HSBC Gold Review: Applications Are Paused; Current Cardholders Get Some Breathing Room on Interest
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Our Take
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.
Quick Facts
Pros & Cons
Pros
No annual fee
Intro APR period on purchases and balance transfers
No foreign transaction fee
Cons
No 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 12.24%-23.24% 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 APR14.49%-24.49% Variable APR | Regular APR15.24%-23.99% Variable APR | |
Intro APR0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases | Intro APR0% intro APR for 20 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 |
Full Review
As of December 2021, the HSBC Gold Mastercard® credit card was no longer accepting applications. But for current cardholders looking to finance a large purchase or eliminate existing debt, it's a solid card.
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.
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% 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.
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 for 15 months on purchases and balance transfers, and then the ongoing APR of 15.24%-25.24% 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 15.24%-25.24% 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 15.49%-25.49% Variable APR. The card charges $5 or 5% 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.
Methodology
NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.