Thoughts on HSBC Cash Rewards card?

galahad15 · ‎10-10-2017

I tried doing a quick forum search but was unable to find any related earlier threads, so I just just curious to inquire if anyone has any thoughts about the HSBC Cash Rewards MC? I got a pre-qual offer on this card and wanted to see what other forum members' inputs were on it. Features of the card are: (1) $150 bonus after spending $500 within the first 3 months of receiving the card. (2) 15-month 0% BT promo. (3) Unlimited 2% cashback for the first 6 months of having the card, then unlimited 1.5% cashback (also an HSBC CSR confirmed that rewards are redeemed in increments of $25). (4) Ongoing 10% cashback anniversary bonus. (5) No AF and no FTF. Also quite a nice-looking card aesthetically, in mho.

The feature that interests me the most about this card tbh is the 10% cashback rewards anniversary bonus. Since the lowest-available APR for the card is 13.99% V, if I were to potentially app for it, it would have to be PIF every month.

https://www.us.hsbc.com/1/2/home/personal-banking/credit-cards/cash-rewards?code=MIW0002330&WT.ac=HB...

BEFCU Platinum Plus VISA @ 5.49% F with 1% rewards, $4k

AOD FCU VS @ 7.49% F with 3% rewards, $7.5k

PACU Premier Privileges Rewards MC @ 7.50% F with 1.5% rewards, $20k

Unify FCU Fixed-Rate VISA Platinum @ 8.99% F, $25k

BoA Customized Cash Rewards WMC @ 9.99% F with 3.3%/2.2% category rewards, $50k

Unify FCU Variable-Rate VISA Platinum @ 10.24% V, $15k

EPFCU Smart Rewards MC @ 10.75% V with 1% rewards, $6.5k

FNBO BucksBack VS @ 11.5% V with 1.5% rewards, $85k

Andrews FCU Titanium Rewards VS @ 12.99% V with 3%/1.5% rewards, $5k

Cap1 Venture MC @ 15.15% V with no AF, 2% rewards, $9k

BoA Travel Rewards VS @ 15.24% V, $17.6k

BoA Customized Cash Rewards WMC @ 17.24% V with 3%/2% category rewards, $14.3k

Redstone FCU VS @ 17.25% V with 5%/3%/1.5% rewards, $10k

AAA Daily Advantage VS @ 18.74% V with 5%/3% category rewards, $10k

PenFed Pathfinder Rewards VS @ 18.99% V with no AF, 4x/1.5x rewards points/dollar, $12.5k

BoA Customized Cash Rewards WMC @ 19.24% V with 3%/2% category rewards, $20.4k

Citi Custom Cash WEMC @ 19.24% V with 5% category rewards, $39.32k

Amazon Prime VS @ 19.49% V with 5% category rewards, $35k

PayPal CashBack MC @ 19.74% V with 3% on all PayPal purchases/2% on all other purchases, $25k

US Bank Cash+(x2) @ 20.24% V with 5% category rewards, $32k

Wells Fargo Autograph VISA @ 20.49% V with 3% category rewards, $12.5k

FNBO BucksBack VS @ 21.24% V with 2% rewards, $23.5k

Citi Custom Cash WEMC @ 22.24% V with 5% category rewards, $5k

Amex BCE @ 23.49% V with 3% category rewards, $3k

WF Bilt WEMC @ 24.49% V with 3% dining rewards, $30k

yfan · ‎10-10-2017

Sounds like a solid competitor to the Capital One Quicksilver. The 10% bonus makes it a better deal, but the minimum redemption requirements can sour the deal a little.

Anonymous · ‎10-10-2017

It sounds like a pretty good deal if you do not already have a Citibank Double Cash or USAA Limitless. And as the poster above me stated, the extra 10% anniversary bonus beats out the Capital One Quicksilver. Other than that it is basically another 1.5% cash back card (with the anniversary bonus excluded of course).

I just find it odd that suddenly HSBC is back trying to drum up credit card business.

kdm31091 · ‎10-10-2017

Redeeming in increments of $25 will basically reduce your effective cash back rate, since it's unlikely you'll ever be able to cash out all of your rewards. That makes the 10% bonus kind of meaningless IMO.

Besides that, 1.5% with a 10% bonus is still not 2%, and there are many 2% cards out there, so why bother?

longtimelurker · ‎10-10-2017

@kdm31091 wrote:
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Besides that, 1.5% with a 10% bonus is still not 2%, and there are many 2% cards out there, so why bother?

That was my reaction. Yes, if you have nothing better to do, get it for the for the bonus, 6 months of 2.2%, but then pretty unappealing. And you can get better bonuses anyway.....

galahad15 · ‎10-10-2017

Good points kdm and LTL...lol idk, I'm usually not that big on credit cards' appearances by themselves as a selling point, but in this case, I might just be interested in apping on the card's looks alone

As to whether to actually app I guess I'd have to think about it some more, since I'd have to unfreeze my credit reports again if I wanted to, and that costs a pretty penny in my state