HSBC Gold Review: 0% APR Card No Longer Available
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4.5
You can no longer apply for this card, but it can help current cardholders finance a large purchase or transfer a high-interest balance. It can also save you money on fees in general.
Pros
No annual fee
Intro APR period on purchases and balance transfers
No foreign transaction fee
Cons
No rewards
Compare to Other Cards
Annual fee$0 | Annual fee$0 | Annual fee$0 |
Regular APR17.49%-28.24% Variable APR | Regular APR19.49%-28.24% Variable APR | |
Intro APR0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases | Intro APR0% intro APR for 18 billing cycles on purchases and balance transfers | Intro APR0% intro APR for 15 months on purchases and balance transfers |
Recommended Credit Score |
Recommended Credit Score |
Recommended Credit Score |
Detailed review: HSBC Gold Mastercard® credit card
» This card is no longer available
The HSBC Gold Mastercard® credit card had stopped accepting applications as of December 2021. See our best balance transfer cards and best 0% APR cards for other options. Below is our review of the card when it was still available.
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For cardholders looking to finance a large purchase or eliminate existing debt, the HSBC Gold Mastercard® credit card is a solid option.
The $0-annual-fee card offers a lengthy 0% intro APR period on both purchases and balance transfers, along with a reasonable balance transfer fee.
You can find similar features in several other cards, but what helps set this card apart is its forgiving policy on late payments. But there are limits to those terms.
HSBC Gold Mastercard® credit card: Basics
Card type: Balance transfer/0%.
Annual fee: $0.
Sign-up bonus: None.
Rewards: None.
APR: 0% intro APR on purchases and balance transfers for the first 18 months, then an APR of 12.99%-22.99% variable.
Balance transfer fee: 4% of the amount transferred or $10, whichever is greater.
Foreign transaction fee: None.
Other benefits: Mastercard benefits such as travel accident insurance and an auto rental collision waiver.
Benefits and perks
Lengthy 0% introductory APR period
The HSBC Gold Mastercard® credit card is ideal for financing a large purchase or transferring a balance from a high-interest credit card. It offers 0% intro APR on purchases and balance transfers for the first 18 months, then an APR of 12.99%-22.99% variable.
Late fee waiver and limits on other common fees
If you happen to miss the due date for your HSBC Gold Mastercard® credit card bill, you get one mulligan per year, thanks to the card's late fee waiver. The card also doesn't charge a penalty APR. (Still, make it a habit to pay your bills on time because your credit scores can take a hit if you're 30 days behind.) You'll also pay no annual fee, no foreign transaction fee, nor any fee to add an authorized user.
Travel perks
If you're on the road (or in the sky), the HSBC Gold Mastercard® credit card includes traveler-friendly benefits such as an auto rental collision damager waiver, travel accident insurance, and discounted airport meet-and-greet services.
Drawbacks and considerations
No rewards
The HSBC Gold Mastercard® credit card lacks any kind of rewards program, so your spending won't bring you any closer to cash back or discounted travel. By comparison, the $0-annual-fee Capital One Quicksilver Cash Rewards Credit Card has an intro APR offer: 0% intro APR for 15 months on purchases and balance transfers, and then the ongoing APR of 19.24%-29.24% Variable APR; 3% fee on the amounts transferred within the first 15 months — but it also earns 1.5% cash back on purchases. It charges a slightly lower fee of 3% per balance transferred. And it has a sign-up bonus: Earn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening
You can find cards with lower balance transfer fees
The HSBC Gold Mastercard® credit card charges 4% of the amount of each transfer. That's not bad, but the U.S. Bank Visa® Platinum Card charges 3% of each amount transferred. It offers 0% intro APR for 18 billing cycles on purchases and balance transfers, and then the ongoing APR of 19.24%-29.24% Variable APR. It has a $0 annual fee.
Other cards are even more forgiving
If you're concerned that you may consistently forget to pay your credit card bill on time, a card like the Citi Simplicity® Card waives all late fees and offers an even longer promotional period on balance transfers. With this card, you’ll get a 0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases, and then the ongoing APR of 18.49%-29.24% Variable APR. The card charges $5 or 3% of each amount transferred for the first four months after account opening (after that it bumps up to 5% or $5, whichever is greater). It has a $0 annual fee.
Visit NerdWallet's roundup of best credit cards to see how these options compare with the competition.
Alternate pick: 0% intro APR plus rewards
This card offers 0% intro APR on Purchases for 6 months and 0% intro APR on Balance Transfers for 18 months, and then the ongoing APR of 16.49%-27.49% Variable APR. Rewards: Earn 5% cash back in rotating categories that you activate, on up to $1,500 in purchases each quarter, and 1% on everything else. Bonus: INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300. Annual fee: $0.
How to decide if it's right for you
The HSBC Gold Mastercard® credit card is a good pick if you're eyeing a large purchase and need a long interest-free runway to pay it off, or if you're looking to transfer a high-interest balance and need a lot of time to whittle it down sans interest. It can also save you money on fees in general.
But you can find cards that offer lower balance transfer fees, more forgiving terms, and even rewards.
