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 Card - 18 month BT offer.
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. |
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. Cardholders can earn 2% cash back on all purchases made within the first six months, instead of the standard 1.5%. When you factor in the 10% anniversary bonus, that comes out to 2.2% in cash back over the first six months.
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%.
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| Annual Fee | No Annual Fee |
| Purchase APR | 13.99%, 17.99% or 23.99% Variable |
| Card Details |
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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.
The other bonus is a 2% cash back reward on all purchases made within the first 6 months, instead of the standard 1.5%. When you account for the 10% anniversary bonus, an average consumer who spends $1,430 per month can earn an additional $47 from this added bonus. All-in-all, we value the total welcome bonuses on this card at approximately $200—that's much better than most cash back credit cards.
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 Card - 18 month BT offer
The Citi® Double Cash Card - 18 month BT offer 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 Card - 18 month BT offer 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.
- Dollar-for-dollar match of all the cash back you've earned at the end of your first year.
- Free Social Security number alerts.
- Read Full Review.
Our Picks For
2017 Featured Cash Back Credit Cards
- Chase Freedom® Credit Card
- Discover it® - Cashback Match™
- Capital One® Quicksilver®
- Citi® Double Cash Card - 18 month BT offer
- American Express Blue Cash Card
- Fidelity® Rewards Visa Signature® Card
Rewards Program Guides
- Chase Ultimate Rewards
- ThankYou® Points
- Amex Membership Rewards
- Delta SkyMiles
- Starwood Preferred Guest Rewards
- Cash Back, Miles, or Points: What's The Difference?
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Credit Card
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HSBC Cash Rewards Mastercard credit card