Name of card: HSBC Cash Rewards Mastercard®
Best for: Shoppers who are new to rewards benefits and learning how to maximize their cash back return.
APR: There’s a 0% APR on purchases and balance transfers for the first 12 months of your account opening. After that, APRs will vary, depending on your creditworthiness.
Rewards: Once you open your account, you automatically get 3% cash back on all your purchases for the first 12 months, up to $10,000. After that, you get 1.5% cash back for every $1 you spend. There’s also a 10% anniversary bonus on all cash rewards once a year.
Other perks: Discounts at retailer-specific places, like 10% off when you book with onefinestay. You also get a complimentary ShopRunner membership which gets you unlimited, free 2-day shipping and free return shipping.
Card users will receive a Postmates discount. You’ll get $5 off of orders that are $25 or more, whether it’s food, drinks, or groceries.
The phone protection is also helpful. The Cellular Wireless Telephone Protection will reimburse you up to $600 if your cellphone is lost, stolen or damaged.
Annual fee: $0
Other fees: After 0% introductory offer, you can expect a 15.24%, 19.24%, or 25.24% APR that’s based on your creditworthiness. If you make a cash advance, there’s a 27.24% APR. If you make a late payment, there’s a 32.24% APR penalty charged.
After the introductory offer ends, there’s a balance transfer fee of $10 or 4% on each transaction, whichever is greater. The same fee applies to cash advances and overdraft protection. If you’re late on a payment, there’s a $37 charge.
Bonus: 0% APR on the first 12 months of account opening. There’s a 10% anniversary bonus every year.
How this card might bring joy to your wallet: The cash back offers and bonuses are best for shoppers who are just starting out in the world of cash back offers. In the first 12 months you’ll be able to get 3% cash back on all your purchases, which is a good rate. The 10% cash back bonus is also great when it comes to the anniversary of your card opening.
The other benefits, like ones for ShopRunner, Postmates, and onefinestay, are good for customers who either also use those services or were looking to get started with them. They’re especially nice since those benefits are ongoing and don’t end after the introductory period, like some other offers.
How this card might not bring joy to your wallet: The 1.5% unlimited cash back after the introductory period ends is low compared to other cash back offers you can find elsewhere. Other cards boast higher returns for things like grocery shopping, dining, or smaller purchases like those for streaming services.
The 0% APR is good but 12 months is on the lower end. Some cards have the same offer for up to 18 or 21 months, although not with the same cash back benefits.
It’s a great credit card for consumers who are looking to tap into cash back rewards but might not qualify for cards with better rewards.