HSBC Cash Rewards Review
The HSBC Cash Rewards credit card offers cashback rewards on various purchases. This review delves into the card's cashback structure, fees, and how it can enhance your cashback earning potential.
The HSBC Cash Rewards Mastercard is a good option for people who want to earn cash back rewards on their everyday purchases with no annual fee. It offers the following features and benefits:
- 1.5% cash back on all eligible purchases
- No annual fee
- Regular APR of 12.99%-22.99%, Variable APR
- Intro APR of 0% on purchases and balance transfers for 15 months from account opening
- Access to HSBC's mobile app and online banking
- 24/7 customer support
- Mastercard® benefits
Here is a more detailed review of the HSBC Cash Rewards Mastercard:
Pros:
- Simple and straightforward rewards program
- No annual fee
- Intro APR of 0% on purchases and balance transfers for 15 months from account opening
- Access to HSBC's mobile app and online banking
- 24/7 customer support
- Mastercard® benefits, such as purchase protection, extended warranty protection, and travel insurance
Cons:
- Cash back rate of 1.5% is average
- Regular APR is relatively high
- Foreign transaction fee of 3%
Overall, the HSBC Cash Rewards Mastercard is a good option for people who want a simple and straightforward cash back rewards credit card with no annual fee. It offers a good cash back rate on all eligible purchases, an intro APR of 0% on purchases and balance transfers for 15 months from account opening, and a variety of features and benefits.
Here are some tips for using the HSBC Cash Rewards Mastercard effectively:
- Use the card for all of your eligible purchases to earn the most cash back rewards.
- Pay your balance in full each month to avoid paying interest.
- Take advantage of the intro APR of 0% on purchases and balance transfers for 15 months from account opening to make large purchases or transfer high-interest debt without paying interest.
- Use the HSBC app to track your spending and redeem your rewards.
- Be aware of the foreign transaction fee and avoid using the card for purchases outside of the United States if possible.
If you are considering opening an HSBC Cash Rewards Mastercard, be sure to read the terms and conditions carefully to understand all of the fees and interest rates associated with the card.
Here is a comparison of the HSBC Cash Rewards Mastercard to other popular cash back rewards credit cards with no annual fee:
| Card | Cash back rate | Intro APR offer | Regular APR |
|---|---|---|---|
| HSBC Cash Rewards Mastercard | 1.5% on all eligible purchases | 0% on purchases and balance transfers for 15 months from account opening | 12.99%-22.99%, Variable APR |
| Capital One QuicksilverOne Cash Rewards Credit Card | 1.5% on all eligible purchases | 0% on purchases for 15 months from account opening | 30.74% |
| Discover it® Cash Back | 5% cashback on rotating categories each quarter, up to the quarterly maximum, then 1% on all other purchases | 0% on purchases for 15 months from account opening | 18.99%-29.99%, Variable APR |
| Blue Cash Everyday® Card from American Express | 3% on US supermarkets (on up to $6,000 per year in purchases, then 1%), 2% at US gas stations and select US transit and commuting merchants (on up to $6,000 per year in purchases, then 1%), 1% on all other eligible purchases | 0% on purchases for 15 months from account opening | 18.99%-29.99%, Variable APR |
As you can see, the HSBC Cash Rewards Mastercard offers a competitive cash back rate and intro APR offer, but its regular APR is relatively high. If you are considering opening this card, be sure to pay your balance in full each month to avoid paying interest.
Evaluating the features and rewards of the HSBC Cash Rewards credit card..
The HSBC Cash Rewards Credit Card is designed to provide cash back rewards on everyday purchases. Please note that credit card terms and features can change, so it's essential to check the most up-to-date information on the HSBC website before applying for this card:
Features and Rewards:
1. Cash Back Rewards:
- The HSBC Cash Rewards Credit Card typically offers cash back rewards on eligible purchases. It's designed to provide a straightforward rewards program.
2. Reward Structure:
- The specific cash back rates and categories may vary, but this card often offers:
- 1.5% cash back on all purchases, with no spending categories or limits to worry about. This makes it a simple and versatile rewards card.
3. No Annual Fee:
- The card typically does not charge an annual fee, which is a benefit for cardholders who want to minimize credit card expenses.
4. Welcome Offer:
- HSBC may offer a welcome bonus or introductory rewards program for new cardmembers who meet the minimum spending requirement within the initial months of card ownership.
5. Introductory APR:
- The card may provide an introductory 0% APR on purchases and balance transfers for a specified period. This can be valuable for financing large purchases or consolidating high-interest debt.
6. Digital Payment Options:
- The card is compatible with digital wallet services like Apple Pay, Google Pay, and Samsung Pay, allowing for convenient and secure mobile payments.
7. Credit Score Access:
- HSBC often offers cardholders access to free credit monitoring and educational tools to help track and manage their credit.
Considerations:
1. Foreign Transaction Fees:
- The HSBC Cash Rewards Credit Card typically charges foreign transaction fees, which means it's not the best choice for international travel or making purchases in foreign currencies.
2. Interest Rates:
- The card's APR can vary based on creditworthiness. Paying off the balance in full each month is essential to avoid interest charges, as credit card interest rates can be relatively high.
3. Credit Requirements:
- Like most credit cards, approval for this card depends on creditworthiness. The terms, credit limit, and interest rates you receive are determined based on your credit profile.
4. Limited Additional Benefits:
- The card may not offer the extensive travel and purchase protections found on some premium credit cards.
5. Changes in Terms:
- Credit card terms can change over time, so it's essential to review the latest terms and conditions before applying.
In summary, the HSBC Cash Rewards Credit Card can be an excellent choice for individuals who prefer a simple and hassle-free cash back rewards program. The flat 1.5% cash back rate on all purchases, along with the lack of an annual fee, makes it an attractive option for those looking to earn rewards without additional costs. However, be aware of foreign transaction fees if you plan to use the card for international purchases, and review the current terms and conditions to ensure they align with your financial goals and spending habits.