In this post, you will learn all you need to know about HSBC Credit Card work and other valuable information you need to know.
HSBC started as a bank with the aid of Hong Kong and Shanghai Banking Corporation and became one of the world’s largest and well-known bank.
Having considered as a powerhouse worldwide, some of its primary aim for establishment includes investment banking, commercial banking, wealth management services.
Though, HSBC partakes in virtually all large operations of retail banking thereby offering an incredible perk. However, such perks are not comparable with offers of American Express and Chase, hence the bank has not invested much money and time traditionally in the development of super-robust and appealing rewards programs in the US.
Also worthy to note is that HSBC is one of the banks that offers transfer partnerships with airlines and it is just one of the ways you can employ to redeem HSBC rewards points.
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Basic Things to Know about Cash Back Rewards Master Credit Card
The rewards master credit card has a fascinating offer of 3% cashback either at the first 12 months of your account opening or on the first $10,000 of your purchases, whichever comes first.
Going by the introductory cashback, all purchases earn an unlimited 1.5% cashback just as the card also offers a 12 month 0% introductory APR on purchases and balance transfers. However, it is disheartening to know that, the card balance transfer rate is put to 4%, thereby making it less attractive and not the best choice for balance transfers.
Interestingly, the HSBC Cash Rewards Master card comes with different travel bonuses that include no foreign transaction fees, MasterRental auto rental coverage, travel accident insurance, Mastercard Airport Concierge, and 10% off rental homes with onefinestay.
Other perks include golf discounts and ShopRunner membership for expedited shipping and free returns at a number of participating stores.
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HSBC Rewards Credit Cards
HSBC offers a variety of credit cards and these cards come in different versions of the same credit card across many different countries, like the U.S., the U.K., Singapore, Hong Kong, etc.
– It has a simple 1.5% cashback earning on all spending
– The card did not come with an annual fee
– No foreign transaction fees
– The card includes a complimentary ShopRunner membership
– It protects your mobile phone
– No traditional welcome bonus
– The card has limited features hence 3% cashback in the first year tied to $10,000 in spending
– Earn unlimited 1.5% cashback on all purchases.
– 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
How HSBC Rewards Can Be Earned
At the instance of your first $10,000 in spending, a 3% cashback reward is automatically earned during the first year of account ownership. After which, an unlimited 1.5% cashback is inevitably earned.
Your earned rewards can never be expired but rather only be earned on accounts with good credit score records. However, the balance transfers and cash advances or fee payments never earn cashback.
Different methods and options exist on rewards redemption for the HSBC Cash Rewards Card. The rewards can be redeemed on travel by booking directly with points, on gift cards or merchandise, or as cashback using statement credit or through a direct deposit. Therefore, only HSBC bank accounts are eligible for direct deposit cashback reward redemption.
It is important to know your potential reward as a cardholder. Therefore, estimate the rewards you could earn using the HSBC Cash Rewards card.
Forbes Advisor has established estimates for how much a family in the 70th percentile of income spends annually using the credit cards and also the 70th percentile of wage-earning households brings in $100,172 annually and also how the $26,410 in expenses that can be charged to credit cards.
This figure, therefore, is then used for estimating the potential rewards from this credit card.
Going with a credit card that offers 1.5% cashback on all spending with no reservation on category bonuses, becomes simple to analyze.
Earning 1.5% cashback on $26,410 in spending comes to $396.15 in cashback annually, assuming that is used on a single credit card for all purchases.
In addition to the standard 1.5% cashback, your first year will earn you an additional 1.5% cash back on the first $10,000 in spending, or an additional $150.
How do I check my HSBC Rewards points?
You can check your HSBC Rewards balance by logging into your online account or calling the HSBC Rewards Department at 888-385-8916.
0% Introductory Rates
The HSBC Cash Rewards card comes with a 0% Introductory APR on credit card purchases upon the first 12 months haven opened an account, and 0% Introductory APR whenever there are balance transfers within the first 12 months from account opening, and to be followed by the card’s standard APR of Variable APR of 13.99% – 23.99% which is applicable after the Introductory Period.
Other related Benefits associated with this Card
Onefinestay: You are entitled to 10% off on rentals with onefinestay.
- ShopRunner: This has to do with complimentary membership where you can save on shipping and returns from selected stores.
- MasterRental Coverage: A cardmember is insured with Auto rental damage and theft insurance.
- Travel Accident Insurance: You have an insurance cover in an event of death or dismemberment insurance of up to $1,000,000.
- Mastercard ID Theft Protection: The card comes with security that can secure your card. This is known as an identity theft monitoring benefits.
- Cellular Wireless Telephone Protection: The card provides a cover for up to $600 per claim for stolen or damaged phones.
- FICO Score Access: Free FICO score access with each statement.
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Comparison of HSBC Cash Rewards Mastercard Credit Card with others
Taking a colossal look at the HSBC Cash Rewards Mastercard credit card vs. Chase Freedom Flex, the Chase Freedom Flex may have been a better pair with the HSBC Cash Rewards Mastercard, for many are keen to make the effort count.
The HSBC’s direct cashback rewards earning disparities must be triggered either quarterly within a category of 5% cashback, limited to $1,500 in spending each quarter, 5% on travel purchased through Chase, 3% at restaurants and drugstores, and 1% on all other purchases.
If the two, therefore, is comparable, the Freedom Flex’s 0% Intro APR on Purchases for 15 months followed by the standard rate of 14.99 – 23.74% Variable is longer than the HSBC card’s, but unlike the HSBC card, the Chase card low intro APR only applies to purchases.
The Freedom Flex also comes with a welcome bonus: Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. Neither card has an annual fee, but the Freedom Flex offers an arguably more robust perks package.
Also worth comparing is HSBC Cash Rewards Mastercard credit card vs. Blue Cash Preferred Card from American Express. For many who care less about foreign transaction fees, the Amex card such as the Blue Cash Preferred card may offer an exciting comparison.
The Blue Cash Preferred offers 6% cashback on groceries with regards to the first $6,000 in purchases at U.S. supermarkets, 6% cash back on select streaming services, also 3% cashback on transit and at U.S. gas stations, and 1% cashback on all other purchases.
The big turn-off with the American Express Blue Cash Preferred card, though is its annual fee. However, the $0 introductory annual fee for the first year is waived. This could be just though, but it makes sense to do the math based on actual spending to decide.
HSBC Cash Rewards Mastercard credit card vs. Amazon Prime Rewards Visa Signature Card
This is basically for people who spend greatly at Amazon and Whole Foods Market, the Amazon Prime Rewards Visa Signature could serve right in pairing with the HSBC Cash Rewards card.
With 5% cashback at Amazon and Whole Foods Market for Amazon Prime members and 2% cashback at restaurants, gas stations, and drugstores plus 1% cashback on all other purchases, the Amazon Prime Rewards Visa might make sense, but beware of the carefully worded tradeoff options.
It’s cashback earning or a promotional APR on Amazon purchases, not one and the other.
The Amazon Prime Rewards Visa Signature perks sound juicy with plenty of travel coverage perks and no foreign transaction fees. Like the HSBC Cash rewards card, the Prime Rewards card requires no annual fee but does require an Amazon Prime Membership. These two may indeed make a nice pair.
The Amazon Prime Rewards Card also could be a good option instead of the HSBC Cash Rewards Card, most importantly for families who do most of their shopping with Amazon and Whole Foods.
Is The HSBC Cash Rewards Mastercard Credit Card right for You?
Looking at the inclusively fair cash rewards with a healthy set of bonuses, the HSBC Cash Rewards card came up tall and attractive against other medium-offering credit cards.
Though it may not compete with top-line cards that come with an unlimited 2% cashback, the lack of foreign transaction fees makes it an attractive route for many who want flat-rate cashback earnings no matter where they go.
The great pairing it offers that come with a more targeted reward card that earns high numbers in specific categories is one of the distinguishing features.