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.
Good 0% interest offers
Higher balance-transfer fee
No bonus for new cardholders
- 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.
- 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.
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 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.
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.