HSBC continues to expand their presence in the Canadian market as they have now added a cash back card to their portfolio of credit cards. That new card is the HSBC Cash Rewards Mastercard® and it becomes the fourth card from this issuer that is available to the general public. It also marks their first foray directly into the cash back market. This entry level card carries no annual fee much like the recently released HSBC Travel Rewards Mastercard® and has an introductory offer of 5% cash back on up to $2,000 in purchases in the first 6 months of having the card.
Earn rates & redemption
The HSBC Cash Rewards Mastercard earns cash back as follows:
- 1.5% cash back on up to $6,000 of your online purchases. And yes, this includes streaming services, online subscriptions and food delivery. Score!
- 1% cash back on your gas, grocery and drugstore purchases.
- 0.5% cash back on (almost) everything else you buy with your card.
As you can see the earn rates aren't too bad for an entry level cash back card. The 1.5% for online purchases up to $6,000 per year is higher fits right in with current spending trends for many Canadians and an unlimited 1% back on gas, grocery and drug stores makes it hold its own against many of this card's competitors. The half a percent back on all other purchases, while low in the spectrum of the whole Canadian credit card market actually matches many of the entry level cash back cards.
Redemption is easy with this card, as soon as your cash back rewards balance hits $25 you can redeem it as a statement credit.
Insurance Coverage
The card offers a trio of insurance coverage, your standard extended warranty and purchase assurance coverage but it also provides mobile device insurance. The latter has become more common over the past couple of years but more so on cards that carry annual fees and not so much on no annual fee cards.
Wrapping it up
A few short years ago HSBC was an unknown in the Canadian credit card market as their cards were primarily limited to their own customers. But then they came storming onto to the market with the HSBC World Elite® Mastercard® which is one of the best premium Mastercards available, followed by the release of the HSBC +Rewards™ Mastercard® low interest rewards card and now this pairing of a no fee travel rewards card and no fee cash back card. Between the four they have most of the market covered however I wouldn't be surprised if we see more cards from them like a premium cash back card if they see this one do well.
Click here to learn more and to apply for the HSBC Cash Rewards Mastercard
Card details:
HSBC Cash Rewards Mastercard®
Primary Cardholder Annual Fee: $0
Authorized User Annual Fee: $0
Annual interest rate: 20.99% on purchases and 22.99% on funds advances and balance transfers.
Apply for an HSBC Cash Rewards Mastercard® by May 2, 2022 and earn an additional 5% cash back on all purchases for the first 6 months (up to $2,000 in total purchases)
- 1.5% cash back on up to $6,000 of your online purchases. And yes, this includes streaming services, online subscriptions and food delivery. Score!
- 1% cash back on your gas, grocery and drugstore purchases.
- 0.5% cash back on (almost) everything else you buy with your card.
- Redeem sooner – You only need to reach $25 in cash back to redeem.
- Redeem when you want – Redeem for cash back as a statement credit online. See how easy it is at rewards.hsbc.ca
- Redeem to pay down or save up – Use your cash back for a credit towards your residential mortgage account, or credit card, or to top up your savings account.
*Terms and Conditions apply
®/TM Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Used pursuant to license.
This offer is only available to residents of Canada other than the province of Quebec (Quebec residents eligible for separate offer)