2017 Review of the Best HSBC Rewards Cards for Personal & Business Use
Short for Hongkong and Shanghai Banking Corporation, HSBC is a U.K. bank, and HSBC Bank USA is its American subsidiary. This global financial services provider is one of the largest banks in the world, with over 45 million customers and 4,400 offices worldwide.
Award Emblem: Top 4 HSBC Rewards Credit Cards
With several nationwide branches and a formidable global presence, it’s only natural that HSBC would have diverse credit products and HSBC credit card rewards programs. There are different tiers that customers can opt into with everything from regular credit cards to HSBC platinum credit cards.
With variety comes necessary decision-making. HSBC offers several credit cards. This review on HSBC rewards, HSBC credit card rewards, and the HSBC platinum credit cards will provide the information you need to make an informed decision.
What Should I Look for When Choosing My HSBC Rewards Program?
If you choose to apply for a credit card at HSBC and benefit from HSBC credit card rewards, it is important to select an HSBC rewards program and credit product that will work best for you.
Before you select any card with an HSBC reward, cash in on all of the information available online. Read the detailed information about the card you are considering. Look at the APR, the annual fee, and the HSBC rewards to ensure it is a lucrative program for you.
Image Source: BigStock
Additionally, consider what you need the card for. Is it to build your credit? Make day-to-day purchases? Perhaps you want an HSBC platinum mastercard to pay off debt. In the latter case, an HSBC balance transfer credit card would be the most suitable choice for you. Think about your specific credit card needs before opting for any randomly-selected HSBC platinum credit card or HSBC MasterCard rewards program.
Keep in mind that HSBC rewards programs and HSBC credit card rewards are partially determined by a person’s status as an HSBC customer. Premier account holders are eligible for additional perks like $0 annual fees.
Comparison Review List
The list below is sorted alphabetically (click any of the names below to go directly to the detailed review section):
- HSBC Advance MasterCard®
- HSBC MasterCard BusinessCard®
- HSBC Platinum MasterCard® with Rewards
- HSBC Premier World MasterCard®
High Level Comparison Table
Balance Transfer APR
HSBC Advance MasterCard®
13.24% or 17.24%
13.24% or 17.24%
HSBC MasterCard BusinessCard®
Prime Rate + 9.99%
Prime Rate + 17.99%
HSBC Platinum MasterCard® with Rewards
13.24%, 17.24%, or 23.24%
13.24%, 17.24%, or 23.24%
HSBC Premier World MasterCard®
13.24% or 17.24%
HSBC Advance MasterCard® Review
HSBC Advance MasterCard® Provides a Competitive HSBC MasterCard Rewards Program
The HSBC Advance MasterCard® comes with the usual fixings of a consumer credit card along with a tempting HSBC rewards program. The HSBC Mastercard rewards program helps reward customers for shopping.
If you spend $1,500 or more within the first three months of signing up for this HSBC Mastercard rewards card, you will receive 25,000 HSBC rewards points as a bonus.
There is no limit on the amount of HSBC Mastercard rewards points you can earn. Cardholders are also eligible for premium HSBC rewards when they make specific purchases. For dining and certain entertainment purchases, cardholders earn 2 HSBC credit card rewards for every $1 spent.
This HSBC card and accompanying HSBC MasterCard rewards program comes with a purchase APR of either 13.24% or 17.24%, depending on your creditworthiness. If you do go for this HSBC reward, cash in and schedule bigger purchases for your first year because you receive an introductory APR of 0% for the first 12 months.
Be aware: this introductory APR only applies to your purchase APR. Even though you can use this as your HSBC balance transfer card, the 12-month introductory offer does not apply to your balance transfers. Do not transfer a huge balance from another card thinking this 0% promotion applies to an HSBC credit card balance transfer.
For an HSBC credit card balance transfer, the APR is variable. You are either charged 13.24% or 17.24% depending on your creditworthiness.
For this HSBC reward, cash back is not a rewards option. Customers redeem their rewards for gift cards. While there is a wide variety of gift card options available for customers who want to redeem their HSBC MasterCard rewards, for some this may an unwelcome limitation.
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HSBC MasterCard BusinessCard® Review
HSBC Business Card: Choosing the HSBC MasterCard BusinessCard® for Your Enterprise’s Credit Needs
Business owners may wish to acquire a business credit card. If they already bank with HSBC or are considering HSBC, they can check out the HSBC MasterCard BusinessCard®, the HSBC business card, which benefit from the accompanying HSBC credit card rewards.
Some business owners, particularly sole proprietors, may choose to keep their personal and business finances linked, but there are reasons why individuals may choose to seek a business-specific credit card like the HSBC business card. These reasons, outlined by MarketWatch, are regardless of the size of the business. They are:
- A desire to keep personal and business finances separate
- You can give employees their own authorized cards and track their spending
- You can keep your financial statements in order
With an HSBC business card, you can also add professionalism to your enterprise by receiving a card that has your company name on it as opposed to only your personal name. The card also allows you to set up each employee with an individual card with individual spending limits, and the total credit line can go up to $25,000.
Source: HSBC business card
With the HSBC business card, you are not just receiving HSBC card rewards but the kind of convenience a business owner desires as well. Authorized cardholders receive their own individual statements. There is also a free year-end summary statement that the business receives from HSBC.
The HSBC business card also receives the same access to the HSBC card rewards program that the personal cards get. If business owners choose to enroll their card in the HSBC MasterCard rewards program, they can receive 2,500 bonus HSBC credit card rewards point just for enrolling.
Additionally, the HSBC rewards earned through the HSBC credit card rewards program can be redeemed for a variety of useful business purchases, including airfare purchases.
You are limited to earning 10,000 points a month on the HSBC business card. Furthermore, participation in the HSBC rewards program with your business card comes with an annual fee of $25. However, there is no annual fee to begin with. You also get an introductory APR of 0% for the first six months.
HSBC Platinum MasterCard® with Rewards Review
Earn HSBC MasterCard Rewards While You Spend with HSBC Platinum MasterCard® with Rewards
The HSBC Platinum MasterCard® with Rewards is the perfect credit card for someone who is trying to earn HSBC MasterCard rewards while making day-to-day purchases. The one drawback of the HSBC rewards program is that it does not offer cash back. The flexibility of an HSBC cash back credit card would have been the ideal for many.
That said, even though this is not an HSBC cash back credit card, there is a lot of opportunity for earning and redeeming HSBC credit card rewards using this MasterCard. Once you enroll, if you spend $500 or more within the first three months of receiving your HSBC platinum card, you receive 15,000 HSBC platinum credit card rewards as a bonus.
The HSBC platinum card also comes with travel assistance for anyone booking a trip with their HSBC Platinum MasterCard. While HSBC platinum credit card rewards are great, and can equal a lot of redeemable HSBC rewards, the additional peace of mind of travel assistance services through HSBC is a welcome addition.
HSBC Platinum cardholders also receive the peace of mind of knowing any fraudulent activity on their HSBC Platinum MasterCard is covered wherever they go. And this coverage for your HSBC Platinum credit card is not just the typical security extended by credit card providers.
If you make a purchase using your HSBC Platinum credit card and those purchases are stolen or damaged, you receive purchase protection through HSBC Platinum MasterCard®.
For the first 12 months, those who sign up for an HSBC Platinum credit card receive an introductory APR of 0%. Once that introductory period on their HSBC platinum card is up, their APR will be 13.24%, 17.24%, or 23.24% depending on their creditworthiness.
This introductory rate does not extend to balance transfers if you choose to use your HSBC Platinum credit card as your de facto HSBC balance transfer credit card. If you do decide to do an HSBC credit card balance transfer on your HSBC Platinum card, be aware that the APR on balance transfer is also 13.24%, 17.24%, or 23.24%.
HSBC Premier World MasterCard® Review
HSBC Premier World MasterCard® (An HSBC Rewards HSBC Premier World MasterCard® Program with Cash Back)
The HSBC Premier World MasterCard® is specifically tailored for HSBC Premier clients. In order to become an HSBC Premier customer and gain access to the attached HSBC rewards, customers must have HSBC Premier checking account and maintain a combined balance (deposit accounts and investments) of $100,000.
But if you do fall into this category of customer, you have exclusive access to these HSBC MasterCard rewards. There is no annual fee, you receive a competitive APR of either 13.24% or 17.24% based on your creditworthiness, and this APR is not just for card purchases, but for cash advances and balance transfers as well.
The flexibility of the rewards program in the case of this HSBC card is the availability of cash back. Whereas the HSBC rewards specified on the other cards drew references only to redeeming HSBC credit card rewards for predetermined gift cards and products, you can receive simple cash back with these HSBC MasterCard rewards.
It is not advertised as an HSBC cash back credit card, but for all intents and purpose, it is since the option is available.
Source: HSBC MasterCard rewards
Cardholders who spend $2,500 or more within their first three months of opening this account receive 40,000 bonus HSBC card rewards. This HSBC MasterCard rewards program also comes with worldwide concierge service that can help cardholders plan their trips and access assistance during their travels.
The HSBC rewards on this card also include special offers, discounts, and more related to beauty, travel, home, and lifestyle purchases.
In addition to providing HSBC credit card rewards and acting as a de facto HSBC cash back credit card, this credit card also includes in its HSBC card rewards:
- Reminbursement for identify fraud expenses related to your card
- Coverage for your luggage if it is damaged, lost, or delayed
- A collision/damage waiver for car rentals
Should I Do an HSBC Credit Card Balance Transfer?
If you are looking at the different APRs discussed in this article about HSBC rewards and are confused about what on earth a balance transfer is, don’t fret. Here’s the quick explanation.
A balance transfer is exactly what the name sounds like: you are transferring your debt from one credit card to another. In other words, you use one credit card to pay off the debt on another credit card. Sounds tempting, right? But there are a few things you should consider before doing an HSBC credit card balance transfer.
For starters, make sure the balance transfer APR on your HSBC balance transfer credit card is less than the APR on your existing credit card. If you execute an HSBC credit card balance transfer and the APR on that card is equal to or higher than the first credit card, you have either carried out a useless activity or, worse, put yourself deeper in debt for no good reason.
Additionally, check to see if there are better options. For instance, the HSBC balance transfer credit card you choose may have a lower interest rate than your existing credit card, but that does not mean there is not something better out there. In fact, some credit card companies offer introductory rates on their balance transfer APR, not just on their purchase APR.
If you can find a credit card, other than the HSBC balance transfer credit cards, that offers 12 or even 6 months of 0% APR on balance transfers, you can work on aggressively paying down your credit card debt without worrying about paying interest, too.
Conclusion: HSBC Rewards Can Be a Tempting Reason to Get an HSBC Credit Card
HSBC offers some promising HSBC rewards and HSBC MasterCard rewards. And while there are some attractive offers within, there is much to be found without as well. By venturing outside the line of HSBC Platinum credit cards or HSBC business cards on offer, consumers can find some great introductory offers and rewards programs. That said, the kind of APR and rewards programs you will gain access to – at HSBC and elsewhere – largely relies on the kind of credit you hold.
If you are an existing customer or are considering making the move to HSBC, the HSBC credit card rewards programs and HSBC Platinum credit cards detailed in this review will serve as a great starting point for your comparative credit card company research.
While it is advised not to carry a balance on your credit card, conducting thorough research can ensure you are not plunged into debt if you do end up carrying one. Using this article, you can stack up the cards from other companies to see if the HSBC rewards and the HSBC balance transfer credit cards make these products the right fit for your credit needs.
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