HSBC Gold Mastercard® credit card review

Quick highlights

• Rewards rate: N/A
• Welcome offer: N/A
• Annual fee: $0
• Purchase intro APR: 0 percent intro APR on credit card purchases for the first 18 months
• Balance transfer intro APR: 0 percent intro APR on balance transfers for the first 18 months
• Regular APR: 13.99 percent to 23.99 percent variable

Welcome offer

The HSBC Gold Mastercard credit card has a generous intro APR, making it ideal for short-term financing. For the first 18 months of account ownership, the intro APR is 0 percent, including balance transfers (13.99 percent to 23.99 percent variable thereafter). Just keep in mind, if your balance transfer exceeds your HSBC Gold Mastercard credit limit, your request may be canceled. You also need to make your transfer within 60 days of account opening and pay a balance transfer fee of $10 or 4 percent, whichever is greater.

After 18 months the APR adjusts based on creditworthiness, ranging from 13.99 percent to 23.99 percent variable. To calculate the cost and savings of doing a balance transfer with the HSBC Gold Mastercard, access our balance transfer calculator.

The HSBC Gold Mastercard is your run-of-the-mill credit card with limited rewards and an equitable 18-month intro APR. However, there’s more to the HSBC Gold Mastercard than meets the eye. In addition to APR benefits, this credit card offers an annual late fee waiver and some decent travel benefits.

Late fee waiver

A late fee can be waived once within a 12-month calendar year. Additionally, there is no penalty APR for late payments. This unique feature is beneficial to those looking for a little extra flexibility.

Travel benefits

Modest travel benefits include no transaction fees on purchases in foreign countries, protection on rental vehicles and a 15 percent discount on certain airport concierge services. Additional travel benefits include travel-related discounts if you enroll in the Mastercard Priceless Cities program.

The HSBC Gold Mastercard is a reliable, low-fee credit card. In the first 18 months from opening an account, most fees are minimal, as there is no annual fee and an intro 0 percent APR offer on purchases and balance transfers for 18 months. After the first 18 months, the variable APR for both purchases and transfers will adjust from 13.99 percent to 23.99 percent based on creditworthiness. This is a reasonable APR compared to similar zero-interest credit cards.

Although the HSBC Gold Mastercard is suitable for balance transfers, there are some associated fees. Balance transfers will incur a fee of either $10 or 4 percent, whichever is greater. This also applies to checks. Both cash advances and overdrafts will incur a fee of $10 or 5 percent, whichever is greater. Here’s how other cards with a balance transfer measure up.

Unlike many cards, the HSBC Gold Mastercard has a generous late fee policy. One late fee can be waived in a 12-month calendar year, otherwise, the fee is up to $39. Although modest, a bonus perk of the HSBC Gold Mastercard is the travel benefits.

If you’re looking for a long interest-free repayment period or want to avoid fees in general, the HSBC Gold Mastercard® credit card is an excellent choice. However, the Mastercard is best compared to other 0 percent introductory APR credit cards.

HSBC Gold Mastercard vs. Citi Diamond Preferred Card

With the Citi® Diamond Preferred® Card, you can enjoy a 0 percent introductory APR period of 12 months on purchases and 21 months on balance transfers, but after that it adjusts to a slightly higher APR (17.74% - 28.49% (Variable) APR). The Citi Diamond is also stricter when it comes to credit score requirements.

HSBC Gold Mastercard vs. Blue Cash Everyday Card from American Express

In comparison, the Blue Cash Everyday® Card from American Express offers cash back rewards in addition to a comparable intro APR, yet only on purchases (3 percent cash back at U.S. supermarkets, U.S. gas stations and U.S. online retail purchases (up to $6,000 each year in each category, then 1 percent). If you’re more interested in financing than debt reduction, this credit card is a good alternative.

Best cards to pair with HSBC Gold Mastercard

Because of the modest travel benefits of the HSBC Gold Mastercard, pairing it with a travel-oriented credit card could yield even more desirable results. If you’re planning to travel, look for a card that earns cash back or miles to use in conjunction with the HSBC Gold Mastercard. This can help ease travel costs in the long term and make your traveling experience more robust. If you like the idea of staying away from annual fees, consider a starter travel card, like the Capital One VentureOne Rewards Credit Card (See Rates & Fees).

Additionally, a cash back credit card has the potential to be a good pairing, especially if your goal is to pay down debt. A good cash back card will help you diffuse everyday purchases while you pay down your HSBC Gold Mastercard. Choosing something with more flexibility and a low starting APR will help you get the most bang for your buck. Approach this strategy with caution, as it’s important to remember you have to spend money to earn money with cash back credit cards.

Overall, the HSBC Gold Mastercard is a great choice for those looking to reduce their interest payments on an existing balance or finance a purchase in the short term. The lack of rewards makes the credit card low-fuss, and the 18-month intro APR provides a cushy time frame to reduce debt. Remember that transfers must be made within the first 60 days of opening an account. This debt reduction strategy can also be useful in improving one’s credit score for better deals in the future.

If you’re looking to travel, the benefits are minimal but can make a powerful pairing with a more travel-oriented credit card. This credit card isn’t a good match for those with low credit scores or are looking for a credit card with a rewards system.

*The information about HSBC Gold Mastercard® credit card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.