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The HSBC Platinum Mastercard was last reviewed on 6th September 2006
Summary - The HSBC Platinum MasterCard is a basic platinum credit card which offers a potentially low apr to those who have good credit and also platinum features. It also has a 0% apr introductory offer for balance transfers for between 6 to 12 months. Those looking for a low interest credit card or a credit card to transfer their balance should consider this card. Let us look at this card in greater detail.
Rewards - The HSBC Platinum MasterCard gives you a choice of two types of rewards. You can choose to earn cash rebates, or choose to earn both either both cash rebates and travel rewards. If you choose to earn cash rebates, you will earn 1% cash back rewards for every dollar you spend on the card. You can earn unlimited rebates.
You to choose the more flexible option which allows you to either earn cash rebates or travel rewards, you will earn one point for every dollar you spend. You can convert the points into cash rebate (1% formula) or redeem them for free airline tickets. This is a great option to have because sometimes it makes sense to redeem points for cash even if you want to get a free airline ticket (perhaps you ticket cost only $150 and using 25,000 points for a normal ticket does not make sense).
Annual Fee and APR - The HSBC Platinum MasterCard has no annual fee. You get a 0% introductory apr for 12 months from the date of account opening. You are allowed to transfer up to 3 balances. The apr is either prime rate plus 3.74%, 6.74% or 9.74% depending on your credit profile. The average daily balance method (including new purchases) of calculating balance is used to monthly balances.
Platinum Benefits - As with most platinum credit cards, you will get the following benefits. 24 hour support, toll-free customer service and online account access Free online bill pay Zero liability on any unauthorized purchases MasterCard card global service provides worldwide, 24-hour assistance with lost and stolen cards, emergency card replacement and emergency cash advances
Conclusions - The HSBC MasterCard gives you a choice of two types of rewards. If you are looking for a basic cash back credit card, then you may want to consider the HSBC MasterCard® with Cash Back Rewards. If you wish to get a reward credit card just to get free airline tickets, then the HSBC MasterCard® with Cash or Fly Rewards is a card to consider because you have the flexibility of either getting cash rebates or airline tickets.
Positives
Choice of two types of rewards No annual fee Low apr for those who qualify 0% apr for 6 to 12 months
| HSBC Platinum MasterCard | | Benefits | 24 hour support, toll-free customer service and online account access
Free online bill pay
Zero liability on any unauthorized purchases
MasterCard card global service provides worldwide, 24-hour assistance with lost and stolen cards, emergency card replacement and emergency cash advances | | Cost/Fees/Interest rates | | Introductory rate | 0% apr for 6 to 12 months | | Annual Fees | No annual fee | | Purchase APR | Prime Rate plus 3.74%, 6.74% or 9.74% | | Balance Transfer APR | Prime Rate plus 3.74%, 6.74% or 9.74% | | Cash Advance APR | Prime Rate plus 15.99% | | Min Finance Charge | $0.50 | | Grace Period | 20 days | | Balance Calculation Method | Average Daily Balance (including new purchases) | | Cash Advance Fee | 3% min $5.00, max $50.00 | | Balance Transfer Fee | 3% min $5.00, max $75.00 | | Over-the-credit-limit fee | $35.00 | | Late Payment fee | $15.00 - up to $100
$25.00 - $100.01-$1000
$39.00 - greater than $1000 |
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