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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.
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.
|HSBC Cash Rewards Mastercard® credit card||None|
|Wells Fargo Cash Wise Visa® Card||Earn a $200 cash rewards bonus after spending $1,000 in the first 3 months.|
|Capital One® Quicksilver® Cash Rewards Credit Card||One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening.|
|Chase Freedom Unlimited®||Double Cash Back: Earn 3% cash back on all purchases in your first year up to $20,000 spent. After that earn unlimited 1.5% cash back on all purchases.|
|American Express Cash Magnet® Card||Earn 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® 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 for 12 months on purchases and balance transfers, then a 15.24%, 19.24% or 25.24% variable APR. 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% on Purchases and Balance Transfers for 14 months, and then the ongoing APR of 14.24% - 25.24% 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.