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Apply online for HSBC Cash Rewards Mastercard® credit card
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Credit Needed
Good, Excellent

HSBC Cash Rewards Mastercard® credit card Review

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.
  • Rack up 2 percent back on all your purchases for the first six months of card membership and then enjoy a 1.5 percent ongoing rewards rate (plus that 10 percent annual bonus mentioned above).
  • Receive a $150 cash-back bonus after you spend just $500 in the first three months of card membership.
  • 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.

Top Features

Cash Back on Gas
1.5%
Cash Back on groceries
1.5%
Cash Back on other
1.5%
Annual Fee
$0

Full Review

Brooklyn Lowery Site Editor

HSBC Cash Rewards Mastercard® 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. Not only does the HSBC Cash Rewards Mastercard® credit card offer a $150 cash-back bonus for new cardholders who spend $500 or more during the first three months from account opening, but as a flat-rate cash-back credit card, there are no rotating categories, no quarterly enrollments, and no caps on what you can earn. Instead, cardholders will enjoy a flat reward rate of 2 percent cash-back on all purchases for the first six months, no matter the purchase or category. After the first six months, the rate drops to 1.5 percent, which is still a nice reward rate for a cash-back credit card wihtout a lot of hoops to jump through.

To add to the fun, with the HSBC Cash Rewards Mastercard® 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 Mastercard® credit card, everyday purchases truly are rewarding.

Other notable features of the HSBC Cash Rewards Mastercard® credit card include:

  • 0 percent introductory APR on balance transfers for the first 15 months
  • No annual fee
  • No foreign transaction fees
  • Travel and roadside assistance services
  • Comprehensive shopping benefits

What Our Editors Like Most About the HSBC Cash Rewards Mastercard® 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 cash back just for using this card for everyday purchases.

And even though the reward rate drops from 2 percent to 1.5 percent after the first six months, the system is still a simple one. However, new cardholders should consider upcoming purchases and time account opening appropriately so any larger purchases can be made within that six-month window to maximize on rewards-earning potential. Outside of that one small detail to think through, the HSBC Cash Rewards Mastercard® credit card still makes it very simple for cardholders to gain rewards.

Plus, the 10 percent anniversary bonus isn't a bad perk either. Say you spend $20,000 with your card in the first year ($10,000 in the first six months and $10,000 in the second six months). Including the signup bonus of $150 (after spending $500 in the first three months), the 2 percent cash back in the first six months and 1.5 percent back in the second six months as well as the anniversary bonus, you could earn up to $550 cash back. That's a great reward for minimal work.

In addition to the great rewards system, our team also loves how the HSBC Cash Rewards Mastercard® 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 Mastercard® 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 Mastercard® credit card

There's a lot to love about the HSBC Cash Rewards Mastercard® 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 Chase Freedom® card, compared below.

How the HSBC Cash Rewards Mastercard® credit card Compares to Other Cash Back Credit Cards

HSBC Cash Rewards Mastercard® credit card vs. Citi® Double Cash Card - 18 month BT offer

Similar to the HSBC Cash Rewards Mastercard® credit card, the Citi® Double Cash Card - 18 month BT offer is another no annual fee, flat-rate cash-back credit card that offers up to 2 percent cash back on all purchases, as well as a desirable 0 percent introductory APR on balance transfers (18 months vs. HSBC's 15-month offer). 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 percent on all purchases; however, as long as you pay the minimum amount due each month, you'll earn an additional 1 percent cash back as you pay the balance, giving you 2 percent 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 percent 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 Mastercard® credit card.

HSBC Cash Rewards Mastercard® credit card vs. Wells Fargo Cash Wise Visa® Card

A third no annual fee, flat cash back credit card option, the Wells Fargo Cash Wise Visa® Card offers a $200 cash reward bonus to new cardholders who use the card to make $1,000 in purchases in the first three months, as well as the potential to earn up to 1.8 percent cash back on all purchases for the first year when using Android Pay™ or Apple Pay™ mobile wallet. After the first year, or when not using Android Pay™ or Apple Pay™, cardholders will earn an unlimited 1.5 percent cash back on all purchases.

Additionally, when you pay your monthly cell phone bill with your Wells Fargo Cash Wise Visa® Card, you'll get up to $600 of cellular phone protection (subject to a $25 deductible) against covered damage or theft.

Lastly, like with the Citi® Double Cash Card - 18 month BT offer, the Wells Fargo Cash Wise Visa® Card also charges foreign transaction fees for international purchases, so again, for frequent international travelers the HSBC Cash Rewards Mastercard® credit card is likely the better choice.

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

Flat-rate cash-back cards are great thanks to how easy they make it to earn rewards. However, if you are big spender in particular categories, you'll likely benefit more with a card tailored to your particular spending habits. With the no-annual-fee, Chase Freedom®, new cardholders will earn a $150 bonus when spending at least $500 with the card within the first three months of account opening, as well as 5 percent cash back on up to $1,500 spent in combined purchases in bonus categories each quarter you activate, plus 1 percent unlimited cash back on everything else.

With a different category, such as grocery stores, gas stations, department stores or restaurants, featured each quarter, with some strategic planning, Chase Freedom® is a great way for people to cash in big on rewards. That said, if having to be strategic with how you use your credit card sounds like a headache, a card with this structure might not be for you.

Who Should Get the HSBC Cash Rewards Mastercard® credit card?

Thanks to no rotating categories, no cap on what you can earn and no hoops to jump through to earn rewards, the HSBC Cash Rewards Mastercard® credit card is a great option for those looking for a no-annual-fee card that pays you back when you make everyday purchases.

This page was last updated on December 04, 2017

This card compared to other cash back cards

Cash Back on Gas
1.5%
1-5%
Unlimited 1.5% cash back
Cash Back on Groceries
1.5%
1-5%
Unlimited 1.5% cash back
Cash Back on other
1.5%
Earn 5% cash back at Amazon.com and Target now through December 2017, on up to $1,500 in purchases when you activate. Plus, 1% cash back on all other purchases.
Unlimited 1.5% cash back
Purchase Intro
APR:
N/A
APR:
0%
Period:
14 months
APR:
0% Intro APR on Purchases
Period:
for 15 months
Purchase APR
13.99% 17.99% or 23.99% variable
11.99% - 23.99% Variable 
15.99%-24.74% Variable 
Rates and Fees
CardRatings.com Editorial Staff

HSBC Cash Rewards Mastercard® credit card details

Cash Back on Gas
1.5%
Cash Back on groceries
1.5%
Cash Back on other
1.5%
Purchase Intro
APR:
N/A
Purchase APR
13.99% 17.99% or 23.99% variable
Annual Fee
$0

What HSBC Bank says about this card

  • Limited Time Offer: Earn unlimited 2% cash rewards on purchases made within 6 months of account opening then 1.5% thereafter.
  • 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 13.99% 17.99% or 23.99% variable APR.
  • No Foreign Transaction Fees.
  • $0 liability for unauthorized purchases.
  • Terms Apply.

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Highlighted offers
Currently available on the HSBC Cash Rewards Mastercard® credit card
Earn a $150 cash rewards intro bonus
After spending $500 in the first 3 months.

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Apply online for Discover it® - Cashback Match™

Discover it® - Cashback Match™

  • Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
  • INTRO OFFER: Discover will match ALL the cash back earned at the end of your first year, automatically.
  • Redeem your cash back for any amount, any time. Cash rewards never expire.
  • Use your rewards instantly at Amazon.com checkout.
  • No annual fee.
Credit Needed:
Excellent, Good
Apply online for Chase Freedom Unlimited®

Chase Freedom Unlimited®

  • Unlimited 1.5% cash back on every purchase - it's automatic
  • Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening
  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 15.99-24.74%. Balance transfer fee is 5% of the amount transferred, $5 minimum
  • No minimum to redeem for cash back
  • Cash Back rewards do not expire as long as your account is open
  • No annual fee
Credit Needed:
Excellent/Good