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Kevin Joey Chen is a credit cards writer at finder.com. He's passionate about helping you get your finances in order and travel the world like a pro. He's taken an extended trip around Europe as a digital nomad, gaining firsthand experience with exchange rates, ideal (and not-so-ideal) credit and debit cards, foreign transactions and budgeting strategies. He earned his BA from UC Davis and has written across many niches at Finder, including cryptocurrency, personal loans, car insurance, real estate and money transfers.
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, solid travel and shopping benefits and a 10% anniversary bonus on all cash rewards earned once a year.
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 14.99% to 24.99% 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 14.99% to 24.99% variable.
Penalty APR. If you pay late, you may be assessed a penalty APR of
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 27% 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.
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
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
Click apply now to go to HSBC’s site and apply for the 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.
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.
Cashback signup bonuses are pretty rare, but you’ll see them occasionally with cashback credit cards.
Yes. You’ll usually see a grace period for purchases, but balance transfers and cash advances often accrue interest immediately.
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