HSBC Cash Rewards Mastercard review | finder.com

HSBC Cash Rewards Mastercard® credit card review

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HSBC Cash Rewards Mastercard® credit card Learn more Apply now

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  • Clicking Apply now will take you to your online application on the bank's website. You do not need to be an existing customer of this bank to apply.
  • Your application will typically take you no more than 10-15 minutes to complete
  • Once approved, you will typically receive your credit card within 1-2 weeks
Click here to start your application >>

A solid no-annual-fee card with impressive cash back, a good 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 670 to 850.
Product NameHSBC Cash Rewards Mastercard® credit card
Card TypeMastercard
Annual Fee$0
Standard Purchase APR15.24%, 19.24% or 25.24% variable
Intro Purchase APR0% for the first 12 months (then 15.24%, 19.24% or 25.24% variable)
Standard Balance Transfer APR15.24%, 19.24% or 25.24% variable
Intro Balance Transfer APR 0% for the first 12 months (then 15.24%, 19.24% or 25.24% variable)
Balance Transfer Fee$10 or 4% of the transaction, whichever is greater
Cash Advance Rate27.24% variable
Cash Advance Fee$10 or 4% of the cash advance amount, whichever is greater
Foreign Transaction FeeNone
Interest Free PeriodUp to 25 days
Late Payment FeeUp to $37
Returned Payment FeeUp to $25
Additional Cardholder Fee$0
Rates & FeesRates & Fees
Minimum Age18 years of age
Rewards3% cash back on up to $10,000 in the first 12 months, then 1.5% on all purchases
Base Rewards1.5% cash back
Rewards Points ExpiryNever

The basics

The HSBC Cash Rewards Mastercard® credit card offers solid cash back: unlimited 1.5% cash rewards on all purchases. That’s less generous than, say, the Citi® Double Cash Card — but you won’t pay an annual fee for it. And if you like simple rewards, you might prefer the HSBC Cash Rewards Mastercard® credit card over a tiered cashback card like the Bank of America® Cash Rewards credit card.

The card has a penalty APR when the HSBC Gold Mastercard® credit card doesn’t.

However, the HSBC Cash Rewards Mastercard® credit card redeems itself with a good cashback signup bonus, no foreign transaction fees, solid travel and shopping benefits and a 10% anniversary bonus on all cash rewards earned once a year.

The perks

  • No annual fee or foreign transaction fees.
    Use the card as much or as little as you want without worrying about an annual fee. Also, use the card internationally without incurring fees.
  • 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 15.24%, 19.24% or 25.24% variable based on your creditworthiness.
  • CASH BACK: On all purchases.
    Earn unlimited 1.5% cash rewards on all purchases.
  • Anniversary bonus on cash rewards.
    Earn a 10% anniversary bonus on all cash rewards earned once a year.

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
  • 10% Anniversary Bonus: $180 x 10% = $18 cash back

In total, you’d earn $198 cash back in 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 15.24%, 19.24% or 25.24% variable.
  • Penalty APR.
    If you pay late, you may be assessed a penalty APR of 32.24% variable. This APR applies for at least six months.
  • No grace period on balance transfers.
    HSBC offers an interest grace period for purchases only.
  • Higher APR for cash advances.
    Cash advances come with a 27.24% 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 $37 for each late payment and up to $25 for each returned payment.
Apply now

Compare similar cashback credit cards

Name Product Welcome Offer Rewards Annual Fee Filter values
$150 after spending $1,000 in the first 3 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
$0
Earn a $150 bonus statement credit after you spend $1,000 on purchases in the first 3 months. Rates & fees
3% cash back bonus on up to $10,000 in the first 12 months, then 1.5%
3% cash back on up to $10,000 in the first 12 months, then 1.5% on all purchases
$0
Earn 3% cash back on up to $10,000 in the first 12 months, then 1.5% on all purchases. See Rates and Fees.
$150 after spending $1,000 in the first 3 months
1.5% cash back on all purchases
$0
Earn a $150 statement credit after you spend $1,000 or more in purchases with your new card within the first 3 months of card membership. Rates & fees
N/A
1% cash back on all purchases or in categories based on Credit One Bank’s discretion
$0 to $99
Earn 1% cash back on all purchases or in categories based on Credit One Bank’s discretion.
$250 after spending $1,000 in the first 3 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
$95
Earn $250 bonus cash back after you spend $1,000 on purchases in the first 3 months. Rates & fees

Compare up to 4 providers

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 670 or higher.

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 $37. 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.

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.

Our guide to cash back credit cards

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