The HSBC Rewards Credit Card stands out due to its lack of an annual fee for current account holders, making it accessible for those who already bank with HSBC. The rewards structure is simple, allowing cardholders to earn 1 point for every £1 spent, which can be redeemed for various options like travel, gift cards, or statement credit. However, potential applicants should note the absence of a sign-up bonus, which is a common feature among many competing cards.

Additionally, the card comes with a relatively high APR of 19.9% variable, making it less favourable for those who may carry a balance. A good credit score of 700 or above is required, which may limit access for some consumers. Overall, while the HSBC Rewards Credit Card is a solid choice for existing HSBC customers looking to earn rewards on their spending, those who frequently carry a balance may want to consider alternatives with lower interest rates.