A substantial introductory 0% APR offer is available on purchases and debt transfers with the HSBC Gold Credit Card. It keeps the cost of the card low because of its few penalties and flexible late-payment policy, but it doesn’t offer incentives.
Transfer credit card or other non-HSBC store debt. Balance transfers are available for 12 months at 0% p.a. with a 2% transfer fee. Pay a $29 discounted annual charge the first year, followed by $129 p.a. When you apply for a new HSBC Platinum Credit Card, the offer is available. More insurance than you could imagine. Extended Warranty, Purchase Protection, and Domestic and International Travel Insurance.
Key Features
- You can transfer and pay off the credit card debt in regular installments.
- With the HSBC bank credit card balance transfer on EMI service, customers can select between loan durations of 3, 6, 9, 12, 18, and 24 months.
- With a minimum transaction fee of Rs. 200, the transaction cost is incredibly low at 1% of the transferred value.
- Customers have the option of a perpetual balance transfer or a balance transfer on EMI. The interest rate for the balance transfer on the EMI option ranges from 1.17% to 1.33% per month. The everlasting balance transfer option has an interest rate that ranges from 1% to 1.2% each month.
- Enjoy 0% interest per year on balance transfers for 12 months from credit cards issued by companies other than HSBC (the rate reverts to a variable cash advance rate after that).
- The reduced annual charge for the first year of $29, then $129 per year.
- Earn two Rewards Plus points for every $1 spent on qualifying international purchases and one Rewards Plus point for every $1 spent on other eligible purchases. The maximum amount per statement period is 10,000.
- Free domestic and international travel insurance (for journeys of up to four months), together with coverage for rental car excesses, pandemic and epidemic coverage, and transit accident insurance
- Free Purchase Protection, as well as an Extended Warranty
- Every year, two free passes to airport lounges are provided.
- Access to HSBC Instant Savings with 20% off meals and a free subscription to Frequent Values by Entertainment Publications, which offers up to 25% off retail savings.
- The Home & Away Privilege Program provides access to special deals and benefits from 27,000 carefully chosen partners both domestically and internationally.
- Extra cardholders at no cost
- Acceptable with Google Pay and Apple Pay
- Within the first 60 days after account opening, balance transfers conducted during this time incur no fees and will earn 0% interest for 16 months.
- 0% on purchases for three months following account opening, followed by a variable rate of 23.9% p.a.
Pros
- Enjoy 0% interest per year on balance transfers for 12 months from credit cards issued by companies other than HSBC (the rate reverts to a variable cash advance rate after that).
- Earn two Rewards Plus points for every $1 spent on qualifying international purchases and one Rewards Plus point for every $1 spent on other eligible purchases. The maximum amount per statement period is 10,000.
- Free domestic and international travel insurance (for journeys of up to four months), together with coverage for rental car excesses, pandemic and epidemic coverage, and transit accident insurance
- Free Purchase Protection, as well as an Extended Warranty
- Every year, two free passes to airport lounges are provided.
- The Home & Away Privilege Program provides access to special deals and benefits from 27,000 carefully chosen partners both domestically and internationally.
- Extra cardholders at no cost
Cons
- There is a 10,000-point limit per statement period.
- As with all reward credit cards, the regular purchase rate is high.
- A foreign transaction fee of 3%
Benefits
- 15% off the cost of using the airport concierge service
- Collision coverage for a rental automobile (in addition to your policy)
- A cashless transaction
- Mastercard’s anti-ID theft program
- Global Mastercard Service
Eligibility
- Possess a yearly income or pension that is at least £6,800 before taxes.
- Be a UK resident who is older than 18.
- In the previous six months, you cannot have had an HSBC credit card.
- No balance from a card issued by a different HSBC Group member, such as first direct, M&S Financial Services plc, or John Lewis Financial Services Ltd., may be transferred.
How to apply for an HSBC Credit Card?
Through online, offline, and phone application methods, HSBC makes applying for credit cards simple. The following methods can be used to apply for a balance transfer credit card.
- Online Application: Choose your desired card by going to the HSBC website. Then, enter all of your information and press the credit card application button. The bank will get in touch with you to start the procedure.
- Offline Application – To apply for your desired credit card in person, go to the HSBC Bank office that is closest to you with all of the necessary documentation. Follow the bank representative’s instructions.
- Application via Phone – To apply for an HSBC credit card over the phone, call the bank’s assistance staff at the above-mentioned numbers, 800 444 7773 (inside the UAE) or +971 4 224 1000 (outside the UAE).
Overall Rating
The annual fee on the feature-rich rewards card known as the HSBC Platinum Credit Card is waived for the first year. A fantastic 0% p.a. on balance transfers for 12 months with a 2% balance transfer fee is available to new cardholders.
You must transfer one or more balances from existing credit cards to a provider that is not a part of the HSBC Group if you intend to do so. This comprises John Lewis Financial Services, M&S Financial Services, and First Direct.
You have the option to add a second cardholder to your account, such as a family member or romantic partner. Additionally, if your card is lost or stolen, assistance is available right away thanks to 24/7 global assistance.
But because there isn’t a 0% period for purchases and the APR is significant, this card should be used mostly to pay off debt.
Conclusion
The HSBC Gold Credit Card is a respectable option if you’re looking for a card that forgoes rewards instead of debt-management tools. For individuals interested in making purchases or transferring a high-interest balance, a substantial introductory term of 0% APR makes it a competitive alternative and forgiving late-payment provisions lower the cost of forgetting to pay a bill on time.
However, the card, which also has no annual charge, offers even better terms for people primarily attracted by advantageous balance transfers. Transfers can be made during the first four months after opening an account, which is twice as long as the window allowed with the HSBC Gold Credit Card. It has a 0% initial APR on balance transfers for 18 months starting from the first date of transfer. Additionally, there is an 18-month introductory 0% term for purchases. In addition, there are no late fees, penalty APRs, or annual fees with the Citi Simplicity card. Even the deadline for payments is up to you.