HSBC Gold Review: Breathing Room From Interest and Fees
You'll get a lengthy 0% intro APR period and a forgiving policy on late payments, but you won't get any rewards.
Our Take
4.5
The bottom line: It's a good pick if you're financing a large purchase or looking to transfer a high-interest balance. It can also save you money on fees in general.
Full Review
HSBC Gold Mastercard® credit card
Annual Fee
$0
Regular APR
12.99% - 22.99%, Variable
Intro APR
0% Introductory APR on credit card purchases and balance transfers for the first 18 months from account opening.
Recommended Credit Score
Quick FactsView rates and fees
Pros & Cons
Pros
No annual fee
0% Introductory APR on credit card purchases and balance transfers for the first 18 months from account opening, then a variable APR of 12.99% - 22.99% will apply
No foreign transaction fee
Cons
No rewards
Alternate Pick: 0% intro APR plus rewards
Discover it® Balance Transfer
Cash back on all purchases
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 11.99% - 22.99% 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.
Compare to Other Cards
Annual Fee$0 | Annual Fee$0* | Annual Fee$0 |
Regular APR13.74% - 23.74% Variable APR | Regular APR14.99% - 23.74% Variable APR | |
Intro APR0% intro APR on Purchases and Balance Transfers for 18 months | Intro APR0%* intro APR for 20 billing cycles on purchases and balance transfers* | Intro APR0% intro APR on Purchases for 15 months |
Recommended Credit Score |
Recommended Credit Score |
Recommended Credit Score |
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Full Review
If you're looking to finance a large purchase or are trying to eliminate existing debt while avoiding interest, the HSBC Gold Mastercard® credit card could fit the bill.
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. There are limits to those terms, however, and anyone who's hoping to earn rewards will want to look elsewhere.
HSBC Gold Mastercard® credit card: Basics
Card type: Balance transfer/0%.
Annual fee: $0.
Sign-up bonus: None.
Rewards: None.
APR: 0% Introductory APR on credit card purchases and balance transfers for the first 18 months from account opening, then a variable APR of 12.99% - 22.99% will apply.
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.
Why you might want the HSBC Gold Mastercard® credit card
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% Introductory APR on credit card purchases and balance transfers for the first 18 months from account opening, then a variable APR of 12.99% - 22.99% will apply.
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.
Why you might want a different credit card
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 on Purchases for 15 months, and then the ongoing APR of 15.49% - 25.49% Variable APR — 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: 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 20 billing cycles on purchases and balance transfers*, and then the ongoing APR of 14.49% - 24.49%* 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 on Purchases and Balance Transfers for 18 months, and then the ongoing APR of 14.74% - 24.74% Variable APR. The card charges $5 or 3% of each amount transferred. It has a $0 annual fee.
Visit NerdWallet's roundup of best credit cards to see how these options compare with the competition.
Is the HSBC Gold Mastercard® credit card 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.
Frequently asked questions
If you're looking for relief from interest, then yes. There's a lengthy 0% period for financing a large purchase or paying down transferred debt. You get 0% Introductory APR on credit card purchases and balance transfers for the first 18 months from account opening, then a variable APR of 12.99% - 22.99% will apply. The annual fee is $0, and the card offers a late fee waiver and charges no penalty APR.
The HSBC Gold Mastercard® credit card does not offer rewards or a sign-up bonus. Its value rests primarily in its 0% promotional period.
To qualify for the HSBC Gold Mastercard® credit card, you'll need good to excellent credit, generally corresponding to a score of 690 or above. Card issuers also look at your income and other factors.
You won't be charged interest for the duration of the introductory 0% APR period. Once that promotional period expires, the card’s interest rate resets to its ongoing rate. If you have any balance remaining at that time, you’ll start being charged interest on it going forward.
The fee is 4% of the amount transferred, or $10, whichever is greater. To qualify for a 0% promotional period, balances must be transferred within the first 60 days of account opening.
