Dollarwise

HSBC Cash Rewards MasterCard Review

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Mastercard >







Advertising disclosure









{{card.name}} Review







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★★★★★











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Apply Now ->



















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Annual Fee







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Annual Rewards







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Intro Offer









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Annual fee







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Annual rewards







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Intro offer
























Pros











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Cons











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Editorial Note: DollarWise may earn a commission on sales made from partner links on this page.





Performance test results





At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.





You can see our full testing methodology here to learn why we're the most trusted source for credit card reviews.





The {{card.name}} has earned a {{ranking}} DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).









{{factor_score_rewards}}

















Rewards











{{factor_score_fee}}

















Fees











{{factor_score_perks}}

















Perks











{{factor_score_interest}}

















Interest rates













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Insurance











{{factor_score_acceptance}}

















Acceptance











{{factor_score_approval}}

















Approval











The highest scoring categories for the {{card.name}} are {{score_1}} and {{score_2}}.





These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.





This weighting allows us to judge cards on their merits and the customers they are designed for.





For the {{card.name}} the most important factors for scoring this card are its {{score_1}} and {{score_2}}.





Rewards





With the {{card.name}}, here's the rates at which you earn rewards for different spending categories per dollar you spend:





Bills{{reward_bills}}
Pharmacy{{reward_drug}}
Gas{{reward_gas}}
Groceries{{reward_grocery}}
Restaurants{{reward_restaurant}}
Specific Stores{{reward_store}}
Travel{{reward_travel}}
All Other Spend{{reward_other}}




Calculating your annual rewards





We estimate that spending {{monthlyspend}} per month with the {{card.name}} would earn {{card.rewards}} in rewards over the year.





Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.





We found that you'd earn this per category:





Bills{{bills_dollarrewards}}
Pharmacy{{drug_dollarrewards}}
Gas{{gas_dollarrewards}}
Groceries{{grocery_dollarrewards}}
Restaurants{{restaurant_dollarrewards}}
Specific Stores{{store_dollarrewards}}
Travel{{travel_dollarrewards}}
All Other Spend{{other_dollarrewards}}




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Our study investigating the value found that each dollar spent on the {{card.name}} is worth up to {{card.max_reward}}, depending on how you redeem.





This {{card.rewards}} in rewards value puts the {{card.name}} in the {{decile.annual_rewards}} of credit cards in Canada based on rewards earned.





The average credit card in our database earns {{averages.mean_annual_rewards}} in rewards for the same spend that the {{card.name}} earns {{card.rewards}} in rewards value.





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We can compare this card to other options by looking at the earn rate by category.





This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.





For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.





In this example, that's a 10% earn rate on gas.





SpendThis CardAverage
Bills{{bills_earnrate}}{{averages.mean_bills_earnrate}}
Pharmacy{{drug_earnrate}}{{averages.mean_drug_earnrate}}
Gas{{gas_earnrate}}{{averages.mean_gas_earnrate}}
Groceries{{grocery_earnrate}}{{averages.mean_grocery_earnrate}}
Restaurant{{restaurant_earnrate}}{{averages.mean_restaurant_earnrate}}
Store{{store_earnrate}}{{averages.mean_store_earnrate}}
Travel{{travel_earnrate}}{{averages.mean_travel_earnrate}}
Other{{other_earnrate}}{{averages.mean_other_earnrate}}
Above, we've calculated the earn rate for the {{card.name}} for every spend category and compared it to the average for all Canadian credit cards.




Redemption methodAnnual rewards
Transfer to partner airlines{{transfer_airlines}}
Fixed points travel{{fixed_points_travel}}
Transfer to partner hotels{{transfer_hotel}}
Redeem for travel{{redeem_travel}}
Apply to statement credit{{statement_credit}}
Ticketmaster{{ticketmaster}}
Charity{{charity}}
Gift cards{{gift_cards}}
Amazon.ca{{amazon}}
Merchandise{{merchandise}}
Make investments{{investments}}
Enjoy experiences{{experiences}}
Car rentals{{car_rental}}
Vacations{{vacation}}
Attractions{{attractions}}
Cash rewards{{cash_rewards}}
Grocery rewards{{grocery_rewards}}
Restaurant rewards{{restaurant_rewards}}
Movie rewards{{movie_rewards}}
Apple / BestBuy{{apple_bestbuy}}
Flight rewards{{flight_rewards}}
Airlines Rewards (Charts){{airlines_rewards_chart}}
CIBC financial products{{cibc_financial_products}}
Air travel - redemptions (scheduled){{air_travel_redemptions_schedule}}
RBC travel{{rbc_travel}}
Transfer to WestJet{{transfer_westjet}}
Transfer to Hudson Bay{{transfer_bay}}
RBC financial products{{rbc_financial_products_rewards}}
Air Canada gift cards{{aircanada_gift_card}}
Air Canada vactions{{air_canada_vacations}}
Electronics gift cards{{electronics_gift_cards}}
Cash - World Elite{{cash_worldelite}}
Cash - Platinum Plus{{cash_platinumplus}}
Banking plans{{banking_plans}}
Desjardins financial products{{desjardins_financial_products}}
Expedia travel{{expedia_td}}
Educational rewards{{education_rewards}}
HSBC financial products{{hsbc_financial_products}}
Walmart{{walmart_rewards}}
Triangle (Canadian Tire){{triangle_rewards}}
Meridian travel{{meridian_travel}}
Direct deposit{{direct_deposit_rewards}}
Costco gift cards{{costco_gift_cards}}
Wireless Rogers rewards{{wireless_rogers_rewards}}
1 Rogers rewards{{1_roger_rewards}}
Other Rogers rewards{{other_roger_rewards}}
Other 1 Rogers rewards{{other_1_roger_rewards}}




For an annual spend of {{annualspend}}, we estimated annual rewards value at up to {{total_net_rewards}}.





That's equivalent to a {{total_earn_rate}} return on spending.





The {{card.name}} has an annual fee of {{card.annualFee}}. After deducting this, we predicted net annual rewards of {{net_after_fee}}.





This puts it in the {{decile.net_annual_rewards}} of credit cards for net rewards after fees.





In comparison, the average card earns net annual rewards of {{averages.mean_net_annual_rewards}}.





Fees





The {{card.name}} has a {{card.annualFee}} annual fee.





The average card charges {{averages.mean_annual_fee}}. So, the {{card.name}} is in the {{decile.annual_fee}} of cards based on the cost of the annual fee.





Perks





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We manually review the perks of each credit card to determine how they compare to other cards.





The {{card.name}} scored a {{factor_score_perks}} out of 5 for perks, putting it in the {{decile.factor_score_perks}} of cards.





The average card scores {{averages.mean_factor_score_perks}} out of 5 for perks.





Interest Rates





Purchase{{purchase_interest_rate}}%
Cash Advance{{cash_advance_interest_rate}}%
Balance Transfer{{balance_transfer_interest_rate}}%




The average (median) credit card has a purchase interest rate of {{averages.median_purchase_interest_rate}} and so the {{card.name}} charges {{purchase_interest_diff}} than the average.





For cash advances it costs {{cash_advance_interest_rate}}% compared to the average of {{averages.mean_cash_advance_interest_rate}}.





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Testing the {{card.name}} with a $2,000 starting balance, you can see in the graph how the {{purchase_interest_diff}} in interest rates impacts the interest over a year, compared to the average card.





Insurance coverage





InsuranceThis CardAverage
Extended Warranty{{warranty}}{{averages.median_warranty}}
Purchase Protection{{purchase_protection}}{{averages.median_purchase_protection}}
Travel Accident{{travel_accident}}{{averages.median_travel_accident}}
Emergency Medical Term{{emergency_medical_term}}{{averages.median_emergency_medical_term}}
Emergency Medical over 65{{emergency_medical_65}}{{averages.median_emergency_medical_65}}
Trip Cancellation{{trip_cancellation}}{{averages.median_trip_cancellation}}
Trip Interruption{{trip_interruption}}{{averages.median_trip_interruption}}
Flight Delay{{flight_delay}}{{averages.median_flight_delay}}
Baggage Delay{{baggage_delay_insurance}}{{averages.median_baggage_delay_insurance}}
Lost or Stolen Baggage{{stolen_baggage}}{{averages.median_stolen_baggage}}
Event Cancellation{{event_cancel}}{{averages.median_event_cancel}}
Rental Car Theft & Damage{{rental_theft_damage}}No
Rental Car Personal Effects{{rental_personal}}{{averages.median_rental_personal}}
Rental Car Accident{{rental_accident}}{{averages.median_rental_accident}}
Hotel Burglary{{hotel_burglary}}{{averages.median_hotel_burglary}}
Mobile Phone Insurance{{mobile_insurance}}{{averages.median_mobile_insurance}}
Personal Effects Insurance{{personal_effects}}{{averages.median_personal_effects}}
Price Protection Insurance{{price_protection}}{{averages.median_price_protection}}




We scored it {{factor_score_insurance}} out of 5 for insurance.





It offers {{insurance_count}} types of insurance, whereas the average card has {{averages.insurance_count}} types of coverage.





Approval and qualifying







Do I qualify?
Estimated Credit Score{{credit_score_low}} - {{credit_score_high}}
Personal Income{{personal_income}}
Household Income{{household_income}}






Fees
Annual Fee{{card.annualFee}}
Extra Card Fee$0
Card type{{card_type}}






We scored it {{factor_score_approval}} out of 5 for approval.





We predict that you will require a credit score of at least {{credit_score_low}} to qualify for the {{card.name}}, while the average card requires {{averages.mean_credit_score_low}} to qualify.





This puts it in the top {{decile.credit_score_low}} of cards by approval difficulty.





The personal income requirements are {{personal_income}}, while the average card requires {{averages.mean_personal_income}}.





This puts it in the {{decile.personal_income}} of cards by the income required to qualify.





The HSBC Cash Rewards MasterCard is a popular cashback credit card that offers a variety of earning potential and benefits for its Canadian cardholders. In this review, we will discuss the earning potential of the card, highlight four benefits, and address two potential drawbacks, along with any other relevant information for prospective users.





Earning potential





The HSBC Cash Rewards MasterCard allows cardholders to earn cashback rewards on all eligible purchases. The current reward rate is 2% for the first six months and 1.5% thereafter for any purchases made in dining, travel, groceries, and other eligible categories.





This offers users a straightforward and desirable cashback rate, making it simple for everyday spending.





Benefits






  1. Attractive Introductory Offer (2% Cash Back): A notable advantage of the HSBC Cash Rewards MasterCard is the attractive introductory offer.

    New applicants can earn 2% cashback on all qualifying purchases during the first six months, providing a boosted rate for initial spending that can lead to significant rewards early on in their card usage.




  2. Potential No Annual Fee (First Year): Another major benefit of this card is the potential for no annual fee. The HSBC Cash Rewards MasterCard typically waives the annual fee for the first year of use, making it an affordable option for cardholders looking to save on costs while still earning rewards.




  3. Versatile Redemption Options: The card also offers additional flexibility with its redemption options. Cardholders have multiple options to redeem their earned cashback, such as statement credits, travel bookings, or gift cards, providing more versatility in how rewards are utilized.




  4. Purchase Protection & Extended Warranty: Lastly, the HSBC Cash Rewards MasterCard also offers purchase protection and extended warranty coverage on qualifying purchases. These added features can provide additional peace of mind to cardholders when making purchases with their card.





Drawbacks






  1. No Bonus Earning Categories: One significant drawback of the HSBC Cash Rewards MasterCard is the lack of bonus earning categories.

    While the card offers consistent cashback rates on all eligible purchases, it does not provide increased rewards for specific spending categories, such as gas or entertainment, which may be a drawback for some users who have higher spending in these areas.




  2. Limited Supplementary Cards Availability: Another potential drawback is the limited availability of supplementary cards for additional users.

    HSBC may restrict the amount of authorized users on an account, which could be a consideration for individuals who want to share the credit card and its benefits with family members or partners.





Additional information





In conclusion, the HSBC Cash Rewards MasterCard offers a simple and appealing cashback earning structure with a competitive introductory offer, no annual fee in the first year, flexible cashback redemption options, and various purchase protection features.





However, it may be less ideal for those seeking bonus earning categories or who need multiple supplementary cards. We recommend prospective users carefully consider these factors when deciding if the HSBC Cash Rewards MasterCard is the right fit for their financial goals and habits.





Not the right fit? You could consider the HSBC World Elite MasterCard. Or, if you’re looking for other options check out the HSBC +Rewards MasterCard, and the HSBC Travel Rewards Mastercard.





FAQ







The HSBC Cash Rewards MasterCard allows cardholders to redeem their points for various rewards that provide significant value for consumers. The primary redemption option includes cash back in the form of a statement credit, which enables cardholders to reduce their balance using their earned points.





In addition to cash back, cardholders can also redeem their points for gift cards from a variety of popular retailers, giving them greater flexibility in choosing how to utilize their rewards.





Additionally, points can be applied towards travel purchases, such as flights, hotels, car rentals, and other travel expenses.





This feature makes the HSBC Cash Rewards MasterCard quite versatile in terms of rewards redemption options.







The HSBC Cash Rewards MasterCard credit card does impose foreign transaction fees on its users. Cardholders can expect to pay a 3% fee on all purchases made outside of Canada or in a foreign currency.





This fee is common among many credit cards and serves as an additional cost to consider for frequent travelers or individuals making foreign purchases.







The HSBC Cash Rewards MasterCard credit card does not have a specific minimum income requirement for applicants. Instead, approval is based on factors such as your credit score, payment history, and overall financial stability.





HSBC considers each applicant’s financial situation individually when making approval decisions.







Key benefits






  • Earn rate: 1.5% cash back on all eligible purchases




  • 0% introductory APR on balance transfers for 12 months




  • $200 welcome cash back bonus after spending $500 in eligible purchases within first 3 months




  • Mastercard contactless payment technology for quick, convenient transactions




  • Option to redeem cash rewards as statement credits or gift cards




  • No penalty APR for late payments




  • 3% balance transfer fee during promotional period




  • 24/7 access to digital banking, including mobile app and online services




  • Access to Mastercard Priceless Cities benefits and experiences



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