HSBC Credit Card

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  • Cash Advance Fee:
  • Cash Advance Rate:
  • Intro Balance Transfer Duration:
  • Intro Balance Transfer Fee:
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  • Intro Purchase Duration:
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  • Representative APR:
  • Standard Purchase Rate:
  • 2.99%
  • 23.9% p.a.
  • 15 months
  • 2.9%
  • 0% p.a.
  • 3 months
  • 0% p.a.
  • 16.9% p.a. variable
  • 16.9% p.a.

Pros

  • Competitive offer on balance transfers

  • 0% p.a. on purchases for 3 months is useful

  • Discount off Thomas Cook holidays

Cons

  • Only available for existing HSBC current account holders

  • No rewards program

Best Features of the HSBC Credit Card

  • 0% balance transfers for 15 months
  • 0% purchases for 3 months
  • Extensive anti-fraud protection

Our Review

If you already have an HSBC current account then you’re in luck as the HSBC credit card account is only available to pre-existing customers. This exclusive credit card comes with a 0% p.a. balance transfer rate for the first 15 months and 0% p.a. on all purchases for the first 3 months. If you already bank with HSBC and have a regularly income then read on for more.

Who it’s for

The HSBC credit card is an introductory account and is ideal for anyone looking for their first credit card or has a limited credit history. The account has a very competitive balance transfer deal, which makes it ideal for anyone looking to save money and consolidate their credit card bills.

Eligibility

As previously mentioned, the HSBC credit card is only available to HSBC current account holders who deposit at least £500 a month into the account. In order to apply you must also be earning at least £8,500 per annum and be a UK resident. There is no age limit, so long as you’re 18 or above you can apply for the MasterCard.

Balance transfers

The HSBC card’s balance transfer rate is very competitive and one of the best on the market. With 0% p.a. interest to pay for the first 15 months, the account gives you the breathing space to pay off your debt without being crippled by interest fees. After the introductory period, the rate jumps too a fairly competitive 16.9% p.a..

Purchases

HSBC only offer a 3 months, 3 months interest rate introductory period on purchases. This isn’t the best offer on the market with many companies offering longer interest free periods on spending. However, after the introductory period, HSBC charge a fairly respectable 16.9% p.a. which isn’t too bad for an introductory credit card.

Rewards

All HSBC Credit Card holders are offered 8% off all holidays booked through Thomas Cook – ideal if you’re planning to fly away this year.

Cash advances

If you wish to use your card in an ATM then expect to pay 23.9% p.a. for the convenience. This rate is high, but is in line with most other credit card providers. A 2.99% fee also applies.

Security & fraud protection

HSBC offer 24 hour customer support regardless of where you are in the world and they also offer emergency cash advances if your credit card has been lost or stolen. All credit cards provided by the bank also come with online fraud protection as well as MasterCard’s SecureCode technology which further protects you against unauthorised payments. HSBC also monitor all accounts 24/7, enabling them to stop fraud before it happens.

Conclusion

The HSBC credit card should be considered if you’re looking to transfer from your existing credit card or already own an HSBC current account and want to build up a credit history. The account is fairly reasonable when it comes to interest fees and would suit anyone who uses credit cards for occasional purchases.