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%.
Sep 4, 2020
HSBC Cash Rewards Card Offers 3% Back in Year 1; Gold Card Trims Intro APR

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The terms of the HSBC Cash Rewards Mastercard® credit card and HSBC Gold Mastercard® credit card have changed, and this article is out of date. See our details pages on the HSBC Cash Rewards Mastercard® credit card and HSBC Gold Mastercard® credit card for up-to-date details.

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 HSBC Cash Rewards Mastercard® credit card. The $0-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.

🤓Nerdy Tip

If this deal sounds familiar, it's because Chase recently rolled out a similar first-year promotional rewards rate for the Chase Freedom Unlimited®. For more information on that offer, read our story.

Notably, the HSBC Cash Rewards Mastercard® credit card 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 0% intro APR on purchases and balance transfers for the first 12 months, then a variable APR of 12.99%-22.99% will apply

Change to the HSBC Gold Mastercard® credit card

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

The $0-annual-feecard now offers a 0% intro APR on purchases and balance transfers for the first 18 months, then an APR of 12.99%-22.99% variable.

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