Should You Gamble on HSBC’s American Dream Card?
It’s a fact: Americans like to play. Knowing this to be the case, HSBC has issued a new credit card that combines two of America’s favorite pastimes: shopping and gambling. Yes, you read that right. For every $1.00 spent on purchases with the HSBC “American Dream” card, buyers receive an entry in monthly drawings for cash prizes. According to the American Dream card’s official site, cardholders have been awarded a total of $898,000 to date.
Is the card a worthy addition to your wallet? New cardholders receive one thousand sweepstake entries just for signing up, plus a thousand more for each new cardholder they refer. That certainly sounds exciting.
But the card also comes with a variable interest rate of 14.99% or 21.99%. The penalty interest rate is 29.99%. There’s a $29 charge for every Cash Express transaction, and a $40 fee for cardholders who make a late payment or go over their credit limit.
Bottom line? If you’re a gambler, this could be a neat credit card to add to your collection. But if you’d rather hold on to the money you already have, you can probably find a better deal.
