HSBC Cash Rewards Mastercard® Credit Card

Why People Love It
  • Offers a decent rewards rate
  • APR promotion on balance transfers
  • Travel benefits
89 User Score
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  • Travel perks include no foreign transaction fees, lost luggage coverage, and travel accident insurance
  • Pay no interest on balance transfers for 12 months
  • APR promotion doesn't include purchases
  • Charges an above-average balance transfer fee
Faveable Review

The HSBC Cash Rewards Mastercard® Credit Card provides cardholders with a decent sign-up bonus, a solid rewards rate, and a long 0% APR promotion on balance transfers.

While the card isn’t as well known as heavy hitters like the Citi® Double Cash and the Chase Freedom Unlimited®, it can compete with both, and even has an ace up its sleeve.

Read on to learn more about the HSBC Cash Rewards Mastercard® Credit Card and find out whether it’s right for you.

HSBC Cash Rewards Mastercard® Credit Card review

The HSBC Cash Rewards Mastercard® Credit Card is one of the best credit cards HSBC has to offer. You’ll earn a high flat rewards rate on all of your purchases, with a chance to get an extra anniversary bonus each year.

You’ll also get an introductory offer which is a long 0% APR promotion on balance transfers.

It doesn’t offer a similar benefit for new purchases, though, and the card’s balance transfer fee is a bit higher than the average. But depending on how you plan to use the card, it could still be worth your while.

HSBC Cash Rewards Mastercard® Credit Card rewards and perks

You’ll earn 1.5% cash back on every purchase you make. That puts the card on par with some of the best cash-back credit cards on the market.

What’s more, you’ll get a 10% rewards bonus every year you have the card. So, if you spend $30,000 over the year, you’ll have earned $450 during that time. When your card anniversary hits, you’ll get an extra $45, essentially putting your rewards rate at 1.65% instead of 1.5%.

The card is also a good option if you want to transfer a balance from a high-interest credit card. Just move your balance over, and you’ll have 12 months to pay it off interest-free.

The only drawback is that you have to pay a relatively high balance transfer fee to process the transaction.

HSBC Cash Rewards Mastercard® Credit Card benefits

While the card’s rewards rate makes it competitive with more popular cash-back credit cards, some benefits could make it more worthwhile for some cardholders than others.

For starters, it doesn’t charge a foreign transaction fee. This feature makes it possible to use the card internationally without incurring an extra fee every time you do. Most cash-back credit cards that charge the fee put it at 3% of the transaction amount.

This means that if you spend $1,000 in Germany, you’ll owe a $30 fee just for the privilege of using the card outside of the U.S.

The card also offers $1 million worth of travel insurance coverage. This is also uncommon for cash-back credit cards; the benefit is more common among travel credit cards.

Other benefits that the card provides include:

  • Roadside assistance
  • Concierge service
  • Extended warranty protection
  • Purchase assurance
  • Price protection
  • Identity theft resolution services

HSBC Cash Rewards Mastercard® Credit Card costs and fees

While the HSBC Cash Rewards Mastercard® Credit Card offers a lot of value to cardholders, it doesn’t charge an annual fee. The fact that it doesn’t have a foreign transaction fee either makes it a good deal for many.

That said, the card does charge a range of interest rates on purchases, depending on your creditworthiness. It can be anywhere between below-average to well above-average.

You’ll also pay a higher interest rate if you use the card to make a cash advance and its penalty APR — which you’ll pay if you’re late on a payment — is above 30%. In other words, avoid cash advances and always pay your bill on time, preferably in full to avoid interest altogether.

Another thing to keep in mind is the card’s balance transfer fee. At 4% (or $10, whichever is greater), it’s higher than the average of 3%. Also, some balance transfer credit cards don’t charge a balance transfer fee at all. So shop around to make sure you’re saving as much as possible.

Does the HSBC Cash Rewards Mastercard® Credit Card make sense for me?

The HSBC Cash Rewards Mastercard® Credit Card packs a lot of perks into that tiny piece of plastic, and it’s worth considering for anyone who wants a balance transfer promotion and a rewards program.

It’s not great, however, if you’re looking for a card with a 0% APR promotion on new purchases. Also, watch out for cards that may offer better terms for balance transfers.

Be sure to compare it with other top rewards credit cards before applying. Look at all aspects of each card you review, including the rewards, fees, interest, and promotions.

This process can take time, especially if you’re not sure what you want. But over time as you compare different cards, your preferences will become clearer, and it will be easier to find a credit card that will give you the most bang for your buck.


Application Process: Apply online, and get a decision within 60 seconds or less.

Rewards: Earn 1.5% cash on all purchases. Also, get a 10% anniversary bonus on all cash rewards earned each year, effectively increasing your rewards rate to 1.65%.

Bonus Offers:None.

Annual Fee: None.

  • Earn unlimited 1.5% cash back on all purchases.
  • Earn an Introductory 3% Cash Back on all purchases in the first 12 months from Account opening, up to the first $10,000 in purchases
  • 10% Anniversary Bonus on all Cash Rewards earned once a year. 
  • No Annual Fee.
  • 0% Intro APR for 12 months on purchases and balance transfers, then a 14.99% - 24.99% variable APR.
  • No Foreign Transaction Fees.
  • $0 liability for unauthorized purchases.
  • Terms Apply. 
  • See Rates & Fees