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HSBC Gold Mastercard Credit Card Review

HSBC Gold Mastercard Credit Card Review

Like them or not, HSBC cranks out some good products, so why isn’t this card a world beater? The fact is that there are only really three downsides about the HSBC Gold Mastercard credit card. The first is that the card is less about rewards and is more about offering a long-term credit card. Secondly, if you want to access your account via your phone, then you have to use the HSBC mobile app, which isn’t as beloved by some people as it should be. Thirdly, the balance transfer fee is 4%, which is still great, but people with a good credit rating could probably do better. Other than those niggling issues, this is a very good credit card for people who are looking for a solid 18-months of interest-free time for purchases and balance transfers.


HSBC Gold Mastercard Credit Card For People With Okay and Good Credit


The 18-month interest-free period is okay, and even though I have seen HSBC provide far better offers for people with okay credit before, it is still a good introductory offer.

If you have okay credit, your main priority may not be rewards such as cash back and miles, your main priority may be a credit card that you can rely on and that will not screw you over with fees. If you are looking for more of a long-term credit card, or a credit card you can hold onto for a while until your credit goes from okay to good, then the HSBC Gold Mastercard credit card is a fine choice.

HSBC takes account of your credit rating, but they also build their own credit history on you, which means they may offer more than expected. For example, if you use companies such as Credit Karma and Credit Sesame, they will give you assumptions on what lending facilities different companies will offer you, and if you are a HSBC customer, then you will receive a better or worse deal from HSBC than what the credit scoring portals suggest.

Here Is How It Works

For example, let’s assume that you have screwed up quite a bit with your other loans and credit cards, but you have kept your accounts with HSBC in good order. If you use free scoring services such as Credit Sesame or Credit Karma, they will list the companies that will lend to you, and they will underestimate how much HSBC will give you. For example, if their credit-scoring system says that HSBC only gives $3000 to people with your credit rating, then there is a good chance that HSBC will offer more to you. On the same note, if the free credit scoring portal says you only have a 20% chance of getting a HSBC card, there is a better than 20% chance that HSBC will offer you a card because you have a good account history with them.

On the flip side, if you have an okay credit rating, but you have messed up a lot with your previous HSBC lending facilities, then HSBC will ignore your credit rating and deny you extra credit based on your personal history with them. The same is true if you have had unusual transactions on your HSBC accounts, such as signs of gambling online via overseas websites, or problems with reporting your card stolen and claiming back for unauthorized transactions.


HSBC Gold Mastercard Credit Card Vital Statistics


  • 0% for balance transfers the first 18 months from when the account was opened
  • 0% for purchases the first 18 months from when the account was opened
  • Once the 18 months have elapsed, you will have to pay an APR of 13.24%, 17.24% or 21.24%
  • You will only get one late fee waiver per year
  • There is no annual fee for this credit card
  • There is no penalty APR, so your APR will never creep up to 29.99%
  • Road Assist Master services when traveling in the US (this one comes with lots of small print)
  • There is no fee for authorized additional cards
  • You get trip assistance to help you with things such as lost luggage

HSBC Gold Mastercard Credit Card Payment Technology


  • They offer contactless payments that can be used in stores when you pay with your card
  • Chip and pin technology is available for use at chip-enabled terminals such as in stores and at ATMs
  • The HSBC Gold Mastercard credit card is security chip-enabled that gives you enhanced protection
  • Make mobile purchase by using Samsung Pay, Google Pay or Apple Pay
  • $1 million accident travel insurance covers you, your unmarried dependent children, and your spouse when traveling in a common carrier (HSBC website doesn’t give full details about this perk, they ask you to read the brochure, which they only give you once you have applied…shame on them

HSBC Gold Mastercard Credit Card Shopping Benefits


  • They offer an extended warranty that will increase your original warranty for one additional year, but certain restrictions, exclusions and limits will apply
  • If your identity is compromised, then you won’t need to worry because their identity theft resolution services will be able to give you one-on-one support
  • This credit card offers you purchase assurance that will cover you for most types of theft or damage when you use this card to make your purchases
  • If you buy items/products with your credit card, and afterwards it is advertised at a lower price than what you paid for it, then you are able to contact HSBC in order to get a refund for the difference between what you spent on it and how much it costs now. This offer applies for up to 60 days after each purchase.

The APR and Introductory Offer


There is a 0% APR offer for purchases that you make up to 18 months after you first get your card. In other words, if you make purchases on your card within the first 18 months, then you will not have to pay interest on your balance.

You do not have to pay interest within the first 18 months on any balance transfers you make. Within sixty days of opening your account, you must transact all of your balance transfers. Wait longer than 60 days, and they will not allow you to post balance transfers.

After the 18 month period has elapsed, your interest rates will range from between 13.24%, 17.24% and/or 21.24%. The rate of interest you are given depends on your credit rating.


Travel Carefree


There are no foreign transaction fees when using your credit card abroad. This means, when you make purchases in a different country, there is no flat fee for doing so. Plus, the card is accepted globally, which means it works in 36 million locations around the world.

The card comes with MasterAssist, which is a travel assistance service. This service provides pre-trip destination information, lost luggage assistance, legal referrals and emergency medical help when traveling. As well as MasterAssist, you also get Master RoadAssist Roadside services. With this service, you get breakdown cover whenever you are traveling in the United States. If you break down in the US, then MasterCard will send somebody out to you. This only applies to rental vehicles that you hire and pay for with your HSBC MasterCard.

If you pay for a trip with your HSBC Gold MasterCard credit card, you also get travel accident insurance of up to $1 million. This will cover you, your unmarried-dependent children, and your spouse when you travel in a common carrier.


HSBC Gold Mastercard Credit Card Accessories


Purchase Assurance

If you purchase an item with your credit card, and it is within the 90 days purchase limit, HSBC will cover you up to $1,000 for any theft or accidental damages. This applies to many of the items you purchase, especially big-ticket items. In other words, it does not apply if you buy a banana and it bruises in your bag on the way home.

Extended Warranty

When you buy a product with your credit card, you will be entitled to extend the old warranty for up to one year, so you will have extended warranty cover for two years when many electronic devices only come with a warranty of just one year.

Mobile Payment Options

For a quick way to make purchases while shopping, HSBC lets you pay by using mobile apps. You may pay via Apple Pay, Samsung Pay, and Google Pay. This is so you won’t need to carry your purse or wallet around.

Contactless Payment Feature

The contactless feature allows you to pay by using your card without having to enter the pin, which will save you time. More and more stores have contactless terminals where you need only tap your card to the terminal and your payment goes through. What’s more, there is a purchase-amount limit to help stop people from clearing out your account if they steal your card.

Price Protection

If you purchase an item and see the same item in the same shop at a lower price, and it is 60 days or fewer since you bought it, you are able to go to HSBC and get a refund on the difference between the price you bought at and the price it is now.

No Penalties

HSBC has a late fee and a penalty for your late payment. However, they will waive the penalty just once every 12 months, this means that if you miss a payment then you will not be charged and you won’t have to pay the penalty APR. Remember, you can only get away with this once per year, if you miss more than one payment within the 12-month period, then you will be charged a penalty fee and a penalty APR.

Identity Theft Resolution Services

Identity Theft Resolution Services is a facility that helps you if your identity is compromised. You get one-on-one support until the claim is completed and you are happy with it. Part of the process involves using the information you submitted when you first signed up for the credit card, so keep notes on what you submitted. Also, if somebody is stealing your information from Facebook, then they know your mother’s maiden name, the street you grew up on etc. If you are worried about this sort of ID theft, then come up with fake answers to secret questions and note them down in a folder at home that you put in a safe place. It makes it far easier for ID theft resolution services to help you out.

Security Chip

Your card has a security chip that provides robust protection, and each chip is unique to your credit card. The chip is embedded in your card, and when using chip-enabled terminals (in stores and in ATMs), you may use a personalized pin number. Other people will need to know your pin number in order to steal from you, so keep your pin number safe and your card will be harder to steal from. Also, you be able to use the card at chip-enabled transactions terminals (in stores and in ATMs) all over the world.

Lost/Stolen Card Reporting

When you inform HSBC that your credit card has been stolen, or lost, you will not be liable for any of charges or transactions that have been made on your account after you inform them. If you need an emergency card because yours was frozen, then you can have a temporary card sent out to you the next day.


Gain Online Access To Your Account


You are able to access your personal account online, this will give you the option to check your account status, i.e. to check how much money you have in your account, how much of the balance you have spent, your credit limit, and so forth

HSBC’s online banking includes credit card functions. It will let you review your recent transactions, which will help you keep up to date with what is coming in and out if your account.

Register for free with HSBC online banking, and you will have the option to receive account updates via email or by text. You can use the website to request a balance transfer, add authorized users to your account, and request a new pin number. You may also sign up for EZ-Pay, which allows you to pay your bills by using your credit card online.

The credit card has a 0% introductory APR for purchases, which means it does not count towards overdrafts and cash advances. After opening the account, all balance transfers must be sent within the 60 days. Once the introductory period has ended, you will have to pay the APR variable that run between 13.24%, 17.24% and 21.24%. The APR (the interest rate) you get will all depend on your credit score.

The cost of a balance transfer is 4% of the total transfer amount, or it is $10 depending on which is higher. The cost of a cash advance is also 4% of the total transfer amount, or it is $10 depending on which is higher. As for overdraft transaction fees, they too will cost 4% of the total transfer amount, or it is $10, whichever is higher.


Conclusion – It Is Pretty Good For Customers With Okay-to-Good Credit


I know some people are unimpressed because it doesn’t have cash-back, points, or reward miles, but it has a robust 0% introductory offer, and it works as a long-term credit card. I see no reason why people shouldn’t use this card. If you are looking to comfortably increase your credit score while building a credit history with the HSBC bank, then this is a fine credit card. You could build your credit rating, and then upgrade to a more reward-filled card when your score has increased. Plus, once your credit score has increased and you have proved you can handle credit with HSBC, they will give you preferential treatment when you apply for their fancier credit cards and borrowing facilities, (especially when it comes to higher-limit credit cards and larger overdrafts).

About The Author

Ash The Great

After a varied career in different industries from the hospitality industry to the financial consultancy industry, Ash now spends his days working as a professional writer.

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