How good is the HSBC Credit Card?
If you want a simple way to earn a few rewards no matter what your purchasing, The HSBC credit card is probably the right one for you.
The card gives you cash back in the form of 1.5 percent on all of your purchases. The are no extra categories to mull over, and the card offers an introductory bonus that you can collect by spending 2500 dollars in your first three months.
Every year, a bonus will be added to your rewards. You can also utilize a zero percent, APR balance transfer for 15 months, which isn’t half bad–all things considered. Once you use it, though, the usual 14.99 percent, 18.99 percent, or 24.99 percent APR variable applies. You can travel and shop without worry due to the card’s security.
This card has no annual fees, so it’s a constructive and straightforward way to collect cash back for whenever you use the card. The question remains, however: is it right for you? The card isn’t very expensive and is easy to use, but it doesn’t have many other special features.
Why is this card good?
The card is great for flexible spending because of its 1.5 percent cash back rating, not necessarily because of its bonus categories and rewards.
Unlike most other cards with a 1.5 percent cash back rate, this card also comes with a 10 percent cash back bonus, making it slightly better than most.
The balance transfer it has–the 15-month, zero percent balance one–, makes it pretty good in comparison to other cards like it. Once the introductory phase ends, however, you have to deal with the regular APR variables–14.99 percent, 18.99 percent, or 24.99 percent.
No foreign transaction fees or annual fees come with this card, and it is fairly inexpensive all around.
What holds this card back?
The 15-month zero percent APR does not apply to purchases, just balance transfers. Once the introductory phase ends, you have to deal with 14.99 percent, 18.99 percent, or 24.99 percent, APR variables.
It only has a few security features for shopping and traveling.
You won’t find your credit report for free online like most other cards. You can only find your score on your statement.
The HSBC Cash Rewards Mastercard is for common spending, which can’t be said for most cards.
How To Maximize You Use With This Card.
This card will always give you 1.5 percent cash back regardless of what you purchase, so use it anytime you want. This trait makes it a good partner for other rewards cards that give more bonus reward categories at higher rates.
The simplest methods to earn back your cash includes depositing your stuff directly in an HSBC account or by redeeming in exchange for statement credits.
Use the zero percent, 15-month APR to move a balance away from a high APR account.
You may want to use this card if you’re buying things from outside of the country as it doesn’t have any transaction fees. It will be accepted almost everywhere without any extra charge to you.
You can keep up with your FICO 8 credit score by inspecting your monthly statement; it will be on it. Your Experian credit report determines it.
The Rewards For the Card
When you apply the anniversary bonus as well, you can use this card to collect up to 1.65 percent back in cash.
Here is what you can earn:
Cashback on all of your purchases in the form of 1.5 percent, along with an unlimited amount on what you can collect.
A sign-up bonus that gives you 150 dollars cash back if you spend 2500 dollars during the initial 3 months your account is open.
Anniversary bonus that gives back 10 percent of your cash on every cashback reward collected in the year prior.
So every year will see your points increase. This means you will be pretty much collecting back 1.65 percent of your cash on everything you buy when stacking on the rewards you earn. You obtain the bonus 7 days after the anniversary of opening up your account.
Should your account have a good reputation and be active, you will be able to collect the bonus. To be active means to have, at a minimum, one purchase during the year that you’re trying to receive the bonus. A good reputation consists of not having exceeded the limit of your card or being inconsistent with your payments.
The anniversary bonus will not stack with the signup bonus’ 150 dollars.
You get your FICO credit score for free on your monthly statement.
One of your FICO credit scores will be free to view when using this card. Your Equifax credit score will determine that.
Your score will only be recorded on your monthly statement, however. This can either be mailed to you or appear digitally. Most other cards allow you to check up on your score for free online whenever you please. But, credit card issuer notwithstanding, your score normally updates once a month anyway.
- Protection For Purchase Assurance
Certain items you purchase under your HSBC card will be protected against theft and damage for 90 days.
- Concierge For The Airport
Airport Meet and Greet services have a 15 percent discount. If you need to be escorted through the terminal or expedited through immigration or security, airport concierges will be on standby for you.
- Card Offers An Extended Warranty
The extension applies to any eligible items you’ve purchased with your HSBC card that have a manufacturer’s warranty of a year or less. The extension will double this warranty, adding 12 months and effectively giving you two years. Items will multiple warranties can have all of them extended.
- Accident Insurance For Traveling
Against accident-caused loss of life, limbs, sight, hearing, or speech, this perk provides a million dollars in coverage. It looks out for you, a spouse, children who are dependents, and a domestic partner. To apply, you must charge the entire cost of the fare to your HSBC card.
- Protection For Price
If after purchasing an item, you later find it being sold at a cheaper price than what you paid for it, you can be reimbursed for the price difference. The item must be paid for in its entirety using your HSBC card. This includes both online and print purchases, and you only have 60 days to make your claim after you’ve purchased your item.
- Master Road Assist And Service
Should your vehicle need assistance while out on the road, (such a tire change or a tow truck) call 1-800-Mastercard. Some fees with these services are already predetermined, so you should save more money contacting the services this way rather than directly.
It should be noted that this service cannot be used outside of the United States.
- Travel Assurance From MasterTrip
Helps with travel emergencies and provides planning before your trip. This includes cash advances, card replacement, medical assistance, medical referrals, and some other things. These perks are available whenever you travel more than 50 miles from your home.
- Master Rental Insurance
If you pay with the Cash Rewards Mastercard, you will receive protection against theft or damage to rented vehicles. You cannot accept the rental company’s damage waiver or own insurance if you want to apply this perk.
A Few Other Benefits
There are some other basic benefits that come with the card. Fraud Protection is one of them. This is an assurance that you will not be blamed for charges you did not make on your card. Report any and all unsupervised purchases made with your card once you know they’ve happened. The card also has a management feature for your account.
Fees and Costs For The Card
This card has no annual fees and is pretty cheap to use. Plus, with the 0-percent APR variable that spans 15 months, you’ll be able to take your time paying off larger balance transfers.
This card does not afflict you with any extra cost, and you have no sign-up rates for purchases. In order to avoid accruing interest and other unwanted fees, you just need to take care of your dues on time and consistently. This is a pretty good way to dodge debt and improve your overall credit at the same time.
Foreign transaction fees do not exist with this card, so you don’t have to worry about them. On top of that, it is a Mastercard, so it’ll be accepted pretty much everywhere around the globe. All of this makes this card a pretty nice thing to have if you’re heading anywhere outside of the U.S. The same can’t be said for other basic cards like Chase Freedom Unlimited or Citi Double Cash.
The HSBC Mastercard provides you with an easy way to get back cash on everything you happen to buy with it.
It’s bonus categories are as robust as some other cards, but it makes up for this with how easy it is to earn one percent back on most of the non-category things you may happen to buy.
David is a financial expert who graduated from the University of Fordham (Master in Finance) in 2001. He has 10+ years of experience in private equity and wealth management. With strong expertise in senior-level financial planning, personal financial analysis, and mortgages, David knows his way around personal finance. Before working at CCR he used to be a financial analyst at McKinsey.
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