Credit Cards

HSBC Cash Rewards Mastercard Review

Editorial IndependenciaWe want to help you make more informed decisions. Some clearly marked links on this page may take you to a partner website and may earn us a referral fee. For more information, see How we make money. HSBC Cash Rewards Mastercard® Credit Card Editor’s Score: (N/A)

Editor’s Score: (N/A)

Last updated January 14, 2022

All reviews are prepared by NextAdvisor staff. The opinions expressed therein are solely those of the reviewer. Information, including card rates and fees, presented in the review is accurate as of the review date.

Reward rate:

10% anniversary bonus on all cash rewards earned once a year. Earn 3% cash back on all purchases in the first 12 months from account opening, up to the first $10,000 in purchases. Get unlimited 1.5% cash back on all purchases.

NextAdvisor’s Take

advantages

  • Unlimited 1.5% Flat Rewards
  • Additional discounts with select retailers
  • No annual fee

Cons

  • No welcome bonus
  • No introductory APR
  • High continuous APR

The bottom line

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

Additional card details

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

HSBC Cash Rewards Mastercard Full Review

card type

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

Annual quota

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 other cash back credit cards.

rewards

You’ll earn 1.5% cash back on all purchases you load onto your HSBC Cash Rewards card.

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

Rate

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

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

Other benefits

This card comes with some unique benefits and features, including a $5 credit for every three Lyft rides you take, discounts on 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, please add this card as your preferred payment method in your Lyft account. You’ll earn a $5 Lyft credit for every three rides you take.

Plus, you’ll get up to $600 worth of cell phone coverage per claim, purchase guarantee against damage or theft, and up to $1 million in travel accident insurance. Also included is access to enhanced experiences like Mastercard airport concierge access and car rental coverage.

Benefits of 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 right for you. 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.

Drawbacks of HSBC Cash Rewards Mastercard

There are many reasons to look for 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 earn a 0% introductory APR on qualifying purchases and balance transfers for 15 months from account opening (followed by a variable APR from 14.99% to 24.99%).

The HSBC Cash Rewards Mastercard is one of the few cash back credit cards that doesn’t offer a sign-up bonus or welcome offer of any kind.

In contrast, 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 get not only 1.5% cash back on regular spend, but also 5% cash back on rides booked through Chase, 5% cash back on Lyft rides (through March 2022), and 5% cash back on rides booked through Chase. 3% in restaurants and pharmacies 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 load what you can afford when your statement balance is due; you’ll accrue interest at this card’s high variable APR if you carry a balance.

If you already make purchases with Hello Fresh, DoorDash, or Lyft as part of your monthly budget, connect your card as a 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 up to $600 worth of cell phone coverage when you file a claim.

HSBC Cash Rewards Mastercard compared to other cards

More information external link icon

HSBC Cash Rewards Mastercard® Credit Card

Editor’s Score: (N/A)

Editor’s Score: (N/A)

Last updated January 14, 2022

All reviews are prepared by NextAdvisor staff. The opinions expressed therein are solely those of the reviewer. Information, including card rates and fees, presented in the review is accurate as of the review date.

  • Introductory Offer:
  • Annual quota:

    $0

  • ordinary APR:

    Variable APR of 12.99%, 16.99% or 22.99%

  • Recommended Credit:

    670-850 (Good to Excellent)

  • Learn moreexternal link icon On our partner’s secure site View Rates & Charges, terms apply.

More information external link icon Wells Fargo Active Cash℠ Card

Wells Fargo Active Cash℠ Card

Editor’s Score: (4.6/5)

Editor’s Score: (4.6/5)

bounty rate: 5.0

welcome bonus: 4.5

annual fee: 5.0

other cost rates: 3.0

intro april: 5.0

other benefits: 3.5

simplicity: 5.0

April in progress: 3.0

Last updated January 14, 2022

All reviews are prepared by NextAdvisor staff. The opinions expressed therein are solely those of the reviewer. Information, including card rates and fees, presented in the review is accurate as of the review date.

More information external link icon Chase Freedom Unlimited®

Chase Freedom Unlimited®

Editor’s Score: (4.7/5)

Editor’s Score: (4.7/5)

bounty rate: 5.0

welcome bonus: 5.0

annual fee: 5.0

other cost rates: 4.0

intro april: 4.0

other benefits: 5.0

simplicity: 3.0

annual percentage rate: 3.0

Last updated January 14, 2022

All reviews are prepared by NextAdvisor staff. The opinions expressed therein are solely those of the reviewer. Information, including card rates and fees, presented in the review is accurate as of the review date.

  • Introductory Offer:Earn an extra 1.5% cash back
  • Annual quota:

    $0

  • ordinary APR:

    14.99% – 23.74% Variable

  • Recommended Credit:

    670-850 (Good to Excellent)

  • Apply Nowexternal link icon On Chase’s secure site

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 association or advertising 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’s not the highest earning flat cash back card available. Many of our favorite cash back credit cards in today’s market offer higher rewards on every purchase, plus welcome bonuses, extra benefits, and 0% introductory APR periods.

Be sure to compare all the options you may qualify for before you apply, so you can find the credit card that best fits 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 one cent each. For example, 10,000 cash rewards points can be redeemed for $100 in cash back.

Does the HSBC Cash Rewards Mastercard charge fees for foreign transactions?

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% ($10 minimum) will apply.

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