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

Review: HSBC Platinum Mastercard with Rewards credit card – February 2018

This card is no longer offered. Please click here to find a card that’s right for you.

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
Intro APR for Balance Transfer0% Intro APR for first 12 months from account opening (with Whichever is greater: $10 or 4% balance transfer fee)
Balance Transfer Rate (not intro)14.24%, 18.24%, or 24.24% variable
APR for Purchases ( Purchase Rate )14.24%, 18.24%, or 24.24% variable
Annual fee$0
Cash Advance Rate26.24% variable
Card TypeMastercard
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 25 days
Returned Payment Fee$25
Foreign Currency Conversion Fee (MC)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
0% of transaction value
Minimum Interest$1
Minimum Credit ScoreFair (660-699)
Minimum Age18 years of age
Annual fee$0
Returned Payment Fee$25
Late Payment Fee $37
Cash Advance Fee$10 or 4%, whichever is greater, will apply on each cash advance transaction

The basics

The HSBC Platinum Mastercard with Rewards deserves a spot in the travel card conversation. It doesn’t charge foreign transaction fees or an annual fee. It offers a $100 signup bonus 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 has a few tools to fight back. It offers 0% intro APR on balance transfers for first 12 months from account opening 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.

The perks

  • SIGNUP BONUS: Cash back.
    Earn $100 cash back after you spend $500 in the first three months.
  • INTRO APR: On purchases and balance transfers.
    The HSBC Platinum Mastercard with Rewards comes with a solid introductory interest rate. Get 0% APR for first 12 months from account opening 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 vs. BankAmericard Travel Rewards

HSBC Platinum Mastercard with RewardsBankAmericard Travel Rewards
Annual fee$0 p.a.$0 p.a.
Signup bonus$100 after you spend $500 in the first three months20,000 points @cc_bonus_points_signup@ bonus points if you make at least $1,000 in purchases in the first 90 days of your account opening
Rewards1x points on all purchases1.5x points on all purchases
Intro purchase APR0% for first 12 months from account opening0% for 12 billing cycles
Intro balance transfer APR0% for first 12 months from account openingNone
Foreign transaction feesNoneNone

You’ll also like

  • No foreign transaction fees. Use your HSBC Platinum Mastercard with Rewards 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’ intro APR is less exciting: 0% on purchases and balance transfers for first 12 months from account opening. 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%, whichever is greater, will apply on each cash advance transaction.

Consider other cards if

  • You want more rewards in bonus categories. The Chase Sapphire Preferred offers 2x points on travel and dining. The AMEX Platinum Card offers 5x points on flights as well as bookings through American Express Travel.

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.

Always consider your options and your financial situation before you apply for a credit 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

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

HSBC home page

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

HSBC Logon to apply

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

HSBC Application

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 $25.00. 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 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.

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