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HSBC Rewards Credit Card

By: Kate Anderson | Updated: 6th July 2020.

HSBC is rewarding its customers with a credit card that offers points on everything they spend. Not only that, but it has a flexible redemption programme which means cardholders can use points against everyday purchases. There is just one catch: in order to access the deal, you need to be either an Advance account holder, or a Bank or Premier account holder who meets the required minimum balance requirements.

Great for: Rewards on everyday spend
3.5 stars question mark
HSBC rewards credit card

If you do meet the eligibility requirements, then the HSBC Rewards Credit Card has lots to offer. Not only do cardholders earn reward points on their spending, but the bank is also offering a 2,500 point welcome award and 0% on purchases and balance transfers for six months. And if that wasn’t enough, there is an option to ‘supercharge’ your rewards and earn 10 points per £1 at selected merchants.

Read full review >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • 1 point for every £5 of eligible spend
  • 0% on purchases for six months
  • 0% on balance transfers for six months
  • 2,500 points welcome award

REPRESENTATIVE EXAMPLE

Representative 21.9% APR variable
Purchase rate 21.9% variable for purchases
Credit limit Assumed credit limit of £1,200
Annual fee No annual fee

what we like

  • 1 point for every £5 of eligible spend
  • 0% on purchases for six months
  • 0% on balance transfers for six months
  • 2,500 points welcome award
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    21.9%
  • INTRO OFFER:

    2,500 points welcome award

KEY SCORES:

  • 3/5 Perks
  • 3/5Fees
  • 2/5APR

HIGHLIGHTS

  • 1 point for every £5 of eligible spend
  • 0% on purchases for six months
  • 0% on balance transfers for six months
  • 2,500 points welcome award

REPRESENTATIVE EXAMPLE

Representative 21.9% APR variable
Purchase rate 21.9% variable for purchases
Credit limit Assumed credit limit of £1,200
Annual fee No annual fee

The bottom line

If you do meet the eligibility requirements, then the HSBC Rewards Credit Card has lots to offer. Not only do cardholders earn reward points on their spending, but the bank is also offering a 2,500 point welcome award and 0% on purchases and balance transfers for six months. And if that wasn’t enough, there is an option to ‘supercharge’ your rewards and earn 10 points per £1 at selected merchants.

Credit Rating Requirement: Good/Excellent

What I like

This card not only offers rewards, but also has some interest-free offers added to the mix.

  • Reward points – When you are looking at a rewards card, what you really want to know is what you will be getting. In the case of the HSBC Rewards Credit Card, every £5 of eligible spend will earn you 1 point. However, you also have the option to ‘supercharge’ your points with selected merchants. With this feature you can earn up to 10 points per £1 spent at a range of brands.
  • Welcome offer – HSBC is also offering a welcome award of 2,500 points credited to your Pay with Rewards account after you make your first transaction. This is worth £25 – a nice boost to start your reward points balance. Added to that, if you spend £10,000 or more on your card each year, you will receive 2,500 points on the anniversary of your card membership (for the first five years).
  • Interest-free offers – As this card is marketed as a rewards card, it is a surprise to find that it also offers 0% on purchases for six months, and 0% on balance transfers for six months if they are made within the first 60 days. Although not the longest interest-free periods on the market, they are a nice little extra for the card. Just be aware that balance transfers carry a fee of 2%.
  • Reward redemption – Sometimes reward schemes fall down with restricted redemptions, but this is not the case with this card. As the scheme uses the Mastercard Pay with Rewards app and website, you can use your reward points against everyday purchases. You also have the choice of using your points to cover the entire purchase or, if you don’t have enough points, using some of them towards the overall cost.
  • Worth knowing – You won’t qualify for the interest-free introductory periods if you have held an HSBC card in the past six months. Similarly, balance transfers cannot be made from other HSBC cards or HSBC group member cards such as first direct, M&S Financial Services and John Lewis Financial Services.

Why trust me


Kate Anderson
I worked on the front line of personal-finance best buys for over eight years at one of the world’s largest research companies, Nielsen. I reported daily on the developments of the 2008 financial crisis and beyond, keeping up with the changing financial landscape and providing insights to all the major banks in the UK. I know the key players in the market and the tactics behind how they behave. All of which I will apply to highlight the best deals and give honest reviews to help you in your search.

What could be improved?

The HSBC Rewards Credit Card has lots to offer, but its main stumbling block is that you have to be an HSBC customer to access it.

  • Eligibility – HSBC tends to save its best deals for its customers, and this is certainly the case with this card. In order to access this deal you either need to be an Advance account holder, or a Bank or Premier account holder who has maintained a credit turnover of £1,750 a month into the account for a minimum of six months.
  • Overseas usage – While this card gives you rewards and introductory offers, what it doesn’t provide is fee-free spending overseas. The card carries a foreign transaction fee of 2.99%.

How does the HSBC Rewards Credit Card offer stack up?

The HSBC Rewards Credit Card offers a nice little package. Not only is there the ability to earn reward points, but there is also a generous welcome offer and a comparatively flexible reward redemption process.

The added appeal of interest-free introductory offers and no annual fee means that in terms of cards on the market offering a similar deal, it is at the top end for value for money. However, the eligibility criteria are the sticking point. While the card may not carry an annual fee, the requirement to be an HSBC customer of the specified accounts could put it out of reach for a lot of borrowers.

Credit score

To be eligible to apply for this card you will need to hold an HSBC Advance account, or a Bank or Premier account in which you have maintained a credit turnover of £1,750 a month for a minimum of six months (or minimum of £10,500 every six months).

Additionally, you will need a good credit score, to be 18 or over and a UK resident, and have an annual income/pension of £8,500 or more.

How do you apply?

If you are already registered with HSBC online banking, you can log in and apply through the bank’s website. Alternatively, you can register for online banking or apply in branch if you are an existing HSBC customer.

Is the HSBC Rewards Credit Card right for you?

If you are an HSBC customer already and hit the specified qualifying criteria, then the HSBC Rewards Credit Card could be a nice addition to your wallet. It has the potential to earn you rewards on everyday purchases, and with a welcome bonus worth £25 the card would start you on your way to making your money work for you. The added benefit of no annual fee and 0% on purchases and balance transfers for six months also provides a little breathing room for your borrowing.

However, if you are interested in this card but are not yet an HSBC Advance/Bank/Premier account holder, consider whether you would benefit enough from what it has to offer in order to go through opening the required accounts. The reward points and interest-free offers are nice, but there are other cards available that will offer you rewards without requiring you to do much more than apply for the card and start using it.

See the Best Reward Credit Cards

 

Other credit cards worth considering

Great for: Earning rewards, low interest rate
5 stars question mark
Apply Now!

On American Express's Secure Website

* Affiliate partner

This card offers the enticing combination of a competitively low APR alongside reward points. The APR sits among the lowest available on the market, and then there is the added bonus of access to the American Express Membership Rewards programme. The deal is further sweetened for new cardmembers with a welcome award of 2,500 points (subject to minimum spend and eligibility), giving them a much appreciated boost to starting to earn rewards. This all comes with no annual fee attached.

Read full review >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • Welcome award of 2,500 points subject to eligibility and minimum spend of £1,000 in first three months
  • Low APR
  • 1 Membership Rewards point for every full £1 spent
  • No annual fee
  • Travel accident insurance up to £150,000 (subject to enrolment)
  • Further array of American Express services including Purchase Protection (subject to enrolment) and American Express Experiences

REPRESENTATIVE EXAMPLE

Representative 9.9% APR (variable)
Purchase rate 9.9% p.a. (variable)
Assumed credit limit £1,200
Annual fee £0

* This is an offer from one of our affiliate partners. For more information on why and how we work with partners, click here.

what we like

  • Welcome award of 2,500 points (subject to eligibility and qualifying spend)
  • Low APR
  • 1 Membership Rewards point for every full £1 spent
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    9.9%
  • INTRO OFFER:

    2,500 Membership points if you spend £1,000 in the first 3 months (subject to eligibility)

KEY SCORES:

  • 5/5 Perks
  • 3/5Fees
  • 5/5APR

HIGHLIGHTS

  • Welcome award of 2,500 points subject to eligibility and minimum spend of £1,000 in first three months
  • Low APR
  • 1 Membership Rewards point for every full £1 spent
  • No annual fee
  • Travel accident insurance up to £150,000 (subject to enrolment)
  • Further array of American Express services including Purchase Protection (subject to enrolment) and American Express Experiences

REPRESENTATIVE EXAMPLE

Representative 9.9% APR (variable)
Purchase rate 9.9% p.a. (variable)
Assumed credit limit £1,200
Annual fee £0

* This is an offer from one of our affiliate partners. For more information on why and how we work with partners, click here.

Great for: Rewards, balance transfers and 0% purchases
5 stars question mark
John Lewis Partnership credit card

The John Lewis Partnership Credit Card is an appealing rewards card for consumers who shop regularly at  John Lewis or Waitrose. Cardholders get 1 point for every £1 in spend at John Lewis and Waitrose and 1 point for every £2 spent elsewhere. It also has a balance transfer offer (18 months), a 0% introductory interest rate on new purchases (9 months), and you get all of this without having to dole out an annual fee.

Read full review >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • 1 point for every £1 spent at John Lewis and Waitrose, 1 point for every £2 spent elsewhere
  • 0% interest for 18 months on balance transfers
  • 0% interest for 9 months on purchases
  • No annual fee
  • Special offers to boost your rewards points

REPRESENTATIVE EXAMPLE

Representative rate 18.9% APR (variable)
Purchase rate 18.9% p.a. (variable)
Based on borrowing £1,200

what we like

  • 1 point for every £1 spent at John Lewis and Waitrose, 1 point for every £2 spent elsewhere
  • 0% interest for 18 months on balance transfers
  • 0% interest for 9 months on purchases
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    18.9%
  • INTRO OFFER:

    18 months 0% on balance transfers
    9 months 0% on purchases

KEY SCORES:

  • 4/5 Perks
  • 3/5Fees
  • 5/5APR

HIGHLIGHTS

  • 1 point for every £1 spent at John Lewis and Waitrose, 1 point for every £2 spent elsewhere
  • 0% interest for 18 months on balance transfers
  • 0% interest for 9 months on purchases
  • No annual fee
  • Special offers to boost your rewards points

REPRESENTATIVE EXAMPLE

Representative rate 18.9% APR (variable)
Purchase rate 18.9% p.a. (variable)
Based on borrowing £1,200
Great for: Everyday cash back with no fee
5 stars question mark
American Express Platinum Cashback Everyday credit card

Cashback rewards are hard to come by these days, but if that’s what you’re looking for, the American Express Cashback Everyday Credit Card may be a good bet. The standard cashback yield is 0.5%, but for those that spend more than £5,001, that bumps up to 1%. New cardholders also get a bonus of 5% cashback over the first six months, which maxes out at £100. Its sister card offers a bigger welcome bonus and higher cashback, but the Everyday Credit Card has the advantage of no fee.

Read full review >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • 5% cashback for first 6 months (up to £100, subject to eligibility)
  • 0.5% cashback after first 3 months (if you spend £1 to £5,000)
  • 1% cashback after first 3 months with spending above £5,001
  • Note that you must spend at least £3,000 to earn any cashback
  • No annual fee
  • No cap on cashback earned
  • Travel accident insurance (subject to enrolment) and global assist services
  • Access to special offers from American Express offers

REPRESENTATIVE EXAMPLE

Representative APR 22.2% APR variable
Annual fee Based on £0
Credit Limit Assumed credit limit of £1,200
Purchase Rate 22.2% variable for purchases

what we like

  • 5% cashback for first 6 months (up to £100, subject to eligibility)
  • 0.5% – 1% cashback after first 3 months, depending on spend
  • No annual fee
  • No cap on cashback earned
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    22.2%
  • INTRO OFFER:

    5% cashback for first 6 months (up to £100)

KEY SCORES:

  • 4/5 Perks
  • 5/5Fees
  • 3.5/5APR

HIGHLIGHTS

  • 5% cashback for first 6 months (up to £100, subject to eligibility)
  • 0.5% cashback after first 3 months (if you spend £1 to £5,000)
  • 1% cashback after first 3 months with spending above £5,001
  • Note that you must spend at least £3,000 to earn any cashback
  • No annual fee
  • No cap on cashback earned
  • Travel accident insurance (subject to enrolment) and global assist services
  • Access to special offers from American Express offers

REPRESENTATIVE EXAMPLE

Representative APR 22.2% APR variable
Annual fee Based on £0
Credit Limit Assumed credit limit of £1,200
Purchase Rate 22.2% variable for purchases


The Motley Fool receives compensation from some advertisers who provide products and services that may be covered by our editorial team. It’s one way we make money. But know that our editorial integrity and transparency matters most and our ratings aren’t influenced by compensation. The statements above are The Motley Fool’s alone and have not been provided or endorsed by bank advertisers. The Motley Fool has recommended shares in Lloyds, Tesco and Barclays.