Posted by William Charles on April 16, 2019
Credit Card Offers

Published on April 16th, 2019 | by William Charles

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HSBC Cash Rewards Mastercard Review – 3% Cash Back On All Purchases First Year (Maximum Of $10,000 In Spend)

Update 4/15/19: Sign up bonus is now 3% cash back on all purchases for the first year. Maximum of $10,000 in spend. Previously you received $150 for spending $2,500. You’re actually worse off than before with this new offer as you need to spend $10,000 to get the full $300 ‘bonus’. If you put that spend on a 2% card you would earn $200 so it’s an effective bonus of roughly $100. Alternatively under the old offer you could have spend $2,500 to trigger the $150 bonus and then put the remaining $7,500 on a 2% card. That would have earned you a total of $337.5

Update 10/23/18: Minimum spend requirement has increased from $500 to $2,500, making this offer significantly worse.

Update 02/14/18: They are no longer offering the 2% rate for the first six months

HSBC has launched a new credit card ‘HSBC Cash Rewards Mastercard‘. Let’s take a look in this quick review to see if it makes sense to apply.

Card Basics

  • No annual fee
  • $150 sign up bonus after $500 or more in purchases within the first three months of account opening
  • 0% introductory APR on balance transfers for the first 15 months from account opening
  • 2% cash back on all purchases made within the first 6 months from account opening, after that receive 1.5% cash back
  • 1.5% cash back on all purchases
  • 10% anniversary bonus on all cash rewards earned each year
  • No foreign transaction fees

 

Our Verdict

In terms of cash sign up bonuses, $150 isn’t terrible especially considering the minimum spend requirement is quite low. I’m not sure if you receive the 10% anniversary bonus on the sign up bonus as well (even after reading all the fine print), that would make the bonus $165 instead of $150. The card doesn’t make much sense for everyday spend even with the 10% bonus as it would be earning at a rate of 1.65% and there are much better cards out there for every day purchases.

For the majority of people there are much better sign up bonuses available, but if you’re already hitting limits with the other card issuers and you can make use of the 2.2% cash back for the first six months then the card could be useful. Obviously this depends on what sort of approval criteria HSBC has and what sort of credit limits they offer. If you have any information regarding HSBC and their credit cards, please let us know and we will do a dedicated post regarding them.

Hat tip to RedditWing7 on /r/churning



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Peyo
Peyo

32.2% off $500 is a pretty good deal imo

Applied and insta-approved. 36/24

Morgan
Morgan

Dumb question — 36/24 means you’ve opened 36 CC’s in the past 24 months? Or you just have 36 CC’s in total?

Peyo
Peyo

Yup 36 in the last 24 months

Bhanna
Bhanna

New to this CC game… but I am at like 9/24, and I can’t seem to get more approvals… I got denied for two cards, and now I am trying to do more research before I apply to more cards. Are there specific card issuers that you would recommend as more flexible when it comes to you having more accounts recently opened up? I know chase is one I should avoid now…

chirovegan
chirovegan

36/24 how is that possible, I get denials for way fewer accounts.

AE
AE

FWIW – applied, was accepted today (with multiple lines of credit opened in the past year, 740 – 825 credit score)

Gary
Gary

What bureau did they pull from?

AE
AE

I do not know – I apologize – not certain how to locate that information.

TJ
TJ

Go to CreditKarma.com and run your report, and look for a brand new inquiry in the inquiries section of your Transunion and Equifax reports. If it shows up on one of those, you tell us which one. If it is on neither of those, they pulled Experian which is probably the most common bureau for most issuers.

AE
AE

Will check later this week – can only check every 7 days on credit karma. Credit Karma sometimes lags 14 days as well..

CJ
CJ

Equifax for most people

AE
AE

Edit: thank you!

JASON
JASON

In NY, have Experian frozen, existing checking and credit card account holder of HSBC, received below message. No inquiry notification from Credit Karma so I assume they would pull Experian for me. Would advise whether they allow to pull another credit report from another credit bureau

HSBC Cash Rewards Mastercard® Application

Your credit card application has been submitted and is being reviewed. You will be notified of our decision within the next few business days.

Abey
Abey

In NY almost every bank pulls experian
Other then Barclays that pulls Trans Union.

JASON
JASON

OK, applied one for my mom, in NY, confirm that HSBC pulls Experian only. Would update more info. Last year, HSBC pulled my EQ report when applying for advance Mastercard CC.

JASON
JASON

My mom’s application approved today as well. $4000 CL.

JASON
JASON

HSBC pulls my EQ due to frozen Experian. That’s good, because my TU and EX have more than 10 inquiries already. And not too many banks pull EQ in NY. Hope to get approved.

JASON
JASON

Mine approved, $6500 CL. Login to my online account and see the new card there while my Advance Master card is still there as well. Yesterday as soon as I just applied, I ACH some money to my account to make it total 10K and hoped to boost up the relationship. Not sure if that helps but anyway $6500 CL is nice. Now the next thing is whether this is churnable.

Kyle
Kyle

Is there a reason to have EX frozen still? I thought the bumpage of inquiries from EQ & TU is a thing of the past.

Adam

hey jason, how has your experience been MSing a bit on this card? any issues? any out of the ordinary FAs or its been smooth sailing?

just wondering what your experience using HSBC products has been. asking, cause I’ve never had one of their cards. but looking to jump in.

Daniel
Daniel

Any idea if you could product change into this card without hard pull and get the bonus?

Abey
Abey

You never get a sign up bonus when you product change.

john mccann
john mccann

Targeted? Won’t populate my identity verification questions?

JASON
JASON

Not targeted. It happens sometimes. It would be easier if you have an existing checking account with HSBC so that you can login and they would populate your info from there.

I do see a place where you can enter an invitation code but that’s not required, probably some ppl would be targeted based on the relationship with HSBC for some special offer we don’t know.

john mccann
john mccann

I called and did an application over the phone. Completed and pending. But the nice lady still had a problem with the id questions. I think she overrode that. Wait ‘n see.

stvr
stvr

Seems like a market leader in travel abroad no forex cards… it’s a MC so actually no forex.

jack
jack

what’s credit points for this card?
and how many inquiry under to qualify for this credit card?
Any DP?

Matt
Matt

DP: Had an HSBC checking account a while back, tried to apply for the credit card online and it made me sign in to my old account. Got an error that it couldn’t retrieve my account information, so tried applying by phone. Was told the credit card is not available to residents of Delaware or Wisconsin. Hopefully this saves a few Delawareans/Wisconsinites from wasting their time.

FS
FS

For those who have been accepted, was the approval instant or?

JASON
JASON

Not instantly, but next day. I have my experian frozen and they pulled EQ automatically, not sure if that was why it was not an instant approval.

JG
JG

I applied today, got an instant decision. Credit limit is a whopping $1,750. Someone seems a little stingy today.

Michael J Nelson
Michael J Nelson

what credit bureau do they pull from?

FS
FS

Equifax.

Checked my Credit Karma and it’s there listed under Equifax.

I applied on Oct 5, and there’s no communication at all from HSBC. No email, no nothing. Didn’t even get an Application Number whatsoever. All I got was something like “we’ll let you know about the Application Status” or “we’ll reach out to you regarding the Application”, can’t remember exactly. I do have a HSBC Checking Account. And I was logged in when I submitted my Application; HSBC pulled most of my information from my iBanking Account directly.

Jay Bee
Jay Bee

Not too bad for if you’re not needing to garden for Chase, Amex, loan, etc….

It’s an easy $150 and the 2.2% cb for first 6 months.

BUT touting the 0% intro on BTs is kinda meh, considering their BT fee is 4%

Mj
Mj

5500 SL, pulled EQ for me in Alaska

TightKerryman

Applied today, got instant approval. Credit limit was $7250. Pulled Equifax, my FICO is 815. Limit was definitely a little stingy in comparison to other cards

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