Things That Make You Love And Hate HSBC Cash Rewards MasterCard [Review]

HSBC Cash Rewards MasterCard is a product from the HSBC bank. The credit card is focusing on travel purposes. If you are a travel person or planning to travel around the world, the HSBC card will be a good companion. Not only that but also, you may use the card all around the world. Because HSBC is collaborating with the MasterCard Network.

Moreover, HSBC Bank is a subsidiary of UK based company. The head office is situated in New York City. Furthermore, the subsidiaries of the company are HSBC Insurance Agency, HSBC Mortgage Corp, HSBC Private Bank International, HSBC Business Credit, and HSBC Realty Credit Corporation.

To put it differently, HSBC credit card offering most of the rewards in the first year. You will not find that special feature in other cards. 

HSBC Cash Rewards MasterCard Rates and Fees

  • The Introductory Purchase Annual Percentage Rate is 0% for the first 12 months.
  • After twelve months, the Annual Percentage Rate will be 12.99%, 16.99% or 22.99%. (variable)
  • The Introductory Balance Transfer Annual Percentage Rate will be 0% for the first 12 months.
  • After that, the Balance Transfer Annual Percentage Rate will be 12.99%, 16.99% or 22.99%. (variable).
  • The Balance Transfer fee is $10 or 4% of the transaction whichever is greater.
  • The Cash Advance Rate is 24.99%. (variable)
  • The Cash Advance Fee is $10 or 5% of the advance fee, whichever is greater.
  • The Penalty the Annual Percentage Rate is 29.99%. (variable)
  • No foreign transaction fee is applicable for the HSBC credit card.
  • The Late payment fee applicable up to $39
  • The Returned payment fee is up to $39.( refer for more HSBC Cash Rewards MasterCard fees on official site )

Requirements

The most important thing is, the required credit score must be at least 700. In addition to that, only the United States residents are eligible to apply for the card. The next requirement is having a government-issued identity card and a valid Social Security Number. Finally, your age must be at least 18 years.

Benefits 

  • No Annual fee is available for the credit card.
  • No charges will be applicable for foreign transaction fees.
  • A Sign-up bonus is available for the new joiners.
  • 3% of the cashback option. ( Ducks Unlimited Credit Card  offered 5% discount for store purchases )
  • There are cash rewards of 1.5% on all purchases.
  • The Introductory Purchase Annual Percentage Rate and the Introductory Balance Transfer Annual Percentage Rate will be 0% for the first 12 months.
  • Travel benefits are including in the card. MasterAssist Travel Planning, Roadside Assistance, Rental car Insurance, and Travel Accident Insurance are those benefits.
  • Within shopping benefits, you can have price protection, purchase protection, as well as extended warranties.
  • You are not responsible for unauthorized purchases from the card.

Disadvantages 

  • After 12 months of the time, the Introductory Purchase Annual Percentage Rate and the Introductory Balance Transfer Annual Percentage Rate will increase to higher values.
  • There is a Penalty Annual Percentage Rate of 29.99%. 
  • The Annual Percentage Rate for cash advances is also higher.
  • There is a penalty fee of $39.

How to Apply for the HSBC Cash Rewards MasterCard?

If you log into the official website, you may apply online for a card. You should enter personal information, employment information, income information, and housing information. The bank will take two weeks to process your card.

 In the meantime, you may check the processing time and the application status through the HSBC Bank app. And also, you can check the balance of the card, as well as balance transfers, from the mobile Bank app.

In addition to that, through Personal Internet Banking, you can send a request to increase your credit card limit. Unfortunately, no credit card reader facility is available for the HSBC credit card.

Customer Service

If you have issues regarding credit cards, please call 888-385-8916 for assistance.

How to Cancel?

You are capable of canceling the credit card by sending a formal request through the net banking account. Afterward, the bank will help you with the process. Before canceling the card, make sure that all the outstanding balance s of the credit card is zero.

Leave a Comment