The
HSBC Gold Credit Card won’t enrich you with rewards treasure, but it will hide your balance from interest’s grasp for the first
18 months your account is open. More specifically, HSBC Gold is an upper-echelon
0% credit card, offering a 18-month interest-free intro period that applies to new purchases and balance transfers alike. That’s a far longer head start than most 0% cards will give you. And while a
4% (min $10) transfer fee unfortunately limits HSBC Gold’s balance transfer appeal, there’s no annual fee to worry about. So the HSBC Gold Mastercard is a great option for big-ticket purchases that will take a while to pay off, provided that you have the good or excellent credit needed to qualify.
Be careful to repay at least the majority of your balance before the end of HSBC Gold’s 0% intro period, however. It’s followed by a regular APR that could be above the market average for a card that requires good credit for approval.
HSBC Gold Credit Card Review Highlights- 0% for 18 months on Purchases: The average 0% card gives you about 11.59 months.
- 0% for 18 months on Balance Transfers: The average balance transfer card gives you about 13.05 months.
- 4% (min $10) Balance Transfer Fee: The average balance transfer card charges 3.28%. And there are a number of credit cards with no balance transfer fee.
- No Annual Fee: The average credit card charges $28.25 per year.
- No Rewards: This is not uncommon for a 0% credit card. Besides, you should always use separate cards for earning rewards on everyday purchases and carrying a balance from month to month, anyway.
- Potential for a High APR: Credit cards with 0% intro rates tend to have high regular APRs, and the HSBC Gold Mastercard is no exception. Depending on your overall creditworthiness, it could be 13.99% to 23.99% (V). In contrast, the average credit card for someone with good credit charges 23.26%.
So a credit card calculator is your best friend when using HSBC Gold. It will help you plan the monthly payments needed to be debt-free by the time regular rates take effect.
Finally, don’t forget that the HSBC Gold Mastercard, like nearly all other 0% credit cards, requires at least good credit for approval. And since credit scores can fluctuate a great deal, it’s a good idea to
check your latest credit score for free on WalletHub before you apply. Only WalletHub offers free credit scores and reports that are updated on a daily basis.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
