Review of HSBC Platinum MasterCard

HSBC's Non Rewards Card - Every credit issuer (with the exception of American Express and Discover) always has a vanilla credit card in their portfolio that offers no rewards. HSBC is no different and this is their (in their own words) their "non rewards" MasterCard¹.

No Rewards - so what is the attraction? - Since there are no rewards for this card, the focus obviously turns to the interest rate and 0% teasers that are typical of such cards. Like most cards today, there is no annual fee. The interes rate that you get is either 11.99%, 14.99% or 17.99%. It also comes with a 0% APR introductory offer for both purchases and balance transfer for 12 months.

MasterCard Benefits - As with most MasterCard issued cards, it comes with certain rather standard benefits (by today's standards anyway) like

• MasterRental® Insurance Coverage
• MasterCard Travel Assistance Services
• 24-hour toll-free assistance with lost or stolen cards, emergency card replacement and emergency cash advances

How does it fare versus other vanilla cards? - The key question is given that there are no rewards for this card, how does it compare with other similar non-rewards cards in the area of rates and 0% teaser offers?

In terms of rates, I would say that it is rather competitive. Most cards today offer rates ranging from 9.99% all the way to 21.99%. So their APR structure is in line with most other issuers.

In terms of teaser 0% deals, HSBC is also competitive by offer 0% deals by 12 months. But it loses out to a couple of issuers that are always aggressive on this front. For example, Citibank has always been competitive in the 0% teaser deals area and their cards are consistently offer deals with the longest introductory periods. Examples of their cards would include the Citi Platinum Select Card, the Citi Simplicity Card and the Citi Diamond Preferred Card.

Discover is another issuer that has been very aggressive about offering longer than 12 months 0% deals. Their Discover More Card is one of the best cash back cards and also offers new applicants great 0% teaser deals.

Chase has also been very aggressive recently in offering 0% deals. Their vanilla Chase Slate has been offering 0% deals for more than 12 months and have occasionally even waived the balance transfer fee.

We've never been a fan of vanilla cards - We've always recommended people get cards with some form of rewards (even if you carry a balance) because you can at least get something back (whether it be cash rebates or reward points). If you are considering this card, we would urge you to also look's at the HSBC Platinum MasterCard with Cash or Fly Rewards. At the very least you could get something back from that card and it even offers the same 0% 12 month teaser deals!

But if you are looking for a card to do a balance transfer, then you would have to consider cards like the Citi Platinum Select Card or the Citi Simplicity Card because they tend to have longest 0% APR offers. It's not that HSBC is bad, but simply other issuers are more aggressive on this front. In fact, it is best to check our balance transfer page as these offers tend to change periodically.

You need a banking account with HSBC to apply - Before we forget, here's a reminder that not everybody could apply for this card. In fact, you need to have an online banking account with them before you could actually get this card.

References
1. List of HSBC credit cards