HSBC Cash Rewards MasterCard Credit Card Full Review

By | September 11, 2021

The HSBC Cash Rewards MasterCard Credit Card offers you a cashback of three per cent on purchases up to $10,000 made during the first year after account opening. After that, the HSBC MasterCard offers you a limitless Cashback Reward of 1.5% on all types of purchases made by you. The HSBC does not charge you an annual fee. Moreover, it does not charge you any Foreign Transaction Fee.

As a new cardholder, you get a 0% introductory APR for the whole year on all purchases made by you. After that, you are charged the regular APR of 13.99%-23.99% (depending upon your creditworthiness). Moreover, the HSBC Cash Rewards MasterCard charges you a Balance Transfer Fee of four per cent or ten bucks (ten dollars), whichever is higher, is applicable.

HSBC Cash Rewards MasterCard Credit Card offers you a flat-rate card that gives you the introductory cashback of three per cent throughout the first year. Then onwards, it offers you the regular cashback of 1.5% on all purchases made.

With a fair cashback, a low introductory APR period, and many useful travel perks, this card offers you a simple and easy to understand credit card option. Such a combination yields maximized returns within the first year, followed by lower returns in the following years.

Hsbc Cash Rewards Mastercard Credit Card
HSBC Cash Rewards MasterCard Credit Card

Key Highlights

  • Introductory Cashback of 3% on all purchases made within the first year of Account Opening (with an annual spending cap of $10,000).
  • 1.5% Cashback Rewards on every dollar spent by you after the first year of Account Opening.
  • You are not charged any Annual Fee.
  • You are not charged any Foreign Transaction Fee.
  • MasterCard Exclusive Travel and Lifestyle Services.
  • 0% Introductory APR is applicable for the first 12 months.
  • After completion of one year of account opening, you will be charged the Regular APR of 13.99%-23.99%.
  • Balance Transfer Fee of $10 or 4% of the whole transaction will be applicable on each balance transfer.
  • Penalty APR of 29.99% is applicable.
  • $0 liability for unauthorized purchases.

Pros & Cons of HSBC Cash Rewards MasterCard

Pros

  • Decent First-Year Bonus
  • 0% introductory APR is applicable for the first whole year.
  • You charge no Annual Fees and Foreign Transaction Fees.
  • You also get MasterCard benefits.

Cons

  • No sign-up bonus for the new cardholders.
  • $10 or 4% balance transfer fee
  • Lack of ongoing Bonus Rewards.

Full Review

Here are the full review about HSBC Cash Rewards MasterCard .

Rates & Fees

TypesRates ($)
Joining FeesN/A
Annual FeesN/A
Balance Transfer Fees$10 or 4% of the total amount per transaction, whichever is higher, is applicable.
Foreign Transaction FeesN/A
Introductory APR0% introductory APR is applicable for the first 12 months of account opening.
Regular APRVariable (13.99%-23.99%)
Fees table

Why might you go for HSBC Cash Rewards MasterCard?

Decent Cashback Reward

This card offers you a decent cashback of three per cent on making purchases up to $10,000 within the first year of account opening. In simple terms, if you are a new cardholder, you will get a solid 3% Cashback Reward on all purchases made throughout the year with an annual spending cap of $10,000. After that, you earn an unlimited cashback of 1.5% on all your purchases in the following year.

0% Introductory APR is applicable for 12 Months

This card offers you an introductory APR of 0% for a whole year. So, as a new cardholder, you get 12 months of relief from hefty interest rates on all your purchases. After that, the regular APR of 13.99%-23.99% is charged by you (based on your creditworthiness).

Low Maintenance Cost Advantages

The HSBC Cash Rewards MasterCard does not charge you any added foreign transaction fees, making it one of the best cards for you if you tend to travel outside the US. Similarly, it is a good card if you purchase from foreign retailers.

Moreover, it does not charge you an Annual Fee, implying you do not have to pay for annually recurring charges. Transaction Fee makes it one of the best low-maintenance cards available in the market.

Additional Perks

  • You also get a discount of 10% on rentals with Onefinestay.
  • Master-Rental Coverage covers Damage or Theft occurring to your Automobile.
  • Travel Accident Insurance covers you in case of death, dismemberment, or any form of injury.
  • Mobile Phone Protection Plan covers you in case of theft or damage to your mobile phone.
  • Free Access to your FICO Score with each statement.

Why might you want to go for another credit card?

Lack of Sign-up Bonus

Many credit cards usually offer you $150 or $200 as a welcome bonus when you hit a spending target (which can be $500, $1,000, etc.). This credit card does not offer you any such kind of welcome bonus. However, instead of a welcome bonus, it offers you an introductory cashback rate of 3% on all your purchases, with a spending cap of $10,000.

Short-lived 3% Cashback Rewards

Many Cashback Cards offers you the opportunity to earn a consistent cashback reward of 2%, 3%, 4%, or even 5% ion spending in bonus categories in addition to the basic cashback earning rate. But in the case of HSBC Cash Rewards MasterCard, you get an introductory cashback reward rate of 3%, with a cap of $10,000.

This introductory cashback rate is valid for 12 months. Then onwards, your cashback reward rate gets slashed to 1.5% unlimited cashback reward on each purchase.
These cashback rates can be decent as you save a minimum of 1.5% on all your purchases.

But there is a variety of Cashback Cards like Citi Double (offering you a Cashback Reward of 2%), Discover It (offering you a cashback of 5% on all purchases made, with a spending cap of $1,500 each quarter), Chase Freedom Flex (offering you category-based bonus ranging from 5% to 1%, with a much larger annual cap of $12,000 cap).

Relatively Lower 0% introductory APR Period

HSBC Cash Rewards MasterCard offers you an introductory APR, which is applicable for 12 months. At the same time, the 12 month-long introductory period gives you a sigh of respite from the hefty interest rates. But the 18 Month-long introductory APR (offered by Citi Double) makes it look mediocre.

What are the better alternatives of HSBC Cash Rewards MasterCard?

We have analyzed a variety of credit cards that can provide you with a better value for your money spent. These include the following:

  • Citi Double Cash Card
  • Discover It, Cash Card
  • Chase Freedom Flex Card

Here are the Quick Comparison with above credit card.

HSBC Cash Rewards MasterCard vs Citi Double cashback Card

Cashback Reward Rate

HSBC Cash Rewards MasterCard enables you to earn a higher cashback reward of 3% as compared to the 2% cashback reward offered by Citi Double within the first year. But in the following year, the Citi Double still offers you a consistent cashback reward of 2%, as compared to HSBC’s slashed cashback reward of 1.5%.

Welcome Bonus

Both the HSBC Cash Rewards MasterCard and the Citi Double do not offer you any welcome bonus.

Foreign Transaction Fee

HSBC Cash Rewards does not charge you any Foreign Transaction Fee, while Citi Double Card charges you a Foreign Transaction Fee of three per cent.

Annual Fee

Both do not charge you any Annual Fee.

Balance Transfer Fee

HSBC charges you $10 or 4% of the total amount of each transfer (whichever is higher is charged). Citi Double charges you a Balance Transfer Fee of $5 or 3% of the total amount (which is higher, is charged).

Introductory APR

HSBC Cash Rewards MasterCard offers you an introductory APR of 0% for 12 months, as compared to the Citi Double, which offers you an introductory APR of 0% for 18 Months.

Regular APR

Both charge you the regular APR of 13.99%-23.99% (depending upon your creditworthiness).

Fees & RatesHSBC Cash Rewards MasterCardCiti Double Cash Card
Welcome Bonus/Sign-up BonusNoneNone
Cashback Rewards3%2% total Cashback (1% as you buy and 1% as you pay)
Intro APR0% APR for 12 Months0% APR for 18 Months
Regular APRVariable 13.99%-23.99%Variable 13.99-23.99%
Annual Fee0%0%
Foreign Transaction Fees 0% 3%
Balance Transfer Fee $10 or 4% of the total amount of each transfer, whichever is higher. $5 or 3% of the total amount, whichever is higher, is applicable.

HSBC Cash Rewards MasterCard vs Chase Freedom Flex

Cashback Reward Rate

HSBC Cash Rewards Card offers you a Cashback Reward Rate of 3% on all purchases made within the first year. Then onwards, the regular Cashback Rate of 1.5% is applicable on all your purchases.

Chase Freedom Flex offers you a Cashback Reward of 5% on Travel, Grocery and Select Categories, 3% Cashback Rewards on purchases made at Restaurants, Drugstores, and 1.5% Cashback on all other purchases.

Welcome Bonus

HSBC does not offer you any welcome bonus, while HSBC Cash Rewards MasterCard offer you a Welcome Bonus of $200 on completion of $500 spent within the first three months of account opening.

Foreign Transaction Fee

HSBC Cash Rewards MasterCard does not charge you any penny for Foreign Transaction Fees, while Chase Freedom Flex charges you a Foreign Transaction Fee of 3%.

Annual Fee

HSBC Cash Rewards and Chase Freedom Flex do not charge you any Annual Fee.

Balance Transfer Fee

HSBC Cash Rewards MasterCard charge you a Balance Transfer Fee of $10 or 4% of the total balance transfer (whichever is higher), while Chase Freedom Flex charges you a Balance Transfer Fee of $5 or 5% of the total amount, whichever is higher.

Introductory APR

HSBC Cash Rewards MasterCard offers you an introductory APR of 0% for the first 12 months, as compared to the Chase Freedom Flex, which offers you an introductory APR of 0% for the first 15 months.

Regular APR

HSBC Cash Reward charges you the Regular APR of 13.99%-23.99%, as compared to the Chase Freedom Flex, which charges you the Regular APR of 14.99%-23.74%.

Here are the quick comparison in the table.

Fees & RatesHSBC Cash Rewards MasterCardChase Freedom Flex
Welcome Bonus/Sign-up BonusNone$200 Cash Rewards Bonus on purchases worth $500 made within first 3 months of Account Opening
Cashback Rewards3% Variable cashback of 5% for travel, 3% for Dine-in, Drugstores, 1.5% on other purchases.

Intro APR0% APR for 12 Months0% APR for 15 Months
Regular APRVariable 13.99%-23.99%Variable 14.99 -23.74%
Annual Fee0%0%
Foreign Transaction Fees 0% 3%
Balance Transfer Fee $10 or 4% of the total amount of each transfer, whichever is higher. $5 or 3% of the total amount, whichever is higher, is applicable.

HSBC Cash Rewards MasterCard Vs Discover It Cashback Card

Cashback Reward Rate

HSBC Cash Rewards MasterCard offers you a cashback reward of 3% in the first year of account opening. Thereafter, a slashed cashback of 1.5% is applicable in the following year. On the other hand, Discover It offers you a Cashback of 5% (with a quarterly cap of $1,500). Thereafter, an unlimited cashback of 1% is applicable.

Welcome Bonus

Both the HSBC Cash Rewards and Discover It does not offer you any Welcome Bonus.

Foreign Transaction Fee

Both the HSBC Cash Rewards and Discover It does not charge you any Foreign Transaction Fee.

Annual Fee

Both the HSBC Cash Rewards and Discover It does not charge you an Annual Fee.

Balance Transfer Fee

HSBC Cash Rewards charges you a Balance Transfer Fee of $10 or 4% of the Balance Transfer Fee. In contrast, Discover It charges you a Balance Transfer Fee of 5%.

Introductory APR

HSBC Cash Rewards offers you an Introductory APR of 0% for the first 12 months, as compared to Discover It, which offers you an introductory APR of 0% for the first 14 months.

Regular APR

HSBC Cash Rewards charge you the Regular APR of 13.99%-23.99%, as compared to Discover It, which charges you the Regular APR of 11.99%-22.99%.

Here are the quick comparison in the table.

Fees & RatesHSBC Cash Rewards MasterCard Discover It Cashback Card
Welcome Bonus/Sign-up BonusNoneNone
Cashback Rewards3%
5% Cashback on purchases up to $1,500 made within the first 3 months of Account Opening, then 1% unlimited Cashback is Applicable.
Intro APR0% APR for 12 Months0% APR for 14 Months
Regular APRVariable 13.99%-23.99%Variable 11.99%-22.99%
Annual Fee0% 0%
Foreign Transaction Fees 0% 0%
Balance Transfer Fee $10 or 4% of the total amount of each transfer, whichever is higher. 5% of the total amount.
Comparison Table

Bottom Line

HSBC Cash Rewards MasterCard

The HSBC Cash Rewards is a decent flat-rate rewards card that offers you a stunning combination of the magnificent cashback offers for the first year of account opening. These include the 3% Cashback Reward, along with 0% APR for the first 12 months of Account Opening.

Editor's Rating:
4.5

It offers you the additional benefits of No Annual Fee and No Foreign Transaction Fee, which makes it a good card for you. Moreover, it offers you the MasterCard Elite benefits also.

However, it should also be noted that the high cashback reward of 3% is short-lived, as it is only applicable for the first year. The next year, the cashback reward gets slashed to 1,5%. Moreover, the Regular APR of 13.99%-23.99% is applicable after the first year of Account Opening.

It is a decent card that offers a decent cashback of 3% within the first year; thereafter, a cashback reward of 1.5% is applicable. But if you can afford to make extra efforts to earn extra cashback, then the Chase Freedom Flex is the best card for you as it offers you a variable range of Cashback Rewards. That will enable you to maximize the returns.

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