Credit Cards

Best HSBC Bank Credit Cards of 2019


Best HSBC Bank Credit Cards of 2019 03.10.2019Leave a comment
Best HSBC Bank Credit Cards of 2019

HSBC is a British multi-international bank which is among the top 10 largest banks in the world (currently 7th) and has around 38 million customers. They offer many products, such as loans, current accounts, mortgages, and credit cards.

They also supply a whole variety of different credit cards for a wide range of lifestyles, whether you’re a frequent traveler or a student. Each credit card has benefits tailored to the type of customer you are, and several of these offers are particularly outstanding.

In this article, we will discuss bonuses, interest rates, and disadvantages that each type of card comes with.

HSBC Gold Mastercard credit card

With no annual fee or foreign transaction fee, the Gold MasterCard credit card is a very convenient and suitable choice for customers looking to make a big purchase or pay off their debt. This credit card provides some of the lowest rates that HSBC offers.

Benefits  

Other benefits include rental auto insurance, roadside emergency services, and shopping benefits such as purchase protection. This card doesn’t include reward program points and as many benefits and perks as the other cards offered by HSBC but makes up for it in simplicity.

So if you’re looking for a basic credit card, preferably a good credit score, and maybe are struggling with debt, you should consider the HSBC Gold Mastercard.

HSBC Gold Mastercard credit card
HSBC Gold Mastercard credit card

Disadvantages

One of the disadvantages is the higher than standard transfer fee at 4% with a minimum of $10, which seems small but may accumulate into a consequential amount over an extended period of time.

Rates

The Gold Mastercard offer also includes 0% introductory APR on purchases and transfers for 18 months after account opening, which will later become 12.74%-20.74% depending on your credit score. Eighteen months is a significantly extended period for introductory APR when compared to more prominent card issuers.

Reviews

Some customers are satisfied with the overall performance of this card, although there are many complaints of terrible customer service. Another inconvenience mentioned is the lack of proper online banking, with customers saying it’s slow and doesn’t include an option to pay bills online.

Pros
Auto insurance
Roadside emergency services
18 months for 0% introductory APR
Cons
No reward system
4% transfer fee

HSBC Cash Rewards Mastercard credit card

This card is very trendy and top-rated as it offers a 3% cashback on all purchases upon the first year of opening the account (up to the first $10,000 spent), after which you earn 1.5% cashback. But what puts it at an advantage is the 10% anniversary bonus, when at the end of every year, you get a 10% bonus on all the cash back you’ve made throughout the year.

Benefits

There is a 0% foreign transfer fee which also makes it an ideal card for traveling. You do not have to pay any annual fees for this account.

Aside from the excellent cashback offers, other perks include travel benefits like discounts on rental properties, auto rental insurance, roadside assistance, and travel insurance. It also consists of discounts on ShopRunner, Postmates and Priceless Golf.

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HSBC Cash Rewards Mastercard credit card
HSBC Cash Rewards Mastercard credit card

Disadvantages

The only drawback this card has is that the transfer fee is higher than average. It is either $10 or 4% of the amount you are transferring—whichever is higher.

Many cards with similar advantages only charge 3% or sometimes even waive the fee. However, if you’re in the market for cashback rewards and transfer capabilities, the HSBC Cash Rewards Mastercard® credit card is an excellent middle ground.

Rates

The Cash Rewards Mastercard is considered to be one of the best cards HSBC has to offer. It provides some of the highest rewards out of the whole lineup, while also suggesting a decent introductory APR.

For the first 12 months of your account opening you will have a 0% introductory Annual Percentage Rate, followed by a 14.74%, 18.74% or 24,74% variable APR. It’s the perfect choice for a top-of-wallet card.

Reviews

With a 4-star rating on creditcardinsider.com, most customer reviews are leaning towards positive, with a high percentage of people exceptionally satisfied with the introductory period bonus.

The negative reviews of this card once again relate to the customer service and the troublesome online banking.

Pros
1.5% and 3% cash back
10% anniversary bonus
0% foreign transfer fee
No annual fee
12 months for 0% introductory APR
Discount on rental properties
Cons
Up to 24.74% variable APR after the introductory period
$10 or 4% transfer fee

HSBC Platinum Mastercard with Rewards credit card

The Platinum MasterCard is the first option so far that offers reward program points, which makes purchases feel more gratifying and beneficial.

Benefits

As for the introductory bonus, HSBC offers 3X points on purchases made in the first 12 months upon opening the account (up to the first $10,000). After that, each purchase will earn you 1X points, which is a somewhat low amount compared to other cards available at HSBC and other providers.

You are granted the opportunity to trade in these reward points for gift cards, travel, merchandise, or cash deposited directly into your bank account, whichever you choose. You will also not have to worry about the burden of using your rewards before their expiration date, as there are none.

HSBC Platinum Mastercard with Rewards credit card
HSBC Platinum Mastercard with Rewards credit card

Disadvantages

This card will not earn you a whole bunch of points quickly but will add up after some time. So if your primary reason is to earn some extra points while doing your day-to-day shopping, then this is the card for you.

One of the drawbacks of this card is the high balance transfer fee, which is 4% with a $10 minimum. Similar rewards credit cards only charge 3% fee with a $5 minimum, putting this card at a disadvantage on the market.

Rates

As with most HSBC credit cards, there is no foreign transaction fees or annual fees. The card has a 0% APR introductory period which lasts 12 months, although you must post the balance transfers within the first 60 days. Afterward, a variable APR of 14.74%, 18.74%, or 24.74% will apply to your account.

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Reviews

Feedback on this card has mainly been overwhelmingly positive; customers enjoy using this card and praise the convenience of the point system. Reviewers state that they would recommend this as a secure no hassle card but complain about the phone application, saying “it is one of the worst banking apps out there.”

Pros
3X introductory bonus points on purchases
1X bonus points after the intro period
No expiration date for rewards
No foreign transaction fee
No annual fee
12 months for 0% introductory APR
Cons
Up to 24.74% variable APR after the introductory period
$10 or 4% transfer fee

HSBC Premier Advance Mastercard credit card

If you are a fan of dining and entertainment and you usually find yourself spending money on those activities, then this card is for you.

Benefits

For the first year of owning this card, you earn 3X points per dollar spent on dining and individual entertainment as well as 2X points per dollar on all other purchases (up to the first $25,000 spent). After this, cardholders earn 2X points per dollar on dining and entertainment as well as 1X per dollar on all other purchases. You can redeem these reward points in place of travel, merchandise, gift cards, or direct deposits.

The card also has no annual fee, but this only applies to current HSBC Advance or Premier account owners. An Advance relationship requires you to open an HSBC Advance checking account consisting of a steady balance of $10,000 or a repeating monthly deposit of at least $5,000. For an HSBC Premier relationship, you are required to have an HSBC Premier checking account and a combined total of $75,000 in personal deposit and investment balances.

For those customers who do not qualify for these options, the annual fee is $45 (after the first year). So if you’re not planning to be loyal to HSBC for some time, you should consider getting a different credit card. There are $0 foreign transaction fees, and cardholders have benefits such as petrol discounts, auto rental insurance, extended warranty coverage, price protection, and purchase assurance.

HSBC Premier Advance Mastercard credit card
HSBC Premier Advance Mastercard credit card

Rates

During the first year, there is an introductory 0% APR on purchases. Then a competitive variable APR of 16.74% or 20.74% is added, according to your credit score.

Reviews

The premier MasterCard with an average of a 4,1 rating on most reviews, is considered one of HSBC’s best credit cards with significant rewards, discounts, and cash-back perks.

Pros
Up to 3X bonus points on purchases of different categories
No expiration date for rewards
No foreign transaction fee
12 months for 0% introductory APR
Cons
$45 annual fee for some customers
16.74% or 20.74% transfer fee

HSBC Premier World Mastercard credit card

This credit card is a perfect fit for HSBC Premier customers who travel frequently, and are looking to earn travel rewards without paying a significant annual fee. This is the first card on our list to offer extra points and specific perks dedicated to travelers.

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Benefits

Among all the other benefits, you have the opportunity to earn 35K Rewards Bonus Points if you spend 3,000$ during the first three months from the moment you open the account. According to the HSBC rewards catalog, this is worth at least 400$ in airfare and even more in gift cards. After the introductory period, you earn 2X points on travel spending (air travel, hotels, car rentals), and 1X points on all other purchases. You can read more on the rules and eligibility of the reward program here.

Unlimited, complimentary premium Boingo Wi-Fi, an $85 reimbursement for the application fee of TSA PreCheck, $50 statement credit for Uber and Lyft rides every year, and hotel discounts are some of the other superb perks this offer provides.

Whether you love exploring the world or are obligated to travel frequently for business, you are sure to appreciate these benefits when you redeem them.

HSBC Premier World Mastercard credit card
HSBC Premier World Mastercard credit card

Fees and Rates

The Premier World card requires no annual fees for Premier clients, and costs $95 for non-Premier clients starting the second year of use. Non-Premier clients will also have to pay a $50 monthly maintenance fee, so this is the preferable choice for HSBC Premier clients. There is also a variable APR of 16.74% or 20,74% depending on credit score.

Reviews

According to reviewers, there are no other cards that offer travel rewards but at the same time require no annual fees, which puts this card above all its competitors.

It is clear that HSBC has made this card for its most loyal customers because you already must have a certain amount of money in your account to become a Premier member and qualify for this card.

Cardholders are pleased with the abundant spending bonuses and redeemable value of the points (through travel statement credits or to airline transfers).

Pros
35,000 reward points as a welcome bonus
1X and 2X points on travel and other purchases
$50 statement credit for Uber and Lyft per year
No annual fee for Premier clients
No foreign transaction fee
Cons
$95 annual fee for non-Premier clients
$50 maintenance fee for non-Premier clients
No introductory period for APR

HSBC Premier World Elite Mastercard credit card

The Premier World Elite is one of the more exclusive credit cards HSBC has to offer and is suited for big spenders on travel, and those with an excellent credit score.

Benefits

Upon the first 3 months of becoming a cardholder, if you spend $4,000, you will earn 50,000 Rewards Program Bonus Points. These points are worth approximately $750 in air travel (when booked online through HSBC Rewards.) When these months are over, you will start to earn 3X points on travel purchases, 2X points on dining, and 1X points on other purchases. This card is also in the top 15 list of credit cards with the best sign up offers.

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Other perks include Boingo unlimited Wi-Fi, TSA Precheck credit, airport lounge access, and hotel discounts.

A benefit that stands out is the receiving of up to $100 reimbursement in statement credits annually for travel purchases made with this card including tickets, seat upgrades, in-flight purchases, and baggage fees.

You also earn complimentary World Elite Concierge Service, which is similar to a 24/7 personal assistant who will be able to help you with any type of task.

HSBC Premier World Elite Mastercard credit card
HSBC Premier World Elite Mastercard credit card

Rates  

HSBC also offers a variable APR that ranges from 16.74% to 20.74% and has no introductory APR. There is no foreign transaction fee, but there is a 3% balance transfer fee. This card has an annual fee of $395 for all customers, which is a pretty high price, but it makes up for it with the benefits it offers.

You are also allowed to add multiple authorized users for $65 each.

Reviews

The main consensus of cardholder discussion threads is positive, with many of the customers regarding the $100 travel reimbursement as the main selling point of this card, as it can be used for a variety of travel purchases. But there is some criticism surrounding the higher than the average annual fee, as other card providers offer similar rewards without the annual fee.

Pros
50,000 reward points as a welcome bonus
1X, 2X, and 3X points on different purchase categories
No foreign transaction fee
24/7 personal assistance
Cons
$395 annual fee
3% balance transfer fee
No introductory period for APR

HSBC Cash Rewards Mastercard Student Account

Being a student is already a hassle in itself, dealing with student loans and sometimes living abroad, your credit score is only one more thing to spend time worrying about. Luckily, this MasterCard Student Account considers all this and offers the perfect solution.

HSBC Cash Rewards Mastercard Student Account
HSBC Cash Rewards Mastercard Student Account

Benefits

Acquiring the Cash Rewards Student Mastercard doesn’t require you to have a credit history which makes it the perfect credit card for first-timers. You will receive 1,5% cashback on all purchases and on top of that, at the end of each year a 10% bonus on all cash rewards earned during the year.

HSBC also provides unlimited access to online tools to help you learn about finances, credit, and money management. Using this credit card allows you to build your credit over time without any additional troubles smoothly, so consider this an investment in your future. There are no foreign transaction fees.

Also included in this offer are perks such as a discount on rentals, Mastercard Travel & Lifestyle Services, ShopRunner, and Postmates discounts. Especially appealing is the latter offer on Postmates, as food delivery sometimes can cost a lot and is a must for exam season. When you’re a student struggling with debt, even a 10% discount makes a big difference.

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Rates

Mastercard Student Account offers various dates for different types of transactions. For example, the annual percentage rate for purchases and for balance transfers varies from 14.74% – 24.74%, 26.74% for cash advances, etc. If you are interested in more details about this card please follow this link.

Reviews

Although this card only has a fairly low 1.5 rating, there are no complaints about the student bank account itself to be found. The bad reviews all concern the terrible customer service and hard-to-use online banking.

Pros
1.5% cash back bonus
10% anniversary bonus on yearly cashback
Unlimited access to its online tools
No foreign transaction fee
No annual fee
Cons
Up to 26.74% variable APR
No introductory period for APR

Wrapping up

HSBC has a whole range of products for prospective cardholders to choose from with all types of perks and benefits. All the above-mentioned cards offer Mastercard ID Theft Protection, identity fraud expense reimbursement, and cellular wireless telephone protection. All the benefits combined outweigh all the negatives for casual users.

But before applying, you should take into consideration your credit score and if earning travel points is a priority for you or not. Your credit score is fundamental as a better score always leads to you qualifying for bigger rewards.

Before you decide which bank and which credit card to choose, always remember to check for eligibility and consider all of the options. HSBC cards mostly have good reviews, but if you don’t live near a branch and mostly rely on customer service calls, online assistance, and online banking (and phone apps), you should opt for other options.

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Andrei Shilkov

Blog author. I am well versed in Finance and Digital Marketing. I have two bachelors degrees in Finance. Born in Russia, but later moved to the USA, to western Pennsylvania, the city of Pittsburgh. I have a Certified Public Finance Officer (CPFO) certificate. I also worked at IRS and Microsoft.

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