HSBC Cash Rewards Mastercard® Credit Card Student Account
Earn 1.5% Cash Back with No Annual Fee
- Regular Purchase APR 14.49%, 18.49%, or 24.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 14.49%, 18.49%, or 24.49% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 26.49% variable based on the Prime Rate
- Annual Fee None
- Credit Needed No Credit Required
- Processing Network Mastercard
- No annual fee
- No foreign transaction fee
- Earn 1.5% cash back on purchases
- No credit history required to apply for this card
- Regular Purchase APR: 14.49%, 18.49%, or 24.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 14.49%, 18.49%, or 24.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 4% of the balance transfer amount, whichever is greater
- Cash Advance APR: 26.49% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the cash advance amount, whichever is greater
- Penalty APR: 31.49% variable based on the Prime Rate
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: Up to $39
- Over Limit Penalty Fee: Either $10 or 5% of the overdraft amount, whichever is greater
At a Glance
The HSBC Cash Rewards Mastercard® Credit Card Student Account doesn’t require applicants to have a credit history in order to get approved. That being said, it can be a good option for you adults who are just entering the world of credit. This card doesn’t charge an annual fee, and there are no foreign transaction fees, either. Moreover, cardholders can earn cash back when they make purchases with this card. Keep reading to learn more.
Ideal for Those Who:
- Don’t have sufficient credit history to qualify for other credit cards
- Want a credit card that earns them cash back on purchases
- Like not having to pay an annual fee to use their credit card
- Don’t want to pay foreign transaction fees
HSBC Cash Rewards Mastercard® Credit Card Student Account Review
The Rewards Mastercard Student Account from HSBC can be a great starter credit card for those who may not be ready to apply for other types of cards. You don’t need to worry about your credit rating to qualify for this card, and HSBC doesn’t charge an annual fee. What’s more, you can earn 1.5% cash back on your purchases.
No Credit, No Problem
Most credit cards require applicants to have a certain credit rating in order for them to get approved. If you’ve never had a credit card before, this detail may prevent you from taking out a line of credit with your bank or any other issuer.
Student cards like the HSBC Cash Rewards card make credit accessible to people with no credit history. These cards are geared towards young adults – typically students just entering college.
When you apply for this credit card, you don’t need to worry about your credit history. HSBC knows that you’re new to credit, and it wants to offer you the chance to build up your rating. That way, you can apply for a top-notch credit card when you graduate and start working in your field.
Tools to Help You Learn About Credit
Young credit card users have a high risk of falling into unmanageable debt. Some have had to drop out of college to work full time in order to pay off an outrageous credit card balance.
Student cards have certain features in place to help young people learn to use credit responsibly. The HSBC Cash Rewards Mastercard for students includes access to financial education tools so you can learn how to manage your funds wisely.
Additionally, cardholders receive a free monthly FICO score, which is the premier credit rating system used to determine how much of a credit risk you are. Your FICO score can be the deciding factor when issuers determine your credit limit and interest rates.
This feature would normally cost you $19.95 a month directly through FICO. With your free monthly credit score, you save almost $240 a year while also learning how your spending habits affect your credit rating.
No Fees Mean More Money in Your Pocket
Many credit cards charge cardholders an annual fee to use their cards. This is especially true with rewards cards that give cardholders added benefits, like cash back. This is why credit card issuers make a big deal when they offer a no-fee card.
You don’t have to pay any annual fee for the HSBC Student Rewards Mastercard, which can help save you money in the long term. Furthermore, you don’t have to worry about paying extra fees when you travel internationally, as HSBC doesn’t charge foreign transaction fees with this card.
Having foreign transaction fees is a unique feature of this student card. While it’s not extremely rare for a credit card to feature this, many issuers assume that someone with no credit history (the typical student card applicant) will not need this perk. Nevertheless, with many schools offering more study abroad options than ever, this can be a great card for young people to have while they are out of the country.
Earn Cash Back on Your Purchases
Many people who are new to credit may be satisfied knowing that there is a credit card they can be approved for. But why settle for less when HSBC offers more?
Cardholders earn 1.5% cash back on their purchases with this Cash Rewards Student Mastercard. Almost transactions are eligible for cash back except for:
- Balance transfers
- Cash advances
- Convenience checks
- Charges to your card that go over your credit limit
If you spend $1,000 with your credit card, you will earn $15 in cash back. While this may not be the most generous cash back program, it is still a plus if this is your first credit card as many student cards don’t offer this feature.
From time to time, you may have opportunities to earn rewards bonuses on specific purchases. It’s best to check your account periodically to see if there are any special promotions.
The best part about HSBC’s rewards program is that your cash back credits never expire as long as your account is open and good standing. You are also able to redeem your rewards whenever you want. Many credit cards only issue rewards several times a year or when you accumulated a certain amount.
Should You Apply for the HSBC Cash Rewards Student Credit Card?
This credit card is only attractive to young adults and others who may not have had a credit card before. Because HSBC issues the Rewards Student Credit Card, you must be a member of the bank in order to apply for a credit card.
If you already have a checking account with HSBC, then this card may be a good option to help kickstart your credit history. The lower end of the APR range for this card can be very attractive, but not everyone is guaranteed to be approved for that. The higher interest rates, however, are not the most favorable.
If you are not tied to HSBC or do not bank with them, you may want to consider other student card offers that provide more favorable terms.