HSBC Platinum Rewards Credit Card Review

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From Seek Capital - Best for Rewards Points

Welcome Offer

Earn 15,000 Rewards Program Bonus Points

Earn 15,000 Rewards Program Bonus Points after you use your new Card to make $500 on purchases in your first 3 months


Earn 1 Rewards Program Point for every dollar in new card purchases
0%Introductory APR
0% APR for 12 months on purchases and balance transfers
$0Annual Fee
No annual fee
$0Foreign Transaction Fee
No foreign transaction fee with this card

HSBC Platinum with Rewards Card

The HCBC Platinum Mastercard with Rewards credit card is a fantastic overall rewards card that lets you earn cash back and doesn’t cap your rewards opportunity. The sign-up bonus is worth $150 and super-easy to get, and you can easily rack up $200 or more in rewards just by using this card as your daily spender. Add in the 0 percent APR offer, which could save you hundreds in interest, and you could get $1,000 or more in value with this card if you know how to put it to work in your wallet. We’ve got all the details so you can decide if the HCBC Platinum Mastercard with Rewards credit card is right for you.

Rewards Highlights

  • No Annual Fee
  • No Foreign Transaction Fee
  • 0% Introductory Purchase APR for 12 Months
  • 0% Introductory Balance Transfer APR for 12 Months

Expert Review

The Pros

  • No Annual Fee
  • No Foreign Transaction Fee
  • 0% APR on purchases and balance transfers

The Cons

  • No bonus categories

Recommended Credit Profile

Rates & Fees

  • Annual Fee$0
  • Intro Purchase APR0% for 12 months
  • Intro Balance Transfer APR0% for 12 months
  • Regular APR14.99% to 24.99%
  • Great ForTravelShoppingRestaurants
  • Regular Purchase APR14.99% to 24.99%
  • Regular Balance Transfer APR14.99% to 24.99%
  • Cash Advance APR26.99%
  • Balance Transfer Fee$10 or 4%
  • Cash Advance Fee$10 or 4%
  • Foreign Transaction Fee$0

One of the Easiest Valuable Sign-Up Bonuses in the Business

The HSBC Platinum Mastercard with Rewards credit card comes with a sign-up bonus of 15,000 points, which are worth $150 when you use them as a statement credit redeemed toward travel expenses.

That’s a lovely little sign-up bonus, but here’s what excites us even more about it: You don’t have to do very much to get it. All you have to do is spend $500 in new, net card purchases within the first three months after you open the account. That’s less than $167 a month or less than $6 a day.

Fund your daily coffee or tea habit, pick up the lunch tab once a week or buy groceries with this card, and you’re definitely going to get to the bonus.

Keep Earning and Redeeming Points

Even after you hit the bonus, spending earns you points that you can redeem as cash back on your statement and on other rewards. Here’s how it works.

For every dollar you spend, you earn a point. Points — and cash back redemptions — are unlimited, so you can really make bank on this card if you know how to put it to work. Let’s run a quick scenario just so you can see how to do that.

For a family of four that includes a mom, dad, a boy age 12 and a girl age 9, the USDA says the moderate cost for food totals about $1,118 per month. That’s $13,416 per year and an equal number of points, and those points are worth $134.16.

Now, that same family might also spend $150 in fuel each month, an average of $200 dining out per month and $300 a month in clothing, sports supplies and other incidentals. That’s another $650 in monthly spending, which totals $7,800 per year — or enough points for a $78 cash back statement credit.

Just by covering regular expenses with the HSBC Platinum Mastercard with Rewards credit card, this family has racked up $212.16 in extra rewards. And that’s on top of the sign-up bonus, which they definitely hit.

It’s that easy, and you can do it too!

In addition to requesting a statement credit with your points, you can also:

  • Redeem them for items you choose from a selection of more than 3,000 products, including luggage, electronics and kitchenware from name brands
  • Redeem them for gift cards from hundreds of retailers and restaurants
  • Redeem them for select travel, including airfare or TSA Precheck costs

Seek tip: While redemption of points is flexible and entirely up to you, you do get the biggest value when you redeem for a statement credit. Plus, the HSBC Platinum Mastercard with Rewards credit card doesn’t put a cap on how much cash back you can earn, so your savings are fairly unlimited.

Other Perks of the HSBC Platinum Mastercard with Rewards Credit Card

We love this card because it comes with all the protection and shopping perks we expect from Mastercard. Here’s a look at some of the benefits you get when you carry this card as an active account holder.

  • Extended warranties that automatically double a manufacturer’s warranty up to a full extra year
  • Price protection that refunds you the difference if you see the same item you bought advertised at a lower price within 60 days from the purchase
  • ID theft resolution to help you bounce back if you deal with identity theft
  • Purchase Assurance to cover many items you buy with this card in the event of theft or damage
  • Contactless payment for safer use at checkouts
  • Security chip for enhanced data protection at enabled terminals
  • Linking with Apple Pay, Android Pay and Samsung Pay to support mobile payments
  • $1 million in travel accident insurance
  • Master RoadAssist Roadside Service for help wherever you are if your car or rental breaks down
  • MasterAssist travel assistance, which offers help with preplanning, lost luggage and other travel needs

0 Percent Introductory APR Offer

For qualified applicants, the HSBC Platinum Mastercard with Rewards credit card comes with a sweet low APR introductory offer. Here are the details and how you can put that to work for you.

  • 0 percent interest on balance transfers for the first 12 months
  • 0 percent interest on purchases for the first 12 months

A balance transfer offer is always nice, especially if you’re looking to move some high-interest credit card balances to a new account to pay it off faster and save money. But what we really like is that this card also comes with the 0 percent APR offer for purchases, because that means you can really put the points and cash back to use.

For example, perhaps you want to outfit a new patio with furniture and a grill. The price tag of what you’re looking for is $3,500, and you just don’t have that much extra cash laying around. You could put that purchase on the HSBC Platinum Mastercard with Rewards credit card and pay it off over the course of the 12 months — all without paying interest. That would be a payment of just under $300 a month.

But you also get 3,500 points, which is equivalent to $35, and you definitely reach the sign-up bonus, which is another $150. That’s like getting a coupon for 5 percent off the total purchase!

Save Even More with a Great Fee Structure

We love the HSBC Platinum Mastercard with Rewards credit card fee structure. You pay:

  • No foreign transaction fees, which means you’re free to swipe outside of the United States without racking up the traditional 3 to 5 percent in extra expense
  • No fees for adding another authorized user (or several authorized users), which makes it easier to earn cash back
  • No annual fee

That’s right: all these rewards, and no annual fee to diminish them.

That makes the HSBC Platinum Mastercard with Rewards credit card a great choice for anyone who wants to build rewards points but isn’t a frequent flyer or hotel loyalist.

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