HSBC Elite Credit Card Review
HSBC Elite Credit Card
CardRatings Editor's Analysis: Pros & Cons
- Enjoy a simple reward structure of one point per $1 spent on all your purchases with no caps or expiration to worry about.
- Rest easy with excellent travel and purchase protections, including extended warranty coverage and price protection.
- Take advantage of 12 months no interest on purchases and balance transfers.
- This card is more about protections and features than rewards. If you are mostly interested in rewards earning, you'll probably want to look at other rewards cards with higher earning rates, such as the Citi® Double Cash Card - 18 month BT offer.
HSBC Platinum Mastercard® with Rewards Credit Card Essentials
From running errands to taking vacations, the HSBC Elite Credit Card can help make all of your purchases more rewarding and more secure. Thanks to HSBC's great fraud protection and purchase assurance, price protection, travel assistance and roadside assistance services, you'll enjoy added security and convenience benefits at no additional cost when using your HSBC Elite Credit Card.
Most notable features of the CardName:
- $100 cash back for new cardholders who spend $500 or more during the first three months from account opening.
- 0 percent introductory APR on purchases and balance transfers for the first 12 months.
- No annual fee.
- No foreign transaction fees.
- Travel and roadside assistance services.
- Comprehensive shopping benefits.
- One point per $1 spent on all purchases.
What Our Editors Like Most About the HSBC Platinum Mastercard® with Rewards Credit Card
This is a simple-to-use rewards card that won't burden you with a ton of fees. Earn one point per $1 spent on every purchase with no caps or expiration on your earnings. Additionally, the HSBC Elite Credit Card offers 12 months of no interest on purchases and balance transfers, which could save you a significant amount of money if you have a purchase to make and need a few extra months to pay it off (there is a balance transfer fee to consider, by the way). Beyond the rewards, this card comes loaded with features.
Feeling secure when making a credit card purchase is important, and HSBC does right by customers with its excellent fraud, travel and shopping protection services.
To start, not only does the HSBC Elite Credit Card feature an embedded security chip which provides enhanced protection when used at chip-enabled terminals (which have become the norm), but if your identity is compromised, you won't be held responsible for unauthorized use and you'll receive one-on-one support until your claim is resolved. That one-on-one support feature is a big deal. Having your identity compromised is a disconcerting and violating headache; knowing you have a dedicated person on your side is a comforting feature.
This peace of mind is especially important while traveling, and thanks to the HSBC Elite Credit Card's many valuable travel benefits, cardholders can spend more time enjoying their purchases instead of worrying about them.
From pre-trip planning services to MasterRental® Insurance which provides up to $50,000 of collision, damage, or theft coverage on qualified rental vehicles; to Travel Accident Insurance which provides up to $1 million in coverage for you, your spouse or domestic partner, and your dependent children when traveling on a common carrier; to Master RoadAssist® Roadside Services, which sends someone to the rescue if your car breaks down while traveling within the United States, HSBC has really thought of it all when it comes to protecting cardholders while they travel.
Lastly, the HSBC Elite Credit Card offers a number of shopping services that have caught our attention, including Purchase Assurance®, which covers most purchases up to $1,000 against accidental damage or theft for 90 days from the date of purchase; Extended Warranty, which doubles your original warranty for up to one year; and Price Protection, which can refund the price difference on a purchased item when you see it advertised for less within 60 days.
Potential Downsides of the HSBC Platinum Mastercard® with Rewards Credit Card
If you're looking for a card that will gain you a lot of rewards quickly, the HSBC Elite Credit Card might not be the best card for you. Though purchases made with the card will earn you one point per $1 spent and can be redeemed for cash back, gift cards, merchandise and travel, the point earning potential is lower than some other flat-rate cash-back credit cards. If you're primary reason for getting a new credit card is to earn rewards, you can likely find another card with higher earning and a similar lack of fees.
That said, the suite of other perks and features with this card is substantial, so don't automatically discount it if those other features matter to you a great deal.
How the HSBC Platinum Mastercard® with Rewards Credit Card Compares to Other Cash Back Credit Cards
HSBC Platinum Mastercard® with Rewards Credit Card vs. Chase Freedom Unlimited®
Similar to the HSBC Elite Credit Card, Chase Freedom Unlimited® is a no-annual-fee card that offers a 0% introductory APR for the first 15 months (this one, on purchases only, then, 14.99% - 23.74% variable), and purchase protection, extended warranty, and auto rental collision plans; however, it offers a few unique features that the HSBC card does not.
For starters, with Chase Freedom Unlimited®, new cardholders can earn $200 cash back after spending $500 in the first three months and 5% cash back on up to $12,000 spent on grocery store purchases during the first year (excludes Target and Walmart).
The rewards offered with Chase Freedom Unlimited® card are nice, but the travel and shopping protection services aren't quite as extensive as with the HSBC Elite Credit Card, and Chase Freedom Unlimited® charges foreign transaction fees, which is important to remember for anyone who plans to use their card internationally.
HSBC Platinum Mastercard® with Rewards Credit Card vs. Citi® Double Cash Card
The most notable feature of the HSBC Elite Credit Card is the rewards (Citi is a CardRatings advertiser). This no-annual-fee card offers cash back twice on every purchase with 1 percent cash back when you make a purchase, plus another 1 percent cash back when you pay at least the minimum balance due on your bill each month, on time..
This is a stellar reward rate for those who are good about paying off their credit card balance each month (and, frankly, no amount of rewards is ever going to offset ongoing interest charges if you don't pay off your card each cycle); however, the bonus rewards stop there. There's no signup bonus with the Citi® Double Cash Card - 18 month BT offer and it also doesn't offer notable travel or shopping protection services like with the HSBC Elite Credit Card. There are also foreign transaction fees charged when the Citi® Double Cash Card - 18 month BT offer is used internationally, which again is a big thing to note for frequent international travelers.
HSBC Platinum Mastercard® with Rewards Credit Card vs. Bank of America® Customized Cash Rewards credit card
Again, the Bank of America® Customized Cash Rewards credit card is another no-annual-fee, cash-back card that focuses a lot on rewards and bonuses, but not so much on other valuable features like the shopping and travel protection benefits and services offered with the HSBC Elite Credit Card.
With the Bank of America® Customized Cash Rewards credit card, users can take advantage of a new offer: Maximize cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishing. Now earn 3% cash back in your choice category and 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), and unlimited 1% on all other purchases. You can update your choice category for future purchases once each calendar month using the mobile banking app or online banking, or do nothing and it stays the same. Additionally, new cardholders will earn a $200 online cash rewards bonus after making $1,000 in purchases in the first 90 days of account opening.
Similar to the other two cards compared above, the Bank of America® Customized Cash Rewards credit card is a great cash-back card to consider, especially if bonuses are what's important to you as a cardholder; however, for those looking for a little more peace of mind when it comes to their purchases, the HSBC Elite Credit Card might be the better card to consider.
And, once again, you'll pay foreign transaction fees with this card if you decide to use it while abroad.
Who Should Get the HSBC Platinum Mastercard® with Rewards Credit Card?
Thanks to HSBC's superb fraud protection and purchase assurance, price protection, travel assistance, and roadside assistance services, the HSBC Elite Credit Card is a great no-annual-fee card option for those looking for some added purchase security and great shopping and travel protection perks. Plus, use it every day for every purchase and you'll see some rewards start to accumulate.