How to Get an HSBC Red Mastercard

If you are someone who uses a credit card for all your spending, you can get a bigger cash rebate with the HSBC Red Mastercard. Cardholders can get as high as a 6 percent rebate from purchases at partner stores nationwide.

In addition to rebates, this credit card also has an impressive payment plan, which spreads payments in 12, 24, and 36 month plans. The Installment Plan provides breathing space for cardholders to buy appliances, airplane tickets, and other gadgets with high price tags.

Interested in applying for this credit card? Read on to find out the requirements, fees, and benefits associated with this credit card. You can also find out more reasons to have this card in your wallet, cons, and contact details of HSBC Philippines.

HSBC Red Mastercard Application

HSBC Red Mastercard Features & Benefits

If you love shopping and dining, you definitely need the HSBC Red Mastercard in your wallet. The cash rebates make it rewarding to spend money using your credit card. Enjoy up to 6 percent in rebate on fuel purchases at Caltex stations all over the Philippines. You’ll also get an additional 3% rebate all year round!

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Did you know that you can also earn 4x points if you use the credit card online and for dining and shopping transactions? That’s right.

In addition to the cash rebate, cardholders can also get access to exclusive Mastercard-only deals in over 160 countries worldwide (over 27,000 establishments). Thanks to Mastercard, availing of merchant discounts up to 30 percent is possible.

Worried about the fees associated with this card? Don’t be, as HSBC only charges minimum fees for different transactions. You can also enjoy a waived annual fee for the first 12 months of using the HSBC Red Mastercard credit card.

HSBC Red Mastercard Cons

The only downside of the HSBC Red Mastercard is the additional requirement of having another credit card. Applicants without credit history cannot apply for this card.

HSBC Red Mastercard Eligibility

HSBC only approves applicants that meet the requirements for opening a credit card account. Basic requirements include being in the age of 21 years old or above, a legal resident of the Philippines, employed and earning a minimum annual income of Php 200,000.

Additional requirements include having other local credit cards, owned for a minimum of 12 months. Failing to meet the requirements can lead to the decline of your application.

How to Apply for an HSBC Red Mastercard

There are two ways to apply for this credit card. One is by visiting an HSBC branch located at Binondo, BGC, Makati, Ortigas, Quezon City, Greenhills, Rockwell, Cebu, and Davao. If you are not near any of these locations, you can opt for an online application instead. Visit the HSBC website, click Apply Now, then fill out an online form with your personal information and wait for the decision of the bank.

The bank requires applicants to provide supporting documents for verification purposes. Aside from the government-issued ID, you also need to provide the latest Income Tax Return or ITR, payslip, and credit card statement of account.

Interest, APR & Charges

  • Annual Fee – Php 1,500 per year (first year waived)
  • Retail Monthly Effective Interest Rate – 3.50%
  • Monthly Effective Cash Advance Interest Rate – 3.75%
  • Foreign Transaction Fee – 3.5% total for service and assessment fee
  • Late Payment Fee – Php 700
  • Over Limit Fee – Php 500
  • Cash Advance Fee – Php 500 or 3%, whichever is higher

Bank Address & Contact Details

For general inquiries about credit cards and application, you can dial +63(2) 85-800 for Metro Manila customers and +63(2) 976-8000 for overseas. You can also email customer support at hsbc@hsbc.com.ph.

HSBC Philippines main office is located at 7/F HSBC Centre, 3058 Fifth Avenue West, Bonifacio Global City, Taguig City, Philippines. You can send your mail to this address if you have concerns.

Conclusion

Overall, the HSBC Red Mastercard is a valuable credit card for people who use their credit cards to spend a lot on online and overseas purchases, as well as dining transactions. Aside from the higher cash rebate, cardholders can also get exclusive access to Mastercard deals, discounts, and more. For more information, visit the website of HSBC today.

Disclaimer

Note: There are risks involved when applying for and using a credit card. Please see the bank’s Terms and Conditions page for more information.

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