The HSBC Red is a Hong Kong card with no annual fee and two high rates that apply only to small amounts. It is easy to find on a list of top rebates and easy to misuse, because the 8 percent covers at most HK$100 a month. This guide goes through what HSBC lists in October 2026, the arithmetic of the caps, and who the card suits.
The card at a glance
- 8%
- Designated merchants
- 4%
- Online shopping
- 0.4%
- Beyond the caps
- 0
- Annual fee
RewardCash on the first HK$1,250 each calendar month
On the first HK$10,000 each calendar month
And on everything else
Waived for life, with no spending requirement
The two tiers
HSBC pays in RewardCash, its own reward currency, at a rate set by where and how you spend.
| Tier | Rate | Cap per calendar month | After the cap |
|---|---|---|---|
| Designated overseas and local merchants | 8% | HK$1,250 | 0.4% with no limit |
| Online shopping | 4% | HK$10,000 | 0.4% with no limit |
| Everything else | 0.4% | None | Same |
- RewardCash
- HSBC's reward currency. It can pay for card transactions, convert to air miles or buy vouchers.
- Designated merchant
- A merchant on HSBC's own list, which HSBC changes from time to time.
- Calendar month
- The caps reset on the first of the month, not at your statement date.
The designated list in Hong Kong includes Sushiro, Tam Jai, Bakehouse, Decathlon, NAMCO, TAITO STATION, Sephora, @cosme and 3COINS. Overseas it includes FamilyMart in Japan, Suica, Olive Young in Korea and Mobile Tmoney. HSBC updated the overseas list from 15 July 2026, so check the page rather than a screenshot.
What the caps do to the real rate
Because the 8 percent covers only HK$1,250, the effective rate falls fast as you spend more at the same merchants.
Redeeming RewardCash
HSBC lists paying for card transactions with RewardCash, converting it to air miles, and exchanging it for vouchers or gifts. Its rewards page lists conversion into programmes including Cathay, British Airways Executive Club and Singapore Airlines KrisFlyer, and into MTR Points and MoneyBack points. Check the conversion rate in the HSBC Reward+ app before you convert.
For the bank account side, see Hong Kong bank accounts at BOCHK and HSBC. For the cost of using a card abroad, see cards with no foreign transaction fee.
Eligibility and the application
HSBC's page shows a RewardCash welcome offer for applying online with a promo code and spending a set amount within 60 days of card issue. The amounts change, so this guide does not quote them.
Check the requirements
HSBC asks for income or account evidence, which differs for salaried, part-time and other applicants.
Read the offer on HSBC's page
Read the reward, the spending required and the time allowed.
Decide the role of the card
Use it for designated merchants and online shopping, and nothing else.
Is it right for you?
Fits you
- You eat or shop at the designated merchants and shop online in Hong Kong.
- You want a card with a permanent annual fee waiver and no spending target.
- You travel to Japan or Korea and use Suica, FamilyMart or Olive Young.
Think twice
- Your monthly spending at designated merchants is far above HK$1,250, where the rate falls fast.
- You want miles on everyday spending, where the Red pays 0.4 percent.
- You spend abroad on things the list does not cover, where a foreign currency fee applies.
See also the Hong Kong trip kit for data, transit and payments.
Questions people ask
What does the Red card earn?
HSBC lists 8 percent RewardCash at designated overseas and local merchants on the first HK$1,250 of spending in each calendar month, 4 percent on online shopping on the first HK$10,000 each calendar month, and 0.4 percent on spending beyond those amounts and on everything else.
Is there an annual fee?
HSBC's page says cardholders get a permanent annual fee waiver without needing to spend a set amount.
Which merchants earn 8 percent?
HSBC lists, in Hong Kong, Sushiro, Tam Jai Samgor Mixian, Tam Jai Yunnan Mixian, Bakehouse, Decathlon, NAMCO, TAITO STATION, Sephora, @cosme STORE, @cosme HONG KONG and 3COINS, and overseas, FamilyMart in Japan, Suica, Olive Young in Korea and Mobile Tmoney. The list changes, so check HSBC's page.
What can I do with RewardCash?
HSBC lists paying for card transactions, converting to air miles, and shopping vouchers or gifts. Its rewards page lists conversion to programmes including Cathay, British Airways Executive Club and Singapore Airlines KrisFlyer.
Is there a welcome offer?
HSBC's page shows a RewardCash offer for applying online with a promo code and meeting a spending target in the first 60 days. The amounts and rules change, so read the page on the day you apply.
Sources
Written from these pages and checked against them on October 9, 2026. Programs and rules change, so check the provider’s current terms before you decide.
Cards in this guide
General information, not financial, legal or travel advice. Your own card terms and the provider’s current rules always come first.