HSBC Platinum Rewards Credit Card

HSBC Platinum Rewards Credit Card Review

This is a cashback card issued by HSBC Bank USA. If you're wondering whether HSBC Platinum Rewards Credit Card is the right card for you, read on.

Key Takeaways

• 0% APR balance transfer intro rate. Offers an introductory 0% APR rate on balance transfers for up to 12 months, which is the average period for 0% APR balance transfer cards.
• 0% APR on new purchases. New cardholders receive an introductory 0% APR rate on new purchases for up to 12 months.
• Competitive APRs. HSBC Platinum Rewards Credit Card has a variable purchase APR that ranges from 14.49% up to 24.49%.
• No annual fee*. This is a great option for people looking for a low-maintenance cashback card. It gives you cashback on your eligible purchases, but you don't have to pay an annual fee for the privilege.
• 4% Balance transfer fee. HSBC Platinum Rewards Credit Card charges a fee of 4% on balance transfers. For example, a balance of $1,000 could cost $40 in transfer fees. The minimum fee is $10.
• No foreign transaction fee. This card does not charge a fee when you make a purchase that passes through a foreign bank, or is in a currency other than the U.S. dollar (USD), which makes it a great credit card to carry when traveling abroad.
• Multiple credit card benefits. Includes generous credit card perks, such as emergency support, identity theft protection, travel assistance, and fraud protection.
• Fair or better credit required. You will have good approval odds if your credit score is above 650.

Pros & Cons of HSBC Platinum Rewards Credit Card

The Good

The Bad

0% introductory rate for purchases and balance transfers No annual fee No foreign transaction fees Potentially lower than average purchase APRs. 0% APR balance transfer intro rate on balance transfers for up to 12 months. 0% APR on new purchases during the first 12 months. There is then a variable purchase APR that ranges from 14.49% up to 24.49%. No annual fee. Multiple credit card perks. Free access to your credit score. Identity Theft Protection. Travel assistance insurance No foreign transaction fee. Cardholders can earn rewards on purchases everywhere HSBC Platinum Rewards Credit Card is accepted. HSBC Platinum Rewards Credit Card reports to multiple credit bureaus.

Low rewards after the first year. Does not offer a signup bonus. Charges a 4% balance transfer fee.

HSBC Platinum Rewards Credit Card FAQ

Does HSBC Platinum Rewards Credit Card have a cash back or rewards program?

This is a cashback card. This means you earn a percentage of your purchases as cash back rewards. You will receive 1.5% cash back on travel, dining, groceries, drugstore purchases, or any other purchase. For example, if you buy a $1,000 laptop, you will receive $15 back in cash.

HSBC Platinum Rewards Credit Card Rewards

Minimum rewards rate	1.5x
Max rewards rate	N/A
Annual rewards limit	N/A
Signup Bonus ($)	N/A

What are the HSBC Platinum Rewards Credit Card benefits?

It provides the following benefits:

• Free Credit Score
• Emergency Support
• Zero fraud liability
• Cell Phone Protection
• Travel Assistance
• Reports to major credit bureaus

What are the relevant APRs for HSBC Platinum Rewards Credit Card?

According to the Federal Reserve Board, the average regular APR is 15% for all credit cards and 17% for accounts that carry a balance. This card has lower than average regular APRs.

HSBC Platinum Rewards Credit Card has a variable purchase APR that ranges from 14.49% up to 24.49%. The card has a variable balance transfer APR that ranges from 14.49% up to 24.49%. It also has a variable cash advance APR of 26.49% . Note that late payments are subject to an APR of 31.49% if you are late or miss your payments. Typically, the penalty APR applies for a minimum of six months but can go on indefinitely.

What are the fees for HSBC Platinum Rewards Credit Card?

The following fees apply:

HSBC Platinum Rewards Credit Card Fees

Fees	Amount
Annual Fee	$0
Foreign Transaction Fee	0%
Returned Payment Fee	up to $39
Late Payment Fee	up to $39

This card does not charge an annual fee, which makes it a smart choice for consumers looking for a low-cost cashback card.

Does HSBC Platinum Rewards Credit Card report your account activity to credit bureaus?

Yes, HSBC Platinum Rewards Credit Card reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

How to apply for HSBC Platinum Rewards Credit Card

• Visit the HSBC Platinum Rewards Credit Card website.
• Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
• Check the information is accurate and submit your application.

If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.