The next chapter in RBC’s acquisition of HSBC has taken place and it marks a sad day in the points and miles world. HSBC have officially closed off new applications for their cards, namely the top ranking HSBC World Elite Mastercard. While they may not be accepting new applications, there is no change in the cards for those that have one or have been approved for one. You’ll be able to continue to use them as you always have.
Final approval of RBC’s takeover of HSBC has not been rubber stamped yet by the Minister of Finance but that seems like a simple formality at this time. Once that approval is received we’ll still have to wait to see what RBC has in store for the HSBC credit card products.
Will they keep them as is and even potentially re-open them to new applications? Will they keep them grandfathered as is but not have them open to new applicants? Or will they completely nix them and transfer existing HSBC cardholders over to RBC products. We don’t have the answer to this yet and only time will tell what will transpire.
But for now, the door has officially closed on anyone who has been considering applying for one of the HSBC credit card products.
Over the next short period you’ll find us updating many of the features on the RWRDS Canada website to note the cards are no longer available for new applications. We will hold off for the time being in updating the many articles we have where the cards, well, just the HSBC World Elite Mastercard has been recommended as part of a portfolio, clash etc. just in case we receive the very unlikely word that RBC will open the card back up for applications once they complete the acquisition of HSBC.