Mastercard® Gold Card™ Review

HSBC Gold Mastercard® Credit Card Review

This article reviews the HSBC Gold Mastercard® — the 0% APR credit card for large purchases and high-interest balance transfers.

The HSBC Gold Mastercard® offers a generous 0% introductory APR on new purchases and balance transfers, making it ideal for those looking to pay off their existing debts. This card is also low on fees — it has no annual fee, foreign transaction fees, or penalty APR for late payments.

Despite its basic benefits and the lack of extras or rewards, this card should certainly be considered by those looking for more spending power.

HSBC Gold Mastercard® from Capital One: Pros and Cons

Rewards System in a Nutshell

The HSBC Gold Mastercard® does not have a traditional rewards system to collect points, miles, or cash back. However, it has benefits that other balance transfer cards do not have, such as the travel and shopping benefits listed below.

Who can benefit from getting the HSBC Gold Mastercard®?

If you’re looking for an interest-free runway to pay off existing debt or finance a large purchase, the HSBC Gold Mastercard® might be the right fit for you. The credit card is designed to give you more spending power, offering you a lengthy 18-month interest-free period for you to chip away at the balance.

After the introductory period, your APR will range from 12.99% - 22.99%, based on your credit score. With excellent credit, you can qualify for the 12.99% APR — one of the lowest rates you’ll find on balance transfer cards.

Whether you want to buy appliances for your home or transfer your balance from an existing credit card, the HSBC Gold Mastercard® is ideal for helping you finance bigger purchases.

With the HSBC Gold Mastercard®, simply keep up with your payments during the introductory period to bring down your balance with as little interest as possible. Even if you’re late making a payment, this card is fairly forgiving, with late payments of up to 60 days making no impact on your APR. However, make a payment more than 60 days late during the first 18 months, and you can both jeopardize your introductory APR and incur significant interest charges.

When it comes to balance transfer fees, be careful with the higher-than-average rates of HSBC Gold Mastercard®. The 4% might not seem significant but can quickly add up on larger balances. Before applying, it might be best to check whether the higher balance transfer fee will outweigh the additional interest you’d have to pay if you stayed with your current card or used another balance transfer credit card. Keep in mind that balance transfers must be made within 60 days after account opening.

In short, HSBC Gold Mastercard® is ideal for the following individuals:

• Those looking to transfer a balance with time to pay it off, interest-free.
• Those with excellent credit scores who qualify for a lower APR.
• Those who want zero-fee international travel and shopping benefits with no annual credit card fees.

In applying for the HSBC Gold Mastercard®, a good credit rating will improve your approval odds. Generally, HSBC will consider a credit score of 700 to be good and a score of beyond 750 to be excellent.

Mastercard® credit limits vary from card to card. Your exact credit limit will be determined by the issuer (HSBC Bank USA, N.A.) once you've been approved.

Are there any other benefits?

The HSBC Gold Mastercard® has travel and shopping benefits that most balance transfer cards lack.

Listed below are the travel benefits:

• MasterRental™ Coverage for physical damage and theft of most rental vehicles
• Mastercard Airport Concierge™ with 15% savings on Airport Meet and Greet services
• No foreign transaction fees
• Travel accident insurance for up to $1,000,000

These features make a world of difference for those who travel or shop often. On top of these, you’ll also receive access to Priceless™ Cities and Priceless Golf for exclusive experiences wherever you go.

Should you become a victim of identity theft, the HSBC Gold Mastercard® has Mastercard ID Theft Protection™where you can access a number of resolution services. It also features Lost and Stolen Card Reporting assistance, provided by Mastercard Global Service®, which is available around the clock, wherever you are in the world.

Conclusion

The HSBC Gold Mastercard® is a simple card and does its job exceptionally well.

If you’re looking for more spending power and time to pay off a large balance or looking to transfer a high-interest balance and need more time to whittle it down, this card is a straightforward way of accomplishing your goals. It’s also a good option for those who travel or make international purchases frequently.

However, if you’re more interested in earning reward points, lower balance transfer fees, or more forgiving terms, you might have to look somewhere else.