Posted by: John S Kiernan

EDITOR’S RATING 4.7 / 5 PROS

• $150 bonus for spending $2,500 in 3 months
• 1.5% cash back base earning rate
• 10% annual rewards bonus

CONS

• High regular APR

The Verdict: The HSBC Cash Rewards Mastercard® Credit Card (HSBC is a WalletHub partner) is among the top cash back credit cards on the market, especially early on. You get a $150 initial bonus for spending $2,500 within three months of account opening. And you’ll also earn 1.5% cash back on all purchases. That’s very good – around 50% better than average, according to WalletHub’s latest Credit Card Landscape Report.

The HSBC Cash Back Credit Card’s top-notch rewards also have a solid supporting cast, so to speak. Most importantly, there’s no annual fee. That makes it $18.15 per year cheaper than the average card. Its lack of a foreign transaction fee should also be welcome news for anyone planning international travel or spending.

Financing is the HSBC Cash Rewards Card’s biggest weakness. Yes, it does offer a 0% introductory balance transfer APR for the first 15 months, well beyond the market average of 12 months. But it also charges a 4% balance transfer fee, while the average balance transfer credit card charges roughly 2.71%.

Furthermore, the HSBC Cash Rewards Card’s 0% balance transfer offer does not extend to new purchases. And its regular APR could be above even the average among credit cards for people with fair credit, despite the card requiring good or excellent credit for approval.

So if you have good credit or better and want a card for everyday purchases that offers a consistently high earning rate with a few extras thrown in, the HSBC Cash Rewards Mastercard should definitely be in the running. And if you don’t know what shape your credit is in, you can check your latest credit score for free on WalletHub, the only site with free daily updates.

The Highlights

• $150 Bonus for Spending $2,500 in 3 Months: The average cash back card with an initial bonus offers about $154, or 16% less than the HSBC Cash Rewards Mastercard. Very few cards offer bigger cash back bonuses. And when you convert this bonus into percentage terms, you’re earning 30% cash back.

• 1.5% Cash Back Base Earning Rate: This rate applies to every purchase you make, which makes this card much simpler than many rewards competitors. It’s also more lucrative, considering that the average cash rewards card gives you slightly more than 1% back.

• No Annual Fee: This saves you about $18.15 per year compared to the average credit card. Most cash back credit cards for people with good or excellent credit don’t charge annual fees, though.

• 10% Annual Rewards Bonus: The HSBC Cash Rewards Mastercard keeps you engaged by giving you a bonus equal to 10% of the cash back rewards that you earn each year, following your account anniversary. Not too shabby.

The Lowlights

• High Regular APR: The HSBC Cash Rewards Mastercard’s regular APR is advertised as a wide range: 15.24% - 25.24% (V). The exact amount depends on your overall creditworthiness. So people with excellent credit generally get a rate at the low end, while folks with good credit get rates toward the high end.

  Either way, you’re likely to overpay if you carry a balance from month to month. The average credit card for excellent credit charges 14.49%, according to WalletHub's research, while the average card for good credit charges 20.79%.

Other Things To Consider

• Above-Average Balance Transfer Offer: HSBC Cash Rewards gives you 0% on balance transfers for 15 months. That’s significantly longer than the average 0% transfer term: 12 months. But it’s also accompanied by an above-average transfer fee: 4%, versus roughly 2.7% for the average balance transfer card. And it’s not even the best HSBC credit card for balance transfers. The HSBC Gold Card’s 0% period lasts three months longer.

• Good or Excellent Credit Required: Good credit is generally thought to start at 660, but we recommend a score of 700+ to give yourself reasonable odds of approval. You can check your latest credit score for free on WalletHub to get a sense of your chances.

Compared To The Competition

The HSBC Cash Rewards Mastercard is a great cash back credit card, to be sure. But it’s not the only one. Below, you can see how the offer stacks up against the top competition.

	HSBC Cash Rewards Mastercard® Credit Card	SponsoredCiti® Double Cash Card – 18 month BT offer	SponsoredChase Freedom Unlimited®	SponsoredBlue Cash Preferred® Card from American Express
Annual Fee	$0	$0	$0	$95
Rewards Bonus	N/A	N/A	Double Cash Back	$250
Rewards Rate	1.5 - 3 points / $1	2% Cash Back	1.5% Cash Back	1 - 6% Cash Back
Purchase Intro APR	0% for 12 months	Not Offered	0% for 15 months	0% for 12 months
Transfer Intro APR	0% for 12 monthsTransfer Fee: 4% (min $10)	0% for 18 months*Transfer Fee: 3% (min $5)	0% for 15 monthsTransfer Fee: Either $5 or 3% of the amount of each transfer, whichever is greater.	0% for 12 monthsTransfer Fee: 3% (min $5)
Regular APR	15.24% - 25.24% (V)	15.74% - 25.74%* (V)	17.24% - 25.99% (V)	15.24% - 26.24% (V)
Editors’ Rating	4.7 / 5	5.0 / 5	4.7 / 5	4.7 / 5
Details, Rates & Fees	Learn More	Learn More	Learn More	Learn MoreRates & FeesTerms Apply
Winners	Citi® Double Cash Card – 18 month BT offer

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