- High sign-up bonus
- Introductory APR promotion
- Travel benefits
- A sign-up bonus worth $250 with no annual fee
- No foreign transaction fees and travel accident insurance
- No interest on purchases and balance transfers for 12 months
- Ongoing rewards aren't the best on the market
- Charges a balance transfer fee
The HSBC Advance Mastercard® Credit Card is one of the bank’s best options, considering its large sign-up bonus and its lack of an annual fee.
You’ll also get an introductory 0% APR promotion you can use to finance a large purchase or transfer a balance and pay it off interest-free.
The card’s ongoing rewards program may leave some cardholders wanting, however. Read this review of the HSBC Advance Mastercard® Credit Card to find out if it’s the right HSBC credit card for you.
HSBC Advance Mastercard® Credit Card review
HSBC Bank USA is not as well-known as U.S.-based banks like Chase and Bank of America. But with cards like the HSBC Advance Mastercard® Credit Card, it could become more of a household name.
The HSBC Advance Mastercard® Credit Card offers rewards points that cardholders can use to get gift cards, buy merchandise, or receive cash back.
Its sign-up bonus is among the best Faveable has seen for a no-annual-fee card. Also, it offers a 0% APR promotion on both purchases and balance transfers.
The card’s rewards rates — 2 points per dollar spent on dining and select entertainment purchases and 1 point per dollar spent everywhere else — isn’t very competitive.
That said, its combination of a great sign-up bonus, a 0% APR promotion, and other perks may still make it worth your while.
HSBC Advance Mastercard® Credit Card rewards and perks
When you first get approved for the card, you’ll earn 25,000 bonus points after you spend $1,500 in the first three months. That’s worth $250 in gift cards, according to HSBC Bank USA.
And as we’ve mentioned before, you’ll also earn 1 point per dollar on most purchases plus double points on dining and select entertainment. You can redeem your points for:
- Gift cards to popular retailers, restaurants, and movie theaters
- Cash back
Another promotion you’ll have access to is the card’s 0% APR deal for 12 months on both purchases and balance transfers. That’s an entire year to pay off a large purchase or transfer a balance interest-free.
Keep in mind, though, that the card charges a balance transfer fee, which we’ll cover in a minute.
HSBC Advance Mastercard® Credit Card benefits
In addition to its rewards program and introductory APR promotion, the HSBC Advance Mastercard® Credit Card also offers a good deal of valuable benefits.
The most significant one is its travel insurance, which covers cardholders for up to $1 million when they travel on a common carrier, such as an airplane, train, or bus. That’s typically a perk reserved for travel credit cards.
Other benefits include:
- Rental car insurance
- Extended warranty coverage
- Purchase assurance
- Price protection
- Identity theft resolution service
- No foreign transaction fees
HSBC Advance Mastercard® Credit Card costs and fees
The HSBC Advance Mastercard® Credit Card is light on the fees, despite offering some valuable benefits.
Not only do you not have to worry about an annual fee, but you’ll also pay no foreign transaction fees when you travel internationally — foreign transaction fees are normally about 3%.
As previously mentioned, the card offers an introductory 0% APR promotion on both purchases and balance transfers. But once it ends, your ongoing APR will be based on your creditworthiness.
Either way, your APR will be higher than the average credit card interest rate of 15.54%, according to the Federal Reserve’s data for the second quarter of 2018.
If you want to do a balance transfer to the card, you’ll pay a fee of $10 or 3% of the transferred amount, whichever is greater. This is a standard fee for most balance transfer credit cards, although some offer no fee on initial transfers.
Does the HSBC Advance Mastercard® Credit Card make sense for me?
The HSBC Advance Mastercard® Credit Card offers a great sign-up bonus and may be one of the best no-annual-fee credit cards HSBC USA Bank has to offer.
As a result, it’s worth considering for existing HSBC customers who wants to keep all of their accounts with one bank.
If you’re not loyal to HSBC, however, consider some other cash-back credit cards to see if you can find one that offers either a better rewards program or a longer 0% APR promotion.
As you compare these cards, look at the whole picture rather than just what matters most. The process will take some time, but the result will be the best credit card for your needs.
Application Process: Apply online, and get a decision within 60 seconds or less.
Rewards: Earn 2 points per dollar spent on dining and select entertainment purchases, and 1 point per dollar spent elsewhere.
Bonus Offers: Earn 25,000 rewards points, worth $250 in gift cards, after spending $1,500 in the first three months.
Annual Fee: None.
- Rated #3 in Best HSBC Credit Card Options
Earn 25,000 Rewards Program Bonus Points, worth $250 in gift cards, after spending $1,500 in the first 3 months from Account opening
0% Introductory APR on purchases and balance transfers for the first 12 months from Account opening (“Introductory Period”)
Competitive variable APR of 16.74% or 20.74% will apply after the Introductory Period
2X Points on dining and select entertainment purchases, 1X Point on all other purchases
No Annual Fee
No Foreign Transaction Fees