Your feedback is essential to help us improve - click here to take our 3 minute survey.

HSBC Rewards Credit Card

By:  Kate Anderson | Updated: 5th November 2021.

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

HSBC rewards credit card

If you 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 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
  • 3/5APR

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

Our 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.

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 a 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.


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. Also, while we aim to feature some of the best products available, we do not review every product on the market. Learn more here. Any opinions or statements in this article belong to the author, and may be shared by The Motley Fool, however they were not provided or endorsed by our affiliate partners, unless expressly indicated.

The Motley Fool has recommended shares in Lloyds, Tesco and Barclays.

Compare with Other Cards