If you fit the bill, this card can earn you rewards points on your spending, plus an introductory welcome bonus and anniversary bonuses too. And since your rewards points can be redeemed against any purchase you make using your card – it’s as good as cashback. The catch? Redeeming your points is, well, a bit of a kerfuffle – requiring you to use Mastercard’s Pay with Rewards app (or register with the Pay with Rewards website), then specify when you want your next purchase to be paid using your rewards points.
There’s an introductory interest-free period on purchases, allowing you to spread the cost of any large upcoming expenditure over 6 months.
The card also offers an interest-free period on balance transfers, so if you’re paying a hefty sum each month in interest on existing card debt, you could choose to bring it across to HSBC to take a break from interest and focus on clearing the debt. Bear in mind that any balance outstanding at the end of the introductory 0% period will start to accrue interest at the card’s less-favourable standard rate.
Previously only available to Advance customers (Advance sits somewhere between HSBC's entry-level products and its "Premier" products, and offers preferential rates and personalised rewards), this card offers appealing perks to some existing HSBC customers.
| Issuer | HSBC |
| Network | Mastercard |
| Representative APR | 23.9% APR (variable) |
| Annual/monthly fees | £0 |
| Loyalty scheme | Points |
| Incentive | Earn 1 point for every £5 spent on purchases. Bonus 2,500 reward points on anniversary if £10,000 spent in previous year. 1 point = 1p (no min) |
| Incentive on opening | 2,500 bonus reward points after first transaction. |
| Purchases | 0% for 6 months reverting to 23.9% |
| Purchases interest-free period (days) | 56 |
| Balance transfers | 0% for 6 months reverting to 23.9% |
| Potential costs | 3.8 ★★★★★ |
| Doing its job | 3.8 ★★★★★ |
| Extras | 4.7 ★★★★★ |
| Overall Finder Score | 3.9 ★★★★★ |
| Minimum monthly payment | 2.5% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 2.99%, min £5 |
| Foreign usage charge (EU) | 2.99% |
| Foreign usage charge (rest of world) | 2.99% |
| Cash advance fee | 2.99% (min. £3) |
| Late payment fee | £12 |
| Duplicate statement fee | £0 |
| Exceeding limit fee | £12 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
| Minimum Age | 18 |
| Minimum income | £6,800 |
| Availability | Available to existing customers who hold an Advance or Premier account or who hold a standard account and have maintained a credit turnover of £1,750 a month for a minimum of 6 months. |
The HSBC Rewards Credit Card is issued on the Mastercard network, so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
Approval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow. Most of the data in Finder's comparison tables is provided by Moneyfacts.
You can make manual repayments through HSBC's app by logging in to your online banking or over the phone (0345 7404 404). Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee (£12) or losing any promotional rates as a result.
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
| Minimum amount | Fixed amount | Fixed percentage | Full amount |
|---|---|---|---|
If you've compared cards and settled on the HSBC Rewards Credit Card, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible.
Our experts score rewards credit cards to determine their value against similar products on the market. We look at a number of important factors, like welcome bonuses, introductory and ongoing earn-rates, any caps or restrictions on the points you can earn, plus the potential costs involved with running the card both in the short and longer term.
You can read more about our scoring criteria on our credit card methodology page.
