Advertiser Disclosure

HSBC Cash Rewards Card Hikes Requirement for Sign-Up Bonus

April 2, 2020
Cash Back Credit Cards, Credit Cards, Promos, Rewards Credit Cards
HSBC Cash Rewards Card Hikes Requirement for Sign-up Bonus
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

This page may be out of date

This page includes information about one or more products not currently available on NerdWallet.

  • HSBC Cash Rewards Mastercard® credit card
  • Wells Fargo Cash Wise Visa® card
  • Capital One® Quicksilver® Cash Rewards Credit Card
  • American Express Cash Magnet® Card
  • U.S. Bank Cash 365™ American Express® Card

As a result, offers described on this page may be out of date. See our best credit cards page for updated offers.

Aw nerds! Looks like this page may be out of date. You can still check out our list of the Best Credit Cards.

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.

The card now offers the following: None.

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.

CARDWELCOME OFFER
HSBC Cash Rewards Mastercard® credit cardNone
Wells Fargo Cash Wise Visa® cardEarn a $150 cash rewards bonus after spending $500 in the first 3 months.
Capital One® Quicksilver® Cash Rewards Credit CardOne-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening.
Chase Freedom Unlimited®Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening.
American Express Cash Magnet® CardEarn a $150 statement credit after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership. Terms Apply.
U.S. Bank Cash 365™ American Express® CardNew 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% Introductory APR on credit card purchases and balance transfers for the first 12 months from account opening, 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.

Consider, for example, the Discover it® Cash Back card, which comes with an intro 0% APR for 14 months on purchases and balance transfers, and then the ongoing APR of 11.99% - 22.99% Variable APR and has a balance transfer fee of only 3%. It earns 5% cash back on rotating quarterly categories on up to $1,500 in purchases each quarter (after activation), and 1% after that. All other purchases earn 1% back. (Bonus categories in the past have included things like gas stations, grocery stores, restaurants and Amazon.com.)

It also comes with a unique sign-up bonus in the first year for new card members. Discover phrases it this way: Discover will match ALL the cash back you've earned at the end of your first year, automatically. There's no signing up. And no limit to how much is matched.

About the author