HSBC Cash Rewards Card Offers 3% Back in Year 1; Gold Card Trims Intro APR

HSBC has made some major changes to two of its credit cards. Depending on your spending habits, some of it could be welcome news.

HSBC Cash Back Mastercard

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The biggest change is to the HSBC Cash Rewards Mastercard® credit card. The $0-annual-fee card has ditched its upfront sign-up bonus and now offers an introductory 3% cash back on all purchases in the first 12 months from account opening, up to the first $10,000 in purchases. After that, the card will drop back to its regular ongoing flat rate of 1.5% back on everything.

Notably, the HSBC Cash Rewards Mastercard® credit card will still offer a 10% anniversary bonus on all cash rewards earned, once a year. That effectively raises the first-year cash-back rate to 3.3% back on all purchases. (In years two and beyond, your effective rewards rate is 1.65%.)

What’s no longer offered, however, is the card’s upfront sign-up bonus. Previously, it was $150 for customers who spent $2,500 in purchases in the first three months.

Under the new offer, if you spend $10,000 in the first year to max out the promotional rate (which, again, is an effective 3.3% back on everything), you’ll earn $330 in rewards, as opposed to the $315 you could have earned with the previous offer.

In addition, the card has changed its 0% intro APR offer. Now, purchases are also eligible (instead of just balance transfers), but the length of the introductory interest-free period has been trimmed from 15 months to 12 months. The card now offers a 0% Intro APR for 12 months on purchases and balance transfers, then a 15.24%, 19.24% or 25.24% variable APR.

Change to the HSBC Gold Mastercard® credit card

HSBC Gold Mastercard

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The HSBC Gold Mastercard® credit card has also undergone an adjustment, shortening from 18 months to 15 months its 0% intro APR offer on purchases and balance transfers.

The $0-annual-feecard now offers a 0% Introductory APR on credit card purchases and balance transfers for the first 15 months from account opening, then a 14.24%, 20.24% or 25.24% variable APR.

This article originally appeared on NerdWallet