HSBC Cash Rewards Mastercard Credit Card Review 2019

4.2 stars out of 5

The Smart Investor has collected card information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

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. Also, the HSBC Cash Rewards does not have an annual fee. 

One of the top notch benefits is the 0% Introductory APR on purchases and balance transfers for the first 12 months from Account opening. The ongoing APR for the HSBC Cash Rewards Mastercard is a 12.99%-22.99%.

HSBC Cash Rewards Card

HSBC Cash Rewards Mastercard_registered_ credit card review

On HSBC’s Secure Website

Our Bottom Line

  • Simple and Attractive CashBack Card​

Credit Rating Requirements

  • Good - Excellent Credit


  • Introductory bonus
  • 1.5% cash back on all purchases


  • Cap on Rewards
  • High Balance Transfer Fee


  • 12.99%-22.99% APR
  • 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.

  • Introductory Bonus

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.

  • 1.5 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.

  • 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.

  • Anniversary Bonus

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%

  • Travel Perks

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.

  • Purchasing Protection

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%

  • Redemption Minimum

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

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:

  • CitiBank Double Cash Card

CitiBank Double Cash card is a comparable cashback card.

The CitiBank Double Cash card offers 1% cash on all purchases and 1% cash back after paying for those purchases. You could make 2% back on all purchases as long as you pay your credit card bill. 

The card boasts a lengthy 18-month period of 0% fees on all balance transfers. After this period each transfer requires paying a variable APR between 13.99% to 23.99%.

CitiBank Double Cash rewards does not have an annual fee.

This card’s cash back is on all purchases just like Wells Fargo Cash Wise Visa Card. But to earn the ½ of the cash back, you need to pay your bill. If you plan on carrying a balance you will not unlock the full 2% initially.

American Express offers a card very similar to the American Express Blue Cash Preferred called the American Express Blue Cash Everyday Card. The American Express Blue Cash Everyday Card is somewhat like the little brother of the American Express Blue Cash Preferred. 

 American Express Blue Cash Everyday Card has a cashback bonus of 3% on groceries, 2% on gas and department stores and 1% on everything else. 

In addition, there is 0% APR Introductory Rate on Balance Transfers and Purchases in the First 15 Months and you can earn 10,000 points (about $100) after spending $1,000 within three months of opening the account.

It also has a unique feature in which there is no transfer fee for the first 60 days of opening the card and card holders can take advantage of the 0% APR introductory rate. 

The APR for the American Express Everyday Card is a 12.99% – 23.99% and also 2.7% foreign transaction fee.

The Chase Sapphire Credit card is in their top spot in regards to the best traveling and dining cards as they offer you 2X more points compared to other cards. In addition, Chase Bank offers a 25% point’s bonus, whenever you redeem the points for travel.

The card offers a sign-up bonus of 60,000 points when you spend more than $4,000 on any purchases in the first 90 days. This is equivalent to $750 in travel costs when you redeem your travel rewards.

You shall also earn 2x points while traveling and dining at a variety of restaurants around the world and one point on the dollar on any other purchases. If you use any Lyft rides from now up to March 2022, you shall earn 5X points.

However, with all of these rewards, you should note that the card has an annual fee of $95. The APR range between 15.99%–22.99%, depends on your credit worthiness. 

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% intro rate should look other cards that do not have a as high transfer fee at a longer period of time.