• Skip to primary navigation
  • Skip to content
  • Skip to footer

BrightRates

The best rates on personal loans, student loans, and mortgages

BrowseClose
  • Personal Loans
    • Top Personal Loan Companies
      • Avant
      • LendingPoint
      • EVEN Financial
      • BadCreditLoans.com
    • Learn
      • Best loans for borrowers with bad credit
      • What is a hard credit pull vs a soft credit pull?
  • Student Loans
    • Top Student Loan Companies
      • Sofi student loans
      • Connext Student Loans
      • PNC Bank student loans
      • Guide to Lenders
    • Learn
      • How to calculate your debt-to-income ratio
      • The Top 5 Expenses In Life to Save Money
  • Mortgages
    • Top Mortgage Companies
      • Quicken Loans
      • Wells Fargo Home Mortgage
      • Rocket Mortgage
      • Suntrust Mortgage & Home Loans
    • Learn
      • The Debt Avalance vs the Debt Snowball…which is better?
  • Top Balance Transfer Cards
    • Card Reviews
      • US Bank Cash 365
      • HSBC Gold Mastercard
      • USAA Military Affiliate Card
      • BankAmericard Credit Card
    • Learn
      • Balance Transfer Cards vs Debt Consolidation Personal Loans
      • How to lower your credit card monthly payments with debt consolidation
      • What’s the different between Debt Settlement vs Debt Consolidation?
  • Add a Review

HSBC Gold Mastercard

February 12, 2018 by Leave a Comment

HSBC Gold Mastercard

HSBC Gold Mastercard

Best for individuals who have a minimum 680 FICO, are having trouble paying current credit card bills, and don’t have only a small balance to transfer.  One of the only cards offering 0% on new purchases.

Go to SiteAdd Review

3.9
Our Score

  • The Good
  • The Bad
  • The Summary
  • Reviews

Home › Review › Credit Cards › Balance Transfer › HSBC Gold Mastercard

The Good

  • 0% Introductory APR on credit card purchases and balance transfers for the first 18 months from account opening, then a 12.24%, 16.24% or 20.24% variable APR
  • No foreign transaction fee
  • No annual fee
  • FICO credit score for free

 

The HSBC Gold Mastercard is an easy-to-use, no-frills credit card, which charges no annual fee. The credit card offers 0% intro rates for 18 months, whereas the average 0% cards give you 10 months for all the new purchases and 11 months for the balance transfers. You could save a lot of money on interest an extra few months before higher regular rates take effect.

For instance, suppose you spend 10,000 dollars and repay the balance with 500 dollars monthly payments. With the credit card, even if you got the highest regular rate, you would still end up paying just 26 dollars in interest. However, a similar card offering 0% for only the first ten months would cost you about 332 dollars when all is done.

 

The Bad

  • Low limit
  • No cash rewards
  • 4% transfer fee

Consumers with high credit score have reported being approved for credit limits as low as $1,500.  That’s a much lower limit than the competition.   There are also no rewards on this card, but that’s because rewards should only be used by consumers paying their bill every month.  This card is to help you not accrue large interest payments, so the “reward” is essentially the 0% interest rate for 18 months.

The largest negative on this card is 4% balance transfer fee.  If you are carrying a large balance currently, that can add up.  The American average household has roughly $8,000 dollars in credit card debt. The 4% fee of The of HSBC Gold Card would cost these household around $320, which is about $113 more than the average balance transfer credit card might charge. So, you may consider one of the 0% transfer cards with no balance transfer fee, if you do have a large balance transfer, you’ll likely want to consider a card with a 3% fee instead of the HSBC Gold Mastercard’s 4%.

 

The Summary

The HSBC Gold Mastercard is a solid card overall, although there are better deals from other carriers if you specifically want to transfer an existing balance. The card’s strength is 0% intro APR on new purchases with no annual fee. If you are looking for a card with at least 18 months of 0% intro APR on new purchases – of if you particularly want to bank with HSBC – this card is a good option.   But this is only true if you are scaling your existing spending on a credit card back.  While that’s always a good idea when paying down debt, it is necessary with this card because of the low limits.

HSBC Gold Mastercard® also offers extra benefits such as extended warranty and purchase assurance. If you hate pesky hidden fees and looking to pay off a balance, the credit card is a straightforward option which can help you get rid of your debt.

 

 

Ratings Breakdown

Credit Score680+

APR Range12.24 - 20.24%

AvailabilityAll 50 states
Upfront Fee4% balance transfer

Review Last Updated: February 12, 2018

How We Rate

BrightRates provides unbiased reviews to help consumers make better financial decisions. We are serious about the editorial integrity of our reviews.

If you see a fact that is misprepresented, please contact us.

Go to Site

Review

avatar
Review
zz
This comment form is under antispam protection
avatar
zz
This comment form is under antispam protection
  Subscribe  
Notify of

Footer

BrightRates

We offer technology to help consumers compare rates & reviews on financial products.

Loans

  • Personal Loans
  • Student Loans
  • Auto Loans
  • Mortgages


Company

  • About Us
  • Customer Support
  • Contact Us
© Copyright 2018 BrightRates · All Rights Reserved · Privacy Policy · Terms of Service · E-Consent
/* ----------------------------------------- */ /* Content Template: Review Content Template - start */ /* ----------------------------------------- */ .entry-header {display:none;}/* ----------------------------------------- */ /* Content Template: Review Content Template - end */ /* ----------------------------------------- */
wpDiscuz
THE OPERATOR OF THIS WEBSITE IS NOT A LENDER, does not make credit decisions, and does not charge any application fees. This Website does not constitute an offer or solicitation to lend. This Website provides a service wherein we submit the information you provide to one or more lending platforms and attempt to match you with a lending platform. This service is not available in all states, and the states serviced by this Website may change from time to time and without notice. Providing your information on this Website does not guarantee that you will be matched with a lending platform or approved for a loan. The lending platform may perform a credit check or otherwise verify the information you provide. Not all lending partners offer loans up to the advertised amount and not all lending platforms can provide you with the loan amount you requested. Loan amounts are determined by the lending platform based on individual creditworthiness. All financial terms of the loan will be provided to you by the lending platform. Loan terms, conditions, and policies vary by lending platform, state, and applicant qualifications. For details, questions, or concerns regarding your loan please contact your lending platform directly. In some situations, faxing or emailing of documents may be required. Cash transfer times may vary between lending platforms and may depend on your individual financial institution. Loan repayment periods could vary by lending platform and location. Not all applicants will meet the lending criteria to qualify for a loan. Borrow Responsibly – A short-term loan is ideally used for short-term financial needs only, not as a long-term financial solution. Late or missed loan payments may be subject to increased fees and interest rates. lending platforms may use collection services for nonpayment of loans. We recommend seeking credit counseling if you have financial difficulties.