The Hong Kong and Shanghai Banking Corporation (HSBC) boasts of being among the world’s ten largest banks based on its total assets. Beyond that, HBSC provides excellent credit cards to various classes of people. One of its cards includes the HSBC Gold Mastercard.
This low-interest credit card comes packed with attractive features. My best guess on why it is called ‘gold’ is because it allows you save but it is also meant for those with excellent credit. Anyway, your guess is as good as mine.
When placed side by side with other cards, it holds its own quite fairly. I bet I have your attention now.
Overview of HSBC Gold Mastercard
Below are the basic details you should know about this credit card.
- There are no annual fees
- There is no introductory Annual Percentage Rate (APR) for the first 18 months after which you will be required to pay something in the range of 11.99% and 19.99%.
- You will not be liable for any unauthorized transaction.
- Foreign transaction charges will not be incurred in the case of expenses abroad.
- There is a late fee waiver attached
- The terms and conditions apply.
Terms and Conditions that Apply to the HSBC Gold Mastercard
- The late payment fee will not be charged only the first time you are late on your payment and the first time after the 12 consecutive billing periods after the last late payment. Got it?
- The APR of 11.99%, 15.99% and 19.99% are dependent on how credit-worthy you are.
- The 0% introductory APR does not apply to cash advances and overdrafts.
- A Balance Transfer Fee of either 4% or 10 dollars, whichever is greater, will apply to each balance transfer or credit card check.
- A variable charge of 25.99% will apply to cash advances and overdrafts after the introductory period.
- In the event that you are charged interest, the minimum interest is 1%.
See the HBSC Gold Mastercard credit card Guide for more details so that you know all you are getting yourself into and the expectations to have.
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Benefits of the HSBC Gold Mastercard Credit Card
- It is perfect for international travel as there are no foreign fees attached. So, you can go on that vacation and keep swiping away without worrying about incurring extra expenses.
- Its low interest charge makes it excellent if you are trying to deal with credit card debt.
- If you fulfill certain requirements, it offers shopping benefits, travel benefits, fraud protection, travel accident insurance and emergency card services to help you report a lost/stolen card incident speedily and cancel the account.
- The late fee waiver means you don’t have to fret if you are behind on your payments. You can pay only what you owe without additional charges. This benefit is available every year.
- Long introductory period of 18 months during which you don’t have to pay APR. Unlike cards that hardly go beyond 12 months.
- It helps you save up since you don’t pay annual fees.
Cons of the HSBC Gold Mastercard Credit Card
- It is only suitable for those with excellent credit so it’s a bummer if you have bad credit.
- HSBC does not offer rewards of any kind so if you are looking out for that then this card is not for you.
- It does not offer the best balance transfer rates in comparison to other banks.
Is the HSBC Gold Mastercard for You?
First of all, this credit card does not offer the best all-round package out there. However, it helps you save a lot of money due to the delayed payment of APR, 0% annual fees and 0% foreign transaction charges.
If you don’t owe on your credit card bill then you do not need this card. You will most likely do better with a card that gives you rewards and bonuses so you can enjoy stuff like cash backs and free purchases every now and then.
However, if you have good credit and need an out on your credit card bills then HSBC Gold Mastercard is perfect for you. More so, HSBC has a good reputation so you can bank on that.
Written by Angela Umoru (AngieInspired)