HSBC has made some major changes to two of its credit cards. Depending on your spending habits, some of it could be welcome news.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.
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 for 12 months on purchases and balance transfers, then a 15.24%, 19.24% or 25.24% variable APR.
Change to the HSBC Gold Mastercard® credit cardHSBC 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% Introductory APR on credit card purchases and balance transfers for the first 15 months from account opening, then a 14.24%, 20.24% or 25.24% variable APR.