HSBC +Rewards Mastercard Review 2023

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.

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.

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.

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.

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.

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.