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HSBC Cash Rewards Mastercard is a straight forward cash back rewards card for those looking simplify their rewards. This Mastercard is offered though HSBC which a larger multinational bank based out of Britain. This card has a generous 3% cash back on all spending in the first year and a competitive 1.5% cash back on all other spendings. HSBC Cash Rewards Mastercard does not have an annual fee. MasterCard is widely accepted.
HSBC Cash Rewards Card
On HSBC’s Secure Website
Simple and Attractive CashBack Card
Good – Excellent Credit
1.5% cash back on all purchases
Cap on Rewards
High Balance Transfer Fee
- Anniversary Bonus
- No Annual Fee
- No foreign transaction fee
- Travel Perks
- Purchasing Protection
Here’s a summary of the main pros & cons (click to see explanation or scroll down):
HSBC Cash Rewards Mastercard Card – Benefits
Let’s take a look at the benefits of the HSBC Cash Rewards card and see if it’s the right one for your wallet or not.
The HSBC Cash Rewards Mastercard has a 3% cash back reward bonus for the first year. Cardholders will enjoy 3% cash back on all spending for the first year of owning the card. This reward is good for upwards of $10,000 spending in the first year.
Cashback on Purchases
HSBC Cash Rewards Mastercard has 1.5% cash back on all purchases with no limits after the first year or after spending $10,000 with in the first year.
No Annual Fee
HSBC Cash Rewards Mastercard does not have an annual fee. You can start putting cash back in your pocket immediately.
0% APR Introductory Rate on Balance Transfers and Purchases in the First 12 Months
If you are looking to save money on interest, the HSBC Cash Rewards Mastercard offers a 0.00% introductory rate for 12 months on balance transfers. If you have a credit card that you are trying to pay down, you can transfer the account and pay no interest on the transfer for 12 months. This introductory rate also applies to purchases.
HSBC Cash Rewards Mastercard holders also will revive a 10% cashback bonus on cash back rewards earned in a year. That means if you got $300 in cash back rewards in the past year HSBC will pay 10% or $30 anniversary bonus. This makes the cash back effectively 1.65%
No Foreign Transaction Fee
The HSBC Cash Rewards Mastercard does not have a foreign transaction fee This is unusual for a non travel rewards card. This is a great perk because you can earn cash back on your travels.
HSBC Cash Rewards Mastercard gives card holders access to MasterAssist, a service through Mastercard. MasterAssist helps card holders with travel planning, roadside assistance, lost luggage and even up to $1 million ins travel accident insurance.
HSBC Cash Rewards Mastercard offers extended warranties extended returns protection, identity theft protection and security chips to make sure cardholders are protected when using the card.
HSBC Cash Rewards Credit Card – Drawbacks
Here are the most important cons you should consider before applying to the Bank of HSBC Cash Rewards card:
Cap on Rewards
The 3% intro cash back has a spending limit of $10,000. If you were planning to run up the card for the intro cashback you may and to look at other cards once you hit the limit.
Balance Transfer Fee
There is a balance transfer fee required if you want to take advantage of the introductory 0.00% APR rate. The fee is incurred when you transfer debts from one or more credit cards to your HSBC Cash Rewards Mastercard This fee is $10 or 4% of the transfer, whichever is greater. This fee is upfront and will be added to your debt load when transferred. This is is also higher than the industry average of 3%
The APR for the HSBC Cash Rewards Mastercard is a 15.24%-2.24% variable rate, which is high for a card that requires borrowers with good to excellent credit histories. It is a little lower than other cashback cards. Cash advance is 19.24% 27.24% variable rate.
HSBC Cash Rewards Mastercard holders will need to hit a minimum of $25 of cash back in order to revive the funds.
Longer Introductory Rates, Better Pure Cashback Cards
There are other cashback cards in the market that offer higher cashback rewards. Some have rotating categories, but with a little planning and depending on your spending habits you can earn more cash back on your purchases. If you are a big spender and don’t mind an annual fee, there are other cards with higher cash back rewards.
Also, HSBC Cash Rewards Mastercard offers a 12 month 0.00% APR introductory rate, but there are other cards that have longer introductory rates. If you are looking to transfer some debts and pay them down, you may want to look at other cards with longer 0.00% APR introductory rates.
Alternatives to HSBC Cash Rewards Credit Card
There are other credit cards that do offer comparable cash back rewards – we’ve summarized the most popular cards which can use as an alternative to the HSBC Cash Rewards:
The Citi Simplicity Card markets itself as the premier choice for the occasionally forgetful customer who still maintains good credit (660 or above). The card never charges late fees for any late payment, ever. Although you should always strive to pay your bills on time, this card can take you a long way if you’re prone to slip up every now and then. While most cards waive the fee on just the first late payment, the Citi Simplicity Card waives fees on all late payments. It also provides the freedom to choose payment due dates in order to accommodate any kind of financial situation.
Despite its exceptional forgiveness policy, the card has no kind of rewards program enticing customers to swipe. There’s also a sizable difference in duration for the card’s intro 0% APR periods on purchases and balance transfers, which, as you’ll see, can come into conflict with the card’s seemingly generous interest policy.
American Express Blue Cash Preferred is a cashback card that offers rewards on similar purchase categories. The Blue Cash Preferred Card has a $200 cash back bonus after spending $1,000 in the first three months. This card offers 6% cash back at grocery stores, 3% back at gas stations, 3% back at department stores and 1% cash back on all other purchases. The 6% cash back at grocery stores does have a $6,000 annual spending limit. This card has an annual fee of $95 and comes with introductory 0.00% APR. This card is different in that it is cash back and not points that are earned on spending, but similar with high rewards in the same purchase categories.
Capital One Quicksilver Cash Rewards Credit Card offers a $150 sign-up bonus after only spending $500 in purchases after 3 months. That is one of the lowest spending thresholds to receive the sign-up bonus. The Capital One Quicksilver card offers 1.5% cash back on all spending. It does not have any rotating categories and the cash back applies to all purchases. This card also offers a generous 0.00% introductory APR for 15 months. There is no annual fee or foreign transaction fees for this card.
The Wells Fargo Cash Wise Visa is very similar to the Chase Freedom. It offers a $200 cashback bonus with $1,000 in purchases in the first 2 months. It has 1.8% cash back on the first year with mobile pay and then 1.5% after on all purchases. It has no annual fee and a similar APR range and credit range. It does have a shorter introductory 0.00% APR rate of 12 months
Is the HSBC Cash Rewards Card Right for You?
HSBC Cash Rewards Mastercard is good for consumers looking to spend a bunch in the first year of opening. The HSBC Cash Rewards Mastercard is good for consumers want a straight forward cash back card that does not have changing or specialized categories. This card is for consumers who want to know they are getting cash back on every purchase. This card is great for traveling in that it is does not have a foreign transaction fee and cardholders and earn cash back on their purchases during travel. Those looking to take advantage 0.00% intro rate should look other cards that do not have a as high transfer fee at a longer period of time.