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HSBC launches new cash-back credit card

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HSBC has launched a new credit card that allows cardholders to earn points, which can then be converted to cash.

Holders of the HSBC UK Rewards Credit Card can earn Reward points on everyday purchase. They can then earn ‘bonus rewards’ on the first and yearly spend, with an additional bonus (up to 10%) at participating retailers across the UK.

The group has set up a ‘Mastercard Pay with Rewards’ app that gives instant rewards redemption for online and in-store spend.

The card is launched pre-loaded with 2,500 Reward points worth £25 for the customer to redeem. Customers will also receive 2,500 Reward points worth £25 annually (for the first five years) if they meet an eligible spend threshold of £10,000 in the year.

The HSBC UK Rewards Credit Card also has 0% interest on purchases for 6 months from account opening and 0% interest for 6 months on balance transfers made within the first 60 days of account opening. A 2% fee (minimum £5) applies.

Cardholders get 1 point for every £5 spent on the card. There are also special offers provide an opportunity for cardholders to earn up to 10% back on reward points at specific providers.

Madhusudan Kejriwal, HSBC UK’s head of unsecured lending and payments, said: “We designed this card by listening to customer feedback, giving the cardholders unrestricted freedom to use their rewards as and when they see fit.  It also offers simplicity, convenience and flexibility on their ability to earn and redeem rewards.”




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