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Apply online for HSBC Cash Rewards Mastercard® credit card
About Our Ratings
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.
  • Take advantage of a simple-to-understand 1.5 percent ongoing rewards rate (plus that 10 percent annual bonus mentioned above) on all your purchases – no categories or caps to keep up with.
  • Receive a $150 cash-back bonus after you spend $2,500 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
Earn unlimited 1.5% cash rewards on all purchases.
Cash Back on groceries
Earn unlimited 1.5% cash rewards on all purchases.
Cash Back on other
Earn unlimited 1.5% cash rewards on all purchases.
Annual Fee
None

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 $2,500 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 1.5 percent, 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 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:

  • 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 1.5 percent cash back just for using this card for everyday purchases.

Not only does the HSBC Cash Rewards Mastercard® credit card offer a traditional welcome bonus for new cardholders, it also offers an annual 10 percent 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. Including the welcome bonus of $150 (after spending $2,500 in the first three months), you could earn up to $450 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 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 a generous 1.5 percent back on every purchase, no cap on what you can earn and an annual 10 percent bonus opportunity – a truly rare feature – the HSBC Cash Rewards Mastercard® credit card sets itself apart in a crowded cash-back rewards credit card market.

This page was last updated on October 22, 2018

This card compared to other cash back cards

Cash Back on Gas
Earn unlimited 1.5% cash rewards on all purchases.
Unlimited 1.5% cash back
1%
Cash Back on Groceries
Earn unlimited 1.5% cash rewards on all purchases.
Unlimited 1.5% cash back
2% at grocery stores
Cash Back on other
Earn unlimited 1.5% cash rewards on all purchases.
Unlimited 1.5% cash back
1%
Purchase Intro
APR:
N/A
APR:
0% Intro APR on Purchases
Period:
15 months
APR:
N/A
Regular APR
Variable APR of 14.99%, 18.99% or 24.99% will apply after the Introductory Period
16.99% - 25.74% Variable 
16.24% - 25.24% (Variable) 
Rates and Fees
CardRatings.com Editorial Staff

HSBC Cash Rewards Mastercard® credit card details

Cash Back on Gas
Earn unlimited 1.5% cash rewards on all purchases.
Cash Back on groceries
Earn unlimited 1.5% cash rewards on all purchases.
Cash Back on other
Earn unlimited 1.5% cash rewards on all purchases.
Purchase Intro
APR:
N/A
Regular APR
Variable APR of 14.99%, 18.99% or 24.99% will apply after the Introductory Period 
Annual Fee
None

What HSBC Bank says about this card

  • Earn unlimited 1.5% cash rewards on all purchases.
  • Earn a $150 cash rewards intro bonus after spending $2,500 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 14.99%, 18.99% or 24.99% 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
$150 cash rewards intro bonus
After spending $2,500 in the first 3 months.

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Apply online for Chase Freedom Unlimited®

Chase Freedom Unlimited®

  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.99-25.74%. Balance transfer fee is 5% of the amount transferred, $5 minimum
  • 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
  • No minimum to redeem for cash back
  • Cash Back rewards do not expire as long as your account is open
  • Free credit score, updated weekly with Credit Journey℠
  • No annual fee
Credit Needed:
Excellent, Good
Apply online for Capital One® Savor® Cash Rewards Credit Card

Capital One® Savor® Cash Rewards Credit Card

  • Earn a one-time $500 cash bonus after you spend $3000 on purchases within the first 3 months from account opening
  • Earn unlimited 4% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases
  • No rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn
  • No foreign transaction fees
  • Capital One cardholders get access to premium experiences in dining, entertainment and more
  • $0 intro annual fee for the first year, $95 after that
Credit Needed:
Excellent, Good