Guide to HSBC credit cards
Global bank, HSBC offers a full range of credit cards to meet the needs of its varied customer base.
Existing current account customers can get an exclusive HSBC credit card that offers a long interest free period on balance transfers, as well as 0% interest on purchases and a discount on holidays booked through the HSBC travel service.
Balance transfers on this card are subject to a 3.3% fee and after the introductory period ends you can expect to pay a representative APR of around 17.9% (variable).
Students who hold an account with HSBC can take out a student credit card which, again, offers a discount for holidays booked through the HSBC Travel Service and comes with a representative APR of 18.9% (variable).
The HSBC Premier credit card works as both a low standard rate and a rewards card, offering a low representative APR of 11.9% (variable) and two rewards points for every £10 spent. Although there is no balance transfer facility, the card also offers nine months of interest-free purchases and a discount on HSBC Travel Services.
However, this card is only available to HSBC Premier customers who must have an individual income of £100,000 per year and £50,000 worth of savings or investments with the bank – so it’s not for everyone!
Business customers can take advantage of the HSBC Commercial card, which offers a fee-free balance transfer facility as well as discounts on travel and retail vouchers. There are no interest-free introductory periods but the card does have a relatively low representative APR of 15.9% (variable).
Although non-HSBC customers cannot apply for HSBC credit cards, they can apply for partnership cards that are provided by the bank. For instance, the John Lewis and Waitrose Partnership Card offers 0% interest on purchases and balance transfers for six months (balance transfers are subject to a 2.5% fee) after which time the representative APR jumps to 16.9% (variable).
The card also doubles up as a reward card, offering one point for every £1 spent at John Lewis group stores and one point for every £2 spent elsewhere.
Is an HSBC credit card right for me?
If you are an existing HSBC customer and you are eligible for one of its credit cards, then there should be a card that suits your needs and circumstances. And even if you don’t bank with HSBC, you may be eligible for one of its Partnership cards, provided you have a suitable credit score.
It could be worthwhile using MoneySupermarket’s Smart Search tool to gauge your chances of acceptance before applying as a refused application can have a negative impact upon your credit score.
If you’re worried about losing your card, HSBC offers CardGuard which insures you against financial loss should your card go missing. In addition, if your card is lost or stolen while you’re away, the bank will offer you a cash advance to cover expenses.