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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

Product NameHSBC Cash Rewards Mastercard® credit card
Card typeMastercard
Annual fee$0
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)
Balance transfer fee$10 or 4% of the transaction, whichever is greater
Cash advance rate24.99% variable
Cash advance fee$10 or 5% of the cash advance amount, whichever is greater
Penalty APR29.99% variable
Foreign transaction feeNone
Interest free periodUp to 25 days
Late payment feeUp to $39
Returned payment feeUp to $39
Additional cardholder fee$0

Expert review

Kevin Joey Chen

Review by


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.

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.

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
Citi® Double Cash Card
N/A
Up to 2% cash back on purchases (1% when you buy plus 1% as you pay)
$0
This one of the most valuable flat cashback cards. It comes with 2% cash back (1% when you buy plus 1% when you pay) and 18 months to pay off transfers.
TD Cash Credit Card
$150 after spending $500 in the first 90 days
3% on dining, 2% at grocery stores and 1% on all other eligible purchases
$0
3% on dining and 2% on groceries make this a valuable card for food purchases. Use it while traveling, too, with no foreign transaction fees. Available in: CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT
CardMatch™ from creditcards.com
See terms
See terms
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Use the CardMatch tool to find cards you're likely to qualify for with your credit score, without a hard pull on your credit.
Credit One Bank® Visa® with Free Credit Score Access
N/A
1% cash back on all purchases or in categories based on Credit One Bank’s discretion
$0 to $99
Get 1% cash back on all purchases or in categories based on Credit One Bank’s discretion.
Credit One Bank® Unsecured Visa® with Cash Back Rewards
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.
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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.

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.

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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