HSBC Cash Rewards Mastercard Review for 2024

Published on

Written by Enoch Omololu

Snappy Rates is reader-supported. This means if you click on some of our links, we may earn a commission. This does not affect the objectivity of our evaluations. Read our disclosure.

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:
725
900

Good to Excellent

HSBC Cash Rewards Mastercard

On HSBC’s website

  • Earn 1.5% cash back for every $1 spent on online purchases (up to $6,000 annually).
  • Earn 1% cash back for every $1 spent on grocery, drugstore, and gas purchases.
  • Earn 0.5% cash back for every $1 spent on everything else.
  • Cash back can be redeemed as a statement credit, added to your personal savings account, or used to pay down your HSBC residential mortgage.
  • Mobile device insurance up to $1,000.
  • Extended warranty insurance and purchase assurance are included.
  • Optionally add on travel and medical insurance.
  • No minimum income required to apply.

Flexible redemption of cash back

Mobile device insurance is included

No spend limits for the 0.5% and 1% cash back categories

1.5% cash back category is capped at $6,000 annually

No travel insurance included

Base earn rate is only 0.5%

The HSBC Cash Rewards Mastercard is a no-annual-fee credit card that is light on insurance and rewards, but you can earn unlimited cash back on grocery, drugstore, and gas purchases, as well as everything else.

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:
600
900

Fair to Excellent

tangerinemoneyback-cc-img

On Tangerine’s website

  • Earn 2% unlimited cash back on 2 categories of your choice, including groceries, restaurants, entertainment, and recurring bill payments.
  • Unlock an additional 2% cash back category when you deposit your money back into a Tangerine Savings Account.
  • Earn 0.5% unlimited cash back on all other purchases.
  • Cash back is earned automatically on everyday purchases and paid monthly.
  • 1.95% promotional balance transfer interest rate for 6 months.
  • Purchase assurance and extended warranty are included.
  • Track and categorize your spending with the Tangerine mobile app.
  • To qualify, you must make a minimum of $12,000 per year.

Earn unlimited 2% cash back in up to 3 categories

No annual fee

1.95% balance transfer interest rate for 6 months

No travel benefits or insurance

No physical bank branches as it is an online-only bank

The Tangerine Money-Back Credit Card has no annual fees and earns you 2% cash back on up to 3 categories. You choose the categories in which you spend the most to maximize your rewards.

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:
660
900

Good to Very Good

Simplii Financial Cash Back Visa Card

On Simplii’s website

  • Earn 4% cash back on restaurant, bar, and coffee shop purchases (up to $5,000 yearly).
  • Earn 1.5% cash back on gas, grocery, and drugstore purchases and pre-authorized payments (up to $15,000 yearly).
  • Earn 0.5% cash back on everything else without limits.
  • Cash back is accumulated monthly and automatically redeemed as a statement credit in December.
  • Introductory 9.99% interest rate on purchases for 6 months.
  • Earn $50 for each successful referral.
  • Send money abroad for free with a Simplii Financial Global Money Transfer.
  • Purchase security and extended protection insurance are included.
  • A minimum household income of $15,000 is required to apply.

Earn up to 4% cash back on categories you spend most in

9.99% purchase interest rate for 6 months

Generous referral program

Spending limits on the 4% and 1.5% cash back categories

No insurance benefits

Cash back is only redeemed once per year

The Simplii Financial Cash Back Visa Card is a no-fee credit card that earns you up to 4% cash back on everyday purchases. It is great for those with a balance as it has a low 9.99% interest rate on purchases for the first 6 months.

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:
660
900

Good to Excellent

BMO CashBack Mastercard

On BMO’s website

  • 3% cash back on grocery purchases (up to $500 per statement cycle).
  • 1% cash back on recurring bill payments, like subscriptions and streaming services (up to $500 per statement cycle).
  • 0.5% cash back on all other purchases with no limits.
  • Cash back rewards never expire and can be redeemed for as little as $1.
  • Automatic cash back deposits can be set up when you reach $25.
  • Cash back can be deposited as a statement credit, into a BMO chequing or savings account, or a BMO InvestorLine account.
  • Get savings of up to 25% at participating Alamo and National car rental locations.
  • Get 15% to 20% off admission to Cirque du Soleil shows in Canada and Las Vegas.
  • $15,000 minimum personal annual income requirement.

Earn up to 3% cash back on groceries

Cash back rewards never expire

No annual fee

No insurance coverage

Personal annual income requirement of $15,000

3% and 1% cash back categories are capped at $500 monthly

The BMO CashBack Mastercard doesn’t have too many perks besides earning up to 3% cash back, but it has no annual fee, and you can redeem your cash back at any time for as little as $1. You also get a discount on car rentals and Cirque du Soleil shows.

Credit CardAnnual FeeAPR PurchasesAPR Cash AdvancesRewards
HSBC Cash Reward Mastercard$020.99%22.99% (21.99% for Quebec Residents1.5% cash back on online purchases, 1% cashback on gas, grocery, drugstore purchases, and 0.5% on all others
Tangerine Money-Back Credit Card$019.95%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$019.99%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$020.99%22.99% (21.99% for Quebec Residents3% 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®

Bonuses & Deals for April

Free prepaid card with up to 5% cashback. No credit check & $20 bonus when you deposit $50 and complete first purchase.

Earn average of 5% unlimited cashback. No annual fees and $25 bonus.

Get a $100 cashback bonus in the first 2 months. No annual fee credit card.

No current offers for this category.

Subscribe to our Newsletter!

Subscribe to get the latest personal finance news, offers, and our weekly newsletter. You can unsubscribe at any time.

Gravatar for Enoch Omololu

Enoch Omololu

Enoch Omololu is a personal finance expert. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. Enoch is passionate about helping others win with their finances and has written about money matters for over a decade. He has been featured or quoted in The Globe and Mail, CBC News, Yahoo Finance, GO Banking Rates, Financial Post, Bankrate, Forbes, Toronto Star, CTV News, and other personal finance publications. He founded Savvy New Canadians, one of Canada’s top financial education platforms.

Leave a comment

Hello there
  • Best free chequing account offer in Canada!
  • Get a $400 welcome bonus*
  • Unlimited free transactions and no monthly fees.
  • Unlimited free debits & e-Transfers
*Terms and conditions apply. Limited time offer.
  • Best free chequing account offer in Canada!
  • Get a $400 welcome bonus*
  • Unlimited free transactions & no monthly fees.
  • Earn internet on your balance.
*Terms and conditions apply. Limited time offer.