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Advertiser Disclosure

Advertiser Disclosure: Some of the card offers that appear on this website are from companies 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). The site does not review or include all companies or all available products.

Disclaimer: The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone. For a full list of our advertisers, see our disclosure page.

Opinions, analyses, reviews, or recommendations expressed here are the author’s alone, and have not been reviewed or endorsed by the issuer. We may be compensated through the issuer’s Affiliate Program. For a full list of our advertisers see our disclosure page.

HSBC Cash Rewards Mastercard Credit Card: Worth Apply For?

93
"A great cash back rewards credit card."

The recently released HSBC Cash Rewards Mastercard® 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®

The HSBC Cash Rewards Mastercard® 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 Credit Card.

Good For…

Bad For…
Consumers looking for a cash back credit card with HSBC.Optimizers who want to get 5% cash back
Anyone who doesn't want to worry about rotating categories.

A graph showing how much the average cardholder can get out of the HSBC Cash Rewards credit card.

Currently, the HSBC Cash Rewards Mastercard® also offers a highly competitive bonus that makes signing up extremely appealing. Cardholders get $150 if they manage to spend at least $500 on the card within the first 3 months of opening the account. This matches the top bonuses we see offered by other credit cards with no annual fee. The HSBC Cash Rewards Mastercard® also throws another bonus on top of that.

Bottom Line: The HSBC Cash Rewards Mastercard® 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® Benefits & Features

The primary benefit of getting the HSBC Cash Rewards Mastercard® 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%.

Annual Fee $0
Purchase APR Variable APR of 14.24%, 18.24% or 24.24%
Card Details
  • Earn unlimited 1.5% cash rewards on all purchases.
  • Earn a $150 cash rewards intro bonus after spending $500 in the first 3 months.
  • 10% Anniversary Bonus on all Cash Rewards earned once a year.
  • No Annual Fee.
  • 0% Intro APR for 15 months on balance transfers, then a 14.24%, 18.24% or 24.24% variable APR.
  • No Foreign Transaction Fees.
  • $0 liability for unauthorized purchases.
  • Terms Apply.

The HSBC Cash Rewards Mastercard® has two bonuses. The first is a standard $150 cash back. Customers qualify for this after spending at least $500 on net card purchases during the first 3 after opening the account. Only purchases count towards that $500 minimum. Other types of transactions, such as cash advances and balance transfers, do not.

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® 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® to other cash back credit cards. Take a look at the following options before you apply.

HSBC Cash Rewards Mastercard® 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® 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®, 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®.

Highlights

  • 1.5% cash back on all purchases.
  • Part of Chase Ultimate Rewards.
  • $150 cash back when you spend at least $500 on purchases within 3 months.
  • Read Full Review.

HSBC Cash Rewards Mastercard® vs Citi® Double Cash Credit Card

The Citi® Double Cash Credit 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®.

The one flaw on the Citi® Double Cash Credit Card is that it has no bonus. That significantly reduces its short-term value. Due to that, we estimate the HSBC Cash Rewards Mastercard® will actually come out ahead until you spend about $57,000. If it will take you several years to spend that much, you should consider applying for the HSBC Cash Rewards Mastercard® first.

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® vs Discover it® ­- Cashback Match™

The Discover it® ­- Cashback Match™ is one of our favorite cash back credit cards and it has one of the highest reward potentials. The Discover it® ­- Cashback Match™ awards 5% cash back in select categories that rotate each quarter, on up to $1,500 in purchases. In October through December 2017, for example, the bonus categories include Amazon.com and Target. 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®.

Furthermore, the Discover it® ­- Cashback Match™ is currently running one of the best bonuses around. 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 even the reward you get through the HSBC Cash Rewards Mastercard®.

Highlights

  • 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter.
  • Earn 1% cash back on all other purchases.
  • Free Social Security number alerts.
  • Read Full Review.

Comments and Questions

* See the online credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the "Apply Now" button, you can review the credit card terms and conditions on the issuer's website.

Info about the following cards: American Express® Gold Card, Delta Reserve® Credit Card from American Express, Platinum Delta SkyMiles® Credit Card, Hilton Honors™ Card from American Express, Hilton Honors Surpass® Credit Card, American Express® Blue Sky, American Express® Green Card, The Amex EveryDay® Preferred Credit Card from American Express, The Plenti® Credit Card from Amex, Blue from American Express®, Platinum Card® from American Express Exclusively for Mercedes-Benz, Bluebird, Centurion® Card from American Express, Hilton Honors American Express Aspire Card, and Delta Reserve for Business Credit Card from American Express has been collected independently by ValuePenguin. The issuer did not provide the details, nor is it responsible for their accuracy.

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through the credit card issuer Affiliate Program. 

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.

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.