- Editor Rating
- Rated 3.5 stars
- Very Good
- HSBC Platinum Mastercard® With Rewards
- Reviewed by:
- Published on:
- Last modified:
- PopularityEditor: 65%
- ValueEditor: 75%
*The HSBC offer mentioned below is no longer available
The HSBC Platinum Mastercard® With Rewards credit card is offering a $100 sign-up bonus when you spend $500 or more within the first three months. While having this standard bonus offer is better than not having one at all, it’s hard to say this card is very competitive when compared to the more popular no annual fee credit cards on the market (i.e. The
Barclaycard CashForwardTM, Chase Freedom®, Capital One® Quicksilver® are all better No Annual Fee card choices).
We think the market for this card should be mainly for current/prospective HSBC Checking account customers who wish to stay with this same banking group. HSBC often has sign-up bonus offers for new Checking accounts. Aside from this, the other positive would be that it plays the role of both a cash back and travel credit card.
We’ll review the bonus and main features below.
The $100 Sign-Up Bonus
Spend $500 in the first three months of account opening to earn the $100 bonus. This should be fairly straightforward, but see our Credit Card Minimum Spending guide for options on meeting this goal for the bonus. Signing up with bank bonuses, buying gift cards, and paying bills are some popular options.
- Earn $100 Cash Back after you spend $500 or more in new, net purchases in your first three months from credit card account opening.
- 0% Introductory APR on credit card purchases and balance transfers for the first 12 months from Account opening. After that, a variable APR of 13.99%, 17.99% or 23.99%, will apply.
- No annual fee and no foreign transaction fees.
- Earn unlimited Rewards Program Points with every purchase that never expire and redeem for cash back, popular gift cards, merchandise, or flights on most major airlines.
- Make purchases the way you want – mobile payment enabled supporting Android Pay(TM), Apple Pay(TM) and Samsung Pay(TM).
- Fraud coverage if your card is ever lost or stolen.
- Use online banking to access your account, even from your smartphone, with our mobile app.
- Terms Apply.
|Purchase APR||0% Intro APR for first 12 months. After that, variable 13.99% – 23.99% based on your creditworthiness.|
|Balance Transfer APR||0% Intro APR for first 12 months. After that, variable 13.99% – 23.99% based on your creditworthiness.|
|Cash Advance APR||25.99%, variable|
- Points can be redeemed for Cash Back, Travel, Merchandise or Gift Cards
- There is no cap on the number of points you can earn
- There are no blackout dates when booking for Travel
- You can book travel through an outside travel site or through HSBC
- You won’t be able to transfer points to other loyalty programs
- Travel reservations must be booked 21 days in advance when using your points
- You’re only going to earn 1 point per $1 on all Purchases. There are no special categories to earn points at a higher rate.
Who Is This Card Good For?
- Someone who wants a flexible Travel rewards card in terms of no restrictions on travel dates and being able to book tickets using other sites.
- You already have an account with HSBC Bank and want a card with the same bank. For HSBC Checking/Savings customers, you can choose to receive cash back redemptions as a direct deposit into your account. See current Checking/Savings bonuses from HSBC.
What’s The Competition?
If you aren’t an HSBC customer wanting a credit card with the same bank, there are several other credit card options with no annual fee offering better bonuses and rewards. Top competitors include the
Barclaycard CashForwardTM, Chase Freedom®, Capital One® Quicksilver® cards.
|The Chase Freedom® credit card is going to earn you a $150 bonus after you spend $500 on purchases in the first 3 months from account opening. You can also earn another $25 bonus when you add your first authorized user and make your first purchase within this same 3 month period. People like this card because it earns 5% cash back on up to $1,500 in combined purchases in bonus categories that change every quarter. The downside is you have to keep up with the quarterly categories, and activate the category each quarter before you can earn the 5%. You'll earn 1% cash back on all other purchases.There's also a 0% intro APR for 15 months from account opening on both Purchases and Balance Transfers. After the intro period, a variable APR will take over. The Balance transfer fee is 5% of the amount transferred with a minimum of $5. Many people have this as a supplemental card to use specifically on the 5% category spending, and use other other cards when it's more beneficial. The categories change each quarter, but historically they have included things like gas stations, grocery stores, and holiday shopping. There's no annual fee to be concerned with, so it fits well with such a strategy. Full Review|
Capital One® Quicksilver®
|The Capital One® Quicksilver® Cash Rewards card will earn a $150 bonus when you spend $500 on purchases within the first 3 months.The bonus offer is comparable to its top competitors, but this card earns a respectable 1.5% cash back on every purchase with no limit on how much you can earn. There are no spending categories to keep up with.|
There's a 0% introductory APR on both Purchases and Balance Transfers for the first 9 months with this card. After the introductory period, the rate will be a variable 13.99%-23.99% APR. The Balance Transfer fee is 3% on the amounts transferred within the first 9 months. People like this card because of the cash back rate, the flexibility to redeem your cash back for any amount, and there's no annual fee. Full Review