBC World Elite® Mastercard® review

• Rates & Fees

$149 Annual Fee

20.99% Purchase APR

22.99% Cash Advance APR

22.99% Balance Transfer Rate

Good Recommended Credit Score

$80,000 Required Annual Personal Income

By Sarah Pritzker

Updated: December 27, 2023

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Compare other HSBC credit cards

• HSBC Cash Rewards Mastercard® review
• HSBC +Rewards™ Mastercard®

Compare other travel credit cards

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• TD® Aeroplan® Visa Infinite* Card
• BMO Ascend™ World Elite®* Mastercard®*
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Compare other Mastercard credit cards

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The HSBC World Elite ® Mastercard ® is an elite travel rewards credit card for avid travelers with high monthly spending. The card earns up to six points per $1 spent*, with strong earning power on travel purchases. With significant travel insurance offerings and an annual $100 travel enhancement credit*, the HSBC World Elite ® Mastercard ® is great for globetrotters.

Primary cardholders will pay $149 in annual fees. The card carries a 20.99% purchase interest rate, 22.99% annual interest on balance transfers, and 22.99% on cash advances.

Frequent fliers seeking a premium rewards program from their credit card will find a lot to like about the HSBC World Elite ® Mastercard ® . With no foreign transaction fees, comprehensive travel insurance protection and high points earnings on travel-related purchases, there is a lot to like about this card.

Eligibility requirements

The HSBC World Elite ® Mastercard ® has a number of eligibility requirements, so it is worth checking before applying. To be considered for the card, you must have the following:

• Canadian citizenship or permanent residency
• Be the age of majority in your province of residence
• Annual individual income of $80,000 OR household income of $150,000 OR assets under management amounting to at least $400,000

Pros and cons

Up to 6 points per $1 on travel purchases

$100 annual travel enhancement credit

• Comprehensive travel insurance

No foreign transaction fees

10% hotel booking discount on Expedia or Agoda

Free Boingo Wi-Fi access worldwide

High $149 annual fee

• $50 cost for authorized card users

High income requirement

Interest rates are slightly higher

Limited redemption options for non-travel rewards

Key features

• Lucrative Welcome Bonus
• Up to 6 points earned per $1 spent*
• Zero foreign transaction fees (Only the exchange rate will apply)
• $100 travel enhancement credit*
• Purchase Protection
• Extended Warranty
• $149/annual fee* for primary cardholder (first-year annual fee rebate*)

Welcome bonus

Special offer: Earn up to 50,000 points* ($250 travel value) PLUS a full annual fee rebate for the primary cardholder for the first year* ($149 value) and receive a $100 annual travel enhancement credit*. Conditions apply.

• Welcome bonus of 20,000 points* ($100 travel value)
• Earn 30,000 points* when you spend at least $1,000 in the first 60 days of account opening (up to $150 travel value)
• First year annual fee rebate for the primary cardholder* ($149)
• Receive a $100 annual travel enhancement credit*

An HSBC Rewards point is worth $0.005 when redeemed for travel, so that adds up to $499 in total value* in the first year. This offer is only available to residents of Canada other than the province of Quebec (Quebec residents eligible for separate offer).

How to earn points

Earn six Points on every $1 of eligible travel purchases*, up to a maximum of $50,000 in eligible travel purchases charged to your HSBC World Elite ® Mastercard ® in a calendar year. After reaching $50,000 in eligible travel purchases, you will earn two Points on every $1 of eligible travel purchases. Refer to the HSBC World Elite Rewards Program Terms and Conditions for complete details. Points earned on eligible travel purchases can be redeemed for rewards valued at up to 3% of the amount spent to earn them. For example, $5,000 in eligible travel purchases earns you 30,000  HSBC Rewards points , which can be redeemed for travel rewards valued at $150. Other rewards that require 30,000 Points for redemption may be valued at less than $150. Redemption offers may change from time to time. Earn 2% in travel rewards on all eligible gas, grocery, and drugstore purchases* (4 points per $1); and 1% in travel rewards on all other eligible purchases* (2 points per $1).

How to redeem points

As a premier travel rewards credit card, HSBC World Elite ® Mastercard ® offers superior value towards travel-related redemption. However, the card also boasts flexible cash-in for other categories. Customers can use points towards gift cards, HSBC financial products, merchandise, travel rewards, and cash back rebates or even trade them in for frequent flyer miles.

To redeem points for travel, customers enjoy great flexibility with the ability to book travel with any provider and use HSBC points towards these purchases. This applies to flights, hotel bookings, car rentals, and more. Users can also convert HSBC reward points for frequent flyer rewards with a number of airlines, including British Airways and Cathay Pacific Asia.

It is easy and simple to cash in points against purchases; just apply reward points towards credit card charges at the specified value, either by calling an HSBC customer care representative or  online . A final benefit offered by the HSBC World Elite ® Mastercard ® when redeeming points is the ability to earn points and apply them to a charge made up to 60 days earlier.

Insurance features

Cardholders benefit from comprehensive travel insurance coverage and other protections. Primary cardholders, spouses and dependents are covered for up to 31 days for a maximum of $1 million per person for emergency medical insurance coverage on each trip.

Aside from medical insurance, cardholders will also benefit from baggage delay or baggage loss insurance amounting to $750 per insured person. This insurance covers loss, damage, theft, or other hazards. In addition, if you experience a delay in receiving your checked luggage of 12 hours or more, you will be eligible for $200 towards essentials until your bags are recovered.

In addition to emergency medical insurance and baggage insurance, cardholders who charge at least 75% of trip expenses to their card will enjoy trip cancellation and delay coverage. In case of cancellation or delay, cardholders can expect to be reimbursed up to $2,000 per insured person with a $5,000 maximum per trip.

Continuing with their comprehensive insurance offerings, HSBC World Elite ® Mastercard ® also offers car rental insurance when you charge a car rental to your card. Just decline the agency’s waiver and use your card for at least 75% of the cost, and you will be automatically covered for the full value of the vehicle in case of theft or damage. Insurance on car rentals includes personal effects and accidental death or injury.

Apart from their robust travel insurance coverage, HSBC also gives customers peace of mind with Purchase Protection on purchases for 90 days. Purchase Protection covers damage, loss, and theft.

Finally, cardholders benefit from an Extended Warranty on most purchases that doubles the manufacturer’s warranty for up to one additional year.

Another fantastic benefit of this card is the $100 annual travel enhancement credit that customers can redeem towards seat upgrades on flights, towards airline fees or lounges, and other travel-associated costs.

Rates and fees

There’s a $149 primary card annual fee. Additional cards will cost $50 per year.

In terms of rates, this card carries an annual purchase interest rate of 20.99%. For cash advances or balance transfers, the interest rate is slightly higher at 22.99% for the former and 22.99% for the latter. These rates are competitive, and with a 21-day interest-free period following every purchase, the HSBC World Elite ® Mastercard ® is highly attractive.

Benefits and drawbacks

If you travel often then this card’s travel perks and no foreign transaction fees is the perfect companion for any of your trips. If you can get past the high annual fee and strict income requirements, this is the perfect card for you.

• No foreign currency transaction fees (Only the exchange rate will apply)
• 10% discount when booking hotels on Expedia or Agoda discount
• Free access to Boingo Wi-Fi on up to four devices anywhere in the world where Boingo has hotspots
• 31-day comprehensive travel insurance
• High annual fee for non-Premier cardholders
• High income required

How to apply

To apply for the HSBC World Elite ® Mastercard ® , first, make sure that you meet the eligibility requirements.

Once you’ve determined that you’ve met the eligibility requirements, you can apply for this card either in person or online. Just fill in your personal information, including social insurance number, address, date of birth, email and phone number.

It should just take several minutes to apply for the HSBC World Elite ® Mastercard ® online. Once you have reviewed and submitted, you should receive approval within a short amount of time.

How it compares

¹ Conditions Apply. Visit  here  for the Scotiabank Gold American Express® Card to learn more.

* Terms and conditions apply

The HSBC World Elite ® Mastercard ®  is a premier travel credit card for people who enjoy frequent trips and meet certain income requirements. It offers a high points earning rate and, compared to the others, a hefty welcome bonus. The Scotiabank Gold American Express ® Card might have a lower annual fee, but its welcome bonus isn’t nearly as rewarding. The BMO Ascend™ World Elite ® * Mastercard ® * has a similar annual fee, however, it boasts a lower earning potential. Each credit card has its strengths and weaknesses for you to consider.

The bottom line

The HSBC World Elite ® Mastercard ® offers good perks for travel, with comprehensive insurance coverage and other benefits.

Though there are cards on the market with a more competitive APR, lower (or even zero) annual fees and no minimum income requirement, this card’s accelerated points earned on travel purchases and generous sign-up bonus make it an attractive option for spenders with very good financial standing who travel frequently.

*Terms and Conditions apply.

® / TM Mastercard and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Used pursuant to license.

HSBC Bank Canada is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.

About our author

Sarah Pritzker has been writing for Money.ca since 2017, and loves learning about the latest trends in Canadian personal finance. Topics of particular interest to Sarah include investing, debt consolidation, debt counselling, and rewards programs. When she's not researching credit cards or loan repayment strategies, Sarah is most likely hanging out with her husband and three kids.

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• Credit Cards

RBC to Transition HSBC Cardholders by March 2024

In late 2022, RBC announced its plans to acquire HSBC Bank Canada .

Since then, the acquisition has been approved by the Canadian government, albeit with a laundry list of conditions, and RBC has been preparing to finalize the acquisition.

With the completion of the transition imminent, new details have been trickling in regarding the future of HSBC Canada’s products, including those pertaining to the much-beloved HSBC World Elite Mastercard.

Recently, HSBC customers have been receiving communication regarding the upcoming acquisition by RBC .

At first, emails were sent to update customers that the acquisition had received regulatory approvals, and that cardholders would receive further communication about the transition plan.

More recently, customers have been receiving a packet in the mail detailing what will happen to their existing products.

Of particular interest to the Canadian Miles & Points community is the transition plan for the HSBC World Elite Mastercard, which has long been a keystone travel credit card, with its no foreign transaction fees , flexible HSBC Rewards points, and many other features.

In the information packet sent out by mail, it was learned that legacy cardholders of the HSBC World Elite Mastercard will be transitioned to the RBC® Avion Visa Infinite† .

The packet also outlines a number of other important details about features of the transitioned card, which we’ll discuss below.

Card Features

Once transitioned, the RBC® Avion Visa Infinite†will feature no foreign transaction fees, as was the case with the HSBC World Elite Mastercard. However, this isn’t a feature that’s available to “standard” RBC® Avion Visa Infinite† cardholders who didn’t previously have the HSBC World Elite Mastercard, and it’s only for those transitioning from the HSBC World Elite Mastercard.

When it comes to the HSBC World Elite Mastercard’s $100 annual travel enhancement credit, there will be a one-time travel credit available for use in the Avion Rewards travel portal for hotels and cars only. The credit to be available is the sum of any remaining value from the HSBC travel enhancement credit, plus $100 (CAD).

At most, this means that you’ll have a $200 (CAD) travel credit available to use for hotels and cars in the Avion Rewards portal as a one-off benefit.

The credit will be valid for up to one year following the card migration date, and unfortunately, it won’t be an ongoing benefit.

Among the ancillary features of the HSBC World Elite Mastercard are the pay-per-access DragonPass membership and Boingo Wi-Fi access. Sadly, no similar benefits are attached to the transitioned RBC® Avion Visa Infinite†.

Earning Points

RBC has stated that any remaining HSBC Rewards points will be converted to Avion Rewards points at a “comparable value.” However, details of the conversion rate haven’t been communicated yet, but we can expect to learn more soon.

If you have points sitting in your HSBC Rewards account, it’s best to wait until an announcement before taking any further action.

When it comes to earning rates, it appears that the transitioned cards will adopt the default earning structure of the RBC® Avion Visa Infinite†, which is as follows:

• 1.25 RBC Avion points† per dollar spent on qualifying travel purchases
• 1 RBC Avion point† per dollar spent on all other qualifying purchases

For comparison, the earning rate on the HSBC World Elite Mastercard was as follows:

• 6 HSBC Rewards points per dollar spent on eligible travel purchases
• 4 HSBC Rewards points per dollar spent on eligible gas, groceries, and drugstore purchases
• 2 HSBC Rewards points per dollar spent on all other eligible purchases

At a minimum, the corresponding minimum redemption value for HSBC Rewards points is 3%, 2%, and 1%, respectively, since you can redeem them at a rate of 0.5 cents per point against travel purchases.

Meanwhile, the minimum redemption value of RBC Avion points earned on the transitioned cards is 1.25% and 1%, respectively. This is because you can redeem RBC Avion points at a rate of 1 cent per point against travel purchases.

This means that HSBC cardholders will be losing out on an accelerated earning rate on eligible travel, gas, groceries, and drugstore purchases.

To use a different value comparison, we value RBC Avion points at 2 cents per point, and HSBC Rewards points at 0.8 cents per point. These elevated values above the baseline are due to the flexible nature of both points currencies, which can be transferred to airline programs, as well as the respective transfer ratios to partner airlines in both programs.

Even though we value RBC Avion points more than HSBC Rewards, when you consider the earning rates on both cards, the HSBC World Elite Mastercard had more valuable returns, as per our valuations.

Insurance Coverage

Starting March 31, 2024, the insurance coverage for RBC® Avion Visa Infinite† will take effect for new purchases made on the card.

It’s worth noting that there are some notable differences in insurance coverage between the two cards, while in other cases it’s comparable.

With the HSBC World Elite Mastercard, cardholders and dependents are covered for travel emergency medical insurance for the first 31 consecutive days of a trip for those under 65, and the first 21 consecutive days for those over 65.

Meanwhile, with the RBC® Avion Visa Infinite†, cardholders and dependents are covered with travel emergency medical insurance for only the first 15 consecutive days for those under 65, and the first three consecutive days for those over 65.

Other Cards

If you hold the HSBC +Rewards Card , you’ll be transitioned to the RBC® ION Card , with the annual interest rate kept at 11.90%.

If you hold the HSBC Metal World Elite Mastercard, you’ll be transitioned to the RBC Avion Visa Infinite Privilege for Private Banking credit card, with the following features:

• No annual fee (regularly $399)
• No foreign transaction fees
• $400 Avion Rewards travel credit (one-time only; $200 + any remaining credit from your HSBC Metal World Elite Mastercard)
• Six free lounge visits through the Visa Airport Companion Program (DragonPass)

It’s not clear if all HSBC Metal World Elite Mastercard-holders will receive this offer, or if this is exclusively for customers eligible for Private Banking.

We’ve yet to confirm details regarding the fate of all other HSBC credit cards.

If you’ve received transition offers for any other HSBC product, please feel free to reach out so we can update this article.

HSBC Canada’s Transition to RBC

As part of the conditions placed on RBC’s acquisition of HSBC Canada , cardholders were supposed to receive “substantially similar benefits” on the RBC cards to which they’re being transferred.

With this in mind, the only substantially similar benefits on the RBC® Avion Visa Infinite† to which cardholders of the HSBC World Elite Mastercard are being transferred are the no foreign transaction fees, and that it earns flexible points that can be redeemed in a variety of ways.

Otherwise, there’s certainly an argument to be made that the benefits offered on transitioned RBC cards aren’t substantially similar.

For example, the HSBC World Elite Mastercard offered a $100 annual travel enhancement credit. The RBC® Avion Visa Infinite† is only offering this as a one-time benefit worth up to $200, but it won’t be a mainstay feature on the card in the years to come.

In terms of earning rates, the HSBC World Elite Mastercard’s three-tiered earning structure offered minimum returns of 3%, 2%, and 1%, whereas the RBC® Avion Visa Infinite† offers a minimum return of 1.25% on travel purchases, and 1% on everything else.

Likewise, cardholders will no longer enjoy complimentary Boingo Wi-Fi on eligible flights and at Boingo hotspots worldwide, and nor will they enjoy a complimentary DragonPass membership (even if it was on a pay-per-use basis).

One of the biggest strengths of the HSBC World Elite Mastercard was that you could earn flexible HSBC Rewards points on out-of-country spending without incurring foreign transaction fees. Plus, the category multipliers counted when abroad, so paying for hotels, car rentals, and any other travel expenses resulted in a great return in the form of points.

With the transitioned version of the RBC® Avion Visa Infinite†, you’ll still enjoy no foreign transaction fees and earn flexible points; however, it’ll be at a lower rate when it comes to travel, gas, groceries, and drugstores, both at home and abroad. And many of the HSBC World Elite Mastercard’s other attractive features will no longer be available.

In Canada, we aren’t as blessed as our neighbours to the south with a bounty of travel credit cards that offer no foreign transaction fees, flexible points with competitive earning rates, and other features that are useful to travellers. Indeed, these reasons made the HSBC World Elite Mastercard so attractive.

With the upcoming loss of the HSBC World Elite Mastercard, and the parallel loss of many of its most attractive features, there’s plenty of room for a new player to step in to compete with Scotiabank’s no foreign transaction fee cards, which remain the best available in Canada.

Without a welcome bonus offered to transitioned cardholders, it’s also worth considering simply applying for an RBC® Avion Visa Infinite† product before the transition happens, especially since the cards are currently offering a record welcome bonus .

In the coming days, we should get an idea of what will happen to HSBC Rewards, and we’ll update this article with our recommendations as soon as we learn more.

If you’re not satisfied with the transition, refer to information about filing complaints listed on the Financial Consumer Agency of Canada’s website .

RBC is in the final stretch of acquiring HSBC Canada . By the end of March 2024, all HSBC Canada clients will have been transitioned to RBC products.

We now know some details about the transition to RBC for cardholders of the HSBC World Elite Mastercard, who will move to a special version of the RBC® Avion Visa Infinite†.

Fortunately, converted cards will feature no foreign transaction fees ; however, the rest of the features will be changed, including losing the $100 annual travel enhancement credit after a one-time courtesy.

More details about the acquisition are expected in the coming days, including the future of HSBC Rewards points.

• Earn 35,000 RBC Avion points † when you get approved for the card
• Plus, earn  20,000 RBC Avion points † upon spending $5,000 in the first six months
• Earn 1.25x RBC Avion points †  on qualifying travel purchases
• Transfer RBC Avion points to British Airways Executive Club and other frequent flyer programs for premium flights †
• Redeem Avion points for flights with the RBC Air Travel Redemption Schedule †
• Minimum income: $60,000 personal or $100,000 household
• Annual fee: $120 †

52 Comments

So, I got my HSBC Rewards to Avion conversion email last night (April 1, 2024). Conversion rate used: 1 HSBC = 0.34 Avion points

Most posts on this site suggest a minimum of 1:0.4 based on the transfer ratios to Avios points (2.5:1 for HSC and 1:1 for Avion).

The email provides a comparison of the redemption values using the redemption rates for travel, suggesting that given the conversion rate and the Avion redemption rates you are better off with your new points total: HSBC = 0.5% Avion = 1.5% (Avion Rewards Travel) or 2% (Avion Rewards Business Class Flights)

I think there’s an outstanding question as to whether the flights and pricing on the Avion site are good value to start with but I don’t have info on that.

I’ll note for reference that I was holding the HSBC Metal Mastercard with the annual fee waived. I’ve been transitioned to the RBC Avion VIP with the full annual fee waived (no end date specified) even though typically they only waive up to $120 of the annual fee. Earn rate is 1.25 points on every dollar, no FX fees, they carried over my unused $200 travel credit and added another $200 but this is only for the first year. Oddly, the card includes a dedicated Travel Concierge (separate from the VIP Concierge) but travel booked through the TC is not eligible for the travel credit – only travel made through Avion Reward Travel online portal.

How sure are we the travel credit will be doubled after migration ($200 max)? In my info emails it only talks about comparable points conversion and thats about it! I’m also thinking about redeeming my points before the transition as it seems the “comparable” is smoke screen for ‘we gonna jip you’

I am also waiting for confirmation about the FX fees and the travel credit. It is not clear in the documentation received with the credit card from RBC.

We have received several comments and emails related to this issue. We have reached out to RBC, and are awaiting their reply.

I just received my new RBC Avion Visa Infinite card, and the credit card agreement they included says there will be a 2.5% markup on foreign currency transactions. How do I know if they’re actually charging the markup or not?

Got the following in an email entitled RBC Migration Checklist # 2 yesterday:

“Any unused points you’ve earned with your HSBC Bank Canada credit card will be converted to Avion points maintaining a comparative value and will be available for redemption one week after the migration date. Your Avion points can be redeemed across a variety of flexible options. You’ll receive detailed information on your Avion points balance and how to redeem them to get the most value from your Avion points shortly after migration.”

So they aren’t going to tell us how much our points will be converted at until after it’s too late? Fantastic. I’ll definitely be redeeming my points before April 1st. My only concern is they’ll cut off the redemption site sooner without prior notice.

Any word on points conversion and/or when HSBC will stop letting you redeem points? I’ve just booked an expensive flight and bunch of AirBnB stays so I now have a bunch of points I can redeem. Wondering if it’s better to do it ASAP or wait…

Yes the Avion card is one I will cancel. Does not meet my HSBC features. Looking for a card that offers medical out of country for 3 weeks lije HSBC for us over age 75. Looking for suggestions guys.

When you get the Avion card you will not give you the sign up bonus points I have stopped using my HSBC card and transitioning monthly payments to a cash back for now. If RBC wants my business they should grandfather the HSBC card perks to us in a show of good faith. As of Feb 4 looking for a new card. I hope most HSBC card do the same thing.

What about the Scotiabank Passport?

I still have a few months left for HSBC SUB before the transition, will the SUB points be honoured with RBC?

A comment from our reader and would like us to add this here:

“I’m 79 and in Thailand. This was my first year to take advantage of the 21 days free medical coverage which I was able to extend to 59 days with a purchase of top-up from Manulife. This was ha HUGE BENEFIT that made the HSBC CARD a NO-BRAINER. Next year that would have been worth thousands! I have hated RBC for years because of other credit card takeovers that destroyed value and am upset about how they have destroyed the best card in Canada. I just paid the renewal fee a few short weeks ago. Are they required to maintain the benefits for the length of my renewal or is it just a complete loss?”

What I find interesting as the PoT and Rewards Canada both tell the followers what the terms of the conversion are BUT both appear to be reluctant or concerned (afraid of retribution by RBC?) to encourage or even suggest that readers/followers should send an email to the complaints commissioner identified to receive concerns/examples on RBC not offering same value on conversion. Is PoT willing to post the necessary contact info for all of us who are being short changed by the RBC conversion?

Strongly agreed! Any email address you can refer for the complaint?

Currently holding the HSBC Metal. I have yet to receive any formal transition communications for this or the related banking side. Last year the annual fee for this card jumped to $499 but I get a full rebate as a Private Client customer.

The replacement on the RBC side is the Avion Visa Infinite Privilege at $399. So far I’m hearing that the max rebate for RBC clients is $120/year leaving me on the hook for $279. I haven’t heard great things about getting travel through RBC and I don’t regularly fly with any of the the airline transfer partners (more Star Alliance or Air France/KLM). I did see a note in a private banking brochure that ‘Exclusive to RBC Avion Visa Infinite Privilege for Private Banking (only available to Private Banking clients), CWT Personal Travel Advisors (100 RBC Rewards points equals $1.50 for flight redemptions and $1 for all other travel redemptions)’ – this would appear to be a 50% premium over the standard redemption rate for flights. Not sure this makes it worth it.

Overall I wasn’t really impressed and last Dec I decided to bite the bullet and get an AMEX Platinum for big purchases/travel – booking through AMEX Travel can get you 3 points per dollar which is pretty good and I trust AMEX travel more than the typical bank travel sites. Plus I fly AC a lot so the points transfer is actually useful.

That still leaves me needing a daily driver where AMEX isn’t accepted. I thought about TD Aeroplan Visa and actually applied but as a non-TD customer the application process took an online form, 2 phone calls and a 1.5 hour branch visit followed by terrible communications and 28 days later confirmation that they had approved my application but at a much lower credit limit. I just couldn’t give my business to a company that took a month to get through a CC application. I told them to keep it (for reference, the AMEX application took < 60 seconds and I had the card in 2 business days). Still looking at options…

Back to a couple months ago, when RBC discontinued Asia Miles Visa Infinite card, they offered 20k welcome bonus for merging to RBC Avion Platinum card, I expected they should do similar for this time. Unfortunately it may not a case this time-hopefully I am wrong.

As a current Premier account holder with HSBC, I would be lost more after transfer completed (RBC offers only one year free VIP cheque account and therefore, only one year annual fee free for the new Avion Visa Infinite card): 1) $50 WE Mastercard rebate annually (considering $100 travel credit, my WE Mastercard is free to use annually!) 2) Monthly fee waives for my worldwide HSBC accounts since I set up my HSBC Canada account as the main account. 3) Other currency accounts will be charged for the monthly fees. 4) Not sure if RBC charges annual fee for the RRSP account? Currently I don’t get charged since I set up for a small amount of monthly contribution. I called RBC on Friday, asked lots questions, but no single question get answered, they spent billions dollars to purchase HSBC, at the end, many HSBC customers walk away-not win-win game!

I’m 79 and in Thailand. This was my first year to take advantage of the 21 days free medical coverage which I was able to extend to 59 days with a purchase of top-up from Manulife. This was ha HUGE BENEFIT that made the HSBC CARD a NO-BRAINER. Next year that would have been worth thousands! I have hated RBC for years because of other credit card takeovers that destroyed value. If they think I will remain with them for a minute longer after the goodies run out then they are going to be surprised. Our renewal was just a few weeks ago. We paid for a year. Is there some requirement that benefits stay in place for the length of the year I have paid for?

As a holder of the RBC Avion Infinite. Kinda disappointed that RBC didn’t offer the no 2.5% FX fee to the Avion card lineup. There’s not a lot of perks considering this is a $120 annual fee card.

ScotiaBank Passport Infinite which has a flexible points system, better earning rates, lounge passes and no FX. For $150

Have had an HSBC Metal World Elite Mastercard for years. Loved the annual $200 travel enhancement credit and unlimited free dragonpass lounge pass I had access to. RBC’s credit card offering doesn’t come close to HSBC’s. What recourse do HSBC clients have if RBC isn’t living up to the takeover terms and conditions imposed by the Mof F ? Who is policing the transition?

Totally agree and I’m in the same position. It is a well written and informative article but falls (slightly) short in suggesting an equitable alternative.

I agree with your concern …..”What recourse do HSBC clients have if RBC isn’t living up to the takeover terms and conditions imposed by the Mof F ? Who is policing the transition?” What I find interesting as the PoT and Rewards Canada both tell the followers what the terms of the conversion are BUT both appear to be reluctant or concerned (afraid of retribution by RBC?) to encourage or even suggest that readers/followers should send an email to the complaints commissioner identified to receive concerns/examples on RBC not offering same value on conversion. Is PoT willing to post the necessary contact info for all of us who are being short changed by the RBC conversion?

What is the Royal Bank benchmark exchange rate vs. the Visa exchange rate… +2%? in the HSBC terms it says the exchange rate is calculated on the Mastercard exchange rate, whereas the RBC terms in the migration package state “Transactions in a foreign currency are converted to Canadian dollars no later than the date we post the transaction to your credit card account, at an exchange rate that is 0% over a benchmark rate Royal Bank of Canada pays on the date of conversion.” A sub-note states, “Section 19 of the RBC Royal Bank Credit Card Agreement states that 2.5% above the benchmark rate is charged for foreign exchange transactions. We are waiving our right to charge this fee for your migrated credit card account, so the 0% is not a change from your current HSBC Bank Canada credit card.”

They use Visa exchange rate, same as when use Scotiabank Passport Visa Infinite. The exchange rate is very close (a little better than Mastercard’s sometimes-I tested a couple times)

Thanks! Was looking for this detail and hoped someone would share it.

Curious how the transition will affect insurance policies for trips booked prior to the switchover? I was planning a booking a flight for March/April and charging it to my HSBC card for the trip cancellation / interruption insurance coverage (up to $2K per passenger). My next best card (Scotia Passport Visa Infinite) only provides $1,500 coverage per passenger. I think the emergency medical coverage with the HSBC card is also longer.

Also am I better off trying to claim the Travel Enhancement Credit now? I’ll probably incur some seat selection fees on my flight which I will try to have charged separately.

I’ll have to wait to see what the points scheme is before deciding whether to ditch this card longer term. Thankfully I don’t have many points saved up and haven’t used the card much in the past year since they reduced the earning rate since I have better cards that are either cash back (BMO World Elite Cashback) easier to redeem the points (Scotia Passport Visa Infinite SCENE+ points can be redeemed at Sobeys / FreshCo grocery stores).

The only reason for keeping this card was the no FX but I also get that with the Scotia card. Had been debating which of these I would keep now that I’m switching my daily banking from Scotia to BMO.

I was wondering the same thing regarding travel insurance. I just bought July trips on the HSBC, but don’t want the RBC. If I cancel the RBC that they give me before July, I am assuming that the travel insurance will be forfeited?

Actually, just found the answer. Yes, travel insurance will be maintained by RBC to honor previous purchases made on HSBC. But if I cancel, then it will be forfeited. Gotta keep the new RBC card until after the trip then.

Interesting – do you have proof, please share? I just called HSBC and they informed me Emergency medical coverage is NOT being honoured -we have flights booked for May and Husband is 75!

Any mention of RBC taking over the relationship with Singapore Airlines as a transfer partner? This was one of the good features of this card. Seems pretty useless now as I already have the Avion card. Not happy about this transition. When will MBNA announce the transfer details to Alaska Airlines?

It’s not confirmed or finalized when MBNA will officiate the points transfer to Alaska. Even though they said they are working on it. So don’t be surprised if it doesn’t go through. Everything is very dynamic in the loyalty industry.

No mention of Singapore Airlines KrisFlyer becoming an RBC Avion transfer partner at this point. As for MBNA Rewards, there isn’t a specific timeline – just sometime in 2024.

Will ditch the card, and concentrate on MBNA Mastercard (better points package and upcoming link into Alaska Airs Mileage Plan) and the new PC Insiders Mastercard (which has enhanced optimum points and delivery options, but for a yearly fee). Both work at Costco and deliver better points. Very disappointed RBC is not really interested in retaining HSBC clients with a decent conversion offer and ongoing program.

Agreed. But not sure if I should apply MBNA now or wait after the big announcement with possible promotion? Feel like 1:1 transfer to Alaska is tooo generous, could keep the old MBNA card holders with the current earning rate and change the new card holder with the new earning rate. If it would be a case, it is good time to apply MBNA?

Frank, I had the MBNA Alaska card. When they ended that program I converted to the MBNA WE card, and they offered 35K MBNA points with a $2000 spend, so they at least rewarded current card holders with this offer, which (pointedly) RBC is doing nothing in their current conversion from HSBC to Avion. I assume when Alaska Mileage Plan becomes a partner again with MBNA, all existing and new cardholders will be treated the same, so it is up to you when you apply for the card. Maybe MBNA will offer an enhanced signup bonus package if there are enough disgruntled HSBC cardholders, who knows?

MBNA did the right thing. Thanks for replying!

HSBC + rewards credit card is migrating to the regular RBC ION card. Keeping the interest rate at 11.90%

Got my migration pack this morning

Thanks very much! I’ve added that into the article.

No info yet on rewards points exchange rate?

Is the current HSBC card good until the expiry date or will it auto expired on March 31? Asking to see if we need to change all future travel bookings since the card may be useless when presented later this year (ie., hotel and card rental).

Thanks for this. Haven’t been mailed anything. Tbh I expected some trash deal but not as trash as this.

Can’t use in costco 1% earning No welcome bonus

Are there instructions on when should i cancel so they don’t charge the annual fee? At the very least lol as the article states, i could apply for the card straightaway and get the welcome bonus. Costs a pull but the HSBC was my newest card anyway.

This is super helpful. Is there anything known about the annual fee? Am I going to have to pay that again on it being transferred to rbc when this wasn’t my choice? Is there a better card than the visa Avion that I should consider? I’ve loved my hsbc card.

Very much appreciate this comprehensive breakdown written, it’s what I’ve been scouring the internet for and even RBC/HSBC doesn’t explain things to such detail. Honestly disappointing the level of insurance coverage and the credit card has dropped from Canada’s best in so many ways to become a middle-of-the-pack credit card. Hoping someone can file a lawsuit based on not being provided “substantially similar benefits”.

Generally speaking, the cards insurance in Canada is stronger than in the US still. Good travel insurances are not as common in the US as in Canada. So we are still good here with many cards

It was time to cancel this card and move on in early 2023 when they changed the base earning rate to 1x on non categorical purchases. It just went from bad to worse with the RBC acquisition. This travel blog used to speak very highly about this HSBC card when there were several better alternatives.

Could you direct us towards these “better alternatives”?

I personally use Scotiabank AMEX Gold, the annual fee gets waived with a qualifying chequing account The Scotia Passport Visa Infinite can be a suitable option for those seeking free lounge visits With these cards u also get the no foreign TX fees benefit, as offered by the HSBC card

National bank world elite mastercard is a suitable contender, with the annual fee recovery possibility through travel reimbursements Desjardins OSESSEY mastercard world elite offers a base 1.5% return which beats the HSBC card Amex Cobalt is a high earning card to have the option to transfer MR points to airline, hotel partners (I used to have this, but canceled it to get the Scotia Gold 2 yrs ago)

The cards you mentioned all have significant worse earning rates on travel, which combined with the no fx and the effectively $50 annual fee made the HSBC WE a good travel card. Amex acceptance especially abroad just isn’t up to par, and the Scotia Passport doesn’t have all that compelling bonus categories (which also got worse when the 3x was changed from any grocery store to only Sobeys family stores).

Sure having the base rate changed to 1x made the card slightly worse, but it was still a competitive option for those who travelled abroad often. Now that RBC is completely gutting the card, there isn’t really a great alternative.

Bummer. I think I’ll be cancelling this one. I already have the Avion infinite as well for another few months.

I have enjoyed holding the HSBC WE for the last several years. Unfortunately the RBC “transition offer” is paltry compared to what HSBC used to offer. I will evaluate things once my points have moved to RBC (thankfully not that many as I just redeemed all against a cruise, and the refundable hotel for the Enhancement Credit), but can’t see myself carrying the RBC card for long.

What if you have the RBC Avion Infinite already, and is up for renewal? Should I switch to BA Visa Infinite?

It is alright hold more than one RBC Avion Infinite cards at the same time. So it is up to you whether you want to switch the existing one out or not. But sure, why not ? 🙂

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Home » News » Details of the HSBC to RBC transition (Last updated April 1)

Details of the HSBC to RBC transition (Last updated April 1)

RBC has laid out a timeline for the transition of banking products from HSBC to RBC and they aren’t wasting any time with the migration!

April 1: The points conversion ratio and value is starting to emerge and RBC has clarified some of the details for us.

HSBC clients will be receiving letters from RBC that will explain the points conversion ratio and increased redemption rate for their points to show how they will get more value for the points in regards to the flexible travel redemption value.

For example, many clients have seen their points are converting at 1 HSBC Rewards Point to 0.36 Avion Points. At first glance, this does not look like it is an equal or better value for flexible travel however RBC will be giving those clients a flexible travel redemption rate of 100 points to $1.50 (instead of the standard 100 points to $1) This means those who receive the 0.36 points conversion will end up getting a value of 0.54 cents per point which is .04 cents higher than the flexible travel redemption rate HSBC Rewards previously provided.

Continuing with the 0.36 ratio this means HSBC clients who receive this specific conversion rate will receive up to .84 cents per point (0.36 x 2.33 cpp) when redeeming for flights via the Avion Air Travel Redemption schedule. This works out to 0.34 cents per point higher than the old HSBC Rewards flexible travel redemption rate.

In terms of converting to airlines, those clients who get 0.36 Avion points per 1 HSBC Reward point will be a little worse off for conversions to British Airways as they used to get 0.4 Avios per HSBC Reward point and now the Avios equivalent is 0.36. However they will be better off for Asia Miles as they used to get 0.32 Asia Miles per HSBC Reward Point and now their equivalent is 0.36 Asia Miles per point.

February 27: If you have HSBC International Premier Status you will retain that status for 5 years. Thanks to Mauro for sending this our way!

• If you’re an HSBC Premier customer in other international HSBC locations based on your HSBC Premier status at HSBC Bank Canada, you will keep your Premier status in those HSBC locations for  5 years *   after  March 28, 2024 .
• After this period, you’ll need to meet the qualification criteria in each HSBC location where you’re a Premier customer to avoid monthly fees or an automatic downgrade, as applicable.
• You can expect further communication directly from each HSBC location regarding the continuation of your international Premier status.

February 27: New article from RWRDS Canada – read this if you have upcoming travel and the related coverage from your HSBC card: Important detail on HSBC Mastercard Emergency Travel Medical Coverage for those with existing travel bookings

February 27: If you are an HSBC client who is unhappy with migration and want to voice your concerns here is the process to undertake! (Thanks to JB for these details as he did file a complaint with the FCAC)

The Financial Consumer Agency of Canada (FCAC) has replied to my concerns. What it basically boils down to is: they say they acknowledge the receipt of my information and will use this in engaging with RBC (FWIW). They advise me to first raise my concerns directly through RBC’s complaint-handling process. If this doesn’t resolve it, appeal to an External Complaints Body (ECB). All the steps of the process must be followed in sequential order

February 22: Emails have been sent out to HSBC clients advising them of the timeline to use their points via HSBC Rewards. Thanks to Mauro for sending this our way!

• Redeem your points for miles swap with one of our airline partners by February 29 , 2024 .
• Redeem your points by March 14 , 2024 , for a mortgage credit, savings credit, book travel, merchandise, donations or a physical gift card.
• Redeem your points by March 25 , 2024 , for a travel reward credit, a digital gift card, a credit card statement credit or a travel enhancement credit (if applicable).
• If you don’t redeem your HSBC points before the specific dates outlined, don’t worry – your unused points will be converted to Avion ® points at a comparative value with your new RBC Credit Card. You will receive your new points and can start redeeming at avionrewards.com or on the Avion Rewards app one week after the migration date.

February 20: RWRDS Canada has the exclusive details on HSBC Rewards to Avion Rewards points conversions. Learn more here

February 19: In my discussions with RBC about the conversion rate from HSBC Rewards to RBC Avion Rewards we do have one piece of news that we can share with you right now. I asked them if they will be inheriting the Singapore Airlines KrisFlyer points to miles conversion option that is offered in HSBC Rewards and they have confirmed they will not be. Thus with February 29, 2024 being the last day you can convert points to miles in the HSBC Rewards program, you will want to do so by then if you have had plans to convert to Singapore Airlines KrisFlyer.

February 18: As first pointed out on RFD and then on Milesopedia , HSBC has published February 29 as the last day to be able to convert HSBC Rewards points to their airline partners British Airways, Cathay Pacific and Singapore Airlines. The big question remains is to what the HSBC Rewards to Avion Rewards points conversion ratio will be and whether you should wait or not to let your points convert to Avion and then transfer to BA or Cathay (or for any other redemption). I can tell you that Rewards Canada has had great progress with RBC since we let you know that we reached out to them and if everything works out, we should have the details on the conversion for our readers later this week.

February 12: As mentioned in our This Week in RWRDS newscast we have reached out to RBC to find out why they are not revealing the HSBC Rewards to Avion Rewards points conversion ratio and that they should make it public. This is something that HSBC customers should be made aware of as soon as possible so they can make an informed decision on what to do with their points rather than it being dictated by RBC by keeping cardholders in the dark. We’ll keep you in the loop as soon as we find something out!

February 7: We have published a new article: The best Mastercard options to replace HSBC Mastercards

February 2: We now have confirmation that the HSBC Rewards+ Mastercard is being migrated to the RBC Ion Visa. There are no extras/benefits being offered to those cardholders being transitioned. It has also been confirmed the HSBC Premier Mastercard is migrating to the RBC Rewards Visa Preferred. Thank you to Oznej and Maxwell!

February 1: We now have confirmation that the HSBC Travel Rewards Mastercard is being transferred to RBC ION Visa Card There are no extras/benefits being offered to those cardholders being transitioned. Thank you to Lei Ann!

January 30: We now have confirmation that the HSBC Metal World Elite Mastercard (nee Jade World Elite) is being migrated to the RBC Avion Visa Infinite Privilege Card.   I saw someone post their letter on Reddit while I was on my phone the other day but now can’t find that post to properly reference it. If I recall correctly from that post, these clients will benefit from no annual fee, 0% FX Fees (aka No FX fees) and a one time travel credit of up to $400 (If one of our readers can confirm these benefits that would be greatly appreciated)

January 23: We now have confirmation that the HSBC Cash Rewards Mastercard is being migrated to the RBC Cash Back Mastercard. No additional extras for HSBC clients being moved over as the RBC card has the potential to offer better cash back rewards.  Thank you to Kiraly on RFD !

January 22: We now have confirmation that the HSBC World Elite Mastercard are being transferred to RBC Avion Visa Infinite cards and these clients will receive 0% FX Fees (aka No FX fees) and a one time travel credit of up to $200 . As well, additional/supplementary cards will be $0. See below for all the details. Thank you to Ilia NC!

January 19: One more update listed below of unconfirmed details that select HSBC credit card holders will receive Avion credit cards with extra benefits and/or no annual fees. See details below.

January 17: The post has been updated with some more details below.

Here’s the timeline graphic from RBC’s website:

Based on this timeline HSBC clients will be receiving details of the transition very soon and can expect to be fully transitioned by the end of March! That’s quick!

I really thought that the transition would take longer and that the credit card portfolios wouldn’t be some of the earliest targeted products for transition to RBC. Granted, the details don’t actually specify what the transition will be, will it simply be the card numbers, accounts etc. being migrated to RBC and those cards remain the same in terms of earn rates, benefits etc. for sometime into the future or will these be actual product switches?  It appears it will be the latter based on the timeline above stating “You will receive your RBC Royal Bank credit card(s), if applicable” and it makes a lot of sense for RBC to do this now.

Cards like the HSBC World Elite Mastercard earn 2, 4 and 6 points per dollar spent with an actual respective minimum return of 1%, 2%, and 3%. Compare this to the card I would assume most if not all HSBC World Elite Mastercard holders will be transitioned to, which is the RBC Avion Visa Infinite Card that earns 1 and 1.25 points per dollar spent. Those RBC points have an actual respective minimum return of 1% and 1.25%.

As you can see by transitioning cardholders to actual RBC products sooner than later, the bank would stand to save up to 1.75% on accelerated earn rate purchases that HSBC cardholders would be making. So, for them it makes sense to transition cardholders as soon as possible.  (This is based on minimum redemption values for travel. The savings to RBC will vary for other redemption options.)

Not only is it the points but it is also the foreign transaction fees and other benefits. The sooner those HSBC World Elite’s are transferred over the sooner RBC starts earning revenue from those cardholders for purchases made in other currencies as RBC does not feature No Foreign Transaction fee benefits. HSBC clients appear to be receiving an exclusive 0% FX fee option with the Avion Infinite cards they will be migrated to.

RBC also does not offer lounge access on the Avion Visa Infinite (They do on the Infinite Privilege) so the bank will be able to stop paying the fee to Mastercard & DragonPass. Not to mention, RBC will no longer have to worry about the annual $100 travel enhancement credit.

Just writing those last paragraph makes me sad that we stand to lose the HSBC World Elite Mastercard! And, unfortunately I don’t foresee RBC coming out with a comparable product or updating the Avion Visa Infinite Card as there is no need for them to do so with such a large existing cardmember base already in place.

January 17 update:

Product migration.

RBC has now added a new Product Migration Guide to their website that also has a very long PDF document detailing lots of product changes but actually not much detail at all about credit cards or the loyalty programs. The credit card info is Section 5 (Page 105 of the PDF not the document) and the loyalty program info is Section 6 (Page 127 of the PDF not the document)

Here’s what we do know from the guide

• No Foreign Transaction fees will not carry over to RBC  (this was anticipated as it’s too big of money maker for the bank with their existing cardmembers) HSBC clients appear to be receiving an exclusive 0% FX fee option with the Avion Infinite cards they will be migrated to.
• HSBC Rewards credit cards will transition to Avion Rewards cards
• HSBC Cash Back credit card will transition to an RBC cash back card
• HSBC Rewards points will be transferred to Avion Rewards points maintaining a comparative value.

What they don’t disclose is what that “comparative value” will be. Will it be based on the most recent earn rates on the HSBC cards? If so, the transfer will most likely be 2 HSBC Rewards Points to 1 RBC Avion Rewards points. But there is also the question of outstanding points balances that were earned on the HSBC cards when they had higher base earn rates of 3 points per dollar. That could push the conversion rate to 2.5 or even 3 HSBC Rewards Points to 1 RBC Avion Rewards point. I hope that’s not the case but I’m just putting it out there that it is a possibility. But again it could be a wash since the newer accelerated earn rates on the card offer 4 points to potentially balance out the 2 base points. I guess we just have to wait and see.

These are the credit card migrations that RWRDS Canada anticipates will happen. This has not been published nor confirmed by RBC. This list is our best guess and will be updated once we begin to receive concrete details from our readers and/or RBC:

• CONFIRMED! HSBC World Elite Metal Mastercard –> RBC Avion Visa Infinite Privilege Card (with no annual fee, 0% FX Fee + up to a one time $400 travel credit)
• CONFIRMED! HSBC World Elite Mastercard –> RBC Avion Visa Infinite Card (with 0% FX fee + up to a $200 travel credit + $0 additional cards)
• CONFIRMED! HSBC +Rewards Mastercard —> RBC ION Visa Card    RBC ION+ Visa Card
• CONFIRMED! HSBC Travel Rewards Mastercard —> RBC ION Visa Card
• CONFIRMED! HSBC Cash Rewards Mastercard —> RBC Cash Back MasterCard
• CONFIRMED! HSBC Premier Mastercard —> RBC Rewards Visa Preferred

January 17 Update #2:

Thanks to long time RWRDS Canada reader Mauro for reminding me what the government set out as conditions for the credit card part of this transition:

• RBC will offer them credit cards that have substantially similar benefits to those that they held with HSBC, including fee structures; and,
• RBC will convert any HSBC clients’ unused rewards points on the acquisition closing date into RBC rewards points of a substantially similar value.
• Not to interfere with the continued use of credit cards issued by HSBC, including the collection, redemption, or transfer of any rewards points associated with those cards, up until the closing of the acquisition.

This puts an interesting twist on the transition and migration if the HSBC World Elite Mastercard is transitioned to the RBC Avion Visa Infinite card. It potentially does not meet the first sub-point of “RBC will offer them credit cards that have substantially similar benefits to those that they held with HSBC, including fee structures”

I would personally argue that if we compare the RBC Avion Visa Infinite Card and the HSBC World Elite Mastercard, they do not have substantially similar benefits. The Avion card has no lounge access membership, it has no annual travel enhancement credit, its insurance coverage isn’t as good (Especially for 65+), it has less flexible travel redemptions in that you can’t book travel on your own without losing value, its minimum earn to burn ratio provides less value than HSBC and it charges foreign transaction fees. Those were (and still are) major benefits of the HSBC World Elite Mastercard.

So unless RBC updates the Avion card or comes out with a totally new card this could be just cause for a challenge from HSBC cardholders. I’m not sure how the regulators would see this and I’m not an expert in this sort of matter so perhaps we can get some of our more legally inclined readers to chime in about RBC potentially not meeting that condition?

January 19 update:

According to what could be considered an anonymous account post on Red Flag deals, some HSBC card clients will receive RBC Avion cards with extras and/or free of charge:

P CS clients who had an “RBC” [sic] WE Metal card will be getting the Avion Privilege card free of charge. There will be clients who will get RBC Avion cards with a no fx feature. Every client will be receiving a personal package in February detailing their specific offer. This is highly personalized and if the card is thereafter cancelled it cannot be obtained again. Posting from a throwaway for obvious reasons, won’t be responding to questions. Don’t cancel your cards!

It is possible this was posted by an RBC or HSBC employee and we have not confirmed the validity of it. However it would make sense for RBC to do so as it may be enough to meet the condition of “substantially similar benefits”. I’m not sure if the alluding of RBC Avion Card with a no FX fee only applies to the Visa Infinite Privilege migrations from HSBC Metal World Elite or if this will include the standard HSBC World Elite Mastercard to RBC Avion Visa Infinite cards.

January 22 update:

Ilia NC posted details in the comments below that they received a big envelope today. Their HSBC World Elite Mastercard will be converted to an RBC Avion Visa Infinite Card that will feature No FX Fees and one time travel credit as follows:

For any eligible hotel stay or car rental booking of $200 or more you make with Avion Rewards Travel using your RBC Avion Visa Infinite credit card until one year after the card migration date, you will receive a statement credit of an amount equivalent to any unused balance of your HSBC Travel Enhancement credit, plus an additional $100 (together, “Travel Credit”).

So HSBC cardholders will get the 0% FX Fee option (That’s going to make existing RBC Avion cardholders furious), and only a one time credit for use in the first year (albeit up to 2x the value) and not every year like the HSBC card offers. There is also no airport lounge membership and as Ilia points out – you can’t use the card at Costco.

HSBC clients migrated to the RBC Avion will also get additional/supplementary cards at $0. Regular RBC Avion Visa Infinite cardholders have to pay $50. Another item that HSBC clients get that can make existing RBC Avion cardholders furious!

That begs the question are these benefits substantially similar?

• FX fee? Yes.
• Travel Credit? No, since it’s only one time
• Annual airport lounge membership? No
• Minimum redemption value of 1 to 3%? No, only 1 to 1.25%
• $0 additional/supplementary cards: Yes.
• Use card at Costco? No
• Free global Wi-Fi? No

Hard to say if these are substantially similar. I’d love to hear everyone’s thoughts on this! Personally, I’d  be concerned that within a couple of years, once the transition is no longer front and centre,  RBC will do away with offering 0% fees for the clients that are transferred over.

Wrapping it up

RBC has laid out the details of the migration and transition of HSBC products and it is happening quickly! The bank hopes to have all transitions done by the end of March. And on April 1st, everything should be running under RBC, even the physical HSBC Bank locations will be opening as RBC locations on April 1 (and that’s not an April Fool’s joke)

We still don’t have a lot of details in the actual product transitions but those should start emerging fairly quickly as RBC is sending out letters to HSBC customers this month.

Help the RWRDS Canada community

If you are a current HSBC credit cardholder (any one of their cards) we would love to hear from you when you receive your letter from RBC about the transition. Our goal is to create a reference showing what each HSBC card will be migrated to in RBC’s credit card portfolio.

Click here to learn more about the HSBC-RBC transition process

Credit cards.

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HSBC Rewards

HSBC credit cards have been discontinued and are unable to be applied for (11/2023).

HSBC Rewards is HSBC’s in-house rewards program. This program gives you the opportunity to earn points solely from HSBC credit cards and redeem them for a variety of options, including travel.

Let’s look at how you can quickly earn and redeem HSBC Rewards points for the maximum value towards your next vacation.

Earning HSBC Rewards Points

HSBC Rewards points can be earned via two methods: credit card welcome bonuses and organic credit card spending. Points are automatically deposited in your HSBC Rewards account when earned.

Credit Card Bonuses

Similar to other bank loyalty programs, the quickest way to earn HSBC Rewards points is through credit card sign-up or welcome bonuses. There are three HSBC credit cards in Canada that earn HSBC Rewards points.

The HSBC World Elite Mastercard is the premium card in the HSBC Rewards lineup as it comes with an annual travel enhancement credit and no foreign currency exchange fees. The annual travel enhancement credit can be turned into cash with the refundable hotel trick .

The HSBC World Elite Mastercard earns HSBC Rewards points and offers cardholders benefits including an annual $100 travel enhancement credit * and free Boingo Wifi membership.

For 2023, we selected this card as the Best Foreign Transaction Credit Card.

Check out our HSBC World Elite Mastercard review for more details.

This card has been discontinued and is unable to be applied for (11/2023).

The HSBC Travel Rewards Mastercard is a great option if you are looking for a way to earn HSBC Rewards with no annual fees.

The HSBC Travel Rewards Mastercard earns HSBC Rewards and gives cardholders the opportunity to earn  3x HSBC Rewards points * on all travel purchases.

The HSBC +Rewards Mastercard has a $25 annual fee and is the least rewarding of the HSBC Rewards credit cards available to Canadians.

The HSBC +Rewards Mastercard earns HSBC Rewards points and gives cardholders the opportunity to earn 2x HSBC Rewards on dining and entertainment purchases.

Credit Card Spending

HSBC Rewards points are also earned for all eligible organic spend on any HSBC Rewards credit cards. You can earn the most points possible by maximizing specific category spending on the correct HSBC Rewards earning credit card.

As a premium card, the HSBC World Elite Mastercard has the best earning rates out of the three cards.

HSBC World Elite Mastercard:

• 6 HSBC Rewards points for every dollar spent on travel purchases (up to $50,000 per calendar year).
• 3 HSBC Rewards points for every dollar spent on all other eligible purchases.

On the other hand, as a no annual fee credit card, the HSBC Travel Rewards credit card shines in its earning rates:

HSBC Travel Rewards Mastercard:

• 3 HSBC Rewards points for every dollar spent on eligible travel purchases (e.g. car rentals, vacations, hotels, flights).
• 2 HSBC Rewards points for every dollar spent on eligible gas and daily transportation purchases.
• 1 HSBC Reward point for every dollar spent on all other eligible everyday purchases.

Redeeming HSBC Rewards Points

Cardholders can redeem HSBC Rewards points via four methods: travel expenses, transferring points to airline loyalty program partners, a statement credit, and gift cards or merchandise.

The best redemption value you should aim to get from an HSBC Rewards point is 0.5 cents per point which is possible with a few of the methods below.

Travel Expenses

The best way to redeem HSBC Rewards points, both in value and ease, is to redeem them towards travel expenses that you charge to your card. This means you can book your own flights, hotels, and other travel expenses on your HSBC Rewards credit card and then apply points within 60 days of the transaction date. When redeeming with this method, 1 HSBC Reward point is 0.5 cents . This means that 10,000 HSBC Rewards points are worth $50.

When redeeming for travel expenses, a minimum of 25,000 HSBC Rewards points must be redeemed and past that, points must be redeemed in increments of 10,000 HSBC Rewards points. This means that the minimum redemption is for $125 in travel expenses, and then that value increases in $50 increments ($175, $225, $275, etc.).

If you are looking to redeem HSBC points for travel expenses, visit the HSBC Rewards website . Log into your HSBC account and select the “Travel Rewards” option. This will display a list of valid travel expenses and will allow you to select the relevant transaction and how many points you wish to apply toward the expense. Once applied, the credit should appear on your credit card within the next few business days.

Transfer Points to Airline Loyalty Program Partners

Similar to other flexible rewards programs such as RBC Rewards , HSBC Rewards has a few airline loyalty program partners that you can transfer your points to. You can see the current transfer ratios, including any bonus promotions, by viewing our Miles & Points Transfer Partner Tool .

HSBC Rewards points can be transferred to the British Airways Avios program at a ratio of 25 HSBC Rewards to 10 Avios (25:10). The British Airways Avios loyalty program presents some interesting redemption opportunities, including Qatar Airways QSuites which can get you to Maldives for only 85,000 Avios.

HSBC Reward points can be transferred to the Singapore Airlines Krisflyer program at a ratio of 25 HSBC Rewards to 9 Krisflyer miles (25:9). Singapore Airlines Krisflyer miles are hard to earn as a Canadian, and often require entering the US credit card market . 

However, Singapore Airlines business class redemptions were recently added to the Aeroplan program meaning this may not be as valuable a transfer option when it comes to spending your HSBC Rewards as it once was.

Finally, HSBC Reward points can be transferred to the Cathay Pacific Asia Miles program at a ratio of 25 HSBC Rewards to 8 Asia miles (25:8). The Cathay Pacific loyalty program has a few unique redemption options, but the program is not overly strong.

Similar to the option to redeem towards travel expenses, you must redeem a minimum of 25,000 HSBC Rewards points, and past that, points must be redeemed in increments of 10,000 HSBC Rewards points.

There is not a set cents per point value that you will get out of your points with this redemption option since it ultimately depends on the flight redemption that you end up making with the partner loyalty program.

That being said, this is a strong option to consider especially if you already have a significant points balance in any of these partner airline programs and are looking to top-up your balance to make a redemption.

HSBC Financial Rewards

Similar to many other financial institutions, HSBC Reward points can be applied towards a few HSBC personal finance options including:

• A Canadian HSBC residential mortgage account credit (5,000 points = $20 credit)
• A statement credit on your HSBC credit card account (5,000 points = $15 credit)
• A Canadian HSBC personal savings account credit (5,000 points = $15 credit)

When redeeming points towards a mortgage account, you can expect to receive a 0.4 cents per point valuation. On the other hand, when redeeming towards a credit card or savings account credit, you can expect to receive a 0.3 cents per point valuation.

These valuations are not great compared to other options, such as redeeming towards travel expenses, and as such, it would be recommended to not redeem HSBC Rewards points in this manner.

Gift Cards & Merchandise

Similar to many other bank loyalty programs, HSBC Rewards program members are able to redeem points for gift cards and merchandise. This is not a recommended way to use your points since the redemption rates are often abysmal compared to the value you could otherwise extract from your points using other redemption methods.

Frequently Asked Questions

The value of one HSBC Reward point is 0.5 cents. This should be the value you aim for in making any point redemptions.

If you are redeeming HSBC Rewards points towards a travel expense or transferring points to an airline loyalty program partner, you must redeem a minimum of 25,000 points. Points must then be redeemed in increments of 10,000 (e.g. 35,000). Other redemptions have a minimum redemption amount of 200 HSBC Rewards.

As long as you hold an eligible HSBC Rewards credit card, your points will not expire. If you close your HSBC credit card, your points will disappear.

HSBC Rewards points can be redeemed towards travel expenses, transferring points to airline loyalty partners, a statement credit, or gift cards and merchandise.

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40 facts about elektrostal.

Written by Lanette Mayes

Modified & Updated: 02 Mar 2024

Reviewed by Jessica Corbett

Elektrostal is a vibrant city located in the Moscow Oblast region of Russia. With a rich history, stunning architecture, and a thriving community, Elektrostal is a city that has much to offer. Whether you are a history buff, nature enthusiast, or simply curious about different cultures, Elektrostal is sure to captivate you.

This article will provide you with 40 fascinating facts about Elektrostal, giving you a better understanding of why this city is worth exploring. From its origins as an industrial hub to its modern-day charm, we will delve into the various aspects that make Elektrostal a unique and must-visit destination.

So, join us as we uncover the hidden treasures of Elektrostal and discover what makes this city a true gem in the heart of Russia.

Key Takeaways:

• Elektrostal, known as the “Motor City of Russia,” is a vibrant and growing city with a rich industrial history, offering diverse cultural experiences and a strong commitment to environmental sustainability.
• With its convenient location near Moscow, Elektrostal provides a picturesque landscape, vibrant nightlife, and a range of recreational activities, making it an ideal destination for residents and visitors alike.

Known as the “Motor City of Russia.”

Elektrostal, a city located in the Moscow Oblast region of Russia, earned the nickname “Motor City” due to its significant involvement in the automotive industry.

Home to the Elektrostal Metallurgical Plant.

Elektrostal is renowned for its metallurgical plant, which has been producing high-quality steel and alloys since its establishment in 1916.

Boasts a rich industrial heritage.

Elektrostal has a long history of industrial development, contributing to the growth and progress of the region.

Founded in 1916.

The city of Elektrostal was founded in 1916 as a result of the construction of the Elektrostal Metallurgical Plant.

Located approximately 50 kilometers east of Moscow.

Elektrostal is situated in close proximity to the Russian capital, making it easily accessible for both residents and visitors.

Known for its vibrant cultural scene.

Elektrostal is home to several cultural institutions, including museums, theaters, and art galleries that showcase the city’s rich artistic heritage.

A popular destination for nature lovers.

Surrounded by picturesque landscapes and forests, Elektrostal offers ample opportunities for outdoor activities such as hiking, camping, and birdwatching.

Hosts the annual Elektrostal City Day celebrations.

Every year, Elektrostal organizes festive events and activities to celebrate its founding, bringing together residents and visitors in a spirit of unity and joy.

Has a population of approximately 160,000 people.

Elektrostal is home to a diverse and vibrant community of around 160,000 residents, contributing to its dynamic atmosphere.

Boasts excellent education facilities.

The city is known for its well-established educational institutions, providing quality education to students of all ages.

A center for scientific research and innovation.

Elektrostal serves as an important hub for scientific research, particularly in the fields of metallurgy, materials science, and engineering.

Surrounded by picturesque lakes.

The city is blessed with numerous beautiful lakes, offering scenic views and recreational opportunities for locals and visitors alike.

Well-connected transportation system.

Elektrostal benefits from an efficient transportation network, including highways, railways, and public transportation options, ensuring convenient travel within and beyond the city.

Famous for its traditional Russian cuisine.

Food enthusiasts can indulge in authentic Russian dishes at numerous restaurants and cafes scattered throughout Elektrostal.

Home to notable architectural landmarks.

Elektrostal boasts impressive architecture, including the Church of the Transfiguration of the Lord and the Elektrostal Palace of Culture.

Offers a wide range of recreational facilities.

Residents and visitors can enjoy various recreational activities, such as sports complexes, swimming pools, and fitness centers, enhancing the overall quality of life.

Provides a high standard of healthcare.

Elektrostal is equipped with modern medical facilities, ensuring residents have access to quality healthcare services.

Home to the Elektrostal History Museum.

The Elektrostal History Museum showcases the city’s fascinating past through exhibitions and displays.

A hub for sports enthusiasts.

Elektrostal is passionate about sports, with numerous stadiums, arenas, and sports clubs offering opportunities for athletes and spectators.

Celebrates diverse cultural festivals.

Throughout the year, Elektrostal hosts a variety of cultural festivals, celebrating different ethnicities, traditions, and art forms.

Electric power played a significant role in its early development.

Elektrostal owes its name and initial growth to the establishment of electric power stations and the utilization of electricity in the industrial sector.

Boasts a thriving economy.

The city’s strong industrial base, coupled with its strategic location near Moscow, has contributed to Elektrostal’s prosperous economic status.

Houses the Elektrostal Drama Theater.

The Elektrostal Drama Theater is a cultural centerpiece, attracting theater enthusiasts from far and wide.

Popular destination for winter sports.

Elektrostal’s proximity to ski resorts and winter sport facilities makes it a favorite destination for skiing, snowboarding, and other winter activities.

Promotes environmental sustainability.

Elektrostal prioritizes environmental protection and sustainability, implementing initiatives to reduce pollution and preserve natural resources.

Home to renowned educational institutions.

Elektrostal is known for its prestigious schools and universities, offering a wide range of academic programs to students.

Committed to cultural preservation.

The city values its cultural heritage and takes active steps to preserve and promote traditional customs, crafts, and arts.

Hosts an annual International Film Festival.

The Elektrostal International Film Festival attracts filmmakers and cinema enthusiasts from around the world, showcasing a diverse range of films.

Encourages entrepreneurship and innovation.

Elektrostal supports aspiring entrepreneurs and fosters a culture of innovation, providing opportunities for startups and business development.

Offers a range of housing options.

Elektrostal provides diverse housing options, including apartments, houses, and residential complexes, catering to different lifestyles and budgets.

Home to notable sports teams.

Elektrostal is proud of its sports legacy, with several successful sports teams competing at regional and national levels.

Boasts a vibrant nightlife scene.

Residents and visitors can enjoy a lively nightlife in Elektrostal, with numerous bars, clubs, and entertainment venues.

Promotes cultural exchange and international relations.

Elektrostal actively engages in international partnerships, cultural exchanges, and diplomatic collaborations to foster global connections.

Surrounded by beautiful nature reserves.

Nearby nature reserves, such as the Barybino Forest and Luchinskoye Lake, offer opportunities for nature enthusiasts to explore and appreciate the region’s biodiversity.

Commemorates historical events.

The city pays tribute to significant historical events through memorials, monuments, and exhibitions, ensuring the preservation of collective memory.

Promotes sports and youth development.

Elektrostal invests in sports infrastructure and programs to encourage youth participation, health, and physical fitness.

Hosts annual cultural and artistic festivals.

Throughout the year, Elektrostal celebrates its cultural diversity through festivals dedicated to music, dance, art, and theater.

Provides a picturesque landscape for photography enthusiasts.

The city’s scenic beauty, architectural landmarks, and natural surroundings make it a paradise for photographers.

Connects to Moscow via a direct train line.

The convenient train connection between Elektrostal and Moscow makes commuting between the two cities effortless.

A city with a bright future.

Elektrostal continues to grow and develop, aiming to become a model city in terms of infrastructure, sustainability, and quality of life for its residents.

In conclusion, Elektrostal is a fascinating city with a rich history and a vibrant present. From its origins as a center of steel production to its modern-day status as a hub for education and industry, Elektrostal has plenty to offer both residents and visitors. With its beautiful parks, cultural attractions, and proximity to Moscow, there is no shortage of things to see and do in this dynamic city. Whether you’re interested in exploring its historical landmarks, enjoying outdoor activities, or immersing yourself in the local culture, Elektrostal has something for everyone. So, next time you find yourself in the Moscow region, don’t miss the opportunity to discover the hidden gems of Elektrostal.

Q: What is the population of Elektrostal?

A: As of the latest data, the population of Elektrostal is approximately XXXX.

Q: How far is Elektrostal from Moscow?

A: Elektrostal is located approximately XX kilometers away from Moscow.

Q: Are there any famous landmarks in Elektrostal?

A: Yes, Elektrostal is home to several notable landmarks, including XXXX and XXXX.

Q: What industries are prominent in Elektrostal?

A: Elektrostal is known for its steel production industry and is also a center for engineering and manufacturing.

Q: Are there any universities or educational institutions in Elektrostal?

A: Yes, Elektrostal is home to XXXX University and several other educational institutions.

Q: What are some popular outdoor activities in Elektrostal?

A: Elektrostal offers several outdoor activities, such as hiking, cycling, and picnicking in its beautiful parks.

Q: Is Elektrostal well-connected in terms of transportation?

A: Yes, Elektrostal has good transportation links, including trains and buses, making it easily accessible from nearby cities.

Q: Are there any annual events or festivals in Elektrostal?

A: Yes, Elektrostal hosts various events and festivals throughout the year, including XXXX and XXXX.

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Shopping Discussion

Best way to redeem HSBC World Elite card points and "travel enhancement credit"?

• Last Updated:

Apr 28th, 2023 10:01 pm

• world elite
• Search this thread

May 29th, 2021 2:11 pm

• Reply with quote

May 29th, 2021 8:15 pm

forgetpwd wrote: ↑ I got about 120K points and $100 travel enhancement credit, would like to redeem them then cancel the card. I know i could redeem the points for Asia Miles for Cathay Pacific airline, just wonder if there is better way? Also, how to redeem or use $100 travel enhancement credit, doesn't look like I will travel any time soon, is it possible to use it for others like booking hotels or whatever? your advice much appreicated.

May 29th, 2021 8:34 pm

May 30th, 2021 12:20 am

May 30th, 2021 1:35 am

skyra322 wrote: ↑ Book a refundable booking on expedia.ca , cancel it, wait for refund, withdraw cash from ATM.

May 30th, 2021 12:46 pm

mikka2017 wrote: ↑ also 1.50$ charge at atm and max per withdrawal is 500$ right? how do find out what my PIN is on the card? i don't even rmember lol..did it ask for a custom pin when u activated the card or they sent u a random pin! tia

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Rosatom Starts Production of Rare-Earth Magnets for Wind Power Generation

TVEL Fuel Company of Rosatom has started gradual localization of rare-earth magnets manufacturing for wind power plants generators. The first sets of magnets have been manufactured and shipped to the customer.

In total, the contract between Elemash Magnit LLC (an enterprise of TVEL Fuel Company of Rosatom in Elektrostal, Moscow region) and Red Wind B.V. (a joint venture of NovaWind JSC and the Dutch company Lagerwey) foresees manufacturing and supply over 200 sets of magnets. One set is designed to produce one power generator.

“The project includes gradual localization of magnets manufacturing in Russia, decreasing dependence on imports. We consider production of magnets as a promising sector for TVEL’s metallurgical business development. In this regard, our company does have the relevant research and technological expertise for creation of Russia’s first large-scale full cycle production of permanent rare-earth magnets,” commented Natalia Nikipelova, President of TVEL JSC.

“NovaWind, as the nuclear industry integrator for wind power projects, not only made-up an efficient supply chain, but also contributed to the development of inter-divisional cooperation and new expertise of Rosatom enterprises. TVEL has mastered a unique technology for the production of magnets for wind turbine generators. These technologies will be undoubtedly in demand in other areas as well,” noted Alexander Korchagin, Director General of NovaWind JSC.

For reference:

TVEL Fuel Company of Rosatom incorporates enterprises for the fabrication of nuclear fuel, conversion and enrichment of uranium, production of gas centrifuges, as well as research and design organizations. It is the only supplier of nuclear fuel for Russian nuclear power plants. TVEL Fuel Company of Rosatom provides nuclear fuel for 73 power reactors in 13 countries worldwide, research reactors in eight countries, as well as transport reactors of the Russian nuclear fleet. Every sixth power reactor in the world operates on fuel manufactured by TVEL. www.tvel.ru

NovaWind JSC is a division of Rosatom; its primary objective is to consolidate the State Corporation's efforts in advanced segments and technological platforms of the electric power sector. The company was founded in 2017. NovaWind consolidates all of the Rosatom’s wind energy assets – from design and construction to power engineering and operation of wind farms.

Overall, by 2023, enterprises operating under the management of NovaWind JSC, will install 1 GW of wind farms. http://novawind.ru

Elemash Magnit LLC is a subsidiary of Kovrov Mechanical Plant (an enterprise of the TVEL Fuel Company of Rosatom) and its main supplier of magnets for production of gas centrifuges. The company also produces magnets for other industries, in particular, for the automotive

industry. The production facilities of Elemash Magnit LLC are located in the city of Elektrostal, Moscow Region, at the site of Elemash Machine-Building Plant (a nuclear fuel fabrication facility of TVEL Fuel Company).

Rosatom is a global actor on the world’s nuclear technology market. Its leading edge stems from a number of competitive strengths, one of which is assets and competences at hand in all nuclear segments. Rosatom incorporates companies from all stages of the technological chain, such as uranium mining and enrichment, nuclear fuel fabrication, equipment manufacture and engineering, operation of nuclear power plants, and management of spent nuclear fuel and nuclear waste. Nowadays, Rosatom brings together about 350 enterprises and organizations with the workforce above 250 K. https://rosatom.ru/en/

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JPMorgan and other big banks leading on AI ‘are really doubling down.’ Is it too late for competitors to catch up?

Good morning. During a panel session at the Fortune Brainstorm AI conference in London on Monday, experts discussed the big banks that were early adopters of AI, how to mitigate risk, and the value of attracting AI talent.

Panelist Alexandra Mousavizadeh, cofounder and CEO of Evident Insights, said her company’s AI index includes data on the approaches big banks in the U.S. and Europe are taking toward AI readiness. The index, released in the fall, takes a look at not only generative AI but “the whole AI spectrum” to determine “who’s leading and lagging,” Mousavizadeh said.

JPMorgan Chase earned the top spot, followed by Captial One, and Royal Bank of Canada. (The top 20 were dominated by banks based in North America.) JPMorgan has had a long-term AI focus supported by the CEO, Jamie Dimon, along with investment into AI innovation , talent, and transparency of responsible AI, according to the report. The top three banks all were early adopters.

“The banks that are leading are really doubling down,” Mousavizadeh said. And there’s a growing gap between leaders in the space and those that are trailing. “There is an advantage in being a first mover because you’ve established a reputation to draw in AI talent,” she said.

Banks looking to close that gap must be “very clear about the vision,” Mousavizadeh said. “AI is the absolutely most important thing for any leader of any line of business.” Next up might be finding the right talent to harness it.

“AI talent has a lot of other places to go than banks,” Mousavizadeh said. “So one needs to make the bank a really attractive place to work.”

During the panel, Edward J. “EJ” Achtner, who leads HSBC’s Office of Applied Artificial Intelligence, explained his firm’s approach. For example, HSBC has about 1,000 applications for AI, with some going back nearly a decade to some of its original machine learning models, but it’s now also testing use cases for generative AI and how those could scale. And HSBC is doing all of this with respect to remaining regulatory compliant.

“For us, the focus is on that fine balance between bridging from proof-of-concept into production, and that’s going to take time,” he added. “Candidly, even if it were in our risk appetite, it’s our impression that in some respects the technology and tooling is not yet mature enough for production-grade applications,” he said of generative AI.

Regarding risk, panelist Brian Mullins, CEO of the UK-based AI firm Mind Foundry, explained how it’s really important to understand exactly what the generative AI models can and can’t do. “Whether or not they’re fit for purpose is the highest-risk decision to make,” Mullins said. “It’s just not going to solve all your problems. And I think that once you know that, and understand that, you can choose the applications where they’ll do the best—or you can combine them with other machine learning methods to create a powerful solution.”

The bottom line? There’s no one answer, according to Mullins. “We really need to be thinking about it not as a silver bullet, but as another arrow in the solution quiver.”

You can watch today’s Fortune Brainstorm AI panel sessions via livestream here .

Sheryl Estrada [email protected]

María Soledad Davila Calero curated the Leaderboard and Overheard sections of today’s newsletter.

Leaderboard

Amy Campbell was named CFO of Rev Group, Inc. (NYSE: REVG), a manufacturer of specialty vehicles. Campbell spent 23 years at the construction and mining company Caterpillar Inc. Most recently, she served as CFO of ASC Engineered Solutions and CFO for BrandSafway’s commercial and industrial division.

Aaron Bloomer was named  CFO of Exact Sciences (Nasdaq: EXAS), a cancer screening provider. Bloomer’s appointment is effective on May 15 when he’ll be replacing current CFO Jeff Elliot, who announced in January his plans to step down, citing personal reasons. Elliot will stay on as an advisor to help with the transition. 

Grant Thornton’s Q1 2024 CFO survey , released on Monday, found that 34% of finance chiefs are “very optimistic” about the U.S. economy. For the survey, this marks an 11-quarter high for the survey. Meanwhile, 12% of CFOs said they were pessimistic, which marks an 11-quarter low, according to the report. 

One of the key findings of the report is 52% of CFOs expect to increase spending in sales and marketing investments—the highest response for this category since the first quarter of 2021. The survey, based on 273 senior finance leaders, also finds that CFOs are prioritizing technology enhancement in their financial operations and processes. AI is being deployed most for data analytics/business intelligence (66%), followed by financial operations and processes (54%).

Courtesy of Grant Thornton

Going deeper

At the Fortune Brainstorm AI conference in London on Monday, Fortune  chief financial officer and incoming CEO Anastasia Nyrkovskaya announced a new tool aimed at analyzing the Fortune 500. Fortune Analytics is being developed in partnership with Accenture. It will deliver ChatGPT-style responses based on 20 years of financial data from the Fortune 500 and Global 500 lists, as well as related articles. 

“What it really is going to do is take over 20 years of our incredible trusted journalism, combined together with our financial research and analysis and financial data, and put it all together into one easy-to-use tool,” Nyrkovskaya said. The Fortune Analytics platform is  launching in the summer of 2024 .

“Roughly eight in 10 prospective sellers expect the mortgage on a new home purchase to be higher than their current mortgage.”

—Realtor.com’s Hannah Jones writes regarding the company’s latest survey. T oday's mortgage rates, which are “well above the less-than-4% mortgage rate typical among outstanding mortgages,” are dampening seller sentiment, Jones writes. 

This is the web version of CFO Daily, a newsletter on the trends and individuals shaping corporate finance. Sign up for free .

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