HSBC credit card rewards are points or "Cash Rewards" units that can be redeemed for cash back, gift cards, travel, or charitable donations, depending on which credit card you have. HSBC credit card rewards points are worth around 1 cent each, but it can vary based on how you redeem them. For example, points redeemed for travel on the HSBC Premier World Credit Card and HSBC Elite Credit Card are worth more than cash back redemptions. You can see how much your rewards are worth by logging in to your online account.
Points can be earned by making purchases on most HSBC credit cards. Rewards are earned at different rates depending on which HSBC credit card you have. Some HSBC cards give extra points for different spending categories, such as travel or dining, while others give a flat rate for all purchases.
Here are the HSBC rewards credit cards:
HSBC Elite Credit Card: Offers 50,000 points after spending $4,000 in the first 3 months. Earns 3 points per $1 spent on internet and streaming services, cable, phone, electricity, gym memberships and more, up to $3,000 (from January 1 to March 31, 2023), 3 points per $1 spent on travel, 2 points per $1 spent on dining and $1 point per $1 spent on all other purchases. Requires a credit score of 750, at a minimum. That means applicants need excellent credit for approval. Existing HSBC Premier checking account relationship is also required.
HSBC Premier World Credit Card: Offers 35,000 points after spending $3,000 in the first 3 months. Earns 2 points per $1 spent on internet and streaming services, cable, phone, electricity, gym memberships and more, up to $2,000 (from January 1 to March 31, 2023), 2 points per $1 spent on travel and $1 point per $1 spent on all other purchases. Annual fee of $0 (accountholders with select HSBC checking accounts continue to benefit from the initial rate). Requires a credit score of 750, at a minimum. That means applicants need excellent credit for approval.
HSBC Advance Credit Card: Earns 3 points per $1 spent on dining and select entertainment, 2 points per $1 spent on all other purchases, up to $25,000 the first year. After that, 2 points per $1 spent on dining and entertainment, and 1 point per $1 spent on all other purchases. Annual fee of $0 intro 1st yr, $0 - $45 after* (accountholders with select HSBC checking accounts continue to benefit from the initial rate). Requires a credit score of 750, at a minimum. That means applicants need excellent credit for approval.
HSBC Cash Rewards Credit Card: Earns "Cash Rewards" units that amount to 3% cash back on all purchases for the first 12 months up to $10,000, 1.5% afterwards. $0 annual fee. Requires a credit score of 700, at a minimum. That means applicants need good credit or better for approval.
There's no limit to how many HSBC credit card reward points you can earn. And the points don't expire. That said, credit card points can be devalued by the card issuer at any time, so it's best to redeem them often.
HSBC Cash Rewards points are worth 1 cent per point. For example, 1,000 HSBC Cash Rewards points have a value of $10. The value of HSBC Cash Rewards points is the same regardless of how they are redeemed.
Tips for Maximizing the Value of HSBC Cash Rewards Points
Pay your bill in full every month.
The HSBC Cash Rewards card’s regular APR is high enough to erode your rewards earnings if you carry a balance from month to month.
Read the rewards program rules.
Every credit card with rewards also has rules for when unredeemed earnings could be lost – usually as a result of closing your account or missing payments. Double-checking these details can help you keep every cent of rewards value you earn.
HSBC Cash Rewards and Capital One Quicksilver are both cash back cards with no annual fee, no foreign transaction fee, and introductory 0% APRs on purchases. The big differences are in the cards' initial bonuses and rewards structures.
The HSBC Cash Rewards card offers 3% cash back on the first $10,000 spent in the first year, up to $10,000. After that, all purchases earn 1.5% cash back. The Cash Rewards card also gives you an annual 10% anniversary bonus on all rewards earned during the previous year. Quicksilver's sign up bonus is $200 for spending $500 in the first 3 months. It also gives you a flat 1.5% cash back on every purchase.… read full answer
The HSBC Cash Rewards card's introductory APR offer on purchase and balance transfers is 0% for 12 months. The balance transfer fee is 4% or $10, whichever is greater. For the Quicksilver card, the intro rate is 0% for 15 months on purchases and balance transfers.
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