The HSBC Gold Mastercard® 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, which 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®. If that describes you, consider applying for a rewards credit card instead.
Review: Our Thoughts On the HSBC Gold Mastercard®
The HSBC Gold Mastercard® 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 - No Late Fees Ever. 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®, only have value when you use them to mitigate interest or other interest charges. Unlike many popular credit cards, the HSBC Gold Mastercard® 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® 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® Benefits & Features
The primary purpose of the HSBC Gold Mastercard® 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. After that, the card's ongoing APR will be 11.99%, 15.99% or 19.99%, depending on your creditworthiness.
You cannot use the HSBC Gold Mastercard® 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.
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| Annual Fee | No Annual Fee |
| Purchase APR | 11.99%, 15.99% or 19.99% Variable |
| Card Details |
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The HSBC Gold Mastercard® 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 0% APR, as we explain the following section.
Besides the features listed above, the HSBC Gold Mastercard® 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®
We modeled the potential savings you can get through the HSBC Gold Mastercard®. 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® | $0 | $600 |
In the above table we assumed an interest rate of 11.99% on the HSBC Gold Mastercard®, 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® 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®? Below we explore a few options.
HSBC Gold Mastercard® 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® 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® vs Citi Simplicity® Card - No Late Fees Ever
For most consumers, the Citi Simplicity® Card - No Late Fees Ever will be a much better card than the HSBC Gold Mastercard®. The Citi card has one of the longest 0% APR periods we've seen on any credit card. Users don't have to pay any interest on purchases for 21 months from the date of account opening. The same offer extends to transfers completed within 4 months from when you sign up. That is 3 months longer than what the HSBC Gold Mastercard® offers. Balance transfers are also slightly cheaper on the Citi Simplicity® Card - No Late Fees Ever than the HSBC Gold Mastercard®. Cardholders only need to pay $5 or 3% of the amount of each transfer, whichever is greater.
Highlights
- 0% Intro APR on Balance Transfers and Purchases for 21 months.
- Balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
- Read Full Review.
Credit Cards for Managing Debt
- Best Balance Transfer Credit Cards
- Best Low Interest Cards
- Zero Percent Credit Cards
- No Annual Fee Credit Cards
- Best Credit Cards for Bad Credit
Our Favorite Balance Transfer Cards
- Chase Slate®
- Barclaycard Ring™ Mastercard®
- Citi Simplicity® Card - No Late Fees Ever
- Citi® Diamond Preferred® Card
- BankAmericard® Better Balance Rewards™ Credit Card
- Ink Business Cash℠ Credit Card
Learn More
- Average Credit Cards Debt
- Average Credit Card APR
- Understanding Your Credit Card Bill
- How Do Balance Transfers Work?
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HSBC Gold Mastercard® Credit Card