HSBC Rewards Credit Card: Great If You're Already In
No annual fee and flexible rewards make HSBC's card a solid pick for account holders. But with a high APR and no sign-up bonus, it's not for everyone.
The Quick Version
The HSBC Rewards Credit Card is a straightforward way to earn rewards on everyday spending, especially if you're already banking with HSBC. No annual fee for account holders and 1 point per £1 spent make it attractive. However, the 19.9% APR and lack of a sign-up bonus are big drawbacks.
What's Inside
The HSBC Rewards Credit Card offers no annual fee for those with an HSBC current account, making it an economical choice if you're already in the HSBC ecosystem. The card earns 1 point for every £1 spent, with redemption options that include travel and gift cards. It's a Mastercard, so acceptance is widespread.
What's Actually Good
First, the no annual fee for HSBC account holders is a solid perk. You also get flexible redemption options, which is always a nice touch—whether you're traveling or want a gift card, you're covered. The card's Mastercard network ensures it's widely accepted, which is crucial for international use.
- ✅ No annual fee if you have an HSBC account
- ✅ Earns 1 point per £1 spent
- ✅ Flexible redemption options including travel and gift cards
- ✅ Widely accepted Mastercard network
The Catch
Now, the downsides. The APR is steep at 19.9%, so carrying a balance will cost you. There's no sign-up bonus, which is a missed opportunity, especially when competitors like the American Express Preferred Rewards Gold Card offer generous welcome offers. You'll need a good credit score—700+—to qualify, and the points earning is limited to purchases only, meaning no bonus categories or introductory offers.
- ❌ High APR at 19.9%
- ❌ No sign-up bonus
- ❌ Requires a good credit score
- ❌ Limited to points on purchases only
Who It's For
This card is best suited for existing HSBC account holders who want to earn rewards without an additional annual fee. It's a better fit if you pay off your balance each month, given the high APR. If you're looking for a card with a big sign-up bonus or exceptional perks, look elsewhere.
The Bottom Line
If you're already banking with HSBC and want a simple way to earn rewards, this card delivers. But if you're chasing bonuses or plan on carrying a balance, it's not your best bet. For more credit card options this spring, check out our guide: Finding the Perfect Credit Card: Best Picks for March.
