HSBC Gold Mastercard Review

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If you want to avoid interest on a major purchase or balance transfer, the HSBC Gold Mastercard has one of the industry’s longest and most competitive introductory 0% offers.

HSBC Gold Mastercard® credit card

Overall Rating
3.5
HSBC Gold Mastercard® credit card
Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Good - Excellent
Regular APR (%) 13.99% - 23.99% variable
Annual Fee $0
Balance Transfer Fee Either $10 or 4%, whichever is greater, will apply on each balance transfer and credit card check.
INTRO BALANCE TRANSFER APR 0% for 18 Months
Ratings Breakdown
for Interest
3.7
for Fees
3.4
for Rewards
2.3
for Credit
3.7

Who Is This Credit Card Best For?

  • Avatar for Debt Warrior Persona
    Attacks existing balances while avoiding new debt See more cards
    Debt Warrior
  • Avatar for Credit Builder Persona
    Takes improving their finances seriously and wants recognition for using credit responsibly See more cards
    Credit Builder

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 interest costs on balances transferred within the first 60 days of account opening, although you may want to be wary of the elevated balance transfer fee if you have a big balance.

If you’re looking for a good everyday card, this card’s lack of fees is appealing, but the card is also lacking rewards and a bonus for new cardholders, which you can readily find elsewhere.

Pros
  • Good 0% interest offers

  • Few fees

Cons
  • Higher balance-transfer fee

  • No rewards

  • No bonus for new cardholders

Pros Explained

  • Good 0% interest offers: This card charges 0% interest on purchases for 18 months and 0% interest on balance transfers made within the first 60 days of opening your account. This is among the longest time periods available, although a few other cards may let you secure 0% interest on purchases and/or balance transfers for an even longer stretch of time.
  • Few 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.

Cons Explained

  • Higher balance-transfer fee: Most balance transfer cards (including those with 18-month 0% interest periods) charge a 3% balance transfer fee, as long as you transfer within an established time window—while this card charges 4%. Such a small difference may not sound like much, but if you have a large balance, it can really add up. 
  • No rewards: Some of the top intro 0% interest purchase rate credit cards let you earn rewards on your purchases, but the HSBC Gold Mastercard doesn’t have a rewards program. 
  • No bonus for new cardholders: In the best of all worlds, you can buy your big-ticket item with a new card that also earns you a bonus for new cardholders. Then, you can pay off your purchase while taking advantage of an introductory 0% rate. Many cards offer this combo, but HSBC Gold Mastercard does not. 

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 period 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 any potential future interest payments. Plus, without having to make interest payments for 18 months, you might even pay down your debt faster.

This card’s 4% balance transfer fee is higher than many other balance-transfer cards. What does this look like in real life? If you’re transferring a $10,000 debt, a card charging 3% will cost you $300 in fees, while this card will charge you $400 in fees. 

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)

Customer Experience

HSBC ranked third to last in J.D. Power’s Regional 2020 U.S. Credit Card Satisfaction Study, out of 11 issuers.

One positive thing about this card, however, is that you receive free access to your FICO score each month on your credit card statement. As well, if your card is lost or stolen while in the U.S. or abroad, there’s a 24-hour hotline assisting with emergency card replacement and emergency cash advance. 

Security Features

HSBC credit cards come with security features like fraud monitoring. You can also opt into 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, which includes credit bureau and transaction monitoring, and assistance from identity theft resolution specialists.  

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.

Next Steps
For HSBC Gold Mastercard® credit card
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CURRENT CARD
HSBC Gold Mastercard® credit card
overall rating
3.5
Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Good - Excellent
Regular APR (%) 13.99% - 23.99% variable
Annual Fee $0
Balance Transfer Fee Either $10 or 4%, whichever is greater, will apply on each balance transfer and credit card check.
Our Methodology
At The Balance, we are dedicated to giving you unbiased, comprehensive credit card reviews. To do this, we collect data on hundreds of cards and score more than 55 features that affect your finances.
  • Our Reviews Are Always Impartial: No one can influence which cards we review, the way we present them to you, or the ratings they receive. The scores and reviews come directly from the data we collect and our editorial expertise, and we focus on three areas:
  • How Much Does It Cost? With credit card debt at an all-time high, we believe you should know the cost of carrying a balance. Because of that, we give regular purchase APRs significant weight in overall scores, and cards receive low marks if they have an array of pricey fees.
  • What Are the Rewards Worth? Cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely. To simplify the problem, we built a system that fairly compares rewards and gives them a dollar value. We do this by looking at the ways you can earn and use rewards, which includes evaluating Americans’ typical spending habits and analyzing common travel patterns.
  • Does It Make Your Life Easier? Our scoring system favors cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting customer service. Finally, we give preference to credit cards that have several tools for dealing with fraudulent charges.
  • For every review on The Balance, we hold the credit cards to these standards, and we set the bar high. While we recognize the appeal of splashy features like six-digit sign-up bonuses, our approach ensures that credit cards with the best combination of value, affordability, and accessibility receive the highest scores. See our full methodology for more details.

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. HSBC. "HSBC Gold Mastercard Summary of Terms Important Information," Accessed August 28, 2020.

  2. HSBC. "HSBC Gold Mastercard Credit Card." Accessed August 28, 2020.

  3. HSBC. "HSBC Gold Mastercard Credit Card Rewards and Benefits Guide." Accessed August 28, 2020.

  4. J.D. Power. "Customers Losing Faith in Credit Card Issuers as COVID-19 Pandemic Lingers, J.D. Power Finds." Accessed August 28, 2020.