HSBC Gold Mastercard® credit card review: Helpful tool for saving on interest

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In a Nutshell

If you’re trying to get out of credit card debt or have a big unexpected expense, the HSBC Gold Mastercard® credit card could be a useful tool to help you save money on interest charges.

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Pros Cons
Long intro APR on balance transfers could help you pay off debt Potentially high regular APR on balance transfers and purchases after the promotional rates expire
Long intro APR on purchases good for unexpected expenses Balance transfer fee could be expensive
$0 annual fee No rewards program

 

From our partner

HSBC Gold Mastercard® credit card

From cardholders in the last year

See Details, Rates & Fees

3 things you should know about the HSBC Gold Mastercard® credit card

The HSBC Gold Mastercard® credit card could help you save money on interest charges, but balance transfers (and other intro offers) can be difficult to navigate. Here’s what you need to know.

1. Good for paying off short-term debt

If you’re trying to get out of debt, the HSBC Gold Mastercard® credit card might be able to help you pay off short-term debt.

The HSBC Gold Mastercard® credit card offers an introductory 0% APR on balance transfers (as well as purchases) for the first 18 months from your account opening. To take advantage of the balance transfer intro offer, you need to transfer your balance within the first 60 days of account opening.

There’s a 4% balance transfer fee (with a minimum charge of $10). And keep in mind that if you don’t finish paying off your balance before the intro offer is up, you’ll have to pay the regular variable APR for balance transfers: 14.49% - 24.49%. The regular variable APR on purchases is also 14.49% - 24.49%.

We think the HSBC Gold Mastercard® credit card is a good choice for debt that you reasonably expect to pay off in the next year and a half.

2. Can get you out of a jam

The long intro purchase APR period (18 months from account opening) could help you get by if an unexpected big purchase comes up that you can’t fully cover.

We recommend starting an emergency savings account to help you bridge the gap when you have unexpected expenses. But that’s easier said than done, and the HSBC Gold Mastercard® credit card could help you when times are tight.

Just try to pay it back during the intro period, or you’ll have to pay a variable APR of 14.49% - 24.49% on your purchases.

3. It’s not entirely free

The HSBC Gold Mastercard® credit card has 0% intro APR offers and a $0 annual fee — but it’s not free.

The balance transfer fee of 4% of your transferred balance or $10 (whichever is higher) is on the high side. So if you transfer a balance of $1,000, you’ll be charged a $40 balance transfer fee. The larger your transferred balance, the more your wallet will feel it. 

Plus, if you don’t pay it off within the intro period, you could be hit with massive charges on the remaining balance when the interest rate jumps.

Things to consider

Here are a few more things to keep in mind about the HSBC Gold Mastercard® credit card.

  • There’s a late-fee waiver. If you make a late payment, the HSBC Gold Mastercard® credit card will waive the $39 late fee once per year and will never impose a penalty APR. This could feel like a get-out-of-jail-free card — but if you make a payment that’s more than 60 days late, you could lose your intro APR offers.
  • Keep your credit limit in mind. If you’re approved for the HSBC Gold Mastercard® credit card, it’s possible that you might receive a credit limit that’s lower than the full balance you’re hoping to transfer.
  • You can’t transfer a balance from an HSBC account. You can’t transfer a balance from another HSBC bank or credit card account to the HSBC Gold Mastercard® credit card, so it makes more sense to consider this card if you have balances with one of the major credit card issuers that you’re looking to pay down.
  • You can use it for international travel. The card’s foreign transaction fees? None.

Who this card is good for

The HSBC Gold Mastercard® credit card is a good option if you’re aggressively paying off short-term debt because it could help you save money on interest charges.

But even though the card can cover you in an emergency, it’s not a good option if you’re not working on paying down debt and planning to use it to make regular, everyday purchases. Not only does the HSBC Gold Mastercard® credit card not offer perks like a sign-up bonus or cash back like a rewards credit card might, but the low introductory purchase APR may tempt you to go into debt to buy things you can’t comfortably afford to pay back.

What are the best credit cards to transfer a balance?

This is one of the best credit cards HSBC Bank has to offer. But if this card isn’t the best fit, here are some other options.