The HSBC Gold Credit Card can assist someone who wants to make a major purchase and pay it off over 18 months without incurring any interest. This credit card can also be used by consumers to save money on interest on balances moved during the first 60 days of account activation. Though, if you have a large balance, you should be mindful of the high balance transfer fee. This card’s absence of fees is intriguing. If you’re searching for a nice everyday card this is the one. But, it also lacks rewards and a bonus for new cardholders, which you can easily get elsewhere.
Who can benefit the most from the HSBC Gold credit card?
The HSBC Gold Credit Card is best for persons who have had difficulties making payments on prior credit cards and expect to have the challenges of making them on time with this one as well. With no incentives, this card concentrates on elements that can help you get out of debt. For example, a competitive 0% APR introductory offer, a once-a-year late charge waiver, and no penalty APR if you miss a payment.
The 18-month 0% APR offer is applicable to purchases. This allows you to carry a balance from new charges on the card for some time without accruing interest. This may allow you to concentrate on paying off a transferred sum or spending, say, $1,200 on new appliances. Then, pay them off over the course of 12 months at $100 per month. This is a fantastic thing for people looking to get their credit score back to good after having some troubles.
What about the benefits of the HSBC Gold credit card?
For the first 18 months, this card offers 0% interest on purchases. Also, 0% interest on balance transfers made within the first 60 days of account opening. A few other cards may provide 0% interest on purchases and/or debt transfers for an even more extended amount of time. But, this is one of the most prolonged time periods available. Also, there are no yearly or international transaction fees with the HSBC Gold Credit Card. On your first late payment, you won’t be charged a late fee. Also, you won’t be charged a penalty interest rate.
Out of 11 issuers, HSBC came in third to bottom in J.D. Power’s Regional 2020 the U.S. Credit Card Satisfaction Study. However, one advantage of this card is that you may view your FICO score for free each month on your credit card statement. In addition, if your credit card is lost or stolen while in the United States or overseas, there is a 24-hour hotline that can help you replace it and get an emergency cash advance.
Security measures such as fraud monitoring are included with HSBC credit cards. You can also register for fraud alerts. These will notify you via text or email if your account has been compromised. In addition, you may be eligible for identity theft resolution services as a cardholder. These include credit bureau and transaction monitoring, as well as assistance from identity theft resolution specialists.
How to use this card the right way?
Consider signing up for a card like the HSBC Gold Credit Card first if you have any large purchases planned, like appliances for a kitchen makeover. You’ll save money on interest while paying off your new stove and refrigerator over the course of 18 months. Just make sure you pay off your amount in full before the introductory period ends. This is because your interest rate will come back to the card’s usual variable rate after that.
If you have an excess of high-interest credit card debt, you should move it to this card within the first 60 days. If you make a plan to pay off your debt during the 18-month promotional offer term. Doing this might save you a significant amount of money on interest payments in the future. Plus, you could be able to pay off your debt faster if you don’t have to pay interest for the first 18 months.
HSBC gold: Conclusion
The HSBC Gold Credit Card is a good option for a card that prioritizes debt management tools over rewards. For individuals interested in making purchases or transferring a high-interest balance, a generous introductory term of 0% APR makes it a competitive alternative. Also, forgiving late-payment clauses lessen the expense of failing to pay a bill on time.
However, those who are primarily driven by favorable balance transfers will benefit even more from the Citi Simplicity card. That credit card also comes with no annual fee. There are other similar credit cards. We review the best ones here. It offers a 0% intro APR on balance transfers for 18 months from the date of transfer, and transfers can be done during the first four months of account establishment, twice as long as the HSBC Gold Credit Card allows. Purchases are also eligible for an 18-month 0% introductory term. In addition, the Citi Simplicity card has fewer fees, with no late fees, penalty APR, or annual charge. You can also specify when your payment is due.
The Amex EveryDay credit card, on the other hand, maybe a suitable option if you want to earn rewards while taking advantage of a 0% APR introductory offer. It includes a 15-month 0% initial APR on purchases and rewards 2 points for every dollar spent at U.S. supermarkets up to $6,000 in purchases each year. Thus, every dollar spent on the card earns you one point. Therefore it is evident that there a lot of options present in the market. Hence, it is vital for you to decide what you want out of a credit card and prioritize your needs.