In this article we will be looking at the advantages and disadvantages of getting an HSBC Cash Rewards MasterCard.
HSBC Cash Rewards MasterCard is a reliable no annual fee credit card that will meet all your essential requirements. You get a solid 3% cash back for the first year, right until you reach your first $10,000, beyond which you continue to earn cashback at 1.5%.
The HSBC Cash Rewards Anniversary bonus is spectacular because you earn a 10% bonus on the rewards you collected the previous year. Also, there are no category restrictions and, neither there is a cap on the points you can earn.
You don’t have the hassle of activating categories on your HSBC Cash Rewards MasterCard, which is a time saver as you no longer have to track quarterly calendars and activation dates.
Besides cashback, the HSBC Cash Rewards has a welcoming intro APR wherein you get 12 months, 0% interest on purchases and balance transfers. The interest-free period begins from the day you open your account and the balance transfers must be made within sixty days of account opening to qualify for this offer. After the 12 months, the variable APR rates will begin to apply.
This card travels well on foreign trips as you do not incur a foreign transaction fee on your purchases.
Top Lifestyle Perks
Onefinestay: You can book a premium rental home from one of the 10,000 properties associated with Onefinestay by login to www.onefinestay.com/mastercard. You get a 10% discount on your booking, besides, Wi-Fi at no additional cost and a complimentary iPhone to use during your vacation to help you stay connected locally.
Postmates: Postmates is a delivery service that can add comfort to your day to day activities by bringing to you your favorite food, drinks, and groceries. If you pay using the HSBC Cash Rewards MasterCard, you can get a $5 discount on orders over $25. You can download the mobile app or sign-up on the web, https://postmates.com.
Priceless Golf: Whether you are a golf enthusiast or an avid golfer you will love the Priceless Golf benefit because it gives you access to TPC courses. You can avail discounts while booking a tee time in public golf courses. If you are eager to learn tips and tricks from PGA professionals then you can also book lessons using priceless golf. To learn more about priceless golf visit link: https://www.priceless.com/golf/cardholder-benefits/
Priceless Cities: If you are looking to create one of a kind experiences to celebrate a special moment or explore a new city, you can use Priceless.com to make it happen. You get access to more than 2000 events to help you plan for the perfect outing.
ShopRunner: If you are an online shopper, you can now save on the delivery charges by shopping on ShopRunner. By being an HSBC Cash Rewards MasterCard holder, you get a complimentary membership to ShopRunner. This benefit gives you free two-day shipping and free return shipping on retailers such as Neiman Marcus, Lord & Taylor and American Eagle. You will have access to over 140 online stores to shop from across different categories.
Mastercard ID Theft Protection: MasterCard ID Theft protection offers multiple solutions in case you believe your identity has been compromised. The service is available 24/7, 365 days a year and you must call 1-800-Mastercard to inform them if you believe your identity is stolen. As a part of the service, you will get Monthly Risk Alert / Newsletter and Identity Monitoring. Sign In to the MasterCard site to enroll for this service: https://mastercardus.idprotectiononline.com/
Cellular Wireless Telephone Protection: You can get up to $600 per claim if your mobile phone is lost or stolen as a part of Cellular Wireless Protection benefit. To be eligible to file a claim you must pay for your mobile phone using your HSBC Cash Rewards MasterCard or a MasterCard that offers this benefit.
MasterRental Coverage:Now you can receive protection against damage and collision for your rental car up to 15 days through the Master Rental Coverage. Certain types of vehicles are exempted from this benefit and to know more about them you can refer to the guide to benefits.
Mastercard Airport Concierge: International airports are large and it can get confusing when you are unfamiliar with the layout. You can use the Airport Concierge service to help you get on the connecting flight on time. If you use your HSBC Cash Rewards MasterCard to use this benefit then you can get a 15% discount on the service.
Mastercard Global Service: You receive 24-hour assistance through MasterCard Global Service if your card is lost/stolen or you require an emergency card replacement or an emergency cash advance.
Travel Accident Insurance: The card offers travel and accident insurance coverage of up to $1,000,000 when traveling on a common carrier in case of accidental death or dismemberment.
HSBC Cash Rewards Mastercard comparison to Freedom Unlimited
Both these cards offer a flat cashback however the current HSBC cashback of 3% up to $10,000 during the first year is far more attractive than 1.5% on everything offered by Freedom Unlimited. Freedom Unlimited used to offer a similar 3% cashback up to $20000 during the first year but this offer was rolled back and replaced with the new attractive bonus.
You can get a $200 welcome bonus if you spend $500 within 90 days of opening your account. While your HSBC cash rewards doesn’t give you a welcome bonus, you do get a 10% anniversary bonus on the points earned. If you have accumulated a lot of cashback points during your first year then you could get an attractive amount back as an anniversary bonus.
You get an additional three months of intro APR with Freedom Unlimited in comparison to HSBC Cash Rewards card. Also, by pairing your freedom unlimited points with a Sapphire Preferred card and redeeming it for travel through Ultimate Rewards you could increase the value of your points.
You have to pay 3% as a foreign transaction fee on Freedom Unlimited whereas HSBC Cash Rewards has no charge for purchases abroad.
You can check your FICO score for free with your HSBC Cash Rewards Mastercard, but that is not possible with Freedom Unlimited.
Both these cards are equally good, but if you can leverage the anniversary bonus then you may find HSBC Cash Rewards MasterCard a more attractive.
Balance Transfer Fee: HSBC Cash Rewards has a balance transfer fee of 4 % or $10 whichever is greater. This will be applied to each balance transfer transaction. In comparison, other cashback cards charge a lower fee for balance transfer such as Capital One® Quicksilver® Cash Rewards Credit Card.
High Penalty APR: The penalty APR is applied on payments that are more than sixty days late and the Penalty APR percentage on this card is high. It’s best to not get into a situation where the penalty APR may take into affect.