Is the HSBC Platinum Mastercard with Rewards worth it? |date

Review: HSBC Platinum Mastercard® with Rewards credit card – August 2018

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A passable travel card that’s outclassed by competitors like the BankAmericard Travel Rewards.

  • Get this card if… you want a travel card with an intro purchase and balance transfer APR.
  • Pick something else if…  you want strong rewards on spending.
  • Recommended good to excellent credit score of 680 to 850.
Product NameHSBC Platinum Mastercard® with Rewards credit card
Card TypeMastercard
Annual Fee$0
APR (Annual Percentage Rate) for Purchases14.74%, 18.74%, or 24.74% variable
Introductory Purchase APR0% for the first 12 months (then 14.74%, 18.74%, or 24.74% variable)
Introductory Balance Transfer APR 0% for the first 12 months (then 14.74% or 18.74%, or 24.74% variable)
Balance Transfer Fee4% or $10 of the transaction, whichever is greater
Cash Advance Rate26.74% variable
Cash Advance Fee$10 or 4% of the cash advance amount, whichever is greater
Foreign Transaction FeeNone
Interest Free PeriodUp to 25 days
Minimum Interest$1
Late Payment Fee$37
Returned Payment Fee$25
Additional Cardholder Fee$0
Minimum Age18 years of age
Welcome BonusEarn 15,000 points after spending $500 in the first 3 months
Reward Value per Dollar1 points
Rewards Points ExpiryNever

See Rates and Fees

The basics

The HSBC Platinum Mastercard® with Rewards credit card deserves a spot in the travel card conversation. It doesn’t charge foreign transaction fees or an annual fee. It offers 15,000 signup bonus points and 1x points on all spending. And it includes travel perks like car rental insurance, travel accident insurance and roadside assistance.

That’s not bad, except the card is beaten on most fronts by the BankAmericard Travel Rewards. The latter has no annual fee, a better signup bonus, an identical 0% intro APR period and comparable — or better — travel benefits.

Fortunately, the HSBC Platinum Mastercard® with Rewards credit card has a few tools to fight back. It offers 0% intro APR on balance transfers for 12 months as well as a $1 million travel accident insurance policy on a common carrier.

Unless those features are important to you, however, you’ll likely get more out of the BankAmericard. And if you’re willing to pay an annual fee, consider a more power-packed travel card like the Chase Sapphire Preferred or Barclaycard Arrival® Plus World Elite Mastercard®.

The perks

  • SIGNUP BONUS: 15,000 bonus points Earn 15,000 Rewards Program Bonus Points which can be redeemed for $150 cash back after you spend $500 or more in new card purchases in your first 3 months from credit card account opening.
  • INTRO APR: On purchases and balance transfers.
    The HSBC Platinum Mastercard® with Rewards credit card comes with a solid introductory interest rate. Get 0% APR for 12 months on purchases and balance transfers.
  • POINTS: On all purchases.
    Earn 1 point per dollar you spend on any purchase. Redeem points for merchandise, gift cards and travel.
  • No annual fee.

What can I redeem my points for?

You have a few options when it comes to redeeming your points:

  • Merchandise — electronics, luggage, kitchen appliances and more.
  • Gift cards — including those for dining, travel and shopping.
  • Cash back or statement credit.
  • Travel — flights, cars and travel experiences.

HSBC Platinum Mastercard® with Rewards credit card vs. BankAmericard Travel Rewards

HSBC Platinum Mastercard® with Rewards credit cardBankAmericard Travel Rewards
Annual fee$0$0
Signup bonusEarn 15,000 Rewards Program Bonus Points which can be redeemed for $150 cash back after you spend $500 or more in new card purchases in your first 3 months from credit card account opening.25,000 points 25,000 bonus points if you make at least $1,000 in purchases in the first 90 days of your account opening - which can be redeemed for a $250 statement credit toward travel purchases
Rewards1x points on all purchases1.5x points on all purchases
Intro purchase APR0% for 12 months0% for 12 statement closing dates
Intro balance transfer APR0% for first 12 monthsNone
Foreign transaction feesNoneNone

You’ll also like

  • No foreign transaction fees.
    Use your HSBC Platinum Mastercard® with Rewards credit card abroad without incurring transaction fees.
  • Theft Resolution Services.
    If your identity is stolen, HSBC will replace your card and notify the credit bureaus.
  • Travel insurance.
    Receive up to $1 million in coverage if you’re involved in an accident on a commercial passenger vehicle. Also receive up to $50,000 in coverage for collision, theft or damage of a rental vehicle.
  • Travel benefits.
    Get travel assistance and roadside services while you’re on vacation.
  • Shopping perks.
    Get purchase coverage, extended warranties and price protection.

Which HSBC Platinum Mastercard should I get?

The HSBC Platinum Mastercard shines as a 0% APR card: You’ll get 0% on purchases and balance transfers for 18 months. But it’s a poor travel card, with no signup bonus or spending rewards.

The HSBC Platinum Mastercard® with Rewards credit card’ intro APR is less exciting: 0% on purchases and balance transfers for 12 months. However, you’ll get a signup bonus and 1x points on all purchases.

What to watch out for

  • Fees for balance transfers, cash advances and overdrafts.
    You’ll pay the greater of $10 or 4% of the cash advance amount, whichever is greater .

Consider other cards if

What should I know before I apply?

To apply for the HSBC Platinum Mastercard® with Rewards credit card, you must be at least 18 years old.

You must also be an HSBC customer. If you’re not, you can join the bank when you apply for the card.

Information you’ll need

When applying for the card, you’ll need to submit:

  • Your HSBC savings or checking account details.
  • Your full name and contact information.
  • Your annual income and employment information.
  • Your Social Security number and date of birth.
  • Identifying documents, such as your driver’s license.

What credit score do I need?

You’ll have a better chance of approval for the HSBC Platinum Mastercard® with Rewards credit card if you apply with a good to excellent credit score of 680 or higher.

How to apply for the HSBC Platinum Mastercard® with Rewards credit card

1. Go to the HSBC website and click Apply now.

2. If you’re an HSBC customer, click Log on to apply. Otherwise, click Start your application.

3. Fill out the application with your contact, income and identification details.

I got the card. Now what?

  • Make timely payments.
    Pay your card bill online at the HSBC website, where you can also enroll in autopay.
  • Avoid interest.
    After the close of each billing cycle, you have a grace period of 25 days to pay your balance. If you do, you won’t pay interest on your purchases.
  • Avoid fees.
    Late payments cost up to $37 and returned payments cost up to $25. Foreign transactions also come with fees.
  • Customer service.
    If you have questions, call HSBC at 800-975-4722. You can also send a secure email through the HSBC website or tweet the bank @HSBC_US.

Bottom line

The HSBC Platinum Mastercard® with Rewards credit card charges no annual fee, which is a big plus. You can earn rewards at your own pace and redeem points whenever you’re ready.

However, you’re probably better off applying for the BankAmericard Travel Rewards. Unless you want an intro balance transfer APR or a travel insurance policy on a common carrier, the Travel Rewards offers better features across the board.

Our guide to travel credit cards

Frequently asked questions

Megan Horner

As the assistant publisher of credit cards at finder.com, Megan is passionate about helping you compare and find the best credit cards for your situation, whether that is earning great rewards or improving your credit score. In her previous position, Megan worked as an assigning editor at Credit Karma, where she focused on editing and publishing educational articles on credit cards. Megan started her career as a writer at a comparison website, so she has a longstanding background in surfacing the best deals and helping people make decisions. In her spare time, Megan likes to hike, camp, surf, and read.

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