Is the HSBC Platinum Mastercard worth it?

Review: HSBC Platinum Mastercard credit card

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Please note: This card has been discontinued, and it is not available on our site.

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Rates last updated June 21st, 2018
Name Product Product Description Rewards Points per $ spent (VISA/MC) APR for Purchases ( Purchase Rate ) Annual fee
Luxury Card Mastercard® Titanium Card™
Enjoy unique excursions, privileged access to exclusive events and insider opportunities.
1
16.49% variable
$195
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Luxury Card Mastercard® Black Card™
Mastercard Black Card members receive an annual $100 air travel credit toward flight-related purchases including airline tickets, baggage fees, upgrades and more.
16.49% variable
$495
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Bank of America® Travel Rewards Credit Card
20,000 online bonus points offer. Ditch the restrictions of typical airline rewards cards. Any airline, any hotel, anytime. No blackout dates.
1.5
16.49% to 24.49% variable
$0
Chase Sapphire Preferred® credit card
Earn 50000 points when you spend $4,000 on purchases within the first 3 months of your account opening, and an additional 30,000 points when you spend a total of $30,000 on purchases within the first year of your account opening.
2
17.49% to 24.49% variable
$0 annual fee for the first year ($95 thereafter)
Bank of America® Premium Rewards® Credit Card
Earn unlimited 2 points for every $1 spent on travel and dining purchases and 1.5 points for every $1 spent on all other purchases.
2
17.49% to 24.49% variable
$95
Chase Sapphire Reserve®
Earn 50000 BONUS POINTS after spending $4,000 on purchases in the first 3 months from account opening* — that's $750 toward travel when you redeem through Chase Ultimate Rewards®.
3
17.49% to 24.49% variable
$450
The Platinum Card® from American Express
Get 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel and 5X points on eligible hotels booked on amextravel.com.
5
No interest charges because you pay your balance in full each month
$550
Luxury Card Mastercard® Gold Card™
Earn points every time you spend. Luxury Card enhances your purchasing power by providing you with one (1) point for every one dollar ($1) you spend. Every purchase gets you closer to the rewards you want.
2
16.49% variable
$995
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Venture® from Capital One®
Earn 50000 bonus miles once after spending $3,000 on purchases within the first 3 months from account opening.
2
14.49%, 20.49% or 24.49% variable
$0 annual fee for the first year ($95 thereafter)
United℠ Explorer Card
40,000 bonus miles after you spend $2,000 on purchases in the first 3 months from account opening.* Plus a $100 statement credit after your first purchase.
2
17.49% to 24.49% variable
$0 annual fee for the first year ($95 thereafter)

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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 20,000 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 $200 statement credit toward travel purchases.
RewardsNone1.5x points on all purchases
Intro purchase APR0% for 12 months0% for 12 statement closing dates
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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