Is HSBC Elite CC so bad now that I can close my checking account?

It may be too early to draw a conclusion; it would be safer to wait and see if there are any subsequent policy or benefit updates.

When you say the benefits have been watered down, which specific perks are you referring to? Is it the points, the airport lounge access, or the annual fee offset? The post only states the outcome without the reasoning, so it's hard for everyone to judge which card should actually be canceled. If you could list the recent changes, the discussion would be more targeted.

If the checking account has no monthly fee or maintenance fee, you can keep it for now and observe it over one or two billing cycles; but if the account has a minimum balance requirement, it's best to calculate the costs clearly before deciding.

What other features of checking do you usually use?