HSBC Gold MasterCard Review, Benefit and Limits You Should Know
– HSBC Gold MasterCard –
HSBC Gold MasterCard: Are you in search of a MasterCard, with minimal fee, late fee waiver, and many more card bonuses for you? Then this article is just for you. HSBC Gold MasterCard has the right benefits just for you.
In this article, you get to see in details;
- HSBC Gold MasterCard; advantages and disadvantages
- Benefits of HSBC Gold MasterCard
- Downsides of the HSBC Gold MasterCard
- HSBC Gold MasterCard Credit Limit
- How it compares to similar cards
HSBC Gold MasterCard
HSBC Gold MasterCard is ranked in the top 5 of the best balance transfer cards according to GO Banking Rates annual Best Credit Card rankings for 2019. It saves more with fewer fees, 0% Introductory AP Introductory APR on Purchases and Balance Transfers for the first 18 months from Account opening.
Here are some various interest points, you might have not known about the HSBC Gold MasterCard;
Advantages
- The Introductory 0% APR period applies to new purchases and balance transfers, making this a great card for paying off existing high-interest credit card debt
- Minimal fees
- Interest rates after the intro period are fairly low
- Late fee waiver
- No penalty APR
Disadvantages
- No sign-up bonus
- No rewards program
- A balance transfer fee of $10 or 4%
- Possible to find longer balance transfer offers
HSBC Gold MasterCard Benefits
The HSBC Gold MasterCard is a simple, straightforward card with a few perks beyond its introductory APR offer and the potential for a fairly low APR when the intro period runs out.
Below is the list of benefit you get from HSBC Gold MasterCard;
– 0% APR for 18 Months
The biggest selling point for the HSBC Gold MasterCard is its introductory 0%APR for 18 months on both balance transfers.
This feature helps cardholders bogged down by existing high-interest credit card debt to pay off said debt in a cost-effective way. Another reason to use this card would be to finance a big purchase you can’t afford to pay for outright.
To be eligible for the intro rate, balance transfers have to be posted within the first 60 days of account opening. After 18 months, the interest rate on this card can be relatively low. The APR for balance transfers starts at 13.24% for the most creditworthy cardholders and goes up to 21.24%.
– Little to No Fees
Another positive component of the HSBC Gold Master Card is its limited fees. There’s no annual fee and no foreign transaction fee. There’s also a once-a-year late fee waiver if you fail to make a payment on time.
The card has no penalty APR, and there’s no fee to add authorized users and additional cards.
– Travel Benefits
The HSBC Gold credit card offers standard travel benefits available with most HSBC Master Card products.
These include Master Assist for pre-trip planning assistance and help with lost luggage. Also included is Master Road Assist Roadside Services which provide help if your car breaks down while traveling domestically in the U.S. The card carries a generous $1 million in travel accident insurance.
– Shopping Benefits
As with the travel benefits, the HSBC Gold Master Card features a host of shopping benefits available with other MasterCard products from HSBC.
The card includes extended warranty protection, which doubles the original warranty on purchases up to one additional year.
Purchase assurance covers theft or damage to purchased items, and price protection refunds the difference if an item is advertised for less within 60 days after buying it.
Cardholders also have access to identity theft resolution services, which can help protect you against fraud and restore your identity in the event your information is compromised.
Downsides of the HSBC Gold MasterCard
No rewards program is linked to the HSBC Gold Master Card, so once you pay off your transferred balance or the promotional 0% period ends, there aren’t many reasons to keep using the card (unless you qualify for the lowest APR).
There’s also a $10 or 4% balance transfer fee to factor into the costs of transferring existing debt to the Gold Master Card. Most cards with equally attractive intro offer charge 3% fees, and some don’t have balance transfer fees at all.
HSBC Gold MasterCard Credit Limit
Depending on how much you want to transfer to the card, your credit limit — which varies based on your credit score — may not be large enough for you to transfer the full balance or take advantage of the intro APR for large purchases.
Based on customer reviews, approved credit limits with this card seem fairly low. Although higher limits are certainly possible, we found most reviews mentioned a maximum $5,000 credit line at the time the card is issued.
How It Compares to Similar Cards
How does the HSBC Gold Master Card stack up when it goes head-to-head with similar cards? Read on.
HSBC Gold MasterCard vs. Citi Simplicity Card
The Citi Simplicity Card is another card that aims to attract customers who want to pay off high-interest debt. But unlike the HSBC Gold Master Card, the Citi Simplicity card has a 0% intro APR period on balance transfers for 21 months, giving cardholders an extra three months to pay down their transferred balances at no interest.
Following the end of the intro period, the Citi Simplicity card offers a standard purchase APR from 16.49% to 26.49%, several percentage points higher than the HSBC Gold Master Card.
If transferring a balance is your main goal, the Citi Simplicity might be the better option — but when it comes to ongoing use after the intro period ends or financing a large purchase up front, the HSBC Gold card will probably save you money in interest charges.
HSBC Gold MasterCard vs. BankAmericard
The BankAmericard offers an introductory 0% APR for the first 15 months for both purchases and balance transfers. What’s more, balance transfers completed within 60 days of opening the account will incur no fees at all.
Depending on how much you plan to transfer. Whether 15 months is long enough to pay off the balance. You could save quite a bit with the BankAmericard over the HSBC Gold Master Card.
After 60 days, the balance transfer fee is a full percentage point lowers ($10 or 3%) with BankAmericard. Although, the standard APR (15.24% to 25.24%) is quite a bit higher.
The HSBC Gold Master Card is a good option for when you need to transfer existing high-interest credit card debt. It is also good when you want to finance a large purchase interest-free. Beware of the $10 or 4% balance transfer fee, which is a full percentage point higher than most other balance transfer cards.
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