HSBC Cash Rewards Mastercard: Earn 3% Cash Back on Every Purchase [2020]

With the HSBC Cash Rewards Mastercard, you can earn cash back on every purchase you make during your first 12 months as a cardmember.
Last updated Sep 13, 2020 | By Kat Tretina

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If you’re not using a rewards credit card to pay for your everyday purchases, you could be missing out. A good rewards credit card can help you earn valuable rewards and even cash back, putting money back in your wallet.

If you’re looking to earn rewards, the HSBC Cash Rewards Mastercard is worth considering. It has an easy-to-use rewards program, allowing you to earn a higher rate of return on your routine purchases than you’d get with many other credit cards.

In this HSBC Cash rewards Mastercard review, find out how to maximize rewards and determine if it's a good fit for you.

Awesome Cash Back in Year One

HSBC Cash Rewards Mastercard Credit Card

HSBC Cash Rewards Mastercard Credit Card

HSBC Cash Rewards Mastercard Credit Card

Benefits

  • 3% intro cash back for 12 months on first $10,000
  • 0% intro APR on purchases and balance transfers
  • Unlimited 1.5% cash back on all purchases
  • No annual fee

Drawbacks

  • Doesn't offer travel rewards

Who should get this card?

The HSBC Cash Rewards Mastercard makes sense for someone looking for a credit card workhorse. It’s a cashback card you can keep in your wallet and use for every purchase you make to earn a high rate of rewards. It’s perfect if you want just one simple credit card, rather than juggling many with rotating spending categories.

However, if you spend a lot of money on in certain areas, like gas or dining out, it may make more sense to go with another card that offers more rewards for those expenses. For example, the Blue Cash Preferred Card from American Express offers a high rewards rate specifically on purchases made at U.S. supermarkets.

Card basics

Card Type Cash Back
Annual Fee $0
Intro Bonus Earn 3% cash back during your first year (on up to $10,000 in spend) then 1.5% cash back
Recommended Credit Score Excellent, Good
Foreign Transaction Fee None

Top card benefits

  • Awesome sign-up bonus: Earn 3% cash back during your first year (on up to $10,000 in spend) then 1.5% cash back.
  • Unlimited cash back: After your first year — or after you hit the $10,000 maximum — you’ll earn unlimited 1.5% cash back on all purchases.
  • Travel benefits: Use your card to book your travel arrangements and you’ll get perks like travel accident insurance coverage up to $100,000; secondary car rental insurance; and a 10% discount at Onefinestay, a network of 10,000 high-end properties in major cities across the globe.
  • Golf perks: If you’re an avid golfer, the HSBC Cash Rewards Mastercard offers the Priceless Golf perk. It gives you discounted access to select golf courses, complimentary grounds passes for PGA (Professional Golfers’ Association of America) tournaments, and you can get lessons with a PGA Tour professional.

Earning & redeeming

If you’re looking for an easy rewards card that allows you to earn cash back on your purchases without having to worry about rotating spending categories, the HSBC Cash Rewards Mastercard is a smart choice.

Best ways to earn

Using the HSBC Cash Rewards Mastercard is simple. Just use your card for your routine purchases — like putting gas in your car or buying groceries — and you’ll earn 1.5% cash back.

During your first year, it’s a good idea to use the HSBC Cash Rewards card for the majority of your purchases since you can earn 3% cash back on the first $10,000 you spend. That special offer could allow you to rack up hundreds of dollars in rewards just with your normal spending.

Maximizing your redemptions

You can redeem your points in a variety of ways:

  • Book flights, hotels, car rentals, and travel experiences
  • Statement credits
  • Direct deposit to your HSBC checking or savings account
  • Gift cards to major retailers like Macy’s, Starbucks, and Amazon
  • Merchandise, such as luggage and kitchenware

To get the most value from your cashback rewards, it’s a good idea to redeem them for statement credits or direct deposit into your bank account, since other redemption methods may offer less value.

Common questions

Is the HSBC Cash Rewards Mastercard worth it?

With no annual fee, the HSBC Cash Rewards Mastercard has very few downsides. You can easily earn 1.5% cash back on every purchase, so it’s a simple card you can use to maximize your rewards. And, because there are no foreign transaction fees, it’s a great choice if you’re traveling outside of the country.

How do I redeem my HSBC cashback rewards?

You can redeem your HSBC cashback rewards for travel, statement credits, direct deposit into your HSBC bank account, gift cards, or merchandise. To do so, access your rewards online through your account dashboard and select the option you’d like to redeem.

What are a few lesser-known benefits of the HSBC Cash Rewards card?

The HSBC Cash Rewards card has a number of benefits that you’d expect from a good rewards card, such as travel accident insurance and secondary car rental insurance. But it also offers some unique perks.

With the HSBC Cash Rewards card, you’ll get a 10% discount on Onefinestay, a program that allows you to book stays at luxury homes all over the world. You can stay in apartments or houses in Paris, London, New York, and more.

You also get access to Priceless Golf, a program that gives you access to select golf courses, complimentary grounds passes for PGA tournaments, and more.

HSBC Cash Rewards cardmembers get a free Shoprunner membership as well, along with $5 off orders of $25 or more with Postmates.

Do HSBC reward points expire?

No, HSBC reward points never expire as long as your account is active. However, if the account is inactive for 12 or more months (18 months for California residents), HSBC Bank could close your account, resulting in the loss of any cash rewards that accumulated. To avoid losing your rewards, use your card to make a purchase at least once a year.

Other cards to consider

While the HSBC Cash Rewards Mastercard is an excellent card, it may not be for everyone. If you’re looking for a new cashback card, you may want to also consider the Chase Freedom Unlimited that offers a simple way to earn cash back without an annual fee, or the Cash Magnet Card from American Express, which offers a few extra benefits like roadside assistance, secondary car rental insurance, and purchase protection.

Awesome Cash Back in Year One

HSBC Cash Rewards Mastercard Credit Card

HSBC Cash Rewards Mastercard Credit Card

HSBC Cash Rewards Mastercard Credit Card

Special Offer

Earn 3% cash back during your first year (on up to $10,000 in spend) then 1.5% cash back

See how these cards compare:

Chase Freedom Unlimited
Chase Freedom Unlimited
  • $200 sign-up bonus
  • 5% cash back grocery store purchases for the first year (up to $12k)
  • Bonus rewards on travel, dining, and drugstores
  • No annual fee
  • 0% intro APR on purchases
American Express Cash Magnet Card
American Express Cash Magnet Card
  • $150 statement credit welcome offer
  • Unlimited 1.5% cash back on all purchases
  • 0% intro APR on purchases
  • No annual fee
  • Terms apply