- Decent sign-up bonus
- Introductory 0% APR promotion
- Light on the fees
- Offers a sign-up bonus worth $150
- No interest on purchases and balance transfers for 12 months
- No annual fee or foreign transaction fees
- Ongoing rewards rate is mediocre
- Charges an above-average balance transfer fee
- Potentially high interest rate
If you bank with HSBC and are looking for a basic credit card, the HSBC Platinum Mastercard® with Rewards Credit Card offers some basic rewards and perks.
In addition to offering a sign-up bonus and rewards on everyday purchases, the card offers a decent 0% APR promotion on both purchases and balance transfers.
But depending on your options, you may qualify for similar credit cards that offer more in rewards and even a longer 0% APR promotional period. Read on to learn more about the HSBC Platinum Mastercard® with Rewards Credit Card and whether you should consider it.
HSBC Platinum Mastercard® with Rewards Credit Card review
The HSBC Platinum Mastercard® with Rewards Credit Card isn’t the best HSBC has to offer, but it may be worth considering for some cardholders.
The card offers 15,000 bonus points, worth $150, after you spend $500 in the first three months, making it possible for even small spenders to qualify. You’ll also earn 1 point per dollar on every purchase you make.
Unfortunately, that’s not very competitive in today’s credit card rewards landscape. Several similar credit cards offer 1.5% or even 2% rewards rates on everyday purchases.
You can potentially get more value out of the card if you utilize its 0% APR promotion. You’ll pay no interest on purchases or balance transfers in the first 12 months with the card. After that, though, the interest rate can be very high, depending on your creditworthiness.
HSBC Platinum Mastercard® with Rewards Credit Card rewards and perks
As previously mentioned, the card offers both a sign-up bonus and rewards on every purchase you make. While the rewards rate itself is a bit underwhelming, the card provides flexible redemption options.
You can redeem the points you earn with the card for cash back, gift cards, or merchandise. That said, you may still be better off with a cash-back credit card like the Chase Freedom Unlimited® or the Citi® Double Cash Card, which offer higher rewards rates.
The other main perk the card offers is its 0% APR promotion. To give you an idea of how valuable that can be, let’s say you use the card to finance a large purchase of $6,000 and pay it off over 12 months.
If you were to do that with a credit card that charges the average interest rate of 15.54% — according to May 2018 data from the Federal Reserve — you’d pay $516.96 in interest over those 12 months.
Of course, many other rewards credit cards offer 0% APR promotions, and some offer longer promotional periods. But you can still get good value from this card if you maximize its perks.
HSBC Platinum Mastercard® with Rewards Credit Card benefits
While this card may not offer as high of a rewards rate as similar cards, it does offer some benefits that you may not get with your average cash-back credit card.
The first benefit of note is the card’s $1 million travel insurance protection. This is typically more common with travel credit cards. It also provides:
- Roadside assistance
- Concierge service
- Extended warranty protection
- Purchase assurance
- Price protection
- Identity theft resolution services
HSBC Platinum Mastercard® with Rewards Credit Card costs and fees
The HSBC Platinum Mastercard® with Rewards Credit Card doesn’t charge an annual fee, making it a decent choice for fee-averse credit card holders. It also doesn’t charge a foreign transaction fee, which is uncommon for non-travel credit cards.
However, the card’s APR may be high for some; it’s based on your creditworthiness.
If you’re planning to use the card’s balance transfer promotion, it’s essential to keep the balance transfer fee in mind. That’s 4% of the transfer amount or $10, whichever is greater.
While you may still save money by transferring a balance and using the card’s 0% APR promotion, that fee will eat into your savings.
Also, keep in mind that the card charges a cash advance APR that’s higher than it’s purchase APR, and its penalty APR exceeds 30%.
Does the HSBC Platinum Mastercard® with Rewards Credit Card make sense for me?
The HSBC Platinum Mastercard® with Rewards Credit Card isn’t the best cash-back credit card out there, although it does offer some benefits that you generally won’t get with other cash-back credit cards.
Consider it if you’re generally fee-averse, you like to keep your accounts with HSBC, and you tend to travel abroad often. But also compare it with other credit cards to make sure you get the best credit card for your needs.
Check out other cash-back credit cards, and even look at all the other HSBC credit cards available before settling on this or any other card with the bank. By going through this process, you can ensure that the card you get is the best for you.
Application Process: Apply online, and get a decision within 60 seconds or less.
Rewards: Earn 1 point per dollar spent on all purchases.
Bonus Offers: Earn 15,000 points, worth $150 cash back, after you spend $500 in the first three months.
APR: 0% Introductory APR on credit card purchases and balance transfers for the first 12 months. After that, a 14.74%, 18.74% or 24.74% variable APR.
Annual Fee: None.
- Rated #4 in 4 Best HSBC Credit Card Options
Earn 15,000 Rewards Program Bonus Points, worth $150 cash back, after spending $500 in the first 3 months from credit card Account opening
0% Introductory APR on credit card purchases and balance transfers for the first 12 months from Account opening ("Introductory Period").
Competitive variable APR of 14.74%, 18.74% or 24.74% will apply after the Introductory Period
No Annual Fee
No Foreign Transaction Fees