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
HSBC Cash Rewards Mastercard
Rewards: Earn 1.5% cash back on online purchases, 1% on gas, grocery, and drugstore purchases, and 0.5% on everything else.
Welcome offer: For the first 180 days, earn an additional 12.5% cash back on all purchases (up to $1,000).
Interest rates: 20.99% for purchases, 22.99% for balance transfers and cash advances.
Annual fee: $0
Recommended credit score:
Good to Excellent
On HSBC’s website
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.
Tangerine Money-Back Credit Card
Rewards: Earn 2% unlimited cash back in up to 3 categories of your choice plus 0.50% on all other purchases.
Welcome offer: Get an additional 10% cash back after spending $1,000 in the first 2 months ($100 value).
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Annual fee: $0
Recommended credit score:
Fair to Excellent
On Tangerine’s website
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.
Simplii Financial Cash Back Visa Card
Rewards: Earn up to 4% cash back on purchases.
Welcome offer: Get 10% bonus cash back at restaurants and bars (up to $500) for the first 4 months. Plus, get a 9.99% interest rate on purchases for 6 months.
Interest rates: 19.99% for purchases, 22.99% for cash advances.
Annual fee: $0
Recommended credit score:
Good to Very Good
On Simplii’s website
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.
BMO CashBack Mastercard
Rewards: Earn up to 3% cash back on groceries and 1% in other categories.
Welcome offer: Get up to 5% cash back in the first 3 months and a 0.99% introductory balance transfer rate for 9 months.
Interest rates: 20.99% for purchases, 22.99% for cash advances.
Annual fee: $0
Recommended credit score:
Good to Excellent
On BMO’s website
| 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)
What are the built-in insurance benefits that come with HSBC Cash Rewards Mastercard?
The HSBC Rewards Mastercard comes with three insurance benefits that are totally free: Purchase Assurance, Extended Warranty Insurance, and Mobile Device Insurance.
How can I redeem the cash back rewards earned with the HSBC Cash Rewards Mastercard?
You can redeem your HSBC cash back rewards after accumulating at least $25 in cash back points in your account.
Redemption options include: via statement credit, as a direct deposit, or towards your HSBC mortgage. Log in to the HSBC Rewards website or contact their customer service hotline for more information on the redemption process.
What other credit cards does HSBC offer?
HSBC offers a wide range of credit cards, each with unique benefits. In addition to the HSBC Mastercard Cash Rewards, you can also take a look at:
HSBC World Elite® MasterCard®
HSBC +Rewards™ Mastercard®
HSBC Travel Rewards Mastercard®
