Review
Updated
If you're looking to get out of credit card debt, there are no shortage of cards out there with 0% intro APR offers that allow you to hit the pause button on interest charges for a bit. The best cards offer you long interest-free periods and find ways to waive even more fees, which is exactly what the HSBC Gold Mastercard® did.
The HSBC Gold Mastercard® offered a lot of benefits over its competitors in the 0% intro APR intro offer space. There's no annual fee, no foreign transaction fees, no penalty APR, and you even get one free pass on a late fee per year. But in order to get the maximum benefit from this card, there were a few things you needed to know.
HSBC Gold Mastercard®
Great for: 0% intro APR
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Fair
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= Poor
= Best
= Excellent
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= Fair = Poor
Credit Score
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Good/Excellent (670-850)
Intro APR 0% Introductory APR on Purchases and Balance Transfers for the first 18 months from Account opening. Balance Transfers must be posted within the first 60 days following Account opening to qualify.
Purchases: 0%, 18 months
Balance Transfers: 0%, 18 months
Regular APR
13.99% - 23.99%
Rewards
N/A
Annual Fee
$0
Welcome Offer
N/A
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This card may not have any rewards or bonuses, but it's intro purchase and balance transfer period is among the best.
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- Great intro APR
- No annual fee
- No foreign transaction fee
- Late fee waiver
- No rewards
- High balance transfer fee
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- 0% Intro APR on purchases and balance transfers for the first 18 months from account opening. Then a variable APR 13.99% - 23.99% will apply.
- No penalty APR
- Late fee waiver
- $0 annual fee
- No foreign transaction fee
Alternatives to consider
- If you want more time to pay off your debt: Try the U.S. Bank Visa® Platinum Card. It comes with its own 18-month interest-free period. It also carries no annual fee, and even has a smaller balance transfer fee, too.
- If you want to avoid balance transfer fees: Alternatively, another way to really turbo-charge your debt payoff is with the Chase Slate® card. It comes with a shorter 0% intro APR period -- just 15 months, instead of 18 months -- but the big draw with this card is that there are no balance transfer fees if you move your existing balance over to this card within the first 60 days. If you think you can pay off your balance within 15 months, this card is definitely a better choice because it'll be your cheapest option.
As of Apr. 16, 2024
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U.S. Bank Visa® Platinum Card |
Chase Slate® |
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
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Credit Rating Requirement:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Good/Excellent (670-850) |
Credit Rating Requirement:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Good/Excellent (670-850) |
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Welcome Offer: N/A |
Welcome Offer: N/A |
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Rewards Program: N/A |
Rewards Program: N/A |
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Intro APR: 0% on purchases and balance transfers for the first 21 billing cycles on purchases billing cycles, and after that 18.74% - 29.74% (Variable). Purchases: 0%, 21 billing cycles on purchases Balance Transfers: 0%, 21 billing cycles |
Intro APR: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months |
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Regular APR: 18.74% - 29.74% (Variable) |
Regular APR: 14.99% - 23.74%, variable |
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Annual Fee: $0 |
Annual Fee: $0 |
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Highlights:
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U.S. Bank Visa® Platinum Card is unavailable on The Ascent. All information was collected independently and not reviewed for accuracy or provided by the credit card issuer. Some items may be out of date. The information related to Chase Slate® has been collected by The Ascent and has not been reviewed or provided by the issuer.
Full HSBC Gold review
This credit card is a good fit for: Consumers in search of a lengthy 0% intro APR period they can use to pay down credit card debt or expensive purchases interest-free.
Top perks
18-month 0% intro APR offer on purchases
If you've been looking to make a big purchase and pay it off with what's essentially an interest-free loan, a card with a 0% intro apr offer might be right for you. And with this card, you'll get a full 18 months to pay off the balance without owing any interest.
18-month 0% intro APR offer on balance transfers
You'll get the same 18 months to pay off any balance transfers. That's a very good offer compared to its competitors. In fact, there are only a few cards that have longer 0% intro APR periods on balance transfers. If you want to take advantage of this offer, you'll need to do it within the first 60 days after you open this card.
Late fee waiver
If you pay your bill late, you can get a late fee waiver once per calendar year. Be careful with this one though; paying your bill late can still cause your credit score to drop. And if you pay your bill more than 60 days late, your intro 0% APR period will end early and you'll begin being charged your normal interest rate.
No foreign transaction fees
This is another area in which this card outshines most of its competitors. There are no foreign transaction fees, so if you roam abroad frequently and are still working to pay down your debt, this will be an especially valuable card for you.
No penalty APR
Some credit card companies will charge you a higher APR if you pay your bill late. HSBC won't do that. But keep in mind that there are many other credit card issuers that also don't charge penalty APRs. So while this is a handy perk, it's not necessarily uncommon.
No annual fee
Again, it's not unusual to find no annual fee 0% intro APR credit cards. But since this card is designed to help you pay down your debt, it is an important factor to highlight.
Read more: Best No Annual Fee Credit Cards
What could be improved
Balance transfer fee
This card comes with a 4% ($10 min.) balance transfer fee. For example, if you're transferring over $10,000, you'll pay a fee of $400. That's a bit higher than some of its competitors where 3% is common, but in return, you do get a long interest-free period to pay off your debt.
Rewards
This card isn't built for earning cash back or travel rewards. It's meant to pay down your credit card debt, and that's what it does well. Still, there are cards out there that do allow you to earn rewards while still taking advantage of a 0% intro APR.
Longer 0% intro APR offer
In the grand scheme of 0% intro APR offers, the HSBC Gold Mastercard®'s intro period is relatively long. But it's not the longest. Other cards offer even longer stretches with no interest payments, so if you think you won't be able to pay off your debt within 18 months, see if a longer interest-free offer might work better for you.
Find the best credit card for your needs
Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.
Suggested credit score
The HSBC Gold Mastercard® is meant for people with good to excellent credit. FICO defines this as having a credit score of 670 or above. There are many other factors that lenders take into account such as your income and other debt levels when deciding to approve you for a card, so even if your score falls within these ranges it doesn't necessarily mean you'll automatically qualify.
Read more: Best Credit Cards for Excellent Credit
The HSBC Gold is right for you if:
If you're looking to pay off your existing credit card debt quickly and cheaply, or finance a large purchase, the HSBC Gold Mastercard® should be on your shortlist.
It's especially well-suited to travelers because it's one of the few credit cards that comes with no foreign transaction fees when you are abroad. It's also a good choice if you want the added security that you can pay late once per year and not be charged a late fee. But again, be careful with this one, because you don't want to be lulled into a false sense of security and feel it's OK to miss a payment.
Our credit card methodology
At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.
FAQs
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The credit limit for the HSBC Gold Mastercard® usually ranges from $1,000 to $10,000 or more. HSBC uses a variety of factors to determine your card's credit limit, including your income and credit history.
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The HSBC Gold Mastercard® can be hard to get because of the application requirements. To be eligible to apply for this card, you first need to have a bank account with HSBC. In addition, some applicants have reported that they needed to provide additional documentation to HSBC during the credit card application process.
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No, you can't get pre-approved for the HSBC Gold Mastercard®.
Our Credit Cards Expert
Lindsay VanSomeren has been working as a personal finance writer and expert since 2015. Her work has appeared on Business Insider, Credit Karma, LendingTree, Northwestern Mutual, and The Balance, among other publications. She is passionate about making personal finance accessible to everyone by delivering straight talk about financial products. She has a bachelor's degree and a master's degree from the University of Alaska Fairbanks.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
HSBC Holdings is an advertising partner of The Ascent, a Motley Fool company. JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. The Motley Fool has positions in and recommends JPMorgan Chase, Mastercard, Target, U.S. Bancorp, and Visa. The Motley Fool recommends HSBC Holdings and recommends the following options: long January 2025 $370 calls on Mastercard and short January 2025 $380 calls on Mastercard. The Motley Fool has a disclosure policy.
The Motley Fool owns shares of and recommends Mastercard.