There are ample credit cards in the banking segment and at times it can get confusing which to pick, however, this article is to help you ascertain the benefits and cons of getting an HSBC Gold MasterCard.
Benefits of HSBC Gold MasterCard
Longest Intro APR Period
The biggest benefit that you get for being approved for this card is the 18 months no interest introductory offer. If you plan to consolidate your balance from multiple cards or plan to make a large purchase then HSBC Gold MasterCard can fulfill your requirements.
Besides an attractive intro offer, an HSBC Gold MasterCard has no annual fee, no penalty APR and you can get one waiver for the late fees per year.
To avail the balance transfer intro offer, your transfer should be posted to your account within 60 days of account opening. You could potentially lose the intro APR if you make a late payment which is more than 60 days late. The APR you would receive at the end of the intro period would vary based on your creditworthiness.
No Foreign Transaction Charge
Cards with a foreign transaction fee, charge your account each time you swipe your card for a purchase abroad. Depending on the issuer, you could pay between 1-3% for every transaction after conversion. HSBC Gold MasterCard does not have a foreign transaction fee, which is a great perk to have if you shop abroad.
Lifestyle perks add additional value to your everyday experiences while using your card.
Priceless Cities is a MasterCard benefit through which you can make reservations for exclusive experiences in different categories like sports, arts & culture, culinary and travel.
Priceless Golf gives you discounted access to premium golf courses, lessons with a PGA Tour Professional, and complimentary grounds passes for PGA Tournaments. You can click here to know more about Priceless Golf.
Fraud Protection: Once you get approved by default you are enrolled in the fraud alert program. In case HSBC notices any suspicious activities, they will notify you.
Identity Theft Resolution: If your card happens to be stolen or lost you can immediately report it to HSBC to avoid any third-party transactions on your card. An investigation would be conducted to review and resolve any fraudulent transactions.
Emergency card replacement: When your card is lost, you can request for a replacement card. The emergency card replacement assistance is available 24/7, 365 days a year.
Compatible with Payment Apps: Many of us like to pay using a contactless payment mode. You can pay using the tap and go feature at a contactless payment terminal while shopping.
Apps enable us to keep our card number secure while making online transactions. The HSBC Gold card is compatible with payment methods such as Google Pay, Apple Pay, and Samsung Pay.
Free FICO Score Check: While paying back large balances it helps to know the current standing of your credit score. You can log in to check into your HSBC and keep a track of your FICO score. To get a better understanding of how the FICO score works click here.
The HSBC Gold card comes with standard benefits such as MasterCard Roadside Assistance, Car Rental Coverage up to fifteen consecutive days. You could receive up to 15% discount on airport meet and greet service who can guide you through your transit. This service is available across 450 locations globally. MasterCard Travel Accident Insurance offers up to $1,000,000 coverage in case of accidental dismemberment or death while traveling on a common carrier, conditions apply.
Drawbacks of HSBC Gold Mastercard
HSBC Gold MasterCard falls short from being an amazing card due to the lack of welcome bonus and cashback benefits. If you are looking for cashback or anniversary bonus, then you should explore the HSBC Cash Rewards MasterCard. While the HSBC Cash Rewards MasterCard doesn’t have 18 months of intro APR offer it does offer 12 months of 0% Intro APR.
Quicksilver Cash Rewards is also a great alternative if you are looking for the welcome bonus, cashback, and intro APR combo. The current intro APR offer gives you 15 months of 0% interest period beyond which variable APR is applicable.
The HSBC Gold card also charges a higher balance transfer fee at 4% in comparison to other cards which charge a 3% fee. With an HSBC Gold MasterCard, you can initiate a balance transfer that is equal to your credit limit available on the card. Anything higher than that may not be approved.
You must have a good credit score to be eligible for the HSBC Gold Mastercard. With an excellent credit score, you could qualify for a low APR which would make the balance transfers worthwhile. Even with an average APR you could plan your finances and use the 18 months with 0% interest period to pay back the amount due.