HSBC Cash Rewards Mastercard Review
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HSBC Cash Rewards Mastercard
Rewards
- 1.5% Earn 1.5% cash back on $6,000 worth of your eligible online purchases each year.
- 1% Earn 1% cash back on gas, grocery, and drugstore purchases.
- 0.5% Earn 0.5% cash back on all other eligible items
- Welcome Offer None
- Annual Rewards $186 Learn how we calculate this.
- Annual Fee $0
- Minimum Income Required None
Pros
- No annual fee
- No minimum income requirement
- Multiple options to redeem rewards
- Great for frequent online shoppers
Cons
- Low base earn rate
- Travel and medical insurance costs extra
The HSBC Cash Rewards Mastercard is a no-fee, cash back credit card that’s particularly enticing for those who like to do a lot of their shopping online, as it comes with a 1.5% cash back rate for online purchases. One of the more unique features about this card is that it gives you the ability to apply your cash back rewards as a credit toward to your mortgage — making it a great option for homeowners.
The Royal Bank of Canada (RBC) will be purchasing HSBC Canada. As a result, HSBC products will be discontinued shortly. Please refer to the best credit cards in Canada for alternatives.
If you’re looking for a $0 annual fee cash-back credit card, the HSBC Cash Rewards Mastercard® may be your best option. The card offers an exclusive earning rate for online shoppers. Take a look at our HSBC Cash Rewards Mastercard review to learn more about the card’s features, fees, eligibility, and pros and cons.
HSBC Cash Rewards Mastercard: an overview
The HSBC Cash Rewards Mastercard offers a simple cash back rewards system.
The card also benefits online shoppers, as it’s one of the first credit cards to offer an optimum earning rate on all online purchases.
The cash back card also offers a competitive earning rate on essential purchases like gas, drugstore, and grocery items. With no minimum income requirement and zero annual fees, the card is accessible to many Canadians looking to earn cash rewards.
HSBC Cash Rewards Mastercard rewards
The rewards breakdown is as follows:
- 11.5% cash back on eligible online purchases
- 11% cash back on eligible gas, grocery, and drugstore purchases
- 10.5% cash back on all other everyday purchases.
- Earn 1.5% cash back on $6,000 worth of your eligible online purchases made annually. This covers online subscriptions, streaming services, and food delivery. Any online purchase beyond the $6,000 threshold will earn cardholders 1% if it qualifies as a gas, grocery, or drugstore purchase, or 0.5% for all other eligible purchases.
- Earn 1% cash back on gas, grocery, and drugstore purchases.
- Earn 0.5% cash back on all other eligible items. Conditions apply.
- Cardholders must earn a minimum of $25 in cash back to redeem rewards.
You can redeem cash back whenever you like, provided you have a minimum of $25 in cash back rewards. Once you reach the $25 minimum, redeem your rewards online or over the phone.
There are several different ways to redeem your HSBC Cash Rewards. They can be applied as a credit toward your credit card statement balance or even to your HSBC mortgage — a feature not often offered by other cash back credit cards. You also have the option to deposit your cash back rewards into your HSBC savings account.
HSBC Cash Rewards Mastercard eligibility
To qualify for the HSBC Cash Rewards Mastercard, you must be a Canadian resident and have reached the provincial age of majority. In addition, you need to have an approximate credit score of 660+ to apply for the card.
If you’re applying online, you also need to have one of these valid documents to verify your identity easily and instantly:
- Passport
- Driver’s licence or provincial government-issued ID
Additionally, there is no minimum household or personal income requirement for eligibility.
HSBC Cash Rewards Mastercard interest rates and fees
Fees
- Annual fee: $0
- Foreign transaction fee: 2.5%
- Extra card fee: $0
- Cash advance fee: $5
- Balance transfer fee: $0
Interest rates
- Purchases: 20.99%
- Cash advances: 22.99% (21.99% if you’re in Quebec)
- Balance transfers: 22.99% (21.99% if you’re in Quebec)
HSBC Cash Rewards Mastercard perks
Other than cash rewards, other perks to enjoy as an HSBC Cash Rewards Mastercard holder include:
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Mobile device insurance
You will be covered up to $1,000 in case your mobile device is malfunctioning, stolen, lost, or damaged — provided you purchased the device (or signed up for a payment plan) using the credit card.
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Extended warranty and purchase assurance
Your device’s original warranty extends by 1 year when you make eligible purchases using your card. And you’re offered 90-day coverage for any eligible item purchased with the card in the event of damage, loss, or theft.
Compare HSBC Cash Rewards Mastercard alternatives
Our final thoughts
The HSBC Cash Rewards Mastercard is a strong contender for your wallet if you want a no-fee, cash back card with a straightforward rewards structure for everyday spending. For online shoppers, the cash back credit card has the added benefit of a higher cash back rate for online purchases.
Finally, the intriguing ability to put rewards toward your HSBC savings account and mortgage sets this cash back credit card apart from competitors.
