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HSBC Cash Rewards Mastercard Review 2023

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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 and a welcome offer of 12.5% cash back on all eligible purchases.

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

HSBC Cash Rewards Mastercard

Rated 4/5 stars.

Our Review

  • Welcome Offer Additional 12.5% cash back for first 180 days (conditions apply)
  • Annual Fee $0
  • Interest Rates Purchases: 20.99%, Cash Advances: 22.99%
  • Recommended Credit 670 - 759

Features of HSBC Cash Rewards Mastercard

The HSBC Cash Rewards Mastercard offers a simple cash back rewards system and has one of the best welcome bonuses we’ve ever seen — earning new users an additional 12.5% cash back on the first $1,000 they spend within the first six months. Get your application in by August 31, 2023 to get this offer.

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.

How to earn rewards with the HSBC Cash Rewards Mastercard

The rewards breakdown is as follows:

  • 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.

Welcome bonus for the HSBC Cash Rewards Mastercard

As part of a limited time offer, the HSBC Cash Rewards Mastercard offers an additional 12.5% cash back on all eligible purchases up to $1,000 for the first 180 days. This includes:

  • 14% cash back on all eligible purchases made online
  • 13.5% cash back on eligible purchases of gas, grocery, and drugstore items
  • 13% cash back on all other daily purchases

If you are in Quebec, the welcome bonus looks a bit different. Those who qualify for the welcome bonus earn $125 cash back if their account remains open and active for 180 days. Apply by August 31st, 2023, to take advantage of the welcome offers. Conditions apply.

How to redeem rewards for the HSBC Cash Rewards Mastercard

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.

What can I use my rewards for?

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.

Other perks of the HSBC Cash Rewards Mastercard

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

Eligibility for the HSBC Cash Rewards Mastercard

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.

Fees and interest of the HSBC Cash Rewards Mastercard

With a $0 annual fee and a $0 extra card fee, this card is a favorite among owners. The interest rates associated with HSBC Cash Rewards Mastercard are:

  • 20.99% interest on purchases
  • 22.99% interest on cash advances
  • 22.99% interest on balance transfers

If you are a resident of Quebec, the annual interest on balance transfers and cash advances is 21.99%.

Pros and cons of the HSBC Cash Rewards Mastercard


  • No annual fee or extra card fee
  • No minimum personal/household income requirement
  • Impressive welcome bonus of an additional 12.5% cash back on the first $1,000 spent in 6 months. Valid until August 31, 2023. Conditions apply
  • High online purchase cash back earn rate of 1.5% on eligible online purchases (up to $6,000 annually) and 1% cash back on popular purchase items (gas, grocery, and drugstore)
  • Easy to redeem cash back rewards at any time, with a minimum $25 threshold in the account
  • Multiple options to redeem rewards
  • Mobile device insurance


  • An additional amount charged for travel and medical insurance
  • Low base earn rate

Is the HSBC Cash Rewards Mastercard right for me?

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.

Frequently Asked Questions

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