HSBC Cash Rewards Card Offers 3% Back in Year 1; Gold Card Trims Intro APR

Earn 3% cash back on all purchases in the first 12 months, up to the first $10,000 in purchases, then 1.5%.
HSBC Cash Rewards Card Offers 3% Back in Year 1; Gold Card Trims Intro APR

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HSBC has made some major changes to two of its credit cards. Depending on your spending habits, some of it could be welcome news.

The biggest change is to the . The -annual-fee card has ditched its upfront sign-up bonus and now offers an introductory 3% cash back on all purchases in the first 12 months from account opening, up to the first $10,000 in purchases. After that, the card will drop back to its regular ongoing flat rate of 1.5% back on everything.

Notably, the will still offer a 10% anniversary bonus on all cash rewards earned, once a year. That effectively raises the first-year cash-back rate to 3.3% back on all purchases. (In years two and beyond, your effective rewards rate is 1.65%.)

What's no longer offered, however, is the card's upfront sign-up bonus. Previously, it was $150 for customers who spent $2,500 in purchases in the first three months.

Under the new offer, if you spend $10,000 in the first year to max out the promotional rate (which, again, is an effective 3.3% back on everything), you'll earn $330 in rewards, as opposed to the $315 you could have earned with the previous offer.

In addition, the card has changed its 0% intro APR offer. Now, purchases are also eligible (instead of just balance transfers), but the length of the introductory interest-free period has been trimmed from 15 months to 12 months. The card now offers a

The has also undergone an adjustment, shortening from 18 months to 15 months its 0% intro APR offer on purchases and balance transfers.

The -annual-feecard now offers a .

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