The best thing about owning a credit card is that you can easily expand your card collection at any time. If your current card can’t keep up with your lifestyle, you’re free to get another one as long as you’re financially responsible enough to handle it. If you’re considering getting a new card, make sure to check out the best HSBC credit cards in the Philippines.
While HSBC’s card lineup may seem leaner than that of other providers, each credit card packs many perks that every type of cardholder will appreciate. From accelerated rewards to generous rebates, HSBC credit cards have all the makings of your next shopping must-have.
Not sure what HSBC credit card to get? Check out this guide to make an informed decision.
Types of HSBC Credit Cards in the Philippines
Do you easily get overwhelmed when faced with a lot of options? If so, you should go for an HSBC credit card in the Philippines. HSBC offers three types of credit cards in the Philippines—all of which are great—making it easier for you to decide.
Here’s how the three HSBC credit cards differ from each other.
HSBC Red Mastercard
The HSBC Red Mastercard is the perfect choice for cardholders looking to earn more rewards with every transaction.
Every ₱20 spend on dining and shopping, as well as on online and overseas transactions, earns you four times the reward points. Use these points to redeem exciting rewards from over 27,000 establishments in 160 countries and territories worldwide.
HSBC Red Mastercard Features
- Welcome gift: No annual fee when you spend at least ₱100,000 annually (Promo runs until December 31, 2022.)
- 4x reward points on dining, shopping, online, and overseas transactions
- 1 reward point for every ₱20 spend
- Up to 6% rebate on Caltex Fuel spend
HSBC Red Mastercard Fees and Charges
- Annual fee: ₱2,500 (free in the first year)[1]
- Interest rate: 2%
- Cash advance fee: ₱200
- Foreign currency transaction fee: 2.5%
Want to explore other options with similar features to the Red Mastercard? One of these two RCBC credit cards might suit you better. 👇
Consider the RCBC Zalora credit card if you often shop on Zalora—you'll get shopping credits, cashback, rewards points, and more with this card. If you're a loyal Sta. Lucia Mall customer, then you might want to take a look at RCBC Sta. Lucia Mastercard. This co-branded credit card is packed with perks like rewards, rebates, and discounts on your purchases at Sta. Lucia Supermarket, Department Store, and partner merchants.
HSBC Gold Visa Cash Back Credit Card
For rebate hunters and money-savvy cardholders, the HSBC Gold credit card is a solid option. True to its name, the HSBC Gold Visa Cash Back offers generous rebates on dining transactions.
Also, this HSBC cash back credit card will save you gas money on Caltex stations nationwide because every fuel spend earns you 3% cash back. Every other transaction earns you 0.5%, so you’re guaranteed to get a portion of your money back with every swipe.
HSBC Gold Visa Cash Back Features
- Welcome gift: No annual fees when you spend at least ₱100,000 annually (promo runs until December 31, 2022)
- 5% cash back on dining transactions
- 0.5% cash back on all other transactions
- 3% rebate on Caltex fuel spend
HSBC Gold Visa Cash Back Fees and Charges
- Annual fee: ₱2,500 (free in the first year)[1]
- Interest rate: 2%
- Cash advance fee: ₱200
- Foreign currency transaction fee: 2.5%
Looking for other cashback credit cards? Aside from the HSBC Gold Visa Cashback, the Metrobank Cashback Visa is also a good option for consumers who prefer rebates over rewards. Thus credit card lets you save up to 8% cashback on essential spend like groceries and school supplies.
HSBC Platinum Visa Rebate Credit Card
The HSBC Platinum credit card recently got a rebrand, with its focus now shifted to giving out huge rebates. Still, the HSBC Platinum Visa Rebate is one of the best HSBC credit cards out there because it earns you 5% cash back on every shopping and travel transaction.
You also get free purchase protection insurance up to ₱15,000 to insure damaged or lost goods. Also, you can earn up to 6% cash back on Caltex fuel spend.
HSBC Platinum Visa Rebate Features
- Welcome gift: No annual fees when you spend at least ₱200,000 annually (promo runs until December 31, 2022)
- 5% rebate on shopping and travel transactions
- 6% rebate on Caltex fuel spend
- 1% cash back on insurance payments
HSBC Platinum Visa Rebate Fees and Charges
- Annual fee: ₱5,000 (free in the first year)[3]
- Interest rate: 2%
- Cash advance fee: ₱200
- Foreign currency transaction fee: 2.5%
If you're after rewards points instead of rebates, the BPI Platinum Rewards Mastercard makes for a good credit card alternative. Like the HSBC Platinum Visa Rebate card, the BPI Platinum card offers a lot of premium features for frequent travelers who use their card for booking flights and paying for travel expenses.
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3 Tips on Choosing the Right HSBC Credit Card
Any of the three HSBC credit card options can be considered the best. But which one is the perfect credit card for you? Here are some tips to help you make the right choice.
1. Get a Card That Fits Your Lifestyle
Before you start comparing credit cards, it’s best to ask yourself first, “What do I need this credit card for?” If you already have a credit card, you have to justify why you need a second one. A good way to start is to assess your lifestyle. Track your spending habits by listing down your monthly expenses.
What do you usually spend on? If you use your credit card for shopping, then get an HSBC card that gives you the most benefit with every swipe. If you want to earn more reward points, go with the HSBC Red Mastercard. If you’re more interested in earning rebates, go with the HSBC Gold Visa Cash Back or the HSBC Platinum Visa Rebate.
Do you use your credit card mostly for booking flights or shopping overseas? Then you can get either the HSBC Red Mastercard or the HSBC Platinum Visa Rebate, which both yield competitive rewards for overseas transactions.
Knowing what you’ll use your second credit card for will bring you a step closer to choosing the right HSBC credit card for you.
2. Work Within Your Budget
Now that you know the purpose of your next credit card, it’s time to examine your financial capability. After all, income is one of the eligibility criteria to get the HSBC credit card you want.
If you’re earning at least ₱500,000 annually, then you’re free to choose any of the best HSBC credit cards available. For those earning at least ₱200,000 annually, your choices boil down to the HSBC Red Mastercard and the HSBC Gold Visa Cash Back—both of which are solid options.
There are also fees and charges to consider.[4] If you avail of the active HSBC credit card promos, you can bid annual fees goodbye. If you miss the boat on any of the promos, you can still enjoy no annual fees in the first year. But after that, you need to pay ₱2,500 for both HSBC Red Mastercard and HSBC Gold Cash Back, and ₱5,000 for the HSBC Platinum Visa Rebate. Can’t afford to pay double? Go with either Red or Gold.
Other credit card charges are fairly cheap. Since the interest charge for all credit cards is currently at 2%, you don’t need to worry too much about paying unnecessary fees. Just use your credit card wisely to avoid penalty fees that can stack up over time.
3. Choose Perks That Bring the Most Value
Once you’ve nailed down the basics, it’s time to choose the perks that matter the most. With HSBC credit cards, the choice is simple: Do you want rewards or rebates?
If you want to earn accelerated rewards, go with the HSBC Red Mastercard. After all, earning four times the reward points is nothing to scoff at. But if a 5% rebate sounds better to you, go with either the HSBC Gold Visa Cash Back or the HSBC Platinum Visa Rebate.
HSBC Credit Cards FAQs
1. Is HSBC a good credit card?
Yes, HSBC provides some of the best options for your next credit card. Whether you’re a newbie credit cardholder or an experienced swiper, the benefits of an HSBC credit card are hard to ignore.
2. What is the best HSBC credit card?
The answer depends on what you value as a credit cardholder. If you want to redeem exciting rewards the fastest way possible, go with the HSBC Red Mastercard.
If you’re looking to save with every swipe, apply for an HSBC credit card that can give you the most rebates: HSBC Gold Visa Cash Back’s 6% on dining or HSBC Platinum Visa Rebates’ 5% on shopping and travel.
3. Which is better: HSBC Red or Gold?
If you prefer earning more reward points with every transaction, the HSBC Red Mastercard is the clear winner. But if you like saving a percentage of your spending, go for the HSBC Gold Visa Cash Back.
Don’t forget to compare different HSBC credit card interest rates, fees, and other important features before making a final choice.
4. How do I check my HSBC credit card application status?
To check your HSBC credit card application status, contact HSBC's Customer Service at (02) 8858-0000 or (02) 7976-8000. Note that it takes around five to 10 business days upon submission of completed documents to process your application.
5. How do I activate my HSBC credit card?
To activate your HSBC credit card, call HSBC at (02) 8858-0000 or (02) 7976-8000, and follow the instructions from the voice recording. HSBC will send a one-time password (OTP) to your registered mobile number to complete the process.
You can also activate your card by texting HSBC<space>Last four digits of your card<space>Last Name<space>Birth Month and Year in MMMYYYY format (e.g., JUN1985) to 09221001010.
6. How do I redeem my HSBC credit card points?
To redeem your HSBC credit card reward points, choose from HSBC’s rewards catalog,[5] and redeem the item you want by logging into the HSBC website and submitting a filled-out online redemption form.[6]
7. How to pay for my HSBC credit card bills?
Pay for your balances through these HSBC credit card payment options:
- Payment through HSBC and HSBC Savings Bank
- EasyPay machines
- For depositors: ATMs, online banking, mobile banking, phone banking, and Automatic Debit Arrangement (ADA)
- Payment through automated channels
- UnionBank – ATMs, online banking
- Security Bank – ATMs, online and mobile banking
- BPI – ATMs, online and mobile banking
- Over-the-counter payments
- SM Department Store, SM Hypermarket, Savemore Market, and selected SM Supermarket branches
- Security Bank branches
Final Thoughts
Since the choices are few, it’s easier to compare the best HSBC credit cards in the Philippines. Still, that’s not an excuse to forgo considering the pros and cons of each credit card. Always take the time to assess your own needs and budget. Once you have an HSBC credit card, don’t forget to use it responsibly while enjoying the amazing perks.
Sources:
- [1] HSBC Red Mastercard
- [2] HSBC Gold Visa Cash Back
- [3] HSBC Platinum Visa Rebate Credit Card
- [4] HSBC Credit Card Fees and Charges
- [5] HSBC Rewards Catalog
- [6] HSBC Rewards Redemption
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