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HSBC Cash Rewards Mastercard® credit card

HSBC Cash Rewards Mastercard® credit card

 

Rated 4/5 stars by our editorial team

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Your Rating:

3.9/5.0 from 570 Offer Ratings
Over the Past 60 Days!

(570 ) Over the Past 60 Days!

  • Regular Purchase APR 14.49%, 18.49% or 24.49% variable
  • Intro Purchase APR N/A
  • Intro BT APR 0% for 15 months
  • Annual Fee $0
  • Credit Needed

    Excellent/Good

  • Card Brand Mastercard®

Highlights

Card Fees

Expert Review of the HSBC Cash Rewards Mastercard® credit card

  • 3.0

    Regular APR

  • 4.0

    Intro APR

  • 4.0

    Fees

  • 5.0

    Benefits

  • star rating 4.0 /5

    Overall Rating

Who the card is best for

The HSBC Cash Rewards Mastercard® credit card is a decent option for people looking to earn rewards from a card with a $0 annual fee. The rewards program isn’t the highest in the market, but has the potential to earn you a good amount of cash back, especially considering the annual 10% Anniversary Bonus.

This card isn’t ideal for people looking for a 0% intro period for purchases since there is none for this card. Check out low interest cards for options that can help with large purchases. Also, if you want to maximize rewards or cash back, look at other cash back cards and rewards cards that have rates as high as 6% in select categories.

Where this card stands out in its category

This card has a unique 10% Anniversary Bonus that increases your Cash Rewards earned each year. If you earn $500 in Cash Rewards in a year, that can increase by $50 with the Anniversary Bonus. This feature is a great way to earn more rewards, without any action required.

Where this card falls short in its category

The balance transfer fee for this card is high: Either $10 or 4%, whichever is greater, will apply on each balance transfer and credit card check. Therefore if you transfer a balance of $1,000, you will be charged a $40 fee. Often this is outweighed by the intro period, but you can find balance transfer cards with lower fees like 3% or cards no intro balance transfer fees. Looking at the rewards program, you earn a lower rate than preferable. We consider 2% or 2 points per dollar spent ideal. You can find cash back cards and rewards cards with higher rates.

Additional card benefits

The HSBC Cash Rewards Mastercard® credit card has several additional card benefits:

  • Annual 10% Anniversary Bonus: You will receive a 10% Anniversary Bonus on all Cash Rewards earned each year.
  • MasterAssist®: Representatives are available to help with various travel requests like pre-trip destination information, emergency medical and legal referrals, lost luggage assistance and more.*
  • Master RoadAssist® Roadside Services: HSBC will send someone to help if your card breaks down in the U.S.*
  • Travel accident insurance: Receive $1 million in travel accident insurance to cover you, your spouse, and unmarried dependent children, when you travel on a common carrier and pay for your trip with your card.*

How to use it most effectively

To gain the most value from the HSBC Cash Rewards Mastercard® credit card, use it for all purchases so you can earn 1.5 Cash Rewards program points for every dollar in new, net card purchases. Then, if you plan on traveling outside the U.S., this card is a good option to use since unlike some other cards with foreign transaction fees, there is none. Be sure to meet the requirements of the intro offer to earn extra Cash Rewards program points: $150 Cash Back Intro Bonus for new HSBC Cash Rewards Mastercard® credit card customers who spend $500 or more in new, net card purchases during the first 3 months from credit card account opening.

Rewards breakdown

The HSBC Cash Rewards Mastercard® credit card offers 1.5 Cash Rewards program points for every dollar in new, net card purchases. Although this is a below average rate, you can still earn a decent amount of rewards. Cash Rewards can be redeemed for cash back as a statement credit, gift cards, merchandise, to book new travel, or as a statement credit to reimburse a travel purchase if done within 90 days from purchase date.

An added bonus is the 10% Anniversary Bonus you receive each year. For example, if you earned $500 in cash rewards, you’ll receive an additional $50 Anniversary Bonus. There is also an introductory offer: $150 Cash Back Intro Bonus for new HSBC Cash Rewards Mastercard® credit card customers who spend $500 or more in new, net card purchases during the first 3 months from credit card account opening.

Compare it with the HSBC Gold Mastercard® credit card

The HSBC Cash Rewards Mastercard® credit card and the HSBC Gold Mastercard® credit card are both $0 annual fee cards by HSBC, but besides that, they are quite different. The HSBC Cash Rewards Mastercard® credit card has a rewards program while the HSBC Gold Mastercard® credit card does not. What the HSBC Gold Mastercard® credit card does have is an intro period for purchases at 0% for 18 months and a longer intro period for balance transfers, at 0% for 18 months (after, 12.24%, 16.24% or 20.24% variable). That’s compared to the HSBC Cash Rewards Mastercard® credit card with 0% for 15 months (after, 14.49%, 18.49% or 24.49% variable).

Therefore, if you’re looking to earn rewards, it’s clear the HSBC Cash Rewards Mastercard® credit card is the better fit, but if you want to utilize a 0% intro period for purchases, or a longer one for balance transfers, the HSBC Gold Mastercard® credit card comes out ahead. Here are the key features of each card:

  HSBC Cash Rewards Mastercard® credit card HSBC Gold Mastercard® credit card
Annual Fee $0 $0
Purchase Intro Rate N/A 0% for 18 months
Balance Transfer Intro Rate 0% for 15 months 0% for 18 months
Balance Transfer Fee Either $10 or 4%, whichever is greater, will apply on each balance transfer and credit card check. Either $10 or 4%, whichever is greater, will apply on each balance transfer and credit card check.
Regular Purchase APR 14.49%, 18.49% or 24.49% variable 12.24%, 16.24% or 20.24% variable
Rewards 1.5 Cash Rewards program points for every dollar in new, net card purchases. N/A
Sign Up Bonus $150 Cash Back Intro Bonus for new HSBC Cash Rewards Mastercard® credit card customers who spend $500 or more in new, net card purchases during the first 3 months from credit card account opening. N/A
Foreign Transaction Fee None None

Bottom Line

The HSBC Cash Rewards Mastercard® credit card is a decent card for people looking to earn rewards and benefit from a competitive introductory offer. We don’t recommend using this card for a balance transfer since the balance transfer fee is higher than most other cards.

Ongoing Information

Additional Card Details

Consumer Reviews

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Offer Rating

3.9/5.0

570 Total Ratings

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