What is the Perfect HSBC Credit Card for You?
By: Venus Zoleta
Published on: January 18, 2018 . Last updated: October 14, 2020 Category: Credit Card
Filipinos who are looking to avail of an HSBC credit card have different card types to choose from, each designed to meet different lifestyles and needs. Ranging from basic to premium, HSBC credit cards come in either Visa and Mastercard brand.
All HSBC credit cardholders enjoy a myriad of rewards and exclusive perks, such as 4x bonus points for every transaction, fuel rebates, 0% card installment plan, and balance transfer plan. They also benefit from HSBC’s worldwide presence, which means they can use their HSBC credit card even while traveling abroad.
Last but not the least, online applicants (including those from Moneymax) for selected cards can now get their annual fee waived for life. Interested to learn more? Visit this page for more details on the promo!
Wonder what HSBC credit card is perfect for you? Ask yourself these three important questions when deciding which HSBC credit card is the right one.
Table of Contents
1. What Will I Use the HSBC Credit Card For?
The first thing you need to think about when doing comparison shopping for HSBC credit cards is your reason for availing one. What will you use it for most often?
Identify your spending habits, needs, and requirements, and then look at the features and benefits to see which ones match your criteria. For example, if you’re looking for a basic card with plenty of perks for a variety of expenses such as shopping, travel, and dining, then the HSBC Red Mastercard is a great choice.
For frequent travelers, the ideal card is a travel credit card like the HSBC Platinum Visa that provides benefits and perks like air miles, travel insurance, and higher rewards for international transactions.
Affluent travelers and business executives (who have a Premier deposit account with HSBC) who want to maximize their travel spending will get the most out of an HSBC Premier Mastercard designed for travel, lifestyle, and entertainment. On top of the standard HSBC credit card benefits, the Premier Mastercard offers exclusive privileges to cardholders, including 10% discount at more than 180,000 hotels worldwide and access to 850 airport lounges.
2. Which Credit Card Fits My Budget?
Your finances, apart from your needs and preferences, are also an important consideration when choosing a credit card. Take a look at your monthly budget and income—have a realistic expectation about how much you can shell out for the annual fees and finance charges should you incur a monthly balance on your credit card bill.
When comparing HSBC credit cards, consider the annual income requirement of each credit card type. Those earning at least PHP 200,000 every year can qualify for an HSBC Gold Visa Cash Back or a Red Mastercard. The income criteria for the Platinum Visa is PHP 500,000, while the HSBC Advance Visa and Premier Mastercard require higher annual incomes.
Annual fees for HSBC credit cards cater to different budgets, with the Red Mastercard having the lowest annual fee at PHP 1,500. HSBC charges a PHP 2,500 annual fee for Gold Visa Cash Back and Advance Visa, while the Platinum Visa comes with a PHP 5,000 annual fee. The annual fee is free for the Premier Mastercard. Annual fees for the first year is waived for all HSBC credit cards.
In terms of monthly interest rates, the Red Mastercard, Gold Visa Cash Back, and Platinum Visa come at 3.50%. Interest rates for the Advance Visa and Premier Mastercard are lower at 3.20% and 3.10%, respectively.
3. What Credit Card Rewards Do I Want?
Earning rewards is a great way to maximize your credit card use, so it only makes sense to identify your desired rewards and look for a card that matches your preferences.
For example, if you’ll often swipe a credit card for most of your transactions, it’s best to take advantage of a cash back or rebate credit card that gives you a refund for the purchases charged to your card. The HSBC Gold Visa Cash Back offers some of the highest cashback rates in the country at up to 5% for dining transactions and 0.50% for all other transactions all year round. Using this cashback credit card will save you as much as PHP 1,200 every month.
Because your needs, lifestyle, and budget are unique, only you can figure out for yourself which type of HSBC credit card is perfect for you. Take the time to compare different credit cards to make sure that you’ll pick the card that will work best but keep in mind that the free annual fee for life promo expires May 31!
Venus is the Head of Content at Moneymax, with over 15 years of combined experience in digital marketing, corporate communications, PR, and journalism. She invests in stocks, mutual funds, VUL, and Pag-IBIG MP2. Outside of work, she’s crazy about cats and Korean dramas. Follow Venus on LinkedIn.