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HSBC Cash Rewards Mastercard® credit card: Worth Applying For?

HSBC Cash Rewards Mastercard® credit card: Worth Applying For?

A great cash back rewards credit card.
Editor's Rating: 4.5/5.0
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Editor's Rating

{"onCurrent":true,"message":"Our team rates credit cards objectively based on independent research, the features the credit card offers users, and how it compares with other available cards in its category. The ratings are the opinion of our editors, and are not influenced by any outside factors, including any compensation the site may receive from certain advertisers."}

4.5/5.0

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer.

The recently released HSBC Cash Rewards Mastercard® credit card is a very good cash back credit card and worth your consideration. The 10% anniversary bonus puts this card above most of the other cards in the 1.5% cash back category. Despite how good this card can be, we urge readers to still check out other options, as it's possible another card will be a better fit for your particular goals.

Review: Should You Apply For The HSBC Cash Rewards Mastercard® credit card

The HSBC Cash Rewards Mastercard® credit card is one of the better cash back credit cards currently available, largely thanks to its 10% anniversary bonus. The card awards 1.5% cash back on all purchases, which is generally standard these days. However, every year you get a 10% bonus on all the cash back you've earned, effectively boosting the rewards rate to 1.65%. At that level it rivals two cards that have long been considered the gold standard, the Chase Freedom Unlimited® and the Citi® Double Cash Card.

Currently, the HSBC Cash Rewards Mastercard® credit card also offers a highly competitive bonus that makes signing up extremely appealing. Cardholders earn 3% Cash Back on all purchases in the first 12 months from account opening, up to the first $10,000 in purchases.

Bottom Line: The HSBC Cash Rewards Mastercard® credit card is a very good cash back credit card. It's one of the best reward cards in HSBC's lineup. However, we still recommend checking out other options because you may find a better fit elsewhere.

HSBC Cash Rewards Mastercard® credit card Benefits & Features

The primary benefit of getting the HSBC Cash Rewards Mastercard® credit card is the cash back you get to earn on every purchase. Users get 1.5% cash back everywhere they shop, plus a 10% anniversary bonus on all the cash back earned. This effectively boosts this card's rewards rate to 1.65%.

On HSBC's Secure Website

HSBC Cash Rewards Mastercard® credit card

On HSBC's Secure Website
Earn an Introductory 3% Cash Back on all purchases in the first 12 months from Account opening, up to the first $10,000 in purchases
  • Earn unlimited 1.5% cash rewards on all purchases.
  • Earn an Introductory 3% Cash Back on all purchases in the first 12 months from Account opening, up to the first $10,000 in purchases
  • 10% Anniversary Bonus on all Cash Rewards earned once a year.
  • No Annual Fee.
  • 0% Intro APR for 12 months on purchases and balance transfers, then a 15.24%, 19.24% or 25.24% variable APR.
  • No Foreign Transaction Fees.
  • $0 liability for unauthorized purchases.
  • Terms Apply.
  • See Rates & Fees
  • Earn unlimited 1.5% cash rewards on all purchases.
  • Earn an Introductory 3% Cash Back on all purchases in the first 12 months from Account opening, up to the first $10,000 in purchases
  • 10% Anniversary Bonus on all Cash Rewards earned once a year.
  • No Annual Fee.
  • 0% Intro APR for 12 months on purchases and balance transfers, then a 15.24%, 19.24% or 25.24% variable APR.
  • No Foreign Transaction Fees.
  • $0 liability for unauthorized purchases.
  • Terms Apply.
  • See Rates & Fees
Annual Fee
$0
Regular APR
Variable APR of 15.24%, 19.24% or 25.24% will apply after the Introductory Period
Credit Needed
{"onCurrent":true,"message":"There are various types of credit scores. Each creditor uses a variety of different types of credit scores to make lending decisions."}
Good/Excellent
Editor's Rating
{"onCurrent":true,"message":"Our team rates credit cards objectively based on independent research, the features the credit card offers users, and how it compares with other available cards in its category. The ratings are the opinion of our editors, and are not influenced by any outside factors, including any compensation the site may receive from certain advertisers."}

The HSBC Cash Rewards Mastercard® credit card has a great sign-up bonus: Earn 3% Cash Back on all purchases in the first 12 months from Account opening, up to the first $10,000 in purchases.

Besides the cash back benefits, the card also doesn't charge any foreign transaction fees. This means that if you swipe your card when traveling abroad there are no additional charges tacked onto your bill. This is different from most credit cards that would charge you around 3%.

How Does The HSBC Cash Rewards Mastercard® credit card Compare to Other Credit Cards?

When evaluating a credit card, it's always best to consider all available options. That's why we took the time to compare the HSBC Cash Rewards Mastercard® credit card to other cash back credit cards. Take a look at the following options before you apply.

HSBC Cash Rewards Mastercard® credit card vs Chase Freedom Unlimited®

The Chase Freedom Unlimited® is another 1.5% cash back credit card. Without the 10% bonus, however, the Chase card is not a preferred choice for those who are only signing up for one credit card. The Chase Freedom Unlimited® will only be better than the HSBC Cash Rewards Mastercard® credit card if sign up for either the Chase Sapphire Reserve® or the Chase Sapphire Preferred® Card at some point in the future. The Chase Freedom Unlimited®'s value increases when paired with either of those two cards because it unlocks more options for using your rewards.

Instead of awarding pure cash back, like the HSBC Cash Rewards Mastercard® credit card, the Chase Freedom Unlimited® gives you Ultimate Rewards points on every purchase. When the Chase Freedom Unlimited® is your only card, those points are good for getting cash back at its advertised 1.5% rewards rate. However, when you pair it with one of the two travel cards mentioned above, you can transfer your points to one of 11 airline or hotel loyalty programs. That greatly boosts the rewards rate on the Chase Freedom Unlimited® well beyond 1.5%. At that point, it will easily outperform the HSBC Cash Rewards Mastercard® credit card.

Highlights

  • 1.5% cash back on all purchases.
  • Part of Chase Ultimate Rewards.
  • New cardmembers can earn 3% cash back on all purchases in the first year for up to $20,000 spent.
  • Read Full Review.

HSBC Cash Rewards Mastercard® credit card vs Citi® Double Cash Card

The Citi® Double Cash Card is a much better credit card in the long run because of its higher overall rewards rate. The card gives cardholders 1% cash back, and another 1% when a purchase is paid off—effectively working out to 2%. That is significantly more cash back than the 1.65% you'll get through the HSBC Cash Rewards Mastercard® credit card.

The one flaw on the Citi® Double Cash Card is that it has no bonus. That significantly reduces its short-term value. Due to that, the HSBC Cash Rewards Mastercard® credit card will be the better card in the short run between the two.

Highlights

  • 1% cash back when you make a purchase, and another 1% when a purchase is paid off.
  • No bonus.
  • 3% foreign transaction fee.
  • Read Full Review.

HSBC Cash Rewards Mastercard® credit card vs Discover it® Cash Back

The Discover it® Cash Back is one of our favorite cash back credit cards and it has one of the highest reward potentials. The Discover it® Cash Back awards 5% cash back in select categories that rotate each quarter, on up to $1,500 in purchases OR up to the quarterly maximum each time you activate. If 16% of your annual purchases throughout the year fall within this 5% threshold, you'll come out ahead of the HSBC Cash Rewards Mastercard® credit card. Below, we've included the 5% rotating bonus calendar for 2019.

January-MarchApril-JuneJuly-SeptemberOctober-December
Grocery storesGas stations, Uber & LyftRestaurants and PayPalAmazon.com, Target & Walmart.com

Furthermore, the Discover it® Cash Back is currently running one of the best bonuses around. For new cardmembers, Discover will double all the cash back you've earned at the end of your first year. For anyone routinely shopping in stores that get them the full 5%, this bonus will be much better than the rewards you get through the HSBC Cash Rewards Mastercard® credit card.

Highlights

  • Earn 1% cash back on all other purchases.
  • Free Social Security number alerts.
  • Read Full Review.

Comparison Tool

Enter your spending details into our tool below to learn how the HSBC Cash Rewards Mastercard® credit card compares to other offers.

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Comments and Questions

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). ValuePenguin does not include all financial institutions or all products offered available in the marketplace.

How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).