Moneymax Reviews: Enjoy 4x the Fun with HSBC Red Mastercard

Ricky Publico

Ricky Publico

Last updated September 21, 2023

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 Review: Overview of Features

Before we go any further, let’s first judge the card by its features. 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.

hsbc red mastercard review - card features
  • Annual fee: ₱2,500 (free on the first year)
  • Interest rate: 3%
  • Minimum monthly income requirement: ₱16,667
  • Cash advance fee: ₱200 per transaction
  • Late payment fee: ₱1,000 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
Apply now

 

Why Should I Get the HSBC Red Mastercard?

hsbc red mastercard review - accelerated rewards

So what do you get for this affordable credit card? Two words: accelerated rewards. For every ₱20 spend on qualified spend categories, you earn 4x bonus points.

Qualified spend categories include the following: dining, shopping, overseas transactions, and online purchases. 

For example, you can earn 4x points when you dine in at Pancake House, Italianni’s, Barcino, Las Flores, Gloria Maris, Draft, and Edsa Shangri-La Summer Palace, among others. You’ll also earn points for shopping at SM, Landmark, Robinson’s, and Rustan’s Department Stores. While you’re at it, add more points by shopping at Uniqlo, Zara, Marks & Spencer, and others.

Earn enough points and convert them to special items, gift certificates, vouchers, and even 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 Wide Fund and Childhope Asia Philippines. 

Read more: A First-Timer’s 4-Step Guide to HSBC Credit Card Application


🎁 Free Gift from Moneymax: Giftaway Cash Credits, JBL Flip 6, or JBL Wave Beam

moneymax hsbc credit card promo

Eligible cards: HSBC Red Mastercard, Gold Visa Cash Back, and Platinum Visa Rebate

Promo period: Until June 30, 2024

Not an HSBC credit cardholder yet? Apply for an HSBC card through Moneymax during the promo period (and get approved subsequently) to receive an exciting welcome gift! Choose from free Giftaway cash credits worth ₱3,000, a JBL Flip 6 worth ₱7,499, or a JBL Wave Beam worth ₱3,799

This Moneymax HSBC Giftaway/JBL promo runs until June 30, 2024 only. So hurry and apply now!

Per DTI Fair Trade Permit No. FTEB-192974 Series of 2024. Terms and conditions apply. 


What Other Perks Can I Enjoy with My HSBC Red Mastercard?

hsbc red mastercard review - credit card perks

Aside from the spoils of accelerated rewards, the HSBC Red Mastercard also gives you access to HSBC’s credit card perks. For starters, how about 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.

This HSBC credit card also entitles you to shopping and dining promos, as well as exclusive privileges at over 27,000 establishments worldwide.

Also, you get to avail of HSBC's nifty installment plans, starting with its 0% card installment plan.[2] By using your HSBC Red Mastercard to purchase high-ticket items like gadgets, appliances, plane tickets, and others, you can 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] It’s a more convenient way to get a cash advance from your HSBC Red Mastercard. Get the cash and pay for it in flexible and affordable installments.

Your HSBC Red Mastercard comes with HSBC Autocharge, a feature that automatically charges your bills to your card. For added convenience, your credit card bill will be sent to you via email in the form of an eStatement. These features may not be as exciting as the others, but you can never count out these small yet significant perks.

Convinced yet? Get started with your HSBC credit card application right here.

HSBC Red Mastercard

HSBC Red Mastercard Alternatives

While reading this HSBC Red Mastercard review, you might realize it doesn't suit your needs. Check how it compares to other HSBC credit cards:

Credit Card
Annual Fee
Minimum Annual Income Requirement
Key Features
HSBC Red Mastercard
hsbc red mastercard
APPLY NOW
₱2,500
₱200,000
  • 4x bonus points on online, shopping, dining, and overseas transactions
  • 1 bonus point for every ₱20 spend
  • 3% fuel rebates year-round
HSBC Gold Visa Cashback
hsbc gold visa cashback
APPLY NOW
₱2,500
₱200,000
  • 5% cash back on dining transactions
  • 0.50% cash back on all of your other transactions
  • 3% fuel rebates year-round
HSBC Platinum Visa Rebate
HSBC VISA PLATINUM
APPLY-NOW
₱5,000
₱500,000
  • 5% rebate on travel and shopping spend 
  • 1% rebate on insurance
  • 0.50% rebate on all other spend
  • 3% fuel rebates year-round
  • Purchase Protect insurance

 

Want to explore cards outside of HSBC? Here are options similar to the HSBC Red Mastercard:

💳 UnionBank Rewards Credit Card

UnionBank Rewards Credit Card

 

If you want to explore another rewards credit card, the UnionBank Rewards Credit Card is a strong contender with 1 point per ₱30 spend. You can also triple your points if you use your card at shopping boutiques, department stores, and restaurants here and abroad.

Read more: How to Apply for a UnionBank Credit Card in 3 Easy Steps

💳 Metrobank Titanium Mastercard®

Metrobank Titanium

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 February 29, 2024 and meet the required annual spend of ₱180,000.

Read more: Metrobank Credit Card Application: Eligibility, Requirements, and More

💳 Security Bank Gold Mastercard

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: How to Apply and Get Approved for a Security Bank Credit Card

💳 Security Bank Platinum Mastercard

Security Bank Platinum Mastercard

Want a leveled-up rewards credit card? The Security Bank Platinum Mastercard earns 2 points for every ₱20 spend. Plus, you get unlimited access to the Marhaba Lounge at NAIA Terminals 1 and 3.

💳 BPI Platinum Rewards Mastercard

BPI Platinum Rewards Card

Shopaholics who love splurging abroad, this is for you: the BPI Platinum Rewards Mastercard earns 2 BPI points for every ₱30 local spend and 2 BPI points for every ₱20 foreign spend. You can also pay for flights using your card to enjoy installments with 0% interest. 

Read more: BPI Credit Card Application: Requirements, Process, and More

💳 BPI Visa Signature 

BPI Signature Card

If you're all about travel discounts and deals, get the BPI Visa Signature. Aside from earning 2 BPI points for every ₱20 spend, enjoy 50% off on deals at hotels, resorts, and more. Plus, it comes with free access to the PAGSS Premium Lounge at NAIA Terminals 1 and 3.

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.

Apply for an HSBC credit card through Moneymax

Sources:

Ricky is the zaniest Product Marketing Manager at Moneymax, with over six years of writing experience in the digital marketing industry. He had written for SEO, cybersecurity, and other related industries prior to joining Moneymax. He also specializes in content writing, copywriting, and email marketing. He is a huge fan of pro-wrestling, One Piece, and smartphones in general. Follow Ricky on LinkedIn.

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