According to the bank, the new program will be available until December 31, 2009. The HSBC MasterCard mortgage account contribution reward will allow customers to redeem points at a cash equivalent rate of 2% of their total eligible dollars spent on the card, which can be applied directly to their HSBC mortgage account balance, reducing the outstanding principal. The first $200 contribution will take effect once cardholders reach the 10,000 reward points level. Additional contributions will be paid at a rate of $100 for every subsequent 5,000 points they accumulate.

Tracy Redies, executive vice president of personal financial services and wealth management for HSBC Bank Canada, said: "One of the most consistent financial goals of many Canadians is to pay off their home and become mortgage-free faster. The new HSBC MasterCard mortgage account contribution reward gives homeowners an opportunity to move in that direction by allowing them to convert their ongoing everyday spending into additional payments on their mortgage."

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