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HSBC +Rewards Mastercard Review 2023

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The HSBC +Rewards™ Mastercard® is an awesome card if you like earning rewards points on your everyday purchases. If you’re on the hunt for a rewards credit card, this HSBC +Rewards Mastercard review is worth a few minutes of your time. There are perks, benefits, a lower-than-low interest rate, and no special requirements to be approved. 

HSBC +Rewards Mastercard

HSBC +Rewards Mastercard

Rated 4.5/5 stars.

Our Review

  • Welcome Offer Up to 35,000 points
  • Annual Fee $25 (first year waived)
  • Interest Rates Purchases & Cash Advances: 11.99%,
  • Recommended Credit 670 - 759

Features of the HSBC +Rewards Mastercard

There are a lot of credit cards out there to choose from. The HSBC +Rewards Mastercard fills a particular niche in the market. People who prefer plastic over cash understandably want it all from their credit cards — a low annual fee, high-value rewards, a rock-bottom interest rate, sizeable welcome bonus, and no minimum income requirements for approval.


Sounds nice, right? Unfortunately, finding a card like that is like finding a four-leafed clover while blindfolded in the Sahara Desert. But, the HSBC +Rewards Mastercard could be your lucky break. It meets all the requirements for a great credit card. That said, it also has its downsides. We’ll get into those more later. For now, let’s go over a few of the perks the HSBC +Rewards Mastercard offers.

Perks of the HSBC +Rewards Mastercard

  • Low annual fee: The card costs only $25 per year, and the first year is free if you apply during the special offer period. Each additional card added to the same account costs $10 annually. Many other credit cards don’t charge anything to add extra cards, so this is one downside.
  • Rewards: You earn 2 points per $1 you spend on certain dining and entertainment purchases. All other purchases earn you 1 point per $1. Points can be redeemed for travel expenses, gift cards, select merchandise, and other financial rewards. These financial rewards include a credit toward your credit card statement or savings account, or HSBC mortgage.
  • Low interest rate: The HSBC +Rewards Mastercard has a low interest rate of 11.99% for all purchases. That rate applies to purchases, balance transfers, and cash advances. Most credit cards carry an interest rate of around 21%. A rate difference of nearly 10 percentage points is significant, to say the least.
  • Eligibility: Are you of legal age (18 or 19 years old) in your province? Are you a Canadian resident? Is your credit score around 680 or higher? That’s all you need to be approved, and the credit score is more of a guideline than an actual rule. You don’t need a certain income level, either; just fill in some contact and personal details when prompted during the application.

HSBC +Rewards Mastercard welcome bonus

New cardholders always get the best incentives. Almost all credit cards offer large amounts of rewards points or fancy perks to entice people to apply for the card. Once you’re approved, however, the clock starts ticking.

New HSBC +Rewards Mastercard users have 6 months from the time they’re approved to spend $2,000 and they’ll earn 35,000 points. That’s a $175 value just as a welcome bonus when redeemed for travel rewards. Your first year’s annual fee, $25, is also waived. To get these perks, you have to apply before August 31st, 2023.

For residents of Quebec, the offer looks a little different. New account owners earn 40,000 points if their account is open, active, and in good standing for the first 180 days of opening the account. This offer also ends on August 31st, 2023.

How to earn HSBC +Rewards

You earn points on every purchase you make with the HSBC +Rewards Mastercard. Certain eligible dining and entertainment purchases get you 2 points per $1. Everything else is at a 1-point-per-$1-spent ratio. That means you could easily collect around 24,000 points in a single year, and those points can be redeemed for some great items or experiences.

What can I use my rewards for?

You can browse a massive catalogue of items, including sports and leisure gear, luggage, electronics, booking travel, health and beauty, gift cards, home, and fashion, and you even have the option to donate to certain charities using your rewards points.

One of the coolest features of redeeming points with HSBC is that you can pay down your mortgage and your credit card, or transform your points into cash and watch them grow in an HSBC savings account.

Also, your points don’t expire. If you keep your account active and in good standing you’ll never lose your points. So, hoard those rewards and fund a trip to Europe or treat yourself to a new QLED 65” TV.

More perks of the HSBC +Rewards Mastercard

  • Tap to pay: The HSBC +Rewards Mastercard is compatible with both Apple Pay and Tap & Go contactless payment options.
  • Purchase assurance: Whenever you buy something, the item is protected against loss, theft, and damage for up to 90 days.
  • Price protection: This is perfect for people always looking for a bargain. If you find a lower price of a recently bought item, HSBC will refund you the difference. Say you bought a television for $500, but then you see the same television for only $300 less than 60 days later. The difference is refunded to you up to a maximum amount of $500 per refund and it caps off at $1,000 per calendar year.
  • Extended warranty: The manufacturer’s warranty on purchases is doubled up to one year more.

Fees and interest for the HSBC +Rewards Mastercard

The HSBC +Rewards Mastercard has a low purchase and cash advance annual percentage rate (APR) for those who carry a bit of a balance. Most credit card interest rates sit around 21.99%. The HSBC +Rewards Mastercard is a flat 11.99%.

There is an annual fee for the card, but it’s only $25 per year and it will be waived your first year if you live outside Quebec, long as you apply before May 31, 2023. Also, cardholders have the option to buy additional travel insurance for $69 annually.

Pros and cons of the HSBC +Rewards Mastercard


  • Low interest rate
  • Attractive welcome bonus
  • Flexible redemption options for rewards
  • Earn rewards on almost every dollar spent
  • No minimum income level to be approved


  • Additional cards cost $10 each
  • Rewards points vary in value based on redemption categories
  • Some other cards offer better rewards and cash back with no annual fee

Is the HSBC +Rewards Mastercard right for me?

If you’re already an HSBC member or you plan on becoming one, then this card opens up a lot of doors for you. It can help you pay down your credit card bill and your mortgage, or pad your savings account. This card offers some great benefits, but its main selling point is the rock-bottom interest rate.


An interest rate below 12% is very low compared to other cards, but it’s irrelevant if you never carry a balance on your credit card. 


That said, the HSBC +Rewards Mastercard is great for people getting their first credit card because it imposes no minimum income or strict credit score restrictions on anyone who wants to apply. The annual fee is only $25, your points never degrade or expire if you don’t use them, and you earn points on each dollar you spend — sometimes more.


This card is versatile and carries many benefits. If low fees and rewards are your jam, then the HSBC +Rewards Mastercard might find a very comfortable home in your wallet.

Frequently Asked Questions

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