Is the HSBC Platinum Mastercard worth it? | April 2018

Review: HSBC Platinum Mastercard credit card – April 2018

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

It’s outclassed as a travel card, but if you want a long 0% intro APR, this card could be an excellent choice.

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  • Get this card if… you want an excellent intro APR for purchases and balance transfers.
  • Pick something else if…  you want a strong travel card.
  • Recommended good to excellent credit score of 680 to 850.
Product NameHSBC Platinum Mastercard® credit card
Intro APR for Balance Transfer0% Intro APR for 12 months (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

See Rates and Fees

The basics

The HSBC Platinum Mastercard occupies a strange space among its competition. It has helpful travel features — such as travel insurance and no foreign transaction fees — but it’s ultimately a poor travel card. That’s because it offers neither rewards nor a signup bonus. If you’re looking for a no-annual-fee travel card, you may be better off with the BankAmericard Travel Rewards.

On the flip side, the HSBC Platinum Mastercard dominates with its intro APR: You’ll enjoy 0% APR for the 12 months on purchases and balance transfers. This beats even perennial favorites like the Chase Freedom Unlimited.

Bottom line: There are better choices for travel cards. But if you want a killer intro APR, it’s hard to go wrong with the HSBC Platinum Mastercard.

The perks

  • INTRO APR: On purchases and balance transfers.
        • The HSBC Platinum Mastercard comes with an excellent introductory interest rate. Get 0%
      • APR for 12 months
      on purchases and balance transfers.
  • No annual fee.

You’ll also like

  • No foreign transaction fees. Use your HSBC Platinum Mastercard abroad without incurring transaction fees.
  • Theft Resolution Services. If your identity is stolen, HSBC will replace your card and notify 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. The card comes with travel assistance and roadside services while you’re on vacation.
  • Shopping perks. Get purchase coverage, extended warranties and price protection.

What to watch out for

  • No rewards. The HSBC Platinum Mastercard doesn’t have a signup bonus, and it doesn’t offer rewards for spending.
  • Fees for balance transfers, cash advances and overdrafts. You’ll pay the greater of $10 or 4% for each.

HSBC Platinum Mastercard vs. BankAmericard Travel Rewards

The HSBC Platinum Mastercard isn’t so great as a travel card. But it’s an excellent choice for an intro APR.

HSBC Platinum MastercardBankAmericard Travel Rewards
Annual fee$0 p.a.$0 p.a.
Signup bonusNone20,000 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
RewardsNone1.5x points on all purchases
Intro purchase APR0% for 12 months0% for 12 billing cycles
Intro balance transfer APR0% for 12 monthsNone
Foreign transaction feesNoneNone

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 12 months. But it’s a poor travel card, with no signup bonus or spending rewards.

The HSBC Platinum Mastercard with Rewards credit card’s 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.

Consider other cards if

What should I know before I apply?

  • To apply for the HSBC Platinum Mastercard, 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 if you apply with a good to excellent credit score of 680 or higher.

How to apply for the HSBC Platinum Mastercard

1. Go to the HSBC website and click Apply now. HSBC Platinum Mastercard Homepage
2. If you’re an HSBC customer, click Log on to apply. Otherwise, click Start your application.

HSBC log on to apply

3. Complete the application with your contact info, income and ID details.

HSBC Application

I got the card. Now what?

  • Make timely payments. You can 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 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 connect with the bank on Twitter @HSBC_US.

Bottom line

If you’re looking for a travel card, consider passing on the HSBC Platinum Mastercard. It has some helpful travel features, but it offers no signup bonus or rewards.

If you want a strong introductory APR, however, the HSBC Platinum Mastercard is an excellent choice. You’ll get a 0% APR for 12 months on purchases and balance transfers.

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