HSBC Cash Rewards review

Who are the HSBC Cash Rewards for?

HSBC Cash Rewards is a good choice for people who do not want to spend time studying complex policies but just want a steady bonus reward. This card offers an unlimited 1.5% cash back bonus on every purchase you make. It also offers travel benefits and shopping benefits which is a good choice for people who are not sure which kind of credit card is suitable for them.

The most valuable thing about this card is that it doubles the cash back in the first year after you open a new account up to the first $10,000 of purchases. There is 0% intro APR in the first 12 months which means you do not need to pay extra fees to the bank while shopping. If you make full use of these policies, you can earn many rewards in that first year.

In conclusion, if you do not have a clear idea of which kind of credit card you want in a short time, you may try this one since it has both solid cash back bonus and travel and shopping benefits. Also, the card has relatively simple rules for the rewards so that people do not need to spend much time studying the details. No annual fee means you can try this card without any consideration about whether it worths the price.

Signup Bonus

In the first year, HBSC doubles the cash back which is a 3% cash back bonus for the first $10,000 of purchases. For example, if you spend $1,000 in the first year, you can earn $30. But after the first year, you will only earn $15 with the same expense. There is no annual fee or signup fee, so the first year after you open the account is the best time to enjoy the rewards.

Rewards

The rewards of this card are really simple. HSBC offers a 1.5% cash back bonus for every purchase you make with this card without limit. Since there is no signup fee or annual fee, you can earn the bonus as soon as you open your account and get the card.

Benefits

There are many options to redeem your cash. The most common one is to take your cash back as a credit on your statement so you do not need to worry about transacting the money. You can also redeem the money as a direct deposit into your HSBC account. Lastly, you can also give it to charities. These three options will be given full value for the rewards. You also have other options, like traveling, merchandising, gift card, and application fee for the TSA Precheck or Global Entry program, but you will lose part of the value of your rewards as commission. In conclusion, you can have options on how to use your rewards, but some of them may reduce the value.

For the first 12 months, there is no intro purchase APR or intro balance transfer APR. In order to maximize your profit and earn as many rewards as you can, you can buy expensive items such as cars in that period. But remember there is a limitation of $10,000. If you exceed that bound, the extra can only earn 1.5% cash back. After the first year, HSBC will charge 12.99%, 16.99% or 22.99% of both the purchase APR and balance transfer APR based on your creditworthiness.

The other benefit is you can enjoy travel insurance with this card. It covers MasterRental Coverage which provides protections for the damage and theft of the rental cars and Mastercard Airport Concierge which means you can enjoy a 15% discount on Airport Meet and Greet service. Travel accident insurance indicates you may receive accidental death or dismemberment coverage of up to $1,000,000 when traveling. Last but not least, you can receive 10% off Onefinestay when you book one of the rental properties in some cities, like New York, London, Paris, and more. There are limitations applied in all of the previous benefits. For example, the coverage does not cover all states, not even outside of the United States. Companies not relative to HSBC may manage the coverage.

Except for the insurances, you can have ShopRunner membership for unlimited, free 2-day, and free return shipping. Postmates offer you a discount of getting $5 off on orders over $25 for delivery of food, drinks, or groceries. Priceless Golf provides discounts to select golf courses, complimentary grounds passes for PGA Tournaments, Priceless Lessons with a PGA Tour professional.

Services and protections

The most important thing is to protect clients’ privacy and safety. HSBC has the MasterCard ID theft protection that can help protect your identity and provide one-on-one support. The company helps monitor the websites to see if your personal information is disclosed. When you are sure that your identity is stolen, you can always call Mastercard 24 hours a day and get help from a specialist. Also when the bank makes sure that you experience fraud, you do not need to be responsible for that payment.

There is also a Cellular Wireless Telephone Protection that compensates you up to $600 when your cellphone is stolen or damaged. After you claim your request, HSBC will confirm as soon as possible and reimburse money according to the situation.

Tap & go contactless payments reduces the risk of fraud since it is really fast and you can hold the card yourself. It is also much faster than swiping or inserting the card. The only thing you need to do is to hold the card close to a payment terminal until the payment is confirmed. Thousands of contactless payment terminals all over the country allow you to make your payment fastly and easily.

No Annual Fee or Foreign Transaction Fee

An annual fee has and always will be a burden for people owning a credit card, but HSBC Cash Rewards removes the fees. No annual fee or signup fee means you can start to earn the cash back reward as soon as you open your account. This policy dispels people’s worries about whether this card worths the fees and lowers the threshold for people to own a credit card.

This card may also be a big attraction for people who travel a lot. As mentioned in section Benefits, you can enjoy travel accident insurance, rental car insurance Mastercard Airport Concierge, and Mastercard Travel & Lifestyle Services. In addition, there is no foreign transaction fee. You can use the card in whichever country accepts Mastercard. Mastercard is popular all over the world, thus the exemption of foreign transaction fees is good news for frequent travelers.

Conclusion

In short, HSBC Cash Rewards is a perfect card for people who only want a steady rate of bonus without studying the policies carefully. In the first year after opening the account, a 3% cash back bonus is offered to the first $10,000 of purchase. After that, you have a 1.5% bonus reward. No annual fee or signup fee means you can earn rewards without returning back to HSBC. Also, there are many benefits that may attract people who are always traveling, like discounts on renting cars or insurance coverage. So if you are a person who loves traveling, or does not mind having lower but more steady rewards, HSBC Cash Rewards is a great option.