However, what makes it stand out is its 10% anniversary bonus on all the cash back you’ve earned. This bonus effectively boosts your rewards rate to 1.65%. This makes it a worthy rival among these top two popular credit cards: the Chase Freedom Unlimited® and the Citi® Double Cash Card.
It also currently offers a highly competitive sign-up bonus. New cardholders can earn a $150 statement credit if you spend at least $2,500 on the card within the first 3 months of account opening. This matches the top bonuses we see offered by other credit cards with no annual fee (see Rates & Fees).
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HSBC Cash Rewards Mastercard Summary
With the HSBC Cash Rewards Mastercard® credit card:
• Earn unlimited 1.5% cash rewards on all purchases.
• Earn a $150 cash rewards intro bonus after spending $2,500 in the first 3 months.
• 10% Anniversary Bonus on all Cash Rewards earned once a year.
• No Annual Fee.
• 0% Intro APR for 15 months on balance transfers, then a 15.24%, 19.24% or 25.24% variable APR.
• No Foreign Transaction Fees.
• $0 liability for unauthorized purchases.
• Terms Apply.
• See Rates & Fees
Earn An Unlimited 1.5% Cash Back
Use the HSBC Cash Rewards Mastercard® credit card to earn 1.5% cash back on every purchase, with no limit to the amount you can earn.
Then, with the 10% Anniversary Bonus, you can earn 10% back on all cash back rewards earned in the previous year. So, you’ll receive a slight boost to your points every year. This comes out to an effective earning rate of 1.65% cash back on your purchases. You’ll receive the 10% bonus within seven days after your account anniversary.
That anniversary bonus is available as long as your account is active and in good standing. The anniversary bonus will not apply to the signup bonus.
With the HSBC Cash Rewards Mastercard® credit card, you can redeem for statement credit, cash back, travel, and more. However, redemptions through HSBC may be a little difficult at first.
Redeeming statement credit is easy. And, if you want cash back, it has to be deposited into an HSBC consumer checking or savings account.
With travel redemptions, things may get a little tougher. You may be limited to using your cash rewards only for eligible airline tickets. Or, you may need to contact the HSBC Rewards Department directly to request a statement credit for travel. Or, you may need to book directly through HSBC’s online travel rewards site. You may also need to contact an HSBC travel counselor for travel packages or experiences.
It’s best to stick with statement credits or direct deposits to get your cash back.
If you’re in the market for a cash back credit card, the HSBC Cash Rewards Mastercard® credit card is a good one to consider. It’s one of the best rewards card in HSBC’s collection. Featuring an unlimited 1.5% cash back, a sign-up bonus, and no annual fee, it could be a card to have to catch those purchases that would only earn you 1% cash back on another card. In addition, the 10% anniversary bonus is one of its kind.
Besides the cash back benefits, the card also doesn’t charge any foreign transaction fees (see Rates & Fees). Continue to earn your cash back rewards as you use your card to travel the world.
However, if you’re looking to finance a large purchase or want a lot of flexibility in redemption, you may want to check out other credit card promotions to find one that suits your needs.
The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.