Variable APR14.74%, 18.74% or 24.74%
Cash Advance APR26.74%
Rewards Rate1.5% Unlimited Cash Back on all purchases
Intro APR0% introductory APR on balance transfers for 15 months
Bonus Offers$150 cash back after spending $500 or more in the first 3 months
$150 Cash Back after spending $500 or more in new card purchases during the first 3 months from Account opening.
0% Introductory APR on Balance Transfers for the first 15 months from Account opening. After that, a competitive variable APR of 14.74%, 18.74% or 24.74% will apply.
1.5% Unlimited Cash Back on all purchases.
10% Anniversary Bonus on all Cash Rewards earned each year.
No Annual Fee.
No Foreign Transaction Fees.
- Get a sign-up bonus worth $150
- Pay no interest on balance transfers for 15 months
- Travel perks include no foreign transaction fees, lost luggage coverage, and travel accident insurance
- 0% APR promotion doesn't include purchases
- Charges an above-average balance transfer fee
Application Process: Apply online, and get a decision within 60 seconds or less.
Rewards: Earn 1.5% cash on all purchases. Also, get a 10% anniversary bonus on all cash rewards earned each year, effectively increasing your rewards rate to 1.65%.
Bonus Offers: Earn $150 cash back after you spend $500 in the first three months after opening your account.
APR: 0% introductory APR on balance transfers for the first 15 months. After that, 14.74%, 18.74% or 24.74% variable APR.
Annual Fee: None.
The HSBC Cash Rewards Mastercard® Credit Card provides cardholders with a decent sign-up bonus, a solid rewards rate, and a long 0% APR promotion on balance transfers.
Read on to learn more about the HSBC Cash Rewards Mastercard® Credit Card and find out whether it’s right for you.
HSBC Cash Rewards Mastercard® Credit Card review
The HSBC Cash Rewards Mastercard® Credit Card is one of the best credit cards HSBC has to offer. You’ll earn a high flat rewards rate on all of your purchases, with a chance to get an extra anniversary bonus each year.
You’ll also get a couple of introductory offers when you first get the card. One is a cash sign-up bonus, and the other is a long 0% APR promotion on balance transfers.
It doesn’t offer a similar benefit for new purchases, though, and the card’s balance transfer fee is a bit higher than the average. But depending on how you plan to use the card, it could still be worth your while.
HSBC Cash Rewards Mastercard® Credit Card rewards and perks
The card starts you off with a $150 cash bonus after you spend $500 in the first three months with the card. You’ll also earn 1.5% cash back on every purchase you make. That puts the card on par with some of the best cash-back credit cards on the market.
What’s more, you’ll get a 10% rewards bonus every year you have the card. So, if you spend $30,000 over the year, you’ll have earned $450 during that time. When your card anniversary hits, you’ll get an extra $45, essentially putting your rewards rate at 1.65% instead of 1.5%.
The card is also a good option if you want to transfer a balance from a high-interest credit card. Just move your balance over, and you’ll have 15 months to pay it off interest-free.
The only drawback is that you have to pay a relatively high balance transfer fee to process the transaction.
HSBC Cash Rewards Mastercard® Credit Card benefits
While the card’s rewards rate makes it competitive with more popular cash-back credit cards, some benefits could make it more worthwhile for some cardholders than others.
For starters, it doesn’t charge a foreign transaction fee. This feature makes it possible to use the card internationally without incurring an extra fee every time you do. Most cash-back credit cards that charge the fee put it at 3% of the transaction amount.
This means that if you spend $1,000 in Germany, you’ll owe a $30 fee just for the privilege of using the card outside of the U.S.
The card also offers $1 million worth of travel insurance coverage. This is also uncommon for cash-back credit cards; the benefit is more common among travel credit cards.
Other benefits that the card provides include:
- Roadside assistance
- Concierge service
- Extended warranty protection
- Purchase assurance
- Price protection
- Identity theft resolution services
HSBC Cash Rewards Mastercard® Credit Card costs and fees
While the HSBC Cash Rewards Mastercard® Credit Card offers a lot of value to cardholders, it doesn’t charge an annual fee. The fact that it doesn’t have a foreign transaction fee either makes it a good deal for many.
That said, the card does charge a range of interest rates on purchases, depending on your creditworthiness. It can be anywhere between below-average to well above-average.
You’ll also pay a higher interest rate if you use the card to make a cash advance and its penalty APR — which you’ll pay if you’re late on a payment — is above 30%. In other words, avoid cash advances and always pay your bill on time, preferably in full to avoid interest altogether.
Another thing to keep in mind is the card’s balance transfer fee. At 4% (or $10, whichever is greater), it’s higher than the average of 3%. Also, some balance transfer credit cards don’t charge a balance transfer fee at all. So shop around to make sure you’re saving as much as possible.
Does the HSBC Cash Rewards Mastercard® Credit Card make sense for me?
The HSBC Cash Rewards Mastercard® Credit Card packs a lot of perks into that tiny piece of plastic, and it’s worth considering for anyone who wants a balance transfer promotion and a rewards program.
It’s not great, however, if you’re looking for a card with a 0% APR promotion on new purchases. Also, watch out for cards that may offer better terms for balance transfers.
Be sure to compare it with other top rewards credit cards before applying. Look at all aspects of each card you review, including the rewards, fees, interest, and promotions.
This process can take time, especially if you’re not sure what you want. But over time as you compare different cards, your preferences will become clearer, and it will be easier to find a credit card that will give you the most bang for your buck.