HSBC Cash Rewards Mastercard Review for 2023

Are you looking for a cash-back credit card that offers great rewards? Look no further than the HSBC Cash Rewards Mastercard.

This top-rated credit card is perfect for Canadians who want to earn cash back on their everyday purchases.

With no annual fee and a generous rewards program for online purchases, the HSBC Cash Rewards Mastercard is a great choice for anyone looking to save money.

In this review, we’ll take a closer look at the features and alternatives of the HSBC Cash Rewards Mastercard.

HSBC Cash Rewards Mastercard – Summary

Benefits of the HSBC Cash Rewards Mastercard

The HSBC Cash Rewards Mastercard boasts several benefits that make it an attractive option for cash-back enthusiasts.

There is no annual fee or income requirement

First off, there is no annual fee, so you won’t have to spend anything to keep it on hand.

Also, it’s simpler to apply for this card as there are no income requirements.

Greater options to redeem cash back

With most cash-back credit cards, the only way to get your money back is via statement credits.

It’s not the case here. You can still redeem credits the usual way as well as have the following options:

• Pay off your HSBC mortgage, or
• Deposit your money back into your HSBC savings account.

Mobile Device Insurance

Have the full cost of your phone charged to your HSBC card (or choose a monthly plan), and your device is covered in the event of accidental damage or theft. Coverage can go up to $1,000.

Downsides of the HSBC Cash Rewards Mastercard

While the HSBC Cash Rewards Mastercard has numerous advantages, it’s also important to consider the potential downsides.

Foreign transaction fee

HSBC Cash Rewards Mastercard charges a 2.5% conversion fee for transactions in foreign currencies. This is a hefty fee when you use your credit card to make purchases in foreign currency.

No default Travel or Medical Insurance

This card does not come with built-in Travel or Medical Insurance. But there is an option to add this coverage for an annual premium of $69.

Ceiling on online spending

The 1.5% for every $1 worth of online purchases is great. But it’s capped at $6000 annually, after which you will revert to earning at a rate of 0.5%. If you’re a frequent online shopper, you will reach this limit in no time.

How to Apply for the HSBC Cash Rewards Mastercard

Applying for the HSBC Cash Rewards Mastercard is a straightforward process.

Applicants must meet the following requirements to be eligible:

• A resident of Canada,
• Be of legal age in the province where you live

Make sure you have any of the following IDs before applying:

• Passport
• Driver’s licence
• ID issued by the Provincial Government

You can apply online or visit their nearest branch. For existing HSBC customers, you can log in to the HSBC Mastercard website by using your username and password.

HSBC Cash Rewards Mastercard Alternatives

For those seeking additional options, we have compiled a list of notable alternatives to the HSBC Cash Rewards Mastercard.

Each alternative card comes with its own unique features and benefits. Let’s take a closer look at the top contenders:

Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card is a no-frills credit card with zero annual fee. Cardholders can receive accelerated rates of cash back on up to three money-back categories, earning cash back on every qualified dollar spent.

Simplii Financial Cash Back Visa Card

The Simplii Financial Cash Back Visa Card combines simplicity with competitive cash back rates. With no annual fee, cardholders can get up to 4% cash back on restaurant, bar, and coffee shop purchases.

BMO CashBack Mastercard

The BMO CashBack Mastercard is another no-fee cash back card with notable perks. Cardholders can redeem their cash back for as low as $1. Also, cash back rewards can be redeemed and credited to a BMO chequing or savings account, as well as to Investorline.

Credit Card	Annual Fee	APR Purchases	APR Cash Advances	Rewards
HSBC Cash Reward Mastercard	$0	20.99%	22.99% (21.99% for Quebec Residents	1.5% cash back on online purchases, 1% cashback on gas, grocery, drugstore purchases, and 0.5% on all others
Tangerine Money-Back Credit Card	$0	19.95%	19.95%	Get 2% cash back on purchases you make every day in two 2% cash-back categories of your choice.
Simplii Financial Cash Back Visa Card	$0	19.99%	22.99%	4% cash back on eligible restaurant and bar purchases; 1.5% on eligible gas, grocery, and drugstore purchases; 0.5% on everything else
BMO Cash Back Mastercard	$0	20.99%	22.99% (21.99% for Quebec Residents	3% cash back on grocery and food purchases, 1% cash back on recurring bills, and 0.5% on all others

Is the HSBC Cash Rewards Mastercard Worth It?

If you are someone looking for a cash back card that caters to avid online shoppers, the HSBC Cash Rewards Mastercard may be the one for you.

Its rewards structure is simple and offers high cash back rates on online purchases without charging an annual fee. This makes it an excellent choice for everyday spending.

This card also distinguishes itself by allowing you to direct rewards towards either an HSBC savings account or a mortgage.

Lastly, having built-in Mobile Device Insurance is a useful perk to have.

Frequently Asked Questions (FAQs)