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HSBC Cash Rewards Mastercard review
Get a welcome bonus and mobile device insurance when you sign up for this fee-free cashback card.
The HSBC Cash Rewards Mastercard lets you earn cash to put towards eligible HSBC products. You’ll earn 1.5% for eligible online purchases, 1% for gas, grocery and drugstore purchases and 0.5% for everything else. This card comes with no annual fee, a generous welcome bonus and mobile device insurance.Â
Get this card if you’re looking for a fee-free cashback card that comes with a welcome bonus and mobile device insurance.
Choose something else if you want a higher cashback value or you’d like to earn travel rewards.
There are no income requirements to qualify for the HSBC Cash Rewards Mastercard.
The basics
The HSBC Cash Rewards Mastercard is free to use and just about anyone can qualify. It comes with the following benefits:
Foundational cashback. Collect 0.5% cashback for every purchase you make.
Accelerated cashback. Earn 3x the cashback (1.5%) when you shop online and 2x the cashback (1%) when you make gas, grocery or drugstore purchases.
Welcome bonus. Earn an additional 12.50% cash back on all purchases (up to $1,000 in total purchases). Conditions apply. Valid until May 31, 2023.
Purchase protection. Get 90-day purchase protection or double the manufacturer’s warranty (up to 1 extra year) for consumer goods you buy with your card.
Mobile device protection. Reclaim up to $1,000 if your eligible mobile device is lost, stolen, accidentally damaged or breaks due to a mechanical failure.
The perks
Optional travel medical. Pay $69 each year to access emergency travel medical, trip cancellation/interruption, hotel/motel burglary and baggage insurance.
Flexible redemption. Use your cashback to pay down your HSBC mortgage or Mastercard, or put the money you earn into your HSBC savings account.
Free additional cards. Pay $0 for every additional cardholder you add to your account (up to a maximum of 4 additional cards).
Security features. Protect yourself against fraud with zero-liability coverage and advanced chip and pin technology.
Easy to pay. Link your card with Apple Pay or set up contactless payment on your phone to pay in one easy swipe.
24/7 support. Call HSBC at any time of day or night to troubleshoot issues with your account.
What to watch out for
High interest. You’ll pay as much as 20.99% interest for purchases and 22.99% for cash advances and balance transfers.
Small return. You’ll only earn about half a cent for every dollar you spend on regular purchases, which can take a long time to add up.
Fee for travel medical. You’ll need to pay an annual fee of $69 plus tax to get comprehensive travel insurance added to your card.
Caps on earnings. You can only earn 1.5% for online purchases up to $6,000 after which your earnings will revert to 1% or 0.5% (depending on what you’re buying).
Foreign transaction fees. You’ll pay a rate of 2.5% when you make purchases (or returns) in a foreign currency.
HSBC Cash Rewards Mastercard interest rates
Interest Type
Interest Rate
Purchase interest rate
20.99%
Cash advance rate
22.99%
What should I know before I apply?
Eligibility requirements
To apply for an HSBC Cash Rewards Mastercard, you’ll need to meet the following criteria:
Be a Canadian citizen or permanent resident
Be the age of majority in your province (18 or 19 years old depending on where you live).
You will also need to provide the following documents and information:
Your name, residential status and contact information
Your Social Insurance Number and date of birth
Your email address and phone number
A valid piece of ID such as a passport or driver’s licence
How to apply
Visit HSBC’s website to start the online application.
Complete the application, which includes providing your name, email address, Social Insurance Number and birth date.
Review and submit your application.
Bottom line
The HSBC Cash Rewards Mastercard may be a good fit for customers who want to earn cashback and already spend a decent amount of money online. This card comes with a welcome bonus and mobile device insurance. Just be aware that it also comes with slightly higher interest rates and you’ll earn less cashback than with many other cards.
Frequently asked questions about the HSBC Cash Rewards Mastercard
It’s free to sign up for an HSBC Cash Rewards Mastercard. The only way you’ll need to pay for this card is if you add comprehensive travel insurance to your bill, which will cost you $69 plus tax per year.
All you need to do to qualify for 14% cash back in your first 6 months and keep your account open for 180 days. If you cancel your card within the first 6 months of signing up, you won’t get your welcome bonus. You also won’t qualify for this offer if you’re a repeat customer.
That depends on where and how much money you spend. For example, you would earn the following amounts if you spent $1,000 per month in the following categories for 12 months:
Online purchases
$180
Gas, grocery and drugstore purchases
$120
Regular purchases
$60
Yes, you can apply online. Just go to the HSBC website to be redirected to an application.
Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee.
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