HSBC Cash Rewards Mastercard Review: 1.5% Flat Cash Back but Few Other Benefits

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HSBC Cash Rewards Mastercard® credit card
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HSBC Cash Rewards Mastercard® credit card
Learn more externa link icon At our partner’s secure site. See Rates & Fees, Terms Apply.
HSBC Cash Rewards Mastercard® credit card
  • Intro offer:
    3%
  • Annual fee:
    $0
  • Regular APR:
    Variable APR of 12.99%, 16.99%, or 22.99%
  • Recommended credit score:
    670-850 (Good to Excellent)
Rewards rate:

10% Anniversary Bonus on all Cash Rewards earned once a year. Earn an Introductory 3% Cash Back on all purchases in the first 12 months from Account opening, up to the first $10,000 in purchases. Earn unlimited 1.5% cash back on all purchases.

NextAdvisor’s Take

Pros
  • Unlimited 1.5% flat rewards
  • Extra discounts with select retailers
  • No annual fee
Cons
  • No welcome bonus
  • No intro APR
  • High ongoing APR
The Bottom Line
The HSBC Cash Rewards Mastercard offers a flat 1.5% cash back on every purchase and some additional cardholder perks, for no annual fee. It’s a good choice if you’re looking for simple cash rewards, but there’s no welcome bonus, which can limit your first-year value compared to other cards.

Additional Card Details

  • 5% back on future Hello Fresh orders when you pay with your card, through Sept. 30, 2022
  • Complimentary three month DoorDash DashPass membership, through Sept. 30, 2022
  • $5 Lyft credit each month when you take at least three rides per month
  • Complimentary ShopRunner membership
  • Additional revolving limited time offers with partner retailers
  • Cell phone coverage worth up to $600 per claim included
  • Purchase assurance against damaged or stolen items
  • Qualify for up to $1 million in travel accident insurance

HSBC Cash Rewards Mastercard Full Review

Card Type

The HSBC Cash Rewards Mastercard is a flat-rate cash back credit card with an unlimited 1.5% back on every purchase. 

Annual Fee

The HSBC Cash Rewards Mastercard does not charge an annual fee, which is common among cash back credit cards.

Welcome Offer

There is no welcome offer with this card.

Introductory Offer

The HSBC Cash Rewards Card does not offer an introductory 0% APR, which puts it at a disadvantage compared to some other cash back credit cards.

Rewards

You’ll earn 1.5% cash on all purchases you charge to your HSBC Cash Rewards Card.

When you’re ready to redeem your rewards, you can choose to receive a statement credit toward your account or a direct deposit into an HSBC checking or savings account. Travel, gift card, and merchandise redemptions are also available.

Fees

There is no annual fee and no foreign transaction fees required for this card. The HSBC Cash Rewards Card does charge a 4% balance transfer fee (minimum $10), though it’s not a good choice for debt payoff, since there’s no 0% introductory APR offer. There’s also a 5% cash advance fee (minimum $10) and a 5% (minimum $10) overdraft transaction fee that applies when you make a purchase that exceeds your credit limit.

A late payment fee or returned payment fee of up to $39 and penalty APR up to 29.99% can also apply.

Other Benefits

This card comes with some unique benefits and features, including a $5 credit for every three Lyft rides you take, discounts on DoorDash and a complimentary ShopRunner membership which gives you free two-day shipping at select stores. 

Pro Tip

If you sign up for this card and use Lyft for rideshares, add this card as your preferred payment method in your Lyft account. You’ll get a $5 Lyft credit for every three rides you take.

Plus, you’ll get cell phone coverage worth up to $600 per claim, purchase assurance against damage or theft and up to $1 million in travel accident insurance. Access to enhanced experiences like Mastercard airport concierge access and car rental coverage is also included.

Benefits of HSBC Cash Rewards Mastercard

If you’re looking for a cash back credit card that offers a flat rate of rewards with no annual fee, the HSBC Cash Rewards Mastercard fits the bill. This card lets you earn 1.5% cash back on everything you buy, and you can choose from flexible redemption options including cash back, gift cards, travel, and merchandise.

Drawbacks of HSBC Cash Rewards Mastercard

There are plenty of reasons to look at other cash back credit cards instead of this one. First off, there are several cash back credit cards that offer 2% cash back with no annual fee. 

For example, the Wells Fargo Active Cash® Card  offers an unlimited 2% cash rewards with no annual fee, and you’ll get 0% intro APR on purchases and qualifying balance transfers for 15 months from account opening (followed by a variable APR of 18.74%, 23.74%, or 28.74%).

The HSBC Cash Rewards Mastercard is one of the few cash back credit cards that doesn’t offer a sign-up bonus or welcome offer of any kind. 

By contrast, the Chase Freedom Unlimited offers an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year). There’s no annual fee, and you’ll earn not only 1.5% cash back on regular spending but also 5% back on travel booked through Chase, 5% cash back on Lyft rides (through March 2025) and 3% back on dining and drugstore purchases.

How to Use HSBC Cash Rewards Mastercard

Since this card offers a flat 1.5% cash back on everything you buy, you can maximize your rewards by using it for all your everyday purchases and bills. Just make sure to charge only what you can afford to pay off when your statement balance is due; you’ll accrue interest at this card’s high variable APR if you carry a balance.

If you already make purchases with Hello Fresh, DoorDash, or Lyft as part of your monthly budget, connect your card as the primary payment method to your accounts to earn added benefits and discounts. You can also save by paying your cell phone bill with your HSBC Cash Rewards Mastercard — you’ll be eligible for cell phone coverage worth up to $600 for when you make a claim.

HSBC Cash Rewards Mastercard Compared to Other Cards

Our Choice
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HSBC Cash Rewards Mastercard® credit card

HSBC Cash Rewards Mastercard® credit card

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Wells Fargo Active Cash® Card

Wells Fargo Active Cash® Card

  • Intro offer:
    $200 cash rewards
  • Annual fee:
    $0
  • Regular APR:
    18.74%, 23.74%, or 28.74% Variable APR
  • Recommended credit:
    670-850 (Good to Excellent)
  • Apply Now externa link icon At Wells Fargo’s secure site See Rates & Fees.
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Chase Freedom Unlimited®

Chase Freedom Unlimited®

  • Intro offer:
    Earn an Additional 1.5% Cash Back
  • Annual fee:
    $0
  • Regular APR:
    17.99% – 26.74% Variable
  • Recommended credit:
    670-850 (Good to Excellent)
  • Apply Now externa link icon At Chase’s secure site

Is the HSBC Cash Rewards Mastercard Right for You?

Editorial Independence

As with all of our credit card reviews, our analysis is not influenced by any partnerships or advertising relationships.

If you want to earn flat-rate rewards on everything you buy, the HSBC Cash Rewards Mastercard will help you accomplish that goal. However, it’s not the highest-earning flat cash back card available. Plenty of our favorite cash back credit cards on the market today offer higher rewards on every purchase in addition to welcome bonuses, added benefits, and introductory 0% APR periods.

Make sure you compare all the options you may qualify for before you apply, so you can find the credit card that’s best fit for your spending and budget long-term.

Frequently Asked Questions (FAQ)

How do I redeem my HSBC rewards points?

Rewards earned with the HSBC Cash Rewards Mastercard can be redeemed for cash back, gift cards, travel, or merchandise.

How much are HSBC Mastercard points worth?

The points you earn with this card are worth one cent each. For example, 10,000 cash rewards points can be redeemed for $100 in cash back.

Does the HSBC Cash Rewards Mastercard charge foreign transaction fees?

The HSBC Cash Rewards Mastercard does not charge foreign transaction fees.

Does the HSBC Cash Rewards Mastercard allow balance transfers?

The HSBC Cash Rewards Mastercard allows balance transfers at the regular variable APR. A 4% (minimum $10) balance transfer fee will apply.