The HSBC Cash Rewards Mastercard® is wonderful because it has no annual fee, substantial cash-back bonus categories, and simple redemption processes. This credit card offers an unlimited 1.5% cash back on all purchases at a flat rate. The earning rate is competitive with other cards of a similar type, and the absence of an annual charge makes it convenient.
However, a few notable benefits make this card stand out. It provides the simplicity of a flat-rate card that pays the same amount of cash back no matter where you use it, but the first year is subject to a special promotional rate. Additionally, this cash-back card travels nicely, unlike many others.
What is the HSBC + Rewards Mastercard?
Would you like a credit card with a low-interest rate that also offers you valuable points for every transaction you make? You can have both, thanks to the HSBC +Rewards Mastercard, which also has no annual charge. This card appeals to many people because it doesn’t require a significant personal or household income to qualify.
Features and Benefits
The features of this credit card are rather to the point: The HSBC Cash Rewards Card falls short compared to other cash-back credit cards because it doesn’t provide an introductory 0% APR. This is the first cash-back card to provide a higher earn rate on all internet transactions. However, in accordance with the terms and regulations, any online transactions made with your HSBC card must be classified as “online purchases” within the Mastercard Network.
Rewards
With your HSBC Cash Rewards Card, you can receive 1.5% cash back on every purchase. You can receive a statement credit or a direct deposit into a bank or savings account with HSBC when it comes time to redeem your rewards. There are also options for redeeming products, gift cards, and travel. With this card, you can earn flexible HSBC Rewards on every purchase. These rewards are simple to use and have a variety of redemption options.
How can I use my HSBC Rewards?
Using your points for travel is the best use of them. Charge all your travel expenses to the card, then pay using points earned from other purchases. When used to book a flight, each point is worth 0.5 cents. Of course, you can also spend your points on other things, such as purchases of goods, gift cards, experiences, statement credits, and deposits into HSBC bank accounts.
Fees
This card does not have an annual charge, and no foreign transaction fees are necessary. Since there is a 0% introductory APR offer, the HSBC Cash Rewards Card is not a viable option for paying off debt, but it does levy a 4% balance transfer fee (minimum of $10).
When you make a purchase that surpasses your credit limit, additional fees apply a 5% cash advance fee (minimum $10) and a 5% overdraft transaction fee (minimum $10). Additionally, a penalty APR of up to 29.99% and late payment or returned payment fees of up to $39 may be charged.
Interest rates
The low-interest rates on this card are among its best qualities. On purchases, cash advances, and balance transfers, you’ll pay a low-interest rate of 11.9% rather than the standard 20%+ interest rates levied by other cards. You’ll notice significant reductions in your interest payments if you frequently carry a balance on your credit card.
Purchase Security
With this card, your purchases are protected. It offers the three main categories of purchase protection: price protection, purchase protection, and an extended warranty. Extended warranty: If you use your card to buy qualifying items, the guarantee from the original manufacturer is automatically doubled and extended by up to an additional year.
Price protection is an uncommon insurance option that not many credit cards provide. You are eligible to receive a reimbursement for the difference (up to $500) if an item you bought goes on sale for less money within 60 days. It’s a terrific approach to guarantee that you receive the most fantastic deal.
Pros
Since there are so many cash-back credit cards with no annual fees available, it might be challenging for a new one to stand out from the competition. However, the HSBC Cash Rewards Mastercard stands out from the competition thanks to its higher earn rate for online transactions. The growth of online purchasing over the past few years and its continued expansion have made this advantageous.
Here are several benefits of this card: It carries no annual fee. Redeeming cash back is simple. It has low-interest rates. It has mobile device insurance. With this card, you may receive 1.5% cash back on all purchases and choose from various customizable redemption choices, such as cash back, gift cards, travel, and goods.
But since not everything is about brightsides, here are its cons: This is one of the few cash-back credit cards that does not provide any sign-up bonus or welcome incentive The maximum increase in earnings from trip purchases is $6,000 per year. Minimal base pay rate.
FAQs
What value do HSBC Mastercard points have? Each of the points you accumulate using this card is worth one cent. What is the Mastercard rewards card? Anybody with a Mastercard can get rewards credit cards, which offer points, miles, or cash back on every purchase.
Additionally, Mastercard rewards credit cards offer some significant ancillary benefits. Can I transfer my balance using my HSBC Cash Rewards Mastercard? Transferring balances is possible with the HSBC Cash Rewards Mastercard at the standard variable APR. The price for transferring balances is 4% with a $10 minimum.
Conclusion
The HSBC Cash Rewards Mastercard can help you reach your objective of receiving flat-rate rewards on all of your purchases. It doesn’t, however, offer the highest accessible flat cash-back earnings. Many cash-back credit cards available on the market today provide initial 0% APR periods, welcome bonuses, and increased rewards on every purchase.
Before you apply, compare all the possibilities you might be eligible for to locate the credit card that will work best for your long-term spending and budget. If you’re looking for a card that combines rewards and low-interest rates, this card is for you! Also, it can be a good card for you if you frequently carry a balance on your card.
