With the HSBC Household Bank Rewards MasterCard, there’s a 0% Introductory APR on purchases for the first nine months. After nine months, the APR goes to 19.90% so customers must consider this change to allow for future payments. This card is offered for both secured credit cards, where users have to deposit money within an account to cover all purchases made with the card, and unsecured credit cards. While basically similar, some terms and conditions will differ for each type of card and will be disclosed before applications are processed.
Customers can earn points that are redeemable for 2% cash back and it’s paid in $25 increments with no limits on the amount of cash back received within a year. This is highly unusual because few, if any creditors will offer cash back on a secured credit card. Cardholders will earn two points for every $1 purchase and a cash reward of $25 is earned for every 2500 points received. Other rewards of merchandise and gift certificates can be redeemed beginning with 500 points. For example, a $5 gift card can be redeemed with 500 points. To add to this, there are no processing fees and when applying for a secured card, as long as the applicant has the cash to deposit, there’s a good chance they can get this card regardless of their credit history. Hence, this is a way to receive a return for money deposited at a rate that’s better than what’s received with most savings account!
Other Advantages
1. 100% protection against unauthorized use;
2. Users have access to 24/7 online account management and there are customer service representatives available for assistance;
3. Free online bill pay no matter how often it’s used; and
4. The annual fee ranges between $0 – $39, depending on the user’s credit rating. This means it’s possible for qualified applicants to receive this card with no annual fee.
Conclusion
The unique application process pre-qualifies applicants before they apply for the card(s) they may qualify for, sometimes in as little as 30 seconds! This pre-qualification process is done without affecting credit scores so if applicants choose not to accept the card, no other creditors will know about the inquiry. This makes applying for this card completely risk free. One important regulation of the HSBC Household Bank Rewards MasterCard is that the 19.90% APR is a variable rate that changes to 20.90% for cash advances and a default APR of 29.49% that will be charged if the cardholder misses a payment.
Considering that with the Charles Schwab Visa card, customers must sign up for one of their brokerage accounts in order to get the cash back rewards, it’s a relief and privilege to acquire the Household Bank Rewards MasterCard that requires no such obligation. Customers will find that not only will they be able to restore their credit histories, but the unlimited 2% cash back received on the Household Bank Rewards MasterCard is a welcome reward for responsible financial management!
Compare Charles Schwab Visa and Household Bank to the 2% card from Perkstreet.
