The Blue Cash Everyday from American Express offers more lucrative rewards than the HSBC Platinum Mastercard
If you're the typical young family that doesn't travel as much as you'd like but spends a lot of money at the supermarket, gas station, and department store, then the Blue Cash Everyday from American Express just might become your go-to credit card.
Indeed, this no-annual-fee, cash back credit card offers many, many benefits.
Bonus cash back on food, gas, and clothes. You'll earn 3% cash back at U.S. supermarkets (on up to $6,000 a year), 2% cash back at gas stations and select department stores, and 1% back on all other purchases.
You can redeem cash back in increments of $25.
You even earn 3% on gas gift cards and retail gift cards you purchase at U.S. supermarkets.
Lengthy 0% interest. Planning a big purchase? The Blue Cash Everyday offers 15 months of 0% APR—that's three months longer many other credit cards offer.
Get $150 cash for signing up. When you spend $1,000 within three months of opening the Blue Cash Everyday card, you'll get a $150 statement credit.
Why You Should Consider These Credit Cards
If you're planning a big purchase and want to take advantage of 0% interest, consider these two cards
Both the Blue Cash Everyday and the HSBC Platinum Mastercard offer 0% interest on purchases for a limited amount of time.
The Blue Cash Everyday offers 0% for 15 months, three months longer than the HSBC Platinum Mastercard.
You're the perfect customer for the Blue Cash Everyday if you visit the supermarket multiple times a week
To find out whether the Blue Cash Everyday is the right card for you, answer the following questions:
- Do you have a credit score of 690 or higher?
- Do you go to the supermarkets once or twice a week, and cook at home a lot?
- Do you drive to and from work and spend a lot on gas?
- Do you want a cash-back credit cards, rather than frequent flyer programs?
If you answered yes to the questions above, then this is a great card to add to your wallet to help you earn bonus cash back.
You're the ideal customer for the HSBC Platinum if you want to earn cash back in non-bonus categories
Curious whether the HSBC Platinum Mastercard is a good fit? Answer the following questions to find out:
- Do you have a credit score greater than 690?
- Do you spend in categories other than gas, dining out, and department stores?
- Are you planning on making a large purchase and looking for 0% interest?
If you answered yes to the questions above, then the HSBC Platinum Mastercard may be a better fit for you.
The Blue Cash Everyday offers 3% cash back on groceries, 2% on gas and department stores, and 1% on everything else—adding up to more rewards if you spend in those categories than HSBC Platinum's flat 1% cash back rate.
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The Winner's Strengths
The Blue Cash Everyday is stronger than the HSBC Platinum Mastercard because of its longer 0% interest promotional period
When you sign up for the Blue Cash Everyday, you'll get an extra three months of 0% interest.
With average interest rates close to 20%, those extra three months without an interest payment or cost of a personal loan can add up, so make sure you have a solid understanding of the general costs behind a personal loan.
People love it because they can rack up cash back at the grocery store without paying an annual fee
The Blue Cash Everyday offers 3% cash back at the grocery store, which is among the highest cash back rates for this category among rewards credit cards with no annual fee.
Families that spend an average of $4,000 a year on groceries would earn $120 cash back—without having to pay an annual fee.
The biggest customer complaint about the card is the additional fee when used outside of the United States
In addition to Amex not being accepted as universally as Visa or Mastercard credit cards, the Blue Cash Everyday charges a 2.7% foreign transaction fee.
Plus, bonus cash back in categories like groceries and gas only apply when purchasing at stores located in the U.S.
As a result, many consumers say that this is not the card to bring with them on vacation to Europe.
The Blue Cash Everyday offers bonus cash back on groceries, gas, and department stores, but it's not the card you want to use when you travel throughout Europe due to its foreign transaction fees.
Then again, HSBC Platinum may be better for you because of its flexible redemption options
If you don't spend much money on groceries, gas, or department stores, then you may be better off with the HSBC Platinum Mastercard.
Flexible rewards redemption options. Unlike the Amex Blue Cash Everyday card, which requires rewards be redeemed in increments of $25, the HSBC Platinum Mastercard allows you to redeem points for travel, merchandise, or gift cards.
There are no limits on the number of points you can earn and no blackout dates.
One year of 0% interest. While the Amex Blue Cash Everyday offers 15 months of 0% interest, the 12 months offered by HSBC Platinum is nothing to turn your nose at and can help you pay off a pricy purchase before interest charges are incurred.
Low APR will shield you from sneaky interest payments. Once the 0% interest period ends, if you have good credit and don't pay your bill late, you can score an interest rate of as low as 13.99%, which is lower than the average 16.24% interest rate among reward credit cards.
Try not to carry a balance, though, because even 13.99% interest can easily add up!
People love the card because they can book rewards travel using non-HSBC travel websites
Along with its flexible rewards redemption options, HSBC does not require that you use its own website to book reward travel (though you can if you'd like).
Many consumers reported getting a better deal—and enabling their rewards points to go further—by booking rewards travel through an outside travel site, which may offer a better price on similar flights.
The biggest customer complaint about it is that you need to book rewards travel three weeks in advance
Customers were disappointed to discover that they can't use their rewards points to book a last-minute getaway; all rewards travel has to be booked a minimum of 21 days in advance.
Some consumers also mentioned that the inability to transfer points to other loyalty programs was a drawback they wish they had known about before signing up. Those looking to earn double points on purchases made outside of the U.S. should consider the HSBC Business Mastercard.
The HSBC Platinum Mastercard offers more flexible travel redemption options, but rewards travel must be booked at least 21 days in advance.
How the Blue Cash Everyday from Amex compares to its top competitor
|Blue Cash Everyday Card From American Express||HSBC Platinum Mastercard With Rewards Credit Card|
|How high of credit score do you need?|
|How big of sign-up bonus do you get?|
$150 (in the form of 15,000 Rewards Program Bonus Points)
|How much do you need to spend to get the bonus?|
$1,000 within three months
$500 within three months
|How many points do you get for every dollar?|
3% on groceries (up to $6,000)
2% on gas and department stores
1% on everything else
Flat 1% on all purchases
Purchases above $6,000 of spending on groceries will only earn 1% cash back.
|If you spent $100 on the card, then how much would the points be worth in dollars?|
$3 for groceries
$2 for gas and select department stores
$1 for everything else
|How much would you need to spend on the card to make up for the fees (excluding APR/rates)?|
No annual fee
No annual fee
Rewards and Bonuses
Both cards offer a $150 sign-up bonus
Both of these rewards card offer a $150 sign-up bonus, but the spend requirement differs.
For the Amex Blue Cash Everyday, you'll need to spend $1,000 within three months of opening the card to earn the bonus.
With the HSBC Platinum, you'll only need to spend half of that—$500—within the same time period.
Both rewards credit cards offer a $150 sign-up bonus, but you'll have to spend an extra $500 on the Amex Blue Cash Everyday to earn the bonus.
Both Amex and HSBC offer shopping and travel benefits
Both cards provide you with purchase protection and other benefits.
The Blue Cash Everyday offers a free Shoprunner membership and other benefits
Amex cards come with a free Shoprunner membership, which entitles you to free two-day shipping and return shipping at select retailers.
Travel with confidence. Amex offers car rental loss and damage insurance, emergency roadside assistance, extended warranty, and damage and theft purchase protection.
HSBC offers Platinum benefits
The HSBC Platinum Mastercard provides Platinum benefits, including roadside emergency service, travel accident insurance, extended warranty, and price protection.
Protect your identity. If you become the victim of identity theft, which is becoming more and more common, HSBC will assist you with one-on-one support.
Both cards offer purchase protection and travel benefits.
Costs and Fees
Neither card charges an annual fee
Good news—neither card charges an annual fee.
The Amex Blue Cash Everyday has a high foreign transaction fee
While there isn't an annual fee, the Blue Cash Everyday does charge a 2.7% foreign transaction fee.
Other fees are typical. If you make a late payment, you'll be subject to a $38 fee and penalty APR of up to 29.99%. Balance transfers and cash advances will result in a 3% fee.
The HSBC Platinum Mastercard has a hefty balance transfer fee
The HSBC Platinum card has no annual fee and no foreign transaction fee, but there are some other fees to watch out for.
Other typical fees apply. You'll pay a 4% fee on balance transfers and cash advances, a $37 late payment fee (ouch!), and other standard credit card fees.
Neither card charges an annual fee, but the Amex Everyday charges a 2.7% foreign transaction fee.
American Express's customer service is better than HSBC's
Consumers had more gripes about HSBC's customer service than they did about American Express.
Amex's customer service gets a good grade
Customers are generally very happy with the customer service provided by American Express, particularly when it comes to disputing fraudulent charges.
HSBC's customer service is spotty at best
Online reviews of HSBC's customer service were far less favorable.
Customers complained about long wait times when calling customer service.
Other issues included difficulty accessing online accounts and long delays in receiving new credit cards in the mail.
American Express appears to offer better customer service than HSBC.
Key Digital Services
American Express and HSBC offer digital tools to help you budget better and monitor your credit
In addition to managing your account, viewing credit card transaction history, and paying your bills online or via the app, both credit card companies offer digital tools to help you better budget and protect your credit.
Amex's online Year-End Summary helps you budget better
Each year, American Express puts together a year-end summary that enables you to easily view how much you spent in each category and which merchants you spend the most at.
Another digital tool consumers like is the Rewards Summary box, which indicates how much you have available in cash back rewards to redeem for a statement credit.
HSBC lets you check your credit score online for free
When you log into your HSBC credit card account, you can access your free FICO score on your monthly digital statement. This is a great way to monitor—and improve—your credit.
American Express makes it easy to view your annual spending and budget better, and HSBC offers a free FICO credit score on your monthly digital statement.
Frequently Asked Questions (FAQ)
- What does each card provider offer new customers as incentives?
Both cards offer a 0% interest promotional rate. The Amex Blue Cash Everyday's 0% APR is good for 15 months, while the HSBC Platinum Mastercard offers 0% APR for only 12 months.
You'll also earn a $150 sign-up bonus with both cards—but you'll need to spend $1,000 on the Amex Blue Cash Everyday to earn the bonus and only $500 on the HSBC Platinum card.
- What does each card provider offer as ongoing incentives for loyal customers?
You'll earn 1% back in points on all purchases with the HSBC Platinum card.
The Amex Blue Cash Everyday, on the other hand, offers 3% cash back on groceries, 2% back on gas and department stores, and 1% back on everything else.
- What are the interest rates for each card provider?
The Amex Blue Cash Everyday's interest rate ranging 13.99–24.99% after the 0% interest period ends.
The HSBC Platinum will charge you interest ranging 13.99–23.99%, depending on your credit score.
- Does either card have an annual fee?
- What about a foreign transaction fee?
The Amex Blue Cash Everyday charges a 2.7% fee on transactions outside of the U.S.
The HSBC Platinum does not charge a foreign transaction fee.
- What credit score range should you be in before applying for each card?
You'll want to have "Very Good" credit for the Amex Blue Cash Everyday (>690) and "Good" credit for the HSBC Platinum Card (>670).
- How do I apply for each card?
- How do I cancel each card?
If you'd like to cancel either card, just call the customer service number on the back of your credit card—that way, you'll reach a customer service agent who specializes in your credit card.
With both cards, you'll have to pay off your balance before the account can be closed.
Be sure to redeem any cash back available before closing the account or you risk forfeiting it.
Earn bonus cash back on groceries and gas
For cardholders who find themselves at the grocery store multiple times a week and drive to and from work, the Amex Blue Cash Everyday is the perfect default credit card to help you boost your cash back earnings.
With no annual fee and Amex's renowned purchase protection and other perks, the rewards on everyday purchases can quickly add up.
- The Blue Cash Everyday offers 3% cash back on groceries, 2% on gas and department stores, and 1% on everything else—adding up to more rewards if you spend in those categories than HSBC Platinum's flat 1% cash back rate.
- The Blue Cash Everyday offers bonus cash back on groceries, gas, and department stores, but it's not the card you want to use when you travel throughout Europe or anywhere else due to its foreign transaction fees.
- The HSBC Platinum Mastercard offers more flexible travel redemption options, but rewards travel must be booked at least 21 days in advance.
- Both rewards credit cards offer a $150 sign-up bonus, but you'll have to spend an extra $500 on the Amex Blue Cash Everyday to earn the bonus.
- Both cards offer purchase protection and travel benefits.
- Neither card charges an annual fee, but the Amex Everyday charges a 2.7% foreign transaction fee.
- American Express appears to offer better customer service than HSBC.
- American Express makes it easy to view your annual spending and budget, and HSBC offers a free FICO credit score on your monthly digital statement.
Do you use the Amex Blue Cash Everyday Card?
How has the company worked out for you?
Any great tips (or nightmares) to share with the rest of us?
Let us know in the comments below.