HSBC Cash Rewards MasterCard Review



Annual Fee


Annual Rewards


Intro Offer


Annual fee


Annual rewards


Intro offer


  • No annual fee
  • Competitive cash back rates
  • 1.5% cash back on all purchases
  • Welcome bonus for new cardholders
  • Generous credit limit


  • Foreign transaction fees
  • Limited travel benefits
  • No purchase protection or extended warranty
  • Lower cash back rate on certain categories
  • HSBC customer service may not be as robust as other major banks

How you earn rewards

Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With HSBC Cash Rewards MasterCard, here’s how you earn rewards:

Specific Stores2%
All Other Spend1%

How much your rewards are worth

The dollar value of your rewards depends on the specific HSBC rewards program and what you choose to redeem your points for.

For HSBC Cash Rewards MasterCard in particular, if you spend $2,000.00 per month, here’s our estimated rewards earned depending on which reward you choose:

Redemption methodAnnual rewards
Redeem for travel$1.26
Gift cards$1.13
Enjoy experiences$1.26
HSBC financial products$0.76

Calculating your annual rewards

$24,000.00 annual spending x $1.05% return on spending = $252.00 annual rewards

$252.00 annual rewards – $0.00 annual fee = $$252.00 net annual rewards

Details and eligibility

Do I qualify?
Estimated Credit Score660 – 724
Interest Rates
Cash Advance22.9%
Balance Transfer22.9%
Extra Card Fee$0
Card typeMasterCard

Insurance coverage

Extended Warranty1 year
Purchase Protection90 days
Mobile Phone Insurance1000

HSBC Cash Rewards MasterCard Review

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.

Benefit 1: 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.

Benefit 2: 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.

Benefit 3: 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.

Benefit 4: 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.

Drawback 1: 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.

Drawback 2: 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.

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.


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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