HSBC Red Credit Card: The Best Cashback for Online Shoppers?

HSBC Red Credit Card: The Best Cashback for Online Shoppers?

Unlimited Cashback w/ Online & Supermarket Boost

Good for

  • High spenders with mainly local budgets
  • Consumers who frequently shop online
  • People looking for hassle-free cashback

Bad for

  • Average and lower spending consumers
  • Those who spend a lot of time overseas
  • People who frequently dine out

Editor's Rating

4.5/5.0

HSBC Red Credit Card is perfect for local spenders with large budgets who frequently buy groceries and shop online. Cardholders earn an impressive unlimited 4% rebate on all online transactions, 2% at local grocery stores, and 1% on all other general spend. They even earn a 0.4% rebate on online bill payments, a rare feature in Hong Kong. Additionally, consumers never have to pay an annual fee, allowing them to rapidly earn cashback worry-free. All in all, local spenders with large budgets should consider HSBC Red Credit Card to earn unlimited rewards with no annual costs.

ProsCons
  • Unlimited 4% cashback for online spend
  • 2% cashback with local supermarkets
  • No annual fee
  • No boosted rate for overseas spend
  • Capped cards may offer higher category rates
  • Other unlimited cards have higher base rates
Promotions:
  • Receive HK$700 cashback w/ HK$6k min. spend in 1st 2mo
  • Up to 11% off worldwide bookings w/ Hotels.com
  • Receive HKD20 off your orders at Deliveroo
Card Overview
Pros:
  • Unlimited 4% cashback for online spend
  • 2% cashback with local supermarkets
  • No annual fee
  • Promotions: Receive HK$700 cashback w/ HK$6k min. spend in 1st 2mo
  • Up to 11% off worldwide bookings w/ Hotels.com
  • Receive HKD20 off your orders at Deliveroo
Cons:
  • No boosted rate for overseas spend
  • Capped cards may offer higher category rates
  • Other unlimited cards have higher base rates

What Makes HSBC Red Credit Card Stand Out

HSBC Red Credit Card is great for high-spending consumers who spend most of their time in Hong Kong. In fact, family spenders or those with a large volume of online and supermarket spend are especially likely to fully benefit from the unlimited and competitive cashback rates offered by HSBC Red Card.

Amongst consumers with large local budgets, HSBC Red Card is the best option for frequent online shoppers who prefer to dine at home. Cardholders earn unlimited 4% cashback on every online transaction and 2% on local supermarket spend–the highest uncapped rebate rate for both categories. Consumers also earn an unlimited 1% rebate on general local and overseas spend. Although this isn't the highest rate available for general spend, it's still more than twice the market norm. Cardholders also earn cashback on most online bill payment transactions, albeit at a lower rate of 0.4%, which is a stand-out feature as very few cards in Hong Kong reward spend on utilities at all. Finally, HSBC Red Card has no annual fee, which rounds it out as a hassle-free option for local spenders and online shoppers.

Consumers should note that HSBC Red Card isn't the best option for everyone. Average or lower spenders who aren't in danger of hitting reward caps could earn similar online shopping rates with Hang Seng MPOWER (5%) or BEA i-Titanium (3.4%). It's important to note that, unlike HSBC Red, these cards cap rewards earnings every month. As a result, consumers who tend to spend HK$5k+ online per month may be able to earn more with HSBC Red Card.

Rewards Earned for Online Spend at Different Budget Levels

Online Budget
  • BEA i-Titanium
  • (3.4% Rebate)
  • HSBC Red
  • (4.0% Rebate)
  • Hang Seng MPOWER
  • (5.0% Rebate)
HK$3kHK$100 (cap)HK$120HK$150
HK$4kHK$100 (cap)HK$160HK$200 (cap)
HK$5kHK$100 (cap)HK$200HK$200 (cap)
HK$6kHK$100(cap)HK$240HK$200 (cap)
Online transactions with Hang Seng MPOWER must be HK$300 or more, otherwise earn just 0.4%

People who spend significant time overseas–including those with large budgets–also may want to consider alternatives to HSBC Red. Other uncapped cashback cards, like SC Simply Cash and Citi Cash Back, offer boosted cashback for spend in foreign currencies (unlimited 2%). Overseas spend with HSBC Red Card earns just 1%.

Nonetheless, HSBC Red Card is ultimately great for consumers with large local budgets, with significant spend online and with local supermarkets. Its lack of a rewards cap, spending requirement or annual fee make it a maintenance-free way for families to rapidly earn on groceries and online shopping.

How Does HSBC Red Credit Card's Rewards Program Work?

Use our quick guide below to learn how you can redeem your credit card rewards.

  • Consumers earn cashback in the form of RewardCash
  • RewardCash expiry varies (valid up to 2 years)
  • RewardCash is redeemed at the rate of RC$1 = HK$1
  • RewardCash can be pooled & transferred across different cards and cardholders in the Reward+ App
  • RewardCash can be redeemed to offset your monthly statement, or for goods,coupons or vouchers.
  • Alternatively, you can redeem RewardCash through the HSBC Mileage Programme
  • RewardCash to miles rates vary at each participating airline (minimum redemption of RC$40 at a time.

HSBC Red Credit Card's Features and Benefits:

Card Overview
  • Annual Fee: Free
  • Income Requirement: HKD 120,000
Rewards Rate Details
  • Unlimited 4% cashback for online spend
  • Unlimited 2% cashback for supermarket spend
  • Unlimited 1% cashback for other local & overseas spend
  • Unlimited 0.4% cashback on Octopus AAVS reloads and online bill payments
Benefits & Perks
  • HSBC Year-Round Offers
Promotions:
  • Receive HK$700 cashback w/ HK$6k min. spend in 1st 2mo
  • Up to 11% off worldwide bookings w/ Hotels.com
  • Receive HKD20 off your orders at Deliveroo

HSBC Red Credit Card's Rewards Exclusions

The following credit card expenditures are ineligible for rewards.

Cash advance; fee and charges; withdrawals under a cash or spending instalment plan; online bill payments to the Inland Revenue Department made with any credit card; online bill payments under bill type of policy loan repayment to insurance companies made with any credit card; purchase and/or reload of stored value cards or e-Wallets (except for reload via Octopus Automatic Added Value Service). according to the merchant codes issued by Visa, MasterCard Worldwide or UnionPay (as applicable) from time to time; wire transfers
Betting and gambling transactions; transactions at non-financial institutions (including purchase of foreign currency, money orders and travellers cheques); transactions at financial institutions (including purchase of merchandise and services from banks)
Quasi cash transactions; unposted or posted but subsequently cancelled; reversed or refunded transactions

How does HSBC Red Credit Card Compare Against Other Cards?

Read our comparisons of HSBC Red Credit Card with other cards and learn the advantages of each. We compare and contrast them to highlight their unique features to help you identify the card that you need.

Graph showing some of Hong Kong's best credit cards in terms of value-to-consumer after two years, based on an average monthly spend of HK$12,000
HSBC Red Credit Card v. BEA i-Titanium Card
  • Annual Fee: HKD 600 (waiver available)
  • Stand-Out: Up to 3.4% cashback for online shopping
  • Read Our Full Review
BEA i-Titanium Card offers accessible–but still very competitive–online cashback rates. Cardholders earn 3.4% cashback on all online purchases (with HK$1.8k minimum spend, up to HK$200/month) and 0.4% cashback on all other spend. Additionally, BEA i-Titanium's HK$600 annual fee is waived for consumers holding a BEA Mandatory Provident Fund, deposit, mortgage or consumer loan account.


By comparison, HSBC Red Card offers unlimited cashback at higher rates, both online and offline, has no minimum spend requirements and never charges an annual fee. Nonetheless, since BEA i-Titanium has a very low HK$40k minimum income requirement (1/3 of HSBC Red Card's requirement), it's more accessible to a wider range of consumers. Overall, while most consumers can earn competitive online cashback with BEA i-Titanium, HSBC Red Card is a better fit for high spenders looking to earn uncapped rebates.

HSBC Red Credit Card v. Hang Seng MPOWER Card
  • Annual Fee: Free
  • Stand-Out: Up to 5% rebate on mobile, online & overseas spend
  • Read Our Full Review

Those seeking top cashback rates on their social and mobile spend should definitely consider Hang Seng MPOWER Card. Cardholders earn 5% cashback on mobile payments for local dining, entertainment and fashion, and on online and overseas transactions of at least HK$300. However, consumers must spend HK$3k per month to earn at these high rates and mobile rebates are capped at HK$100/mo (maxed out with just HK$2k spend).


Those who prefer practicality and ease of use over top rebates on social spend may prefer HSBC Red Card. Not only does it offer boosted rates for online and local supermarket spend, it does so with no spend requirements, transaction minimums, or rebate caps. Overall, HSBC Red Card is better for practical spenders seeking uncapped cashback on their online and supermarket purchases, while Hang Seng MPOWER Card is ideal for social spenders.

HSBC Red Credit Card v. Standard Chartered Simply Cash Visa Card
  • Annual Fee: HKD 2,000 (waiver available)
  • Stand-Out: Unltd. 1.5% rebate w/ boost for overseas
  • Read Our Full Review
High spending frequent travellers may prefer Standard Chartered Simply Cash Visa Card. Cardholders earn 1.5% cashback on all local spend, compared to the just 1% rebate they'd earn with HSBC Red Card. Additionally, consumers earn 2% cashback on all purchases made in foreign currencies, double the overseas rate that HSBC Red provides.


Although it may not reward local and overseas general spend at the same rates, HSBC Red Card is much better for consumers who spend a lot online or with local supermarkets. All in all, while Standard Chartered Simply Cash Card is better for frequent travellers, HSBC Red Card is still ideal for family spenders with high local grocery and online budgets.

HSBC Red Credit Card v. Citi Cash Back Card
  • Annual Fee: HKD 1,800
  • Stand-Out: Unltd. cashback with boost for dining, hotels & overseas
  • Read Our Full Review
Citi Cash Back Card is great for social travellers with large budgets. Cardholders earn 1% cashback on all spend, boosted to 2% for dining, hotel and overseas spend. As such, those who frequently travel and eat out can earn cashback more quickly with Citi Cash Back than with HSBC Red. On the other hand, HSBC Red Card's elevated online and local supermarket rates make it a better option for family spenders that prefer dining at home.


Citi Cash Back also has an annual fee of HK1.8k (waived for the 1st year), while HSBC Red Card has no annual fee. Altogether, while travellers that prefer to dine out may be better off with Citi Cash Back Card, HSBC Red Card is a better option for frequent online shoppers who mostly stay in Hong Kong.

HSBC Red Credit Card v. BEA i-Titanium Card
  • Annual Fee: HKD 600 (waiver available)
  • Stand-Out: Up to 3.4% cashback for online shopping
BEA i-Titanium Card offers accessible–but still very competitive–online cashback rates. Cardholders earn 3.4% cashback on all online purchases (with HK$1.8k minimum spend, up to HK$200/month) and 0.4% cashback on all other spend. Additionally, BEA i-Titanium's HK$600 annual fee is waived for consumers holding a BEA Mandatory Provident Fund, deposit, mortgage or consumer loan account.


By comparison, HSBC Red Card offers unlimited cashback at higher rates, both online and offline, has no minimum spend requirements and never charges an annual fee. Nonetheless, since BEA i-Titanium has a very low HK$40k minimum income requirement (1/3 of HSBC Red Card's requirement), it's more accessible to a wider range of consumers. Overall, while most consumers can earn competitive online cashback with BEA i-Titanium, HSBC Red Card is a better fit for high spenders looking to earn uncapped rebates.

HSBC Red Card v. Hang Seng MPOWER Card
  • Annual Fee: Free
  • Stand-Out: Up to 5% rebate on mobile, online & overseas spend
Those seeking top cashback rates on their social and mobile spend should definitely consider Hang Seng MPOWER Card. Cardholders earn 5% cashback on mobile payments for local dining, entertainment and fashion, and on online and overseas transactions of at least HK$300. However, consumers must spend HK$3k per month to earn at these high rates; and mobile rebates are capped at HK$100/mo (maxed out with just HK$2k spend).


Those who prefer practicality and ease of use over top rebates on social spend may prefer HSBC Red Card. Not only does it offer boosted rates for online and local supermarket spend, it does so with no spend requirements, transaction minimums, or rebate caps. Overall, HSBC Red Card is better for practical spenders seeking uncapped cashback on their online and supermarket purchases, while Hang Seng MPOWER Card is ideal for social spenders.

HSBC Red Credit Card v. SC Simply Cash Card
  • Annual Fee: HKD 2,000 (waiver available)
  • Stand-Out: Unltd. 1.5% rebate w/ boost for overseas
High spending frequent travellers may prefer Standard Chartered Simply Cash Visa Card. Cardholders earn 1.5% cashback on all local spend, compared to the just 1% rebate they'd earn with HSBC Red Card. Additionally, consumers earn 2% cashback on all purchases made in foreign currencies, double the overseas rate that HSBC Red provides.


Although it may not reward local and overseas general spend at the same rates, HSBC Red Card is much better for consumers who spend a lot online or with local supermarkets. All in all, while Standard Chartered Simply Cash Card is better for frequent travellers, HSBC Red Card is still ideal for family spenders with high local grocery and online budgets.

HSBC Red Card v. Citi Cash Back Card
  • Annual Fee: HKD 1,800
  • Stand-Out: Unltd. cashback with boost for dining, hotels & overseas
Citi Cash Back Card is great for social travellers with large budgets. Cardholders earn 1% cashback on all spend, boosted to 2% for dining, hotel and overseas spend. As such, those who frequently travel and eat out can earn cashback more quickly with Citi Cash Back than with HSBC Red. On the other hand, HSBC Red Card's elevated online and local supermarket rates make it a better option for family spenders that prefer dining at home.


Citi Cash Back also has an annual fee of HK1.8k (waived for the 1st year), while HSBC Red Card has no annual fee. Altogether, while travellers that prefer to dine out may be better off with Citi Cash Back Card, HSBC Red Card is a better option for frequent online shoppers who mostly stay in Hong Kong.

Jacob Weiss

Jacob is a Junior Research Analyst at ValueChampion, focusing on credit cards and other consumer financial products. Previously, he covered hedge funds and long only products for Cambridge Associates. He holds a B.S. in Finance from the University of Maryland and has passed Level 1 of the CFA exam.