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HSBC Gold Mastercard® credit card: Should You Apply?

HSBC Gold Mastercard® credit card: Should You Apply?

HSBC's best low interest credit card. You can find slightly better offers at other banks, but this one is by no means bad.
Editor's Rating: 4.5/5.0

Editor's Rating

4.5/5.0

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, but a Variable APR of 12.74%, 16.74% or 20.74% 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.

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. Both of those cards offer their users better terms on balance transfers.

Good For…

Bad For…
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 12.74%, 16.74% or 20.74% 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.

HSBC Gold Mastercard® credit card
Annual Fee
$0
Purchase APR
Variable APR of 12.74%, 16.74% or 20.74% will apply after the Introductory Period
Credit Needed Good/Excellent
Details
  • 0% Intro APR on purchases and balance transfers for the first 18 months from account opening. Then a variable APR of 12.74%, 16.74% or 20.74% will apply.
  • No Penalty APR.
  • Late Fee Waiver.
  • No Foreign Transaction Fees.
  • $0 Annual Fee.
  • $0 liability for unauthorized purchases.
  • Terms Apply.
  • See Rates & Fees

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.

Besides the features listed above, the HSBC Gold Mastercard® credit card comes equipped with standard Mastercard set of benefits. These include rental car insurance, various travel insurance perks, and identity theft resolution services. You can see the entire benefits pamphlet here.

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.

CardTotal Finance Charges Over 24 MonthsTransfer Fee
Regular 14% APR Credit Card$1,375N/A
HSBC Gold Mastercard® credit card$0$600

In the above table we assumed an interest rate of 12.74% 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®

Chase Slate®
This card is not available through ValuePenguin.

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.

Highlights

  • 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 HSBC Gold Mastercard® credit card is a slightly better card than the Citi Simplicity® Card. The Citi card has the same 0% APR period as the HSBC Gold Mastercard® credit card. Users don't have to pay any interest on purchases for 18 months from the date of account opening. Where the card differs though, is that balance transfers are slightly cheaper with the HSBC Gold Mastercard® credit card than the Citi Simplicity® Card. Cardholders need to pay $5 or 5% of the amount of each transfer, whichever is greater. Because of this, paying off credit card debt is a little easier with the HSBC Gold Mastercard® credit card.

Highlights

  • 0% Intro APR on Balance Transfers and Purchases for 18 months, after which it will be 15.74% - 25.74% Variable.
  • Balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater.
  • Read Full Review.

Comments and Questions

Opinions, analyses, reviews, or recommendations expressed here are the author's alone, and have not been reviewed or endorsed by the issuer. We may be compensated through the issuer's Affiliate Program. For a full list of our advertisers see our disclosure page

* See the online credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the "Apply Now" button, you can review the credit card terms and conditions on the issuer's website.

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Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through the credit card issuer Affiliate Program.

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.