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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. 

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14% cash back

Welcome Offer

$0

Annual Fee

Up to 1.5% cash back

Rewards

30-second take

  • 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. For the first 180 days earn up to 14% cash back on eligible online purchases, 13.5% cash back on eligible gas, grocery and drugstore & 13% cash back on all other everyday purchases. Earn an additional 12.5% cash back on all purchases (up to $1,000 in total purchases). Conditions apply. Valid until October 31, 2022.
  • 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.

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

  1. Visit HSBC’s website to start the online application.
  2. Complete the application, which includes providing your name, email address, Social Insurance Number and birth date.
  3. 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

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