HSBC Cash Rewards MasterCard Credit Card Review with Pros and Cons
Anyone who spends money in a variety of categories knows how frustrating rotating rewards can be. You have to try to match your spending to certain categories to maximize your rewards. This can be a headache, but we have a solution for you. The HSBC Cash Rewards MasterCard Credit Card is a flat rate rewards card. Just think, you can spend your money how you want and earn decent rewards. However, this card does have drawbacks like any card, and you deserve to know about them as well.
HSBC Cash Rewards MasterCard Credit Card Pros
1. Flat Rewards Rate
There’s no more keeping track of rotating rewards categories with the HSBC credit card. You get 1.5% cash back on every single purchase you make. These rewards are unlimited as well. So, if you shop and use your HSBC MasterCard a lot, you stand to earn big. This is a great perk for a steady rewards card.
2. Introductory Bonus Offer
As well as unlimited rewards, cardholders with the HSBC Cash Rewards MasterCard Credit Card get a sign-up bonus offer. It’s very reachable as well. If you spend $500 in the first 3 months, you’ll get a $150 cash rewards offer. This breaks down to spending just $167 per month. So if you have a family, you know you can easily spend that much on one grocery store trip.
3. No Annual Fee
It’s more difficult to find a rewards card without an annual fee. However, this is exactly what you get with the HSBC Cash Rewards MasterCard Credit Card. You’ll pay a $0 annual fee for as long as you have the card. This means that you can use your card as little or as much as you want with no guilt. Any rewards you earn with the HSBC credit card are yours to keep, and they’re money in your pocket.
4. Anniversary Bonus
The HSBC MasterCard gives its loyal cardholders an anniversary bonus every year just for having the card in good standing. Loyal cardholders will get a 10% bonus on any cash rewards you’ve accumulated over the year. So, if you’ve earned $1,000 in cash rewards, you’d get a $100 anniversary bonus.
5. No Foreign Transaction Fee
If you plan to travel and want a rewards card, look to the HSBC MasterCard. It’ll allow you to use your card anywhere in the world with a $0 foreign transaction fee. This fee is normally added to your balance when you make a transaction through a non-US Bank. It typically ranges from 3% to 4% of your purchase, and it’s for every transaction. So, if you travel a lot, this is a huge perk.
6. Introductory Offer
For the first 15 months, you have the HSBC credit card; you’ll pay a 0% APR. This includes balance transfers as well. So you can transfer a larger balance from a high-interest credit card to this card and pay it off. As long as you pay it within 15 months, you won’t pay any additional interest. This is a great tool to help you get out of debt.
7. Shopping Perks
When you use this card to shop, you get several shopping perks. You’ll get extended warranties on certain products if the factory warranty is short. You’ll also get purchase protection and identity theft resolution. All of these things will help you protect your credit score in the event of fraudulent purchases.
8. Travel Perks
The HSBC MasterCard also covers you when you travel. Cardholders get access to things like $1 million in travel accident insurance and MasterAssist. You also get access to Master RoadAssist Roadside Services. So, should your car break down while you’re traveling, you’ll have a way for someone to help you. This HSBC MasterCard is one way to get free travel perks.
HSBC Cash Rewards MasterCard Credit Card Cons
1. Higher APR
Although the introductory offer is nice, when it ends you’ll pay a higher APR. The APR is variable, and it ranges from 14.24% to 24.24%. Your APR will depend on your credit score at the time of your application. Good credit will get you closer to the 24.24% while excellent credit will get you toward 14.23%. If you don’t carry a balance from month to month, this won’t be a problem. But if you do, it adds up quickly.
2. Harder to Get Approval
The HSBC Cash Rewards MasterCard Credit Card caters to people with higher credit FICO scores. Generally, you may get approved for a credit score of 660. However, you ideally want to be in the low 700s and up to ensure you can get this card. This shuts out a lot of potential applicants and makes it harder to get approval.
3. Lower Rewards Rate
You get a flat rewards rate for this card, and it’s on the lower end. There are rewards cards that offer as much as 5% cash back in certain categories. The average rewards rate is 3%, and this is double what you’ll get with this card. So this can make it take longer for you to get a decent amount of rewards cash back.
4. Higher Balance Transfer Fee
You do get 15 months of 0% balance transfer fees with the HSBC credit card. But once this is over, you’ll pay more than many cards. The standard balance transfer fee is typically 3%, but the HSBC Cash Rewards MasterCard Credit Card is 4%. It also has a minimum fee of $10, and it takes whichever one is greater. Try the CHASE Slate® Credit Card which charges no balance transfer fees to new cardholders.
Bottom Line on the HSBC Cash Rewards Mastercard® Credit Card
Finally, the HSBC Cash Rewards MasterCard Credit Card is a solid rewards card for people with excellent credit. The introductory offer, anniversary bonus, and the signup bonus are excellent perks for cardholders. You can earn unlimited rewards no matter where you use your card, and you can travel as well. All of these things make this card an excellent rewards card.
CreditFast has reviewed the best cash back credit cards on the market. Some of the credit card offers are from our advertising partners. CreditFast has objectively reviewed the features and benefits of each cash back credit card. We have chosen credit card offers based on our editor’s recommendations.