HSBC Gold Mastercard Credit Card Review

Who is the HSBC Gold Mastercard Credit Card for?

The HSBC Gold Mastercard Credit card is for people looking for a basic credit card without any associated costs and complicated rewards programs. Through its 0% introductory APR for purchases and balance transfers, this card can help you finance larger purchases and help you pay off debt.

The lack of a foreign transaction fee makes this card travel friendly, and the lack of a penalty APR makes this card a little easier on your wallet. For those that need to be flexible with their finances, and are not looking for extensive reward programs and cashback, this card might be optimal.

Overall, the HSBC Gold card is a hassle-free credit card that can serve as a perfect beginner's card for those looking to manage and build their credit. Also if you are looking to make a large purchase, the lack of an annual fee and zero intro APR might help reduce the burden on your finances.

Welcome Offer

Since there is no formal rewards program that comes with this card, it offers a good introductory APR scheme. It offers a 0% introductory APR on purchases and balance transfers for the first 18 months from account opening. This is a longer time period than most other cards and can be very beneficial for those that need extra flexibility in paying off their balances.

Benefits, Services, and Protections

The HSBC Gold card comes with Priceless Cities, which provides you the opportunity to engage in exclusive, once-in-a-lifetime experiences in the cities where you live, shop, and travel. The card also gives you discounted access to select golf courses, complimentary grounds passes for PGA Tournaments, lessons with a PGA Tour professional, and more.

Perhaps one of the biggest benefits of this card is the balance transfer scheme. When you transfer the debt to your HSBC Credit Card, you can save money on high-interest balances, pay down balances faster, streamline payments, consolidate debt, and transfer balances for any amount.

You pay no foreign transaction fees when traveling with this card. There are no added costs when using your card to make purchases in a foreign country. The HSBC Gold card also comes with no penalty APR, which means that the bank won’t raise your APR if you pay late. Also, if your payment is late, HSBC waives the late fee once every year.

With this card, you receive MasterRental coverage which provides protection for physical damage and theft to most rental vehicles. You also get access to Mastercard Airport Concierge in addition to receiving a 15% discount on Airport Meet and Greet services. With this service, you can arrange for a personal agent to escort you through the airport on departure, arrival, or any connecting flights at over 450 destinations worldwide.

Mastercard ID Theft Protection provides you with access to a number of Identity Theft resolution services, should you believe you are a victim of Identity Theft. Mastercard Global Service, which comes with this card, provides worldwide, 24-hour assistance with Lost and Stolen Card Reporting.

With this card, you can view your FICO score for free, which is great for people that want to use this card as a credit-building vehicle. Finally, this card supports mobile payments through Apple Pay, Google Pay, and Samsung Pay. 

APR Range

The HSBC Gold Mastercard offers a purchase APR of 12.99% - 22.99%, depending on your credit score. So for cardholders with excellent credit, this card can be a good option to pay off debt at a decently low interest rate. However, those with lower credit scores should beware that they will likely be paying a higher interest rate on their credit card balance.

No Fees

The zero annual fee aspect of this credit card is expected since there is no rewards system in place. It also makes it good for students and young adults who are not willing to spend money on a card. So cardholders looking for an inexpensive and useful card will find the HSBC Gold Mastercard very useful.

Similarly, the lack of a foreign transaction fee makes the HSBC Gold Mastercard a traveler-friendly credit card. Since Mastercard cards are accepted all around the globe, cardholders won’t have to worry about getting their card declined when paying abroad.

Cautions

This card comes with a minimum interest charge of $1.00, which means if you are required to pay interest on your balance, you will be charged $1.00 even if you owe a few cents. Also, the late payment fee can only be waived once per year, so it is crucial to make your payments promptly.

Conclusion

Overall, this is a pretty basic card for those that want to avoid the headaches that come with tracking points and redeeming them. While this card does not come with a rewards program, it offsets this through many benefits and a lack of fees. The strong and flexible credit line that this credit card offers is its biggest strength, and perhaps your main reason for getting this card.