HSBC Cash Rewards Mastercard® Credit Card Review
Earn an Introductory 3% Cash Back on all purchases.
With so many different choices available, picking out a new credit card can be a tricky task. You need to decide if you want to earn travel rewards or cash back. Are you willing to have an annual fee or would you prefer a card that is fee free? If you choose a rewards card, do you care about earning category bonuses or would you prefer something more straightforward? The choices are endless.
One card that you might have never heard of in the past, but that should get some of your attention is the HSBC Cash Rewards Mastercard<sup>®</sup>. Previously this card was only available to those with an HSBC bank account, but now it’s open to everyone. Let’s take a deeper look at this card and see if it might be a good fit for you.
What You Get
Where this card really shines is with the rewards you will earn for each purchase. New cardholders can earn an introductory 3% cash back on all purchases in the first 12 months from account opening (on up to the first $10,000 in purchases). After that, each time you use your card you will receive 1.5% cash back. There are no rotating categories to remember, you’ll receive a flat cash back on every purchase you make.
To make it even more attractive, HSBC also offers a 10% annual bonus each year. That means instead of earning 1.5% cash back, you will actually earn 1.65% on all purchases you make. Not bad for a card that doesn’t charge an annual fee.
The benefits of this card go beyond just the cash back you can earn. It can also help you save money if you’re carrying a balance on a high interest credit card. You will receive an introductory 0% APR on purchases and balance transfers for the first 12 months. After the introductory period is over the APR will shift to a variable 14.99% - 24.99%. There will be a balance transfer fee of either 4% or $10, whichever is greater.
The HSBC cash rewards card also comes with several travel and shopping benefits. Not only will you receive no foreign transaction fees, but you will have access to $1 million worth of travel accident insurance. Plus, your card will also double the warranty on purchases, up to one year. Price protection will cover you in case something you purchase drops in price. If you spot a lower price within the first 60 days, you will receive the difference back to your account.
See the Rates and Fees for more information.
What You Don’t Get
The HSBC Cash Rewards Mastercard® is perfect for someone that wants a straightforward rewards program. However, if you would prefer something that offers bonus rewards on certain purchases, this might not be the card for you.
Additionally, the credit requirements are fairly strict. You will need to have good to excellent credit before being approved for the HSBC Cash Rewards Mastercard®.
The Bottom Line
The HSBC Cash Rewards Mastercard<sup>®</sup> is the rewards card that has stayed a little under the radar. However, it should start receiving strong consideration. It’s generous introductory 3% cash back bonus, simple purchases rewards, and no annual fee make it a great option.
First published , last updated
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.