Verdict: With the combination of unlimited rebates for the 1% cash back and a decent APR – the HSBC Platinum MasterCard® with Cash Back Rewards is one of the better cash back programs available.

Rewards

Wherever you use the HSBC Platinum MasterCard® with Cash Back Rewards, the card holder is able to receive 1% cash back on. With unlimited rewards that can be earned and the unlimited locations and products that allow cash back, you can literally make hundreds, or even thousands of dollars in cash back per year using the generous rewards system.

As an alternate to the 1% cash back system, card holders can opt in to the 2% cash back program, which comes with a cap of $400.00 per year. Depending on the habits in which you use your credit card, you can easily make good use of the rewards system with regular use of the credit card.

As a drawback of the program, depending on the credit rating of the applicant may affect which rewards program that the applicant is enrolled in. If the card holder is not eligible for the 1% cash back rewards program, they will be enrolled in the 2% cash back rewards system with strict limits of $400.00 redemption per year.

The rewards system is a simplified process, easy for busy cardholders to gain the rewards from using the card on a regular basis. Unlimited rewards truly mean unlimited rewards when it comes to the HSBC Platinum MasterCard with Cash Back Rewards.

As An Added Bonus

As an added bonus there are extensive fraud liability protection measures combined with the card. Purchase protection is included with the card and insurance is available to cover payments in the event that the card holder suffers from an injury.

Many cardholders are happy to know that you can redeem the cash back rewards with as little as twenty five dollars accumulated in cash back.

Fees and APR

The card holder is offered 0% APR on balance transfers and card purchases for the first twelve months. After this twelve month period, the APR increases to 8.99% to 19.80% depending on the eligibility of the card holder (meaning, the FICO score of the card holder or applicant).

Each purchase has a grace period of twenty days – lower than some other companies that offer from twenty-five to thirty days grace on purchases and balance transfers. The balance is computed through the average daily balance as well as new purchases. Balance transfer and cash advance fees are charged depending on the amount which is transferred, or the amount withdrawn from the account, at 3%. The APR in which cash advances are computed is at 20.99% APR.

As with other credit cards, the credit rating of the user determines the APR and the eligibility for the introductory 0% APR. Of course, the higher the credit rating of the individual, the better the offer is going to be from HSBC. The lower the credit rating, means the higher risk the customer. When this occurs, the APR increases to the maximum of 20.99% APR from account opening.

There is no annual fee. The fee for being over limit on the card is $39.00 – and the credit limits are determined by the credit rating of the individual. It is important that the card holder realize they are liable to have an increase in interest if there have been two missed payments, or two late payments on the account.

When you exceed your credit limit, the amount is charged upwards of 31.99% in interest. This may also occur when monthly payments have been missed on the account. 

Benefits 

1. 0% APR for the first twelve months on a card purchases and balance transfers
2. A simplified and automatic rewards system
3. There is a choice of two cash back options.

The Decision

With the combination of standard interest rates and simplified redemption of cash back rewards, the HSBC Platinum MasterCard® with Cash Back Rewards offers a pretty standard cash back deal. Using the card to transfer balances gives the cardholder a year of interest free, time to repay the debt.

Apply for the HSBC Platinum MasterCard® with Cash Back Rewards.

(2 votes, average: 5.00 out of 5)

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