Review of HSBC Mastercard with Cash or Fly Rewards



The HSBC Mastercard with Cash or Fly Rewards was last reviewed on 22nd October 2005.

The HSBC Mastercard with Cash or Fly Rewards is one of the rare credit cards that offer the cardholder a choice of either redeeming points for cash rebates or free airline tickets. Furthermore, unlike many reward or cash back credit cards, you can earn unlimited points and rebates. This card will appeal to those who want the flexiblity of earning either cash back or free airline tickets. Read further.....

Reward/Cash Back Formula - The HSBC Mastercard with Cash or Fly Rewards allow you to earn 1 point for every dollar you spend on your credit card. You can redeem points for either cash rebates or a free airline ticket. Best of all, you can earn unliited points or cash rebates. There are also no blackout dates for airline tickets though you have to book them at least 21 days in advance.

Annual Fee and APR - The HSBC Mastecard with cash or fly rewards has no annual fee for this card. The apr is either prime rate plus 3.74%, 7.74% or 10.74% depending on their accessment of your credit. You also get a 0% introductory apr offer on your balance transfers for 12 months from the date of account opening. You can transfer up to 3 balances. The average daily balance method (including new purchase) is used to calculate montly balances.

Recommendation - I wrote an article awhile back about whether one should choose an airline or cash back credit card. With this credit card, you do not really have to choose between the two. One of the great advantages of having the choice to get cash rebates or a free airline ticket is you can better make use of the points you earn. Most reward programs require that you use 25,000 points or miles to get a free restricted economy ticket to fly within continental USA. If your ticket cost exactly $250, using 25,000 points is equal to getting a 1% rebate from your card. However, if your ticket cost more than $250 (say $350), then using 25,000 points to get your airline ticket means you get more than 1% "rebate" from your points. However, if your airline ticket only cost $150 (for a shorter flight), you are better off using 15,000 for $150 in cash rebates instead. Having this flexibility is why we recommend the HSBC MasterCard® with Cash or Fly Rewards . Furthermore, you can earn unlimited points or cash rebates and there are no blackout dates. You also get a good 0% introductory apr for 12 months.

Positives
  • Flexibility - choose either cash rebates or free airline tickets
  • Earn unlimited points or cash rebates
  • No annual fee
  • 0% apr for balance transfers for 12 months



HSBC Mastercard with Cash or Fly Rewards
Reward Formula
Reward Points 1 point for every dollar spent
Redeem for cash or free airline tickets
Caps on Points Earn unlimited points or cash rebates
Benefits
24 hour support, toll-free customer service and online account access
Free online bill pay
Zero liability on any unauthorized purchases
MasterCard card global service provides worldwide, 24-hour assistance with lost and stolen cards, emergency card replacement and emergency cash advances
Cost/Fees/Interest rates
Introductory rate 0% apr for 12 months
Annual Fees No annual fee
Purchase APR Prime Rate plus 3.74%, 6.74% or 9.74%
Balance Transfer APR Prime Rate plus 3.74%, 6.74% or 9.74%
Cash Advance APR Prime Rate plus 15.99%
Min Finance Charge $0.50
Grace Period 20 days
Balance Calculation Method Average Daily Balance (including new purchases)
Cash Advance Fee 3% min $5.00, max $50.00
Balance Transfer Fee 3% min $5.00, max $75.00
Over-the-credit-limit fee $35.00
Late Payment fee $15.00 - up to $100
$25.00 - $100.01-$1000
$39.00 - greater than $1000



Apply for the HSBC MasterCard with Cash or Fly Rewards

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