HSBC Cash Rewards Mastercard® credit card review
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%
Intro purchase APR
for the first 12 months (then 13.99% to 23.99% variable)
Intro balance transfer
for the first 12 months (then 13.99% to 23.99% variable)
|Product Name||HSBC Cash Rewards Mastercard® credit card|
|Purchase APR||0% intro for the first 12 months (then 13.99% to 23.99% variable)|
|Balance transfer APR||0% intro for the first 12 months (then 13.99% to 23.99% variable)|
|Balance transfer fee||$10 or 4% of the transaction, whichever is greater|
|Cash advance rate||24.99% variable|
|Cash advance fee||$10 or 5% of the cash advance amount, whichever is greater|
|Penalty APR||29.99% variable|
|Foreign transaction fee||None|
|Interest free period||Up to 25 days|
|Late payment fee||Up to $39|
|Returned payment fee||Up to $39|
|Additional cardholder fee||$0|
Kevin Joey Chen is a credit cards writer whose work and analysis have appeared on CNN, U.S. News & World Report, The Dallas Morning News, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order and expertly navigate the cutting-edge financial tools available -- including credit cards, apps and budgeting software.
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.
- 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
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.
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.
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.