HSBC Cash Rewards Mastercard Review

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HSBC Cash Rewards Mastercard® credit card HSBC Cash Rewards Mastercard® credit card
Editor’s note: (N / A)

Learn more external link icon On the secure site of our partner. See rates and fees, Conditions apply.

HSBC Cash Rewards Mastercard® credit card
Editor’s note: (N / A)
  • Introductory bonus:

    3%

  • Annual subscription :

    $0

  • Regular APR:

    Variable APR of 12.99%, 16.99% or 22.99%

  • Recommended credit score:

    670-850 (good to excellent)

Reward rate:

10% Birthday Bonus on all cash rewards earned once a year. Earn 3% Introductory Cash Back on all purchases in the first 12 months from account opening, up to the first $10,000 in purchases. Earn unlimited 1.5% cash back on all purchases.

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Advantages

  • 1.5% Unlimited Fixed Rewards
  • Additional discounts at select retailers
  • No annual fee

The inconvenients

  • No welcome bonus
  • No Intro APR
  • Ongoing high APR

The essential

The HSBC Cash Rewards Mastercard offers a flat 1.5% cash back on every purchase and some additional benefits for cardholders, with no annual fee. It’s a good choice if you’re looking for simple cash rewards, but there’s no welcome bonus, which may limit your first-year value compared to other cards.

Additional card details

  • 5% discount on future Hello Fresh orders when you pay with your card, until September 30, 2022
  • Free three-month subscription to DoorDash DashPass, until September 30, 2022
  • $5 Lyft credit each month when you take at least three rides per month
  • Free ShopRunner Membership
  • Additional limited time renewable offers with partner retailers
  • Cell phone coverage worth up to $600 per claim included
  • Purchase insurance against damaged or stolen items
  • Qualify for up to $1 million in travel accident insurance

Complete review of the HSBC Cash Rewards Mastercard

card type

The HSBC Cash Rewards Mastercard is a flat-rate refund credit card with an unlimited 1.5% cash back on every purchase.

Annual fees

The HSBC Cash Rewards Mastercard does not charge an annual fee, which is common among cash back credit cards.

Welcome offer

There is no welcome offer with this card.

Introductory offer

The HSBC Cash Rewards Card does not offer a 0% introductory APR, which puts it at a disadvantage compared to some other cash back credit cards.

Awards

You’ll earn 1.5% cash on all purchases you make with your HSBC Cash Rewards card.

When you’re ready to redeem your rewards, you can choose to receive a credit on your account statement or a direct deposit to an HSBC checking or savings account. Travel, gift card and merchandise redemptions are also available.

Costs

There is no annual fee or foreign transaction fee required for this card. The HSBC Cash Rewards Card charges a 4% balance transfer fee (minimum $10), although it’s not a good choice for debt repayment, as there’s no introductory APR offer of 0%. There is also a 5% cash advance fee (minimum $10) and 5% overdraft transaction fee (minimum $10) that applies when you make a purchase that exceeds your credit limit.

A late payment or returned payment fee of up to $39 and an APR penalty of up to 29.99% may also apply.

Other benefits

This card offers unique benefits and features, including $5 credit for every three Lyft rides you take, discounts at DoorDash, and a free ShopRunner membership that gives you free two-day shipping at select stores.

Pro tip

If you sign up for this card and use Lyft for ridesharing, add this card as your preferred payment method in your Lyft account. You’ll get $5 Lyft credit for every three rides you take.

Plus, you’ll get cell phone coverage worth up to $600 per claim, damage or theft insurance, and up to $1 million in travel accident insurance. Access to upgraded experiences such as Mastercard Airport Concierge Access and Car Rental Coverage are also included.

Benefits of the HSBC Cash Rewards Mastercard

If you’re looking for a cash back credit card that offers a fixed rate of rewards with no annual fee, the HSBC Cash Rewards Mastercard is a great fit. This card lets you earn 1.5% cash back on everything you buy, and you can choose from flexible redemption options including cash back, gift cards, travel, and merchandise.

Disadvantages of the HSBC Cash Rewards Mastercard

There are many reasons to look at other cash back credit cards instead of this one. First, there are several cash back credit cards that offer 2% cash back with no annual fee.

For example, the Wells Fargo Active Cash℠ Card offers unlimited 2% cash rewards with no annual fee, and you’ll get a 0% introductory APR on eligible purchases and balance transfers for 15 months from the date of purchase. account opening (followed by a variable APR of 14.99% to 24.99%).

The HSBC Cash Rewards Mastercard is one of the few cash back credit cards that does not offer sign-up bonuses or welcome offers of any kind.

In contrast, the Chase Freedom Unlimited offers an additional 1.5% cash back on everything you buy (up to $20,000 spent in the first year). There’s no annual fee, and you’ll not only earn 1.5% cash back on regular spend, but also 5% back on trips booked through Chase, 5% back on Lyft rides (up to in March 2022) and 3% discount on restaurants and pharmacy. purchases.

How to use the HSBC Cash Rewards Mastercard

Since this card offers a flat 1.5% cash back on everything you buy, you can maximize your rewards by using it for all your everyday purchases and bills. Just be sure to only charge what you can afford to pay when your statement balance is due; you will earn interest at this card’s high variable APR if you have a balance.

If you already make purchases with Hello Fresh, DoorDash, or Lyft as part of your monthly budget, connect your card as your primary payment method to your accounts for additional benefits and discounts. You can also save by paying your cell phone bill with your HSBC Cash Rewards Mastercard — you’ll be eligible for cell phone coverage worth up to $600 when you make a claim.

Comparison of the HSBC Cash Rewards Mastercard with other cards

HSBC Cash Rewards Mastercard® credit card

HSBC Cash Rewards Mastercard® credit card

Editor’s note: (N / A)
  • Introductory bonus:
  • Annual subscription :

    $0

  • Regular APR:

    Variable APR of 12.99%, 16.99% or 22.99%

  • Recommended credit:

    670-850 (good to excellent)

  • Learn more external link icon On the secure site of our partner See rates and fees, Conditions apply.
Wells Fargo Active Cash℠ Card

Wells Fargo Active Cash℠ Card

Editor’s note: (4.6/5)

Is the HSBC Cash Rewards Mastercard right for you?

Editorial independence

As with all of our credit card reviews, our analysis is not influenced by any advertising partnership or relationship.

If you want to earn flat-rate rewards on everything you buy, the HSBC Cash Rewards Mastercard will help you achieve that goal. However, it is not the highest paying fixed cashback card available. Many of our favorite cash back credit cards on the market today offer higher rewards on every purchase in addition to welcome bonuses, added perks and 0% APR introductory periods.

Be sure to compare all of the options you may be eligible for before applying, so you can find the credit card that best suits your spending and long-term budget.

Frequently Asked Questions (FAQ)

How do I redeem my HSBC Rewards points?

Rewards earned with the HSBC Cash Rewards Mastercard can be redeemed for cash back, gift cards, travel or merchandise.

How much are HSBC Mastercard points worth?

The points you earn with this card are worth a penny each. For example, 10,000 cash rewards points can be redeemed for $100 in cash back.

Does the HSBC Cash Rewards Mastercard charge foreign transaction fees?

The HSBC Cash Rewards Mastercard does not charge foreign transaction fees.

Does the HSBC Cash Rewards Mastercard allow balance transfers?

The HSBC Cash Rewards Mastercard allows balance transfers at the regular variable APR. A balance transfer fee of 4% (minimum $10) will apply.

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