Are you an existing cardholder looking for another credit card in the Philippines? The HSBC Red Mastercard is a worthy choice—especially if you love shopping and dining locally or abroad. Learn more about this card's features in this HSBC Red Mastercard review.
HSBC Red Mastercard: An Overview
Looking at the list below, it’s easy to see why the HSBC Red Mastercard is a great choice—just look at that low annual fee and annual income requirement!
Note, however, that you need to be an existing credit cardholder for at least six months to apply for this card.
- Annual fee: ₱2,500 (free on the first year)
- Interest rate: 3%
- Minimum monthly income requirement: ₱17,000
- Cash advance fee: ₱200 per transaction
- Late payment fee: ₱1,500 or unpaid minimum amount due, whichever is lower
- Overlimit fee: ₱800
- Foreign transaction fee: 2.5% of the converted sum plus reimbursement of the assessment fee charged by Visa/MasterCard to HSBC equivalent to 1% of the converted sum
- Card replacement fee: ₱400
❓ Who is the HSBC Red Mastercard Ideal for?
If you already own a basic card and want another one that earns rewards points in multiple categories, consider this credit card.
HSBC Red Mastercard Review: What Perks Can I Enjoy with This Card?
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So what do you get for this credit card? Take a look at its benefits:
✅ Generous Rewards System
Two words: accelerated rewards. For every qualified spend on dining, shopping, overseas transactions, and online purchases, you earn 4x bonus points.
Meanwhile, earn 1 bonus point for every ₱20 spend for other categories.
✅ Diverse Rewards Catalog
Earn enough points and convert them to gift certificates, shopping vouchers, annual fee waivers, and air miles. Peep the HSBC Red Mastercard exclusive rewards catalog[1] to browse the exact reward you want to redeem. You can even use your points to donate to charities like the World Wildlife Fund and One Tree Planted.
✅ Fuel Rebates
HSBC’s credit card perks include fuel rebates. Earn a 6% rebate on your first Caltex fuel purchase and a 3% rebate on succeeding fuel purchases. Now that’s a great money-saver, especially for those who drive to work every day.
✅ Deals and Promos Abroad
Love traveling? This HSBC credit card entitles you to travel, shopping, and dining promos at over 27,000 establishments in 160 countries and territories worldwide.
✅ A Variety of Installment Plans
Avail of HSBC's nifty installment plans, starting with its 0% card installment plan.[2] Use your HSBC Red Mastercard to purchase high-ticket items like gadgets and appliances at partner merchants, then pay in monthly installments with flexible terms of up to 36 months.
You can also fund any unplanned expenses with HSBC’s cash installment plan.[3] Pay it off in flexible and affordable installments.
✅ Handy Autocharge Feature
The Red Mastercard comes with HSBC Autocharge, a feature that automatically charges all your bills to your card. This means you have to remember only one due date. This feature may not be as exciting as the others, but don't overlook the small perks!
Convinced? Get started with your HSBC credit card application right here:
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Read more: HSBC Credit Card Application: 4-Step Guide for First-Timers
HSBC Red Mastercard Alternatives
While reading this HSBC Red Mastercard review, you might realize it doesn't suit your needs. Want to explore cards outside of HSBC? Here are options similar to the HSBC Red Mastercard:
💳 UnionBank Rewards Credit Card
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If you want to explore another rewards credit card, the UnionBank Rewards Credit Card is a strong contender with 1 point per ₱30 spend. Triple your points at shopping boutiques, department stores, and restaurants here and abroad. Bonus: Waive your annual fees if you apply for this card until September 30, 2024 and meet the required spend of ₱20,000 within 60 days of card approval.
Read more: How to Apply for a UnionBank Credit Card in 3 Easy Steps
💳 Metrobank Titanium Mastercard®
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Want to earn points quickly? Use the Metrobank Titanium Mastercard® to get 1 point for every ₱20 spend and up to 2x points on dining, department store, and online purchases. Bonus: Waive your annual fees if you apply for this card until August 31, 2024 and meet the required annual spend of ₱180,000.
Read more: How to Apply for a Metrobank Credit Card Online: Requirements and More
Shopaholics who love splurging abroad, this is for you. The BPI Platinum Rewards Card earns 2 BPI points for every ₱30 local spend and 2 BPI points for every ₱20 foreign spend. Pay for flights using your card to enjoy installments with 0% interest.
Read more: BPI Credit Card Application: Requirements, Process, and More
If you're all about travel discounts and deals, get the BPI Signature Card. Earn 2 BPI points for every ₱20 spend and get 50% off on deals at hotels, resorts, and more. Plus, enjoy free access to the PAGSS international lounges at NAIA Terminals 1 and 3.
💳 Security Bank Gold Mastercard
Yet another worthy contender in the rewards card category, the Security Bank Gold Mastercard earns 1 point for every ₱20 spend. Use it to enjoy exclusive rewards and promos all year round as well.
Read more: Security Bank Credit Card Application in 5 Quick Steps
Final Thoughts
That concludes our HSBC Red Mastercard review. Did it entice you to apply for one? We wouldn’t blame you if it did. After all, it’s an all-around great choice, provided you already have an existing credit card.
Ready to apply? Click the banner below to get started.
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