The HSBC Gold Mastercard can help someone who wants to make a large purchase and pay it down over 18 months without any interest. Consumers can also use this card to save on interest costs on balances transferred within the first 60 days of account opening. If you’re carrying high-interest debt on another credit card, this card can help you save money while you pay down the debt.
Good 0% interest offers
Hardly any fees
Longer 0% interest offers exist
- Good 0% interest offers: This card charges 0% interest on purchases for 18 months and charges the same 0% interest on balance transfers made within the first 60 days.
- Hardly any fees: The HSBC Gold Mastercard doesn’t charge an annual fee or foreign transaction fees. You won’t pay a late fee on your first late payment, and there’s no penalty interest rate, either.
- Longer 0% interest offers exist: If you really need to save money with a balance transfer, you should know that other cards may let you secure 0% interest on balance transfers for an even longer stretch of time.
- No rewards: Some of the top 0% interest credit cards let you earn rewards on your purchases, but the HSBC Gold Mastercard doesn’t have a rewards program.
How to Get the Most Out of This Card
If you have some big purchases planned—maybe appliances for a kitchen upgrade—consider signing up for a card like the HSBC Gold Mastercard first. That way, you can save money on interest while you pay down your new stove and fridge over 18 months. Just be sure you pay off your balance in full before the introductory rate ends because after that, your interest rate will reset to the card’s standard variable rate.
Similarly, if you have a pile of high-interest credit card debt, transfer those balances to this card within the first 60 days. Create a plan to pay off your debt within the 18-month introductory offer period, and you could save big on interest payments. Plus, without having to make interest payments for 18 months, you might even pay down your debt faster.
This card charges a 4% balance transfer fee, which is not the highest you’ll find (plenty of cards charge 5%), but it can still bite into your potential interest savings. Many balance transfer cards charge a 3% balance transfer fee—and some don’t charge a fee at all.
HSBC Gold Mastercard Other Benefits
The HSBC Gold Mastercard offers a handful of benefits for cardholders, one of which stands out:
- Rental car collision insurance (secondary to your own policy)
HSBC was rated poorly in J.D. Power’s Regional 2019 U.S. Credit Card Satisfaction Study with an average of just 2 out of 5 stars in categories like interaction, communication, benefits and services, and rewards. Overall the bank was last among 11 ranked institutions, scoring 745 of 1,000 possible points, well below the industry average of 802.
One positive thing about this card, however, is that you receive free access to your FICO score each month on your credit card statement.
HSBC credit cards come with security features like fraud monitoring. You can also opt in to fraud alerts that will notify you of suspicious activity on your account via text or email.
As a cardholder, you can qualify for identity theft resolution services and 24-hour assistance for lost or stolen cards.
HSBC Gold Mastercard’s Fees
This card doesn’t charge an annual fee or foreign transaction fees on purchases made abroad. You won’t even pay a late fee the first time you pay late, nor will you pay a penalty APR.