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HSBC Cash Rewards Mastercard Review

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Image of the HSBC cash rewards credit card

HSBC Cash Rewards Mastercard

Rated 2.6/5 stars.

  • 1.5% Earn 1.5% cash back on $6,000 worth of your eligible online purchases each year.
  • 1% Earn 1% cash back on gas, grocery, and drugstore purchases.
  • 0.5% Earn 0.5% cash back on all other eligible items

The Royal Bank of Canada (RBC) will be purchasing HSBC Canada. As a result, HSBC products will be discontinued shortly. Please refer to the best credit cards in Canada for alternatives.

If you’re looking for a $0 annual fee cash-back credit card, the HSBC Cash Rewards Mastercard® may be your best option. The card offers an exclusive earning rate for online shoppers. Take a look at our HSBC Cash Rewards Mastercard review to learn more about the card’s features, fees, eligibility, and pros and cons.

HSBC Cash Rewards Mastercard: an overview

The HSBC Cash Rewards Mastercard offers a simple cash back rewards system.

The card also benefits online shoppers, as it’s one of the first credit cards to offer an optimum earning rate on all online purchases.

The cash back card also offers a competitive earning rate on essential purchases like gas, drugstore, and grocery items. With no minimum income requirement and zero annual fees, the card is accessible to many Canadians looking to earn cash rewards.

HSBC Cash Rewards Mastercard rewards

The rewards breakdown is as follows:

For the first 60 days, you can earn up to: 
  • 11.5% cash back on eligible online purchases 
  • 11% cash back on eligible gas, grocery, and drugstore purchases  
  • 10.5% cash back on all other everyday purchases.
Otherwise, after the first 60 days: 
  • Earn 1.5% cash back on $6,000 worth of your eligible online purchases made annually. This covers online subscriptions, streaming services, and food delivery. Any online purchase beyond the $6,000 threshold will earn cardholders 1% if it qualifies as a gas, grocery, or drugstore purchase, or 0.5% for all other eligible purchases. 
  • Earn 1% cash back on gas, grocery, and drugstore purchases.
  • Earn 0.5% cash back on all other eligible items. Conditions apply. 
  • Cardholders must earn a minimum of $25 in cash back to redeem rewards. 

You can redeem cash back whenever you like, provided you have a minimum of $25 in cash back rewards. Once you reach the $25 minimum, redeem your rewards online or over the phone.

There are several different ways to redeem your HSBC Cash Rewards. They can be applied as a credit toward your credit card statement balance or even to your HSBC mortgage — a feature not often offered by other cash back credit cards. You also have the option to deposit your cash back rewards into your HSBC savings account.

HSBC Cash Rewards Mastercard eligibility

To qualify for the HSBC Cash Rewards Mastercard, you must be a Canadian resident and have reached the provincial age of majority. In addition, you need to have an approximate credit score of 660+ to apply for the card.

If you’re applying online, you also need to have one of these valid documents to verify your identity easily and instantly:

  • Passport
  • Driver’s licence or provincial government-issued ID

Additionally, there is no minimum household or personal income requirement for eligibility.

HSBC Cash Rewards Mastercard interest rates and fees


  • Annual fee: $0
  • Foreign transaction fee: 2.5%
  • Extra card fee: $0
  • Cash advance fee: $5
  • Balance transfer fee: $0

Interest rates

  • Purchases: 20.99%
  • Cash advances: 22.99% (21.99% if you’re in Quebec)
  • Balance transfers: 22.99% (21.99% if you’re in Quebec)

HSBC Cash Rewards Mastercard perks

Other than cash rewards, other perks to enjoy as an HSBC Cash Rewards Mastercard holder include:

  • Mobile device insurance

    You will be covered up to $1,000 in case your mobile device is malfunctioning, stolen, lost, or damaged — provided you purchased the device (or signed up for a payment plan) using the credit card.

  • Extended warranty and purchase assurance

    Your device’s original warranty extends by 1 year when you make eligible purchases using your card. And you’re offered 90-day coverage for any eligible item purchased with the card in the event of damage, loss, or theft.

Compare HSBC Cash Rewards Mastercard alternatives

Image of the HSBC cash rewards credit card

HSBC Cash Rewards Mastercard

  • Welcome Offer None
  • Annual Rewards $186
  • Annual Fee $0
  • Minimum Income Required None
Tangerine Money-Back Credit Card

Tangerine Money-Back Credit Card

  • Welcome Offer 10% cash back on up to $1,000 in purchases in first 2 months
  • Annual Rewards $282
  • Annual Fee $0
  • Minimum Income Required None

Our final thoughts

The HSBC Cash Rewards Mastercard is a strong contender for your wallet if you want a no-fee, cash back card with a straightforward rewards structure for everyday spending. For online shoppers, the cash  back credit card has the added benefit of a higher cash back rate for online purchases.

Finally, the intriguing ability to put rewards toward your HSBC savings account and mortgage sets this cash back credit card apart from competitors.

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