[4/16 Update] The welcome bonus on this card has changed somewhat: instead of the previous $150 bonus, it now earns 3% cash back on all purchases for the first 12 months, on up to $10,000 in spending, for a maximum of $300 cash back. In addition, this card comes with a 10% annual cash back bonus, so all spending in the first year effectively earns 3.3% cash back. After one year, it returns to 1.5% cash back on all purchases. As a no-annual-fee card with no foreign transaction fee, it’s quite worth keeping long term.

HSBC Cash Rewards Cash Back Credit Card

Application Link

Key Features

  • Welcome bonus: 3% cash back on all purchases (during the first 12 months after account opening, limited to the first $10,000 in spending)
  • Ongoing rewards: 1.5% cash back
  • No FTF foreign transaction fee
  • No annual fee

Highlights

  • 15 months 0 APR: Purchases made after opening the card can enjoy a 15-month interest-free period; you only need to pay the minimum each month. Be sure to pay at least the minimum every month. See also: How to pay during 0APR and Practical uses of credit card 0APR.
  • 10% annual cash back bonus: Each year, all the cash back you earn gets a 10% bonus, so in theory that means 3.3% cash back for the first 12 months and 1.65% afterward, which is pretty solid.
  • $1 million air travel insurance: As long as you buy airfare with this card, HSBC will automatically purchase this insurance for you, charge the credit card, and then issue a credit to reimburse it. No manual action is required. Personally, I think this buy-first-then-reimburse approach feels a bit more reassuring, since there is an actual charge on the account. It appears that unlike banks such as Chase, HSBC’s coverage is not an annual blanket policy, but rather purchased individually when needed.

Drawbacks

  • Not many other ways to maximize it

My Take

After the refresh, this card is actually pretty good. Both the welcome bonus and the everyday cash back are among the better options in the no-annual-fee category. The extra 10% annual cash back bonus is enough to edge out some competing 1.5% cash back cards. This card also has no foreign transaction fee, which is nice. If you like no-annual-fee cash back cards, this one could be a very good fit.

Application

  • Application difficulty: Average; it’s better if you have an HSBC Checking account
  • Things to note: None at the moment

Application Link