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HSBC Cash Rewards Mastercard® Review

Review Updated
Lindsay VanSomeren
By: Lindsay VanSomeren
Lindsay VanSomeren
Lindsay VanSomeren
Lindsay VanSomeren has been working as a personal finance writer and expert since 2015. Her work has appeared on Business Insider, Credit Karma, LendingTree, Northwestern Mutual, and The Balance, among other publications. She is passionate about making personal finance accessible to everyone by delivering straight talk about financial products. She has a bachelor's degree and a master's degree from the University of Alaska Fairbanks.

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Our Credit Cards Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

The HSBC Cash Rewards Mastercard® is a jack-of-all-trades card. It combines elements from a lot of different types of credit cards, including rewards cards and balance transfer cards, and offers an introductory interest-free period for purchases. Like a true jack-of-all-trades, it offers a wide range of options, but doesn't particularly stand out in any one category. Find out if this card is a fit for you with our detailed HSBC Cash Rewards Mastercard® review.

Full HSBC Cash Rewards Mastercard® review

Top perks

1.5% cash back

You'll get 1.5% cash back on purchases, which you can redeem for several options. This is about average for cash back rewards cards with no annual fee. 

3% total cash back for the first year

In lieu of a true sign-up bonus, you'll earn 3% cash back on your purchases in the first 12 months. This sounds like a good deal, but you'll only earn this higher rate on the first $10,000 of purchases you make (which is $833 per month). That's a maximum of $150 on top of the 1.5% you'd earn anyway. You might be able to earn a better sign-up bonus with another card. More on that below. 

0% APR intro offer on purchases and balance transfers

You'll get a full 12-month interest-free period to make any purchases and pay off any credit card debt you transfer. Heads up: In order to take advantage of the intro 0% APR balance transfer offer, you'll need to complete the balance transfer within the first 60 days. 

Wide array of redemption options

In addition to simple cash-back redemptions, you can also redeem your rewards for travel, gift cards, charitable donations, or merchandise, although these rewards types may involve more steps and may be worth less.

Cellphone protection

If you break your cellphone or if someone steals it, you can qualify for reimbursement up to $600 through one of HSBC's partner policy providers. A few credit card companies offer this perk, and it's handy, given how expensive those tiny portable computers really are. 

No annual fee

This card packs in a lot of value, but it won't cost you anything to keep it open -- assuming you don't have to pay any late fees, and you pay off your balance in full and on time, that is. 

See more: Best No Annual Fee Credit Cards

No foreign transaction fees

Mastercard is widely accepted abroad, and if you take this card on your adventures, you won't have to worry about paying foreign transaction fees.

Read more: Best No Foreign Transaction Fee Credit Cards

What could be improved

A longer 0% APR period

You can kill two birds with one stone if you're looking to finance a large purchase, pay off existing credit card debt, and earn rewards while doing so (keep in mind you won't earn rewards on any balances you transfer). But if getting the longest 0% intro APR offer is your primary goal, there are better offers out there. 

Find the best credit card for your needs

Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.

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Suggested credit score

You'll need a credit score of "good to excellent" in order to have the best odds of approval for this card. That translates into a score of 670 or better, according to FICO. Lenders like HSBC usually take more factors into account than just credit score, however, so a score in this range doesn't guarantee you'll be approved (or, conversely, that you're automatically disqualified if your score is under this threshold).

Learn more: Best Credit Cards for Good Credit

Alternatives to consider

  • If you want a potentially more lucrative sign-up bonus: The Discover it® Cash Back card also offers cash back in the form of the Discover Cashback Match, but it does you one better: Instead of limiting the bonus cash back to the first $10,000 of purchases, Discover will automatically match all the cash back you’ve earned at the end of your first year for new cardholders. Depending on your spending habits, that could be far more valuable. 
  • If you want a longer 0% intro APR offer: The Citi Double Cash® Card does two things for you here. You'll get a higher cash back rate on your purchases, and you'll get a long 0% intro APR offer.

Read more: Best Rewards Credit Cards

As of Jun. 18, 2024
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Discover it® Cash Back Citi Double Cash® Card
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5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Apply Now for Discover it® Cash Back

On Discover's Secure Website.

Rates & Fees External Link Icon

Apply Now for Citi Double Cash® Card

On Citi's Secure Website.

Rates & Fees External Link Icon

Credit Rating Requirement: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Good/Excellent (670-850)

Good/Excellent (670-850)

Credit Rating Requirement: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Fair to Excellent (580-850)

Fair to Excellent (580-850)

Welcome Offer: Circle with letter I in it. N/A

Discover will match all the cash back you've earned at the end of your first year.

Welcome Offer: Circle with letter I in it. Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.

20,000 ThankYou® Points

Rewards Program: Circle with letter I in it. Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically.

1% - 5% Cashback

Rewards Program: Circle with letter I in it. 2% cash back: 1% when you buy plus 1% as you pay

Up to 2% cash back

Intro APR:

Purchases: 0%, 15 months

Balance Transfers: 0%, 15 months

Intro APR: Circle with letter I in it. N/A

Purchases: N/A

Balance Transfers: 0%, 18 months

Regular APR:

18.24% - 28.24% Variable APR

Regular APR:

19.24% - 29.24% (Variable)

Annual Fee:

$0

Annual Fee:

$0

Highlights:

  • INTRO OFFER: Unlimited Cashback Match for all new cardmembers–only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
  • Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically.
  • Redeem your rewards for cash at any time.
  • Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It's free, activate with the mobile app.
  • Get a 0% intro APR for 15 months on purchases. Then 18.24% to 28.24% Standard Variable Purchase APR applies, based on credit worthiness.
  • No annual fee.
  • Terms and conditions apply.

Highlights:

  • Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
  • Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time.
    Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.
  • Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 19.24% - 29.24%, based on your creditworthiness.
  • Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
  • If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
  • There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Apply Now for Discover it® Cash Back

On Discover's Secure Website.

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Apply Now for Citi Double Cash® Card

On Citi's Secure Website.

Rates & Fees External Link Icon

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This credit card is right for you if:

There's no shortage of credit cards offering cash back rewards these days. That said, there are a few cases in which this card might be particularly useful for you:

  • You're looking to finance a purchase or pay down credit card debt while earning rewards. If you think you can pay off your existing credit card debt or any new purchases you make within the first 12 months, and you'd like to keep the credit card open afterward to earn rewards, this card is a good choice for you. 
  • You only want to earn cash back rewards. If you're looking to fund your next vacation with credit card points, seek another card. You'll get better value from it. 
  • You want a cheap cellphone protection policy. If you have renters or homeowners insurance, your cellphone is probably covered anyway, but you'll have to pay an expensive deductible before your policy kicks in. If you're worried about the financial hit from losing your cellphone, opening a card like this one that offers a replacement policy can be a cheaper option.

Our credit card methodology

At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.

FAQs

  • The credit limit for the HSBC Cash Rewards Mastercard® typically ranges from $1,000 to $20,000 or more. Upon approval for the card, HSBC sets a credit limit for you based on your annual income, credit profile, and other financial information.

  • It can be hard to get the HSBC Cash Rewards Mastercard® because of the application requirements. You must have an HSBC bank account to be eligible to apply for this credit card. Some consumers have also reported that they needed to provide additional documentation during the application process.

  • No, you can't get pre-approved for the HSBC Cash Rewards Mastercard®.