Rewards rate: Unlimited 1.5 percent cash back on all eligible purchases
Welcome offer: 3 percent cash back on eligible purchases in the first 12 months, up to $10,000 in purchases
Annual fee: None
Purchase intro APR: 0 percent for the first 12 months
Balance transfer intro APR: 0 percent for the first 12 months
Regular APR: 13.99 percent to 23.99 percent variable
Current welcome offer
Want to double your cash back for the first year? That’s essentially the welcome offer from HSBC. For the first 12 months (and up to $10,000 in purchases), cardholders earn 3 percent cash back on all eligible purchases, followed by 1.5 percent unlimited cash back once the spending cap is met. This means if you make $10,000 worth of purchases in your first year of card ownership, you’ll get $300 cash back.
While the HSBC Cash Rewards Mastercard’s reward rates are described in terms of cash back percentages, the card’s documentation makes it clear. For every eligible purchase, you’ll earn “cash rewards” points you can redeem for cash back or other rewards.
In practice, this means eligible spending in your first year will earn you three cash rewards points per dollar, which you can redeem at a rate of 3 percent cash back. Afterward, you’ll earn 1.5 cash rewards points per dollar, or 1.5 percent cash back.
The HSBC Cash Rewards Mastercard credit card focuses primarily on cash back that can be deposited to your HSBC account or used as statement credit.
Other redemption options are also available, however, including airfare, hotel bookings and car rentals, along with gift cards and merchandise, all of which are accessible through HSBC’s online rewards portal.