topic Re: Thoughts on HSBC Cash Rewards card? in Credit Cards

Thoughts on HSBC Cash Rewards card?

galahad15 — Tue, 10 Oct 2017 18:37:11 GMT

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=HBUS_MIW0002330

Re: Thoughts on HSBC Cash Rewards card?

yfan — Tue, 10 Oct 2017 16:36:32 GMT

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.

Re: Thoughts on HSBC Cash Rewards card?

Anonymous — Tue, 10 Oct 2017 23:40:29 GMT

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.

Re: Thoughts on HSBC Cash Rewards card?

kdm31091 — Wed, 11 Oct 2017 01:10:27 GMT

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?

Re: Thoughts on HSBC Cash Rewards card?

Anonymous — Wed, 11 Oct 2017 01:39:34 GMT

@kdm31091 wrote:
.

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.....

Re: Thoughts on HSBC Cash Rewards card?

galahad15 — Wed, 11 Oct 2017 03:33:11 GMT

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