HSBC Bank USA is the American branch of the international company HSBC. It is a bank with its operational head office in New York City and its official head office in McLean, Virginia.
As a leading bank in the US, it offers excellent banking products and services. One of its popular products is its credit cards. You can get a variety of rewards with a card from HSBC that fits how you live and spend.
Discover the HSBC Cash Rewards credit card and its features, perks, and advantages. Learn how to apply for the HSBC Cash Rewards card to start earning rewards.
- What Is the HSBC Cash Rewards Credit Card?
- Discover the Features of the HSBC Cash Rewards Credit Card
- What Are the Pros of the HSBC Cash Rewards Credit Card?
- What Are the Fees of the HSBC Cash Rewards Credit Card?
- Who Can Apply for the HSBC Cash Rewards Credit Card?
- How Do You Redeem Rewards of the HSBC Cash Rewards Credit Card?
What Is the HSBC Cash Rewards Credit Card?
The HSBC Cash Rewards card gives you 3% cash back on your first $10,000 spent or the first year you have the card, whichever comes first. After the initial rewards, you will get 1.5% cashback on everything you buy.
The card also has an introductory APR of 0% for the first 12 months on purchases and balance transfers. After this time period, the standard APR will apply to all transactions.
The rate for transferring a balance to this card is 4%, which makes it not the best choice of cards on the market for transferring a balance.
The HSBC Cash Rewards card has a lot of travel perks, like no foreign transaction fees, coverage for car rentals through MasterRental, travel accident insurance, and Mastercard Airport Concierge.
A Solid Rewards Card with Useful Travel Perks
The card is a good middle-of-the-road option for people who like simple, flat-rate cash back.
It does not quite hit the numbers that an unlimited 2% cashback card might, but there are no foreign transaction fees, so many people who travel across borders will like this card’s travel perks and ways to redeem travel rewards.
There are also discounts on golf and a ShopRunner membership that lets you get faster shipping and free returns at several stores.
Discover the Features of the HSBC Cash Rewards Credit Card
You automatically get 3% cashback on up to the first $10,000 spent in the first year after opening an HSBC Cash Rewards Credit Card account. After that, you automatically get 1.5% cashback for life.
The rewards you can earn through the HSBC Cash Rewards Credit Card do not go away or expire, but you can only get them if your account is in good standing. Balance transfers, cash advances, and fees never earn cash back, as is usually the case.
The math is pretty easy with a credit card that gives 1.5% cashback, like the HSBC Cash Rewards Credit Cards, on all purchases and no category bonuses. If you use the same credit card for all purchases, 1.5% cashback on $25,000 in spending equals $375 in cash back per year.
What Is the HSBC Cash Rewards Credit Card Introductory Offer?
The HSBC Cash Rewards credit card does not have a sign-up bonus. You can get 3% cash back on purchases up to $10,000. After the introductory period, you can get 1.5% cash back on everything you buy. Putting the introductory offer together in this way has both pros and cons.
The main benefit is that you can make a great return on up to $10,000 in spending in the first year. On the other hand, your rewards are spread out over the year. This means you must keep spending on the card to get the full value of your introductory offer.
Spending $10,000 on a credit card might seem like a lot, but it’s not as scary when you look at it in months. It is only $833.33 a month, and you will get 3% cash back on all your purchases, which is a great deal.
Also read:Â Discover the Advantages of the HSBC Credit Cards
What Are the Pros of the HSBC Cash Rewards Credit Card?
When renting a car, you can use the MasterRental coverage with the HSBC Cash Rewards credit card. To use the MasterRental coverage, you must pay for the whole car rental agreement with your HSBC Cash Rewards Credit Card.
You will also need to turn down the insurance offered by the rental car company. Before relying on this insurance, you should read the fine print and make sure you are adequately covered.
Mastercard’s Travel & Lifestyle Services are available to HSBC Cash Rewards cardholders. This can help you access perks and luxury travel services while you are away.
What Are the Other Pros of the HSBC Cash Rewards Credit Card?
The HSBC Cash Rewards Credit Card has a 0% Introductory APR on purchases for the first 12 months after the account is opened and a 0% Introductory APR on balance transfers for the first 12 months after the account is opened.
Balance transfers must be made within the first 60 days after an account is opened. After the introductory period, the APR will range from 13.99% to 23.99%.
The HSBC Cash Rewards Credit Card also does not charge an annual fee, and it also does not charge any fees when you use it abroad, so it is a great card to use when traveling.
What Are the Fees of the HSBC Cash Rewards Credit Card?
Aside from the mentioned fees above, below is the full range of fees and charges that come with an HSBC Cash Rewards Credit Card.
- Annual fee – $0
- Introductory APR – 0%
- Regular APR – 13.99% to 23.99% variable
- Foreign transaction fee – $0
- Balance transfer fee – 4% of the amount transferred, or $10 (whichever is greater)
- Penalty APR – 29%
- Cash advance fee – either $10 or 5% (whichever is greater that will apply on each cash advance transaction)
Consider these fees to assess if the HSBC Cash Rewards Credit Card’s fees outweigh its benefits for your particular needs.
Also read: HSBC Loan – Learn How to Apply for a Personal Loan
What Are the Cons of the HSBC Cash Rewards Credit Card?
The highest APR (penalty APR) on the HSBC Cash Rewards Credit Card is high compared to other credit cards with similar features.
Even though people with good credit may only pay the lower end of the APR range, people with lower credit scores may pay a much higher APR.
The HSBC Cash Rewards Credit Card also has a few upfront benefits for its cardholders. It does not have the best set of rewards compared to other no-annual-fee rewards cards on the market.
Who Can Apply for the HSBC Cash Rewards Credit Card?
Like most credit card companies, HSBC may send prequalified offers to existing customers of their choice. HSBC may send you an “invitation number” that you can put on your application for a credit card.
It is important to note that an invitation number does not mean your application will be accepted. You can increase your chances of being approved by paying down your credit card balances, checking your credit before you apply, and making sure your FICO Score is in the Good to Excellent range.
However, you do not need an HSBC invitation number if you want to apply. Make sure to meet the minimum eligibility criteria for the credit card. Although the HSBC bank did not specify the requirements, people must typically meeting the following credentials to apply.
- Over 18 years of age
- UK resident
- Annual income or pension before tax of £6,800 or more
- Hold an HSBC Advance Account, HSBC Bank Account, or HSBC Premier Account, and paid a total of £1,750 a month into the account over the last six months
How to Apply for the HSBC Cash Rewards Credit Card
When you decide to get the HSBC Cash Rewards Credit Card, then go to the HSBC website and click the “Start application” button next to the card. Fill in the necessary details and send in your application.
You can also apply for an HSBC credit card by calling HSBC’s customer service at (800) 485-1794, or by visiting any HSBC bank branch.
Before applying for an HSBC credit card, check your credit score to ensure you have good-to-excellent credit. This will make it more likely that you will be approved. You should also pay down any balances you already have so your credit utilization ratio is not too high.
Also read: Cashplus Bank Credit Card – How to Get Online
How to Redeem Rewards from the HSBC Cash Rewards Credit Card
There are other ways to use your rewards, such as for travel through airfare, hotels, or rental cars, or for merchandise, gift cards, and credit for the application fee for TSA PreCheck or Global Entry. As said above, you will not get much for these options, but you have choices.
The easiest choice and the one most people will go with is to get your cashback as a direct deposit or a credit on your bill. If you choose to have your cash back directly deposited into an HSBC bank checking or savings account, you will need to have one of those accounts.
You can use your points to buy travel if you call the HSBC travel call center or sign in to your HSBC account.
You can also use your points to purchase merchandise or gift cards. However, as with most credit card rewards points, redeeming them this way does not give you much value and is not usually a good idea.
HSBC’s Contact Information and Address
You may visit the HSBC headquarters at 1 Centenary Sq, Birmingham B1 1HQ, or across any of its 148 branches and over 20 International Wealth Centers to inquire about the Cash Rewards Credit Card application.
The other option is to call them at their customer service hotline. From the UK, dial 03457 404 404, or from outside the UK dial +44 1226 261 010 to ask questions about your application.
Conclusion
The HSBC Cash Rewards Credit Card offers a rewards system that allows cardholders to redeem their points for travel, cashback, or gift cards.
Disclaimer: There are risks involved when using credit card products. Always be sure to read the bank’s terms and conditions page for more information.
