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The HSBC Gold Mastercard® credit card is a fantastic low interest credit card that rivals some of the top credit cards in that category. It comes with 18 months of 0% APR and a Variable APR of 12.99%, 16.99% or 20.99% will apply after the Introductory Period. The 0% APR intro period is significantly longer than the standard 12 months you get through the average credit card. Note that if you pay off your balance every month you don't need a low interest credit card like the HSBC Gold Mastercard® credit card. If that describes you, consider applying for a rewards credit card instead.
- Benefits & Features
- How Does the HSBC Gold Mastercard® credit card Compare to Other Credit Cards?
Review: Our Thoughts On the HSBC Gold Mastercard® credit card
The HSBC Gold Mastercard® credit card is a good low interest credit card. It's ideal for anyone struggling with credit card debt that wants to to only bank with HSBC. However, if you don't mind getting a credit card from another issuer, we highly recommend applying for either the Chase Slate® or the Citi Simplicity® Card.
|People who are trying to deal with credit card debt.||Anyone who wants a credit card that offers rewards.|
|Those seeking a credit card with HSBC.||Consumers seeking the best balance transfer or low interest card, regardless of bank.|
Consumers who always pay off their credit card bill each month should not apply for this card. Low interest credit cards, like the HSBC Gold Mastercard® credit card, only have value when you use them to mitigate interest or other interest charges. Unlike many popular credit cards, the HSBC Gold Mastercard® credit card has no rewards program. That means you won't get to enjoy any of those other highly sought-after credit card perks, such as free flights or vacations.
One additional feature of the HSBC Gold Mastercard® credit card we'd like to point out is that it has no foreign transaction fees. That means you can use the card when you're outside of the United States without incurring any additional charges. Most credit cards will charge you between 3% to 5% per foreign transaction. Skipping these fees is a great money-saving perk for some consumers.
Bottom Line: This is HSBC's best balance transfer credit card. If you don't mind doing business with other banks, like Citi or Chase, there are better offers you should consider.
HSBC Gold Mastercard® credit card Benefits & Features
The primary purpose of the HSBC Gold Mastercard® credit card is to help you pay down credit card debt. For the first 18 months from account opening, the card offers an introductory 0% APR on purchases and balance transfers. A Variable APR of 12.99%, 16.99% or 20.99% will apply after the Introductory Period.
You cannot use the HSBC Gold Mastercard® credit card to pay off a loan made by HSBC or any credit card issued by HSBC Bank USA, N.A. This is standard, as most institutions will not allow you to transfer balances between two cards issued by the same bank.
This card does not offer any cash back or rewards with purchases. If you always pay off your balance each month, consider applying for a rewards card instead.
The HSBC Gold Mastercard® credit card has a higher than average balance transfer fee. You pay either $10 or 4%, whichever is greater, on each balance transfer and credit card check. While this is high, you are still likely to save money through the card's introductory 0% APR, as we explain the following section.
How Much You Can Save Through the HSBC Gold Mastercard® credit card
We modeled the potential savings you can get through the HSBC Gold Mastercard® credit card. This can help you better understand the value of using a balance transfer credit card to deal with your debt. For the purposes of the model, we assumed an outstanding balance of $15,000 and an APR of 14%—both of which are approximately average for an indebted person living in the United States. We also assume the cardholder is able to make monthly payments of $1,000.
|Card||Total Finance Charges Over 24 Months||Transfer Fee|
|Regular 14% APR Credit Card||$1,375||N/A|
|HSBC Gold Mastercard® credit card||$0||$600|
In the above table we assumed an interest rate of 12.99% on the HSBC Gold Mastercard® credit card, once the 0% period ran out.
You can get a more personalized estimate for how much money you can save by using our balance transfer calculator. Enter '18' into the 'Promo Length' field, and change the transfer fee to 4%.
How Does The HSBC Gold Mastercard® credit card Compare to Other Credit Cards?
In every review we judge credit cards against other available options. Since most people will only open a handful of credit card accounts throughout their lifetime, it's important to consider every card's opportunity cost. What else could you apply for if you didn't get the HSBC Gold Mastercard® credit card? Below we explore a few options.
HSBC Gold Mastercard® credit card vs Chase Slate®
The Chase Slate® is the better card if all you need is 15 months to deal with your debt. The card provides 15 months of 0% introductory APR on balance transfers from the time you open your account. The card's defining feature is the $0 intro fee on transfers made within 60 days of account opening. Depending on how much outstanding debt you have, this can potentially save you hundreds of dollars. Neither the Chase Slate® nor the HSBC Gold Mastercard® credit card come with any rewards program, so the usefulness of both cards falls off considerably once you get out of debt. Thankfully, both cards have no annual fee making them a minimal investment.
- 0% Introductory APR for 15 months on purchases and balance transfers.
- $0 Introductory balance transfer fee for transfers made during the first 60 days of account opening.
- Read Full Review.
HSBC Gold Mastercard® credit card vs Citi Simplicity® Card
For consumers seeking a balance transfer credit card, the Citi Simplicity® Card is a slightly better card than the HSBC Gold Mastercard® credit card. That's because the Citi Simplicity® Card offers a 0% intro APR period of 21 months (on balance transfers) from the date of first transfer. That's a whole 9 months longer than other cards we've seen on the market. After the intro period is over, your APR will be 15.99% - 25.99%* (Variable). Cardholders need to pay $5 or 5% of the amount of each transfer, whichever is greater. Overall, the Citi Simplicity® Card is an outstanding card to use to pay down debt.
- 0% Intro APR on Balance Transfers for 21 months, after which it will be 15.99% - 25.99%* (Variable).
- Balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater.
- Read Full Review.