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HSBC Cash Rewards Credit Card® Review

This card comes with a nice intro earning opportunity of 3% on purchases up to $10,000 spent in your first year. Additionally, you also earn a 10 percent bonus on all the cash back you earn each year. That means the ongoing rewards opportunities are solid, especially since this card doesn't come with an annual fee.
By Brooklyn Lowery  CardRatings Senior Manager  | Updated

HSBC Cash Rewards Credit Card®

Our Rating:   
Good, Excellent

CardRatings Editor's Analysis: Pros & Cons

  • Earn a 10 percent loyalty bonus each year after your account anniversary. That means you'll receive a 10 percent bonus on all the rewards you earned during the prior year.
  • Earn 3% cash back on purchases up to $10,000 spent during your first year as a cardholder, then. 1.5%.
  • After the intro 3% earning opportunity, take advantage of a simple-to-understand 1.5% ongoing rewards rate (plus that 10 percent annual bonus mentioned above) on all your purchases – no categories or caps to keep up with.
  • This is a solid flat-rate rewards card, but if you know you spend disproportionately in specific areas you might consider a tiered or rotating categories card in order to maximize your rewards-earning potential.

HSBC Cash Rewards Credit Card® Essentials

From utility bills to grocery trips to filling up your car with gas, it pays to have a good cash-back credit card on hand take care of everyday purchases. And the HSBC Cash Rewards Credit Card® offers a handsome 3% cash back on up to $10,000 spent during your first year as a cardholder, before going to 1.5% cash back with no rotating categories, no quarterly enrollments, and no caps on what you can earn. That's right, cardholders enjoy a flat reward rate of 1.5%, a solid reward rate for a cash-back credit card without a lot of hoops to jump through.

To add to the fun, with the HSBC Cash Rewards Credit Card® cardholders will also enjoy a 10 percent anniversary bonus on all cash rewards earned each year. For example, if you earn $500 in cash rewards your first year as a cardholder, you'll receive an additional $50 reward at the end of the year thanks to that anniversary bonus. With the HSBC Cash Rewards Credit Card®, everyday purchases truly are rewarding.

Other notable features of the HSBC Cash Rewards Credit Card® include:

  • 0 percent introductory APR on purchases and balance transfers for the first 12 months ()
  • No annual fee
  • No foreign transaction fees
  • Travel and roadside assistance services
  • Comprehensive shopping benefits

Top Features

 Cash Back on Gas
Get Unlimited 1.50% Cash Rewards on every $1 you spend on all new, net purchases after the intro period.
 Cash Back on Groceries
Get Unlimited 1.50% Cash Rewards on every $1 you spend on all new, net purchases after the intro period.
 Cash Back on Other
Get Unlimited 1.50% Cash Rewards on every $1 you spend on all new, net purchases after the intro period.

What Our Editors Like Most About the HSBC Cash Rewards Credit Card®

Perhaps the best feature of this card is how simple it is to earn rewards. With no rotating categories and no caps on what you can earn, there are no hoops to jump through. Cardholders can simply earn 3% back on up to $10,000 spent in the first year and then 1.5% cash back just for using this card for everyday purchases.

Not only does the HSBC Cash Rewards Credit Card® offer a simple earning structure, it also offers an annual 10% bonus on all the rewards your earn after each account anniversary. No annual fee, no foreign transaction fees and simple rewards earning make this card a winner. For some context, let's say you spend $20,000 with your card in the first year. You'll earn 3% on the the first $10,000 you spend, so that's worth $300, and then you'll earn 1.5% on the next $10,000 spent for another $150 and a total of $450 in cash back. Once you figure in the annual 10% loyalty bonus, you'll have earned $485 in that first year. That's a great reward for minimal work.

In addition to the great rewards system, our team also loves how the HSBC Cash Rewards Credit Card® can help you save in other ways. For starters, the card has no annual fee, so it's a great card to keep in your pocket for years to come, and there are no international transaction fees, so it's great for making travel purchases. And speaking of traveling, from pre-trip planning services to MasterRental® Insurance which provides up to $50,000 of collision, damage or theft coverage on qualified rental vehicles; to Travel Accident Insurance which provides up to $1 million coverage for you, your spouse or domestic partner, and your dependent children when traveling on a common carrier; to Master RoadAssist® Roadside Services which sends someone to the rescue if your car breaks down while traveling within the United States, HSBC has really thought of it all when it comes to protecting cardholders while they travel.

Lastly, the HSBC Cash Rewards Credit Card® offers a number of shopping services that have caught our attention including Purchase Assurance®, which covers most purchases up to $1,000 against accidental damage or theft for 90 days from the date of purchase; Extended Warranty, which doubles your original warranty for up to one year; and Price Protection, which can refund the price difference on a purchased item when you see it advertised for less within 60 days.

Potential Downsides of the HSBC Cash Rewards Credit Card®

There's a lot to love about the HSBC Cash Rewards Credit Card®; however, if you are a big spender in particular categories, like gas or dining out, you'll likely benefit more with a card tailored to your particular spending habits, such as the card, compared below.

How the HSBC Cash Rewards Credit Card® Compares to Other Cash Back Credit Cards

HSBC Cash Rewards Credit Card® vs. Citi® Double Cash Card - 18 month BT offer

(Citi is a CardRatings.com advertiser.)

Similar to the HSBC Cash Rewards Credit Card®, the Citi® Double Cash Card - 18 month BT offer is another no annual fee, flat-rate cash-back credit card that offers a desirable 0% introductory APR on balance transfers for 18 months (then, 13.99% – 23.99% (Variable)). However, with the Citi® Double Cash Card - 18 month BT offer, the structure for earning rewards is slightly different. Technically, with this card, you'll only earn 1% on all purchases; however, as long as you pay the minimum amount due each month, you'll earn an additional 1% cash back as you pay the balance, giving you 2% back total for every $1 spent.

The Citi® Double Cash Card - 18 month BT offer is a good choice for those who are interested in a flat-rate cash-back credit card that has the potential to earn 2% cash back all year long, but, it may not be the best choice for frequent international travelers as the card does charge international fees, unlike the HSBC Cash Rewards Credit Card®.

Who Should Get the HSBC Cash Rewards Credit Card®?

Thanks to a generous 1.5 percent back on every purchase (not to mention that 3% cash back on purchases up to $10,000 spent in the first year), no cap on what you can earn and an annual 10 percent bonus opportunity – a truly rare feature – the HSBC Cash Rewards Credit Card® sets itself apart in a crowded cash-back rewards credit card market.

HSBC Cash Rewards Credit Card® Compared to Other Cash back Cards

HSBC Cash Rewards Credit Card®
Apply online for Chase Freedom Unlimited®
Cash Back on Gas
Get Unlimited 1.50% Cash Rewards on every $1 you spend on all new, net purchases after the intro period. 
Cash Back on Gas
3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more). 
Cash Back on Gas
1.5% cash back on all other purchases. 
Cash Back on Gas
1% when you buy plus 1% as you pay 
Cash Back on Gas
1.5% 
Cash Back on Groceries
Get Unlimited 1.50% Cash Rewards on every $1 you spend on all new, net purchases after the intro period. 
Cash Back on Groceries
6% at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%) 
Cash Back on Groceries
1.5% cash back on all other purchases. 
Cash Back on Groceries
1% when you buy plus 1% as you pay 
Cash Back on Groceries
1.5% 
Cash Back on other
Get Unlimited 1.50% Cash Rewards on every $1 you spend on all new, net purchases after the intro period. 
Cash Back on other
1% Cash Back on other purchases. 
Cash Back on other
1.5% cash back on all other purchases. 
Cash Back on other
1% when you buy plus 1% as you pay 
Cash Back on other
1.5% 
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