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HSBC Cash Rewards Mastercard® credit card review

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A solid no-annual-fee card with a solid cashback signup bonus and $0 foreign transaction fees.

  • Get this card if you want a simple rewards card with no annual fee.
  • Pick something else if you’re looking for travel rewards or more powerful cash back options.
  • Recommended good to excellent credit score of 700 to 850.

Up to 3%

Cash back

$0

Annual fee

0%

Intro purchase APR

for the first 12 months (then 13.99% to 23.99% variable)

0%

Intro balance transfer

for the first 12 months (then 13.99% to 23.99% variable)

Details

Annual fee$0
Welcome Offer3% cash back bonus on up to $10,000 in the first 12 months, then 1.5%
Rewards3% cash back on up to $10,000 in the first 12 months, then 1.5% on all purchases
Purchase APR0% intro for the first 12 months (then 13.99% to 23.99% variable)
Balance transfer APR0% intro for the first 12 months (then 13.99% to 23.99% variable)
Recommended minimum credit score700
IssuerMastercard
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Review by


Kevin Joey Chen is a credit cards, banking and investments writer whose work and analysis have appeared on CNN, U.S. News & World Report, Business.com, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order by expertly navigating cutting-edge financial tools — including credit cards, apps and budgeting software.

Expert review

The HSBC Cash Rewards Mastercard® credit card offers solid cash back and a simple rewards structure. Though the rewards rate may be less than some competitor offers, you won’t pay an annual fee to own this card.

The card does have a penalty APR, but it redeems itself with a good cashback signup bonus, no foreign transaction fees and solid travel and shopping benefits.

How to apply for the HSBC Cash Rewards Mastercard® credit card

How long will it take to be approved?

You’ll typically hear back about your application within two weeks.

I got the card. Now what?

  • Make timely payments. Pay your card bill online at the HSBC website, where you can also enroll in autopay.
  • Avoid interest. After the close of each billing cycle, you have a grace period of 25 days to pay your purchase balance. If you do, you won’t pay interest.
  • Avoid fees. Late and returned payments come with hefty fees of up to $39. Balance transfers and cash advances also come with fees.
  • Customer service. If you have questions, contact HSBC customer service at 888-385-8916.

How do I redeem rewards from the HSBC Cash Rewards Mastercard® credit card?

Log in to your Personal Internet Banking Account at the HSBC website. You can redeem your cash back for:

  • A credit to your account balance.
  • Gift cards in dining, entertainment, shopping and travel.
  • Merchandise, including luggage, electronics, sports gear, kitchenware and more.
  • Travel rewards, including flights, car rentals, hotels, ground transportation and experiences.

The perks

  • No annual or foreign transaction fees.
    You won’t pay to use this card when you travel abroad.
  • Signup bonus: 3% cash back.
    Earn an intro 3% cash back on up to $10,000 in purchases for your first 12 months. After that, you’ll earn 1.5% cash back on all purchases.
  • Intro APR: On purchases and balance transfers.
    Enjoy a 0% intro APR on purchases and balance transfers for the 12 months. After that, your APR reverts to 13.99% to 23.99% variable based on your creditworthiness.
  • Cash back on all purchases.
    Earn unlimited 1.5% cash rewards on all purchases.

How much cashback rewards can I earn with the HSBC Cash Rewards Mastercard® credit card?

The HSBC Cash Rewards Mastercard® credit card has a simple rewards structure: 1.5% cash back on all purchases. Here’s the cash back you’d earn based on a simple sample budget:

  • $1,000 a month x 1.5% cash back = $180 cash back a year

You’ll also like …

  • Travel benefits.
    Get access to MasterAssist travel planning, roadside assistance, rental car insurance and travel accident insurance.
  • Shopping benefits.
    Enjoy extended warranties, purchase protection and price protection when shopping.
  • $0 liability for unauthorized purchases.
    If your card is used fraudulently, you won’t be on the hook for payment.

What to watch out for

  • Potentially high APR.
    Depending on your credit, you may see approval for a purchase and balance transfer APR as high as 13.99% to 23.99% variable.
  • Penalty APR.
    If you pay late, you may be assessed a penalty APR of 29.99% variable that applies for at least six months.
  • No grace period on balance transfers.
    You’ll pay the APR as soon as you make your balance transfer.
  • Higher APR for cash advances.
    Cash advances come with a 24.99% variable APR and no grace period on interest.
  • Other fees.
    The card has no annual or foreign transaction fees, but you’ll pay fees for balance transfers and cash advances.
  • Penalty fees.
    You’ll pay up to $39 for each late payment and up to $39 for each returned payment.

Compare similar cashback credit cards

Name Product Welcome offer Rewards Annual fee Filter values
Blue Cash Preferred® Card from American Express
20% back on Amazon.com purchases in the first 6 months for up to $200 back, plus $150 statement credit after you spend $3,000 in the first 6 months
6% on select US streaming services, 3% on transit and US gas stations, 6% at US supermarkets on up to $6,000 annually, then 1% after that and on all other purchases (redeem as statement credit)
$0 intro annual fee for the first year ($95 thereafter)
Perfect for families: Earn up to 6% cashback as statement credit on everyday purchases and a big welcome offer for a cashback card. This heavy-hitter rewards card has uncontested value. Terms apply, see rates & fees
Blue Cash Everyday® Card from American Express
20% back on Amazon.com purchases in the first 6 months for up to $150 back, plus $100 statement credit after spending $2,000 within the first 6 months
2% at US gas stations and select US department stores, 3% at US supermarkets on up to $6,000 per year, then 1% after that and on all other purchases (redeem as statement credit)
$0
This everyday cashback card offers a higher than average welcome offer for no annual fee, letting you earn 20% back on Amazon.com purchases in the first 6 months for up to $150 back, plus $100 after you spend $2,000 in the first 6 months. Terms apply, see rates & fees
Chase Freedom Unlimited®
$200 after spending $500 in the first 3 months
5% cash back on travel purchased through Chase, 5% on Lyft, 3% on dining and drugstores and 1.5% on all other purchases
$0
This solid 1.5% cashback card gets even better with the addition of up to 5% back in categories like travel, drug stores and dining.
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What should I know before I apply?

To apply for the HSBC Cash Rewards Mastercard® credit card, you must be at least 18 years old.

Information you’ll need

  • Full name and contact information
  • Residential status
  • Annual income and employment information
  • Social Security number, date of birth and mother’s maiden name

What credit score do I need?

You’ll have a better chance of approval for the HSBC Cash Rewards Mastercard® credit card if you apply with a good to excellent credit score of 700 or higher.

Bottom line

You may find better cash back with cards like the Citi® Double Cash Card or Bank of America® Cash Rewards Credit Card. But the HSBC Cash Rewards Mastercard® credit card is a formidable card in its own right, offering 1.5% cash rewards with no annual fee.

If this card doesn’t fit your needs, compare other rewards credit cards to find one that’s right for you.

Our guide to cash back credit cards

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