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The HSBC Cash Rewards Mastercard® credit card has made its sign-up bonus much more difficult to snag. The minimum spending amount required is now five times as big as it was before.
Previously, the card's sign-up bonus offer allowed you to earn $150 if you spent $500 on the card within three months of opening the account.
The elevated spending requirement could make the HSBC Cash Rewards Mastercard® credit card less attractive to someone seeking an easy-to-attain welcome offer on a new card. It's also a higher minimum spending requirement for a sign-up bonus than you'll find with several other similar cards.
Wells Fargo Cash Wise Visa® card
Earn a $150 cash rewards bonus after spending $500 on purchases in the first 3 months.
Capital One Quicksilver Cash Rewards Credit Card
One-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening..
Chase Freedom Unlimited®
Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
American Express Cash Magnet® Card
Earn a $200 statement credit after you spend $2,000 or more in purchases with your new Card within the first 6 months of Card Membership. Terms Apply.
U.S. Bank Cash 365™ American Express® Card
New Cardmember bonus: $150 after you spend $500 in eligible net purchases in the first 90 days of account opening.
The HSBC Cash Rewards Mastercard® credit card remains competitive with many flat-rate cash-back cards when it comes to ongoing rewards. It still offers an anniversary bonus each year equal to 10% of the rewards earned in the preceding year, which effectively raises your rewards rate to 1.65% on everything you buy.
But the card falls short in other areas compared with its peers. It offers 0% intro APR on purchases and balance transfers for the first 12 months, then a variable APR of 12.99%-22.99% will apply But it doesn't have an introductory 0% APR offer on purchases, which could otherwise make meeting that $2,500 spending requirement a little easier to swallow. Plus, the card charges a balance transfer fee of 4%.
You can find other cards that offer a 0% intro APR period on both purchases and balance transfers, plus a lower balance transfer fee, not to mention a solid ongoing rewards rate and an easier-to-attain sign-up bonus.