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|Earn 1.5% cash rewards on all purchases||Some other cards offer better cash back earnings rates|
|Earn 3% cash back on all purchases in the first 12 months from account opening (on up to the first $10,000 in purchases)||Limited redemption options|
|10% cash rewards bonus on your card anniversary|
|No annual fee|
|0% introductory APR on purchases and balance transfers for the first 12 months|
What you need to know about the HSBC Cash Rewards Mastercard® credit card
1.5% cash rewards earning rate
The HSBC Cash Rewards Mastercard® credit card offers a decent 1.5% cash rewards earnings rate on all purchases. The cash rewards earnings structure is simple and allows you to earn unlimited cash rewards with no expiration dates and no annual fee, which means you don’t have to worry about juggling things like bonus categories, rotating categories or cash rewards limits.
And for the first 12 months from account opening, you can earn 3% cash back on all purchases (on up to the first $10,000 in purchases).
10% anniversary bonus on all cash rewards earned
This card offers a 10% anniversary bonus on all cash rewards earned each year. This means you actually earn 1.65% cash rewards on all purchases after your anniversary bonus posts to your rewards program account.
Even so, your total cash rewards rate with the HSBC Cash Rewards Mastercard® credit card can still be beaten by a handful of competing cash back credit cards. This includes the Citi® Double Cash Card, which offers 2% cash back: 1% when you make your purchases, and another 1% when you pay them off.
Intro 0% APR offers aren’t best in class
Balance transfer intro APR: The HSBC Cash Rewards Mastercard® credit card does come with a balance transfer offer: 0% intro APR on balance transfers for the first 12 months of account opening (then a variable APR of 15.24%, 19.24% or 25.24%). Balance transfers must be posted within the first 60 days of account opening.
This is a decent amount of time to be able to work on paying down your debt, but you’ll have to pay a balance transfer fee of 4% (minimum $10). You can find better intro APR offers out there — our favorite balance transfer cards include several that can earn you cash back on your card purchases (although we don’t recommend making purchases until you’ve paid down your debt).
Purchase intro APR: The HSBC Cash Rewards Mastercard® credit card also offers an intro 0% APR on purchases for the first 12 months from account opening (then a variable APR of 15.24%, 19.24% or 25.24%).
Limited redemption options
HSBC offers several ways to redeem your cash back, but two methods stand out.
Statement credit: One way to redeem your cash rewards is by requesting a statement credit. When we contacted HSBC on Feb. 20, 2019, a company representative told us that statement credit redemptions start at $25, which means you have to have built up enough cash rewards to hit that minimum before you can start redeeming.
Direct deposit: You can also redeem your cash rewards for a direct deposit if you have an HSBC Bank consumer checking or savings account.
These are both relatively straightforward redemption options, but some other cash rewards credit cards allow you to redeem your cash back into a bank account at other institutions or for any dollar amount with no minimums.
Who this card is good for
The HSBC Cash Rewards Mastercard® credit card is a good option if you’re looking to dip your toe into the cash back world with a solid card that can earn you rewards on your everyday spending — particularly if you already have a banking relationship with HSBC Bank.
Keeping all of your accounts, including your credit card, at one bank can make your finances easier to manage.Check out our top picks for HSBC credit cards
The HSBC Cash Rewards Mastercard® credit card offers a simple earnings structure, unlimited rewards, no expiration dates and no annual fee — all of which can help make managing these rewards easy.
These features, along with the anniversary bonus, make this card a solid contender for a spot in your wallet, especially for those new to credit card rewards.
But if you don’t already have a relationship with HSBC Bank or you don’t mind exploring options at other banks, other cards can give you an opportunity to earn even more cash rewards.
Not sure this is the card for you? Consider these alternatives.
If you want to earn cash back but want to get a better rate that suits your particular spending patterns, consider these other cards.
- Citi® Double Cash Card: This card is a good option if you’re looking to boost your cash back for your everyday spending. Read our review of the Citi® Double Cash Card to learn more.
- Chase Freedom®: This card could be a good choice if you don’t mind tracking rotating categories. Find out more in our review of the Chase Freedom®.
- Bank of America® Cash Rewards credit card: This card could be a good fit if you spend a significant amount of money in a single bonus category. Learn more in our review of the Bank of America® Cash Rewards credit card.