The HSBC Cash Rewards MasterCard rewards is somewhat confusing to redeem. However, it is worth it for the flat 3% (the first year) catch all. For redeeming cash, there are options for Direct Deposit and Statement Credit. Then you can choose either Calculate your own or preset amounts. However, Direct Deposit can only go to an HSBC checking or savings account. Calculate your own requires a minimum of 5,000 points ($50.00). Otherwise, the lowest preset amount available is $25.00.

It's not very straightforward, but it works. The minimum redeemable amount is $25.00.