HSBC (Existing Customers Only) Credit Card

HSBC credit card review: (Existing Customers Only)

IF you already bank with HSBC this credit card is offering a great opportunity to minimise interest you're paying on other credit card debts.

The 0% balance transfer deal runs for 15 months - just one month short of the market-leading offer - and there's also a 0% purchases deal for the first three months.

The HSBC credit card may also appeal just because - as a HSBC customer already - you'll be more likely to be accepted.

Banks make no secret of the fact that they prefer applicants who have a credit history they can check out easily and reliably.

Other than that, though, there's little on the HSBC credit card to get excited about: this is a decent, standard card with all the extra purchase protection, customer service and security you'd expect from a credit card issued by any big bank.

Note that the HSBC credit card is offering 0% offers of different lengths so it won't always be suitable for spending when you've transferred a balance.

Put simply: it'll be fine in the first three months but purchases left on the card past then won't be paid off until the credit card is paid off in full so avoid spending during months 4-15 of the balance transfer to avoid interest.

All in all, though, the HSBC credit card is a simple credit card offering a decent service alongside some excellent introductory offers.

Interest Rates and Fees
		Notes..
Typical APR	16.9% APR (variable)	The typical rate most people will receive is 16.9% APR (variable), but you may be given a rate up to 19.9% APR (variable) depending upon an assessment of your circumstances. The typical APR is the rate most people are offered.
Introductory Purchases	0% for 3 months	Payments are applied towards promotional balance transfers before promotional purchases.
Balance Transfers	0% for 15 months	Balances must be transferred within 30 days of account opening to qualify. Payments are applied first to promotional balance transfers. You cannot transfer a balance from another HSBC Group card; including HSBC, HFC Bank and first direct.
Balance Transfer Fee	2.9% (£5 minimum)	-
Cash Withdrawal Rate	23.9% p.a. (variable)	You will be given a cash withdrawal rate from 23.9% p.a. (variable) to 24.7% p.a. (variable) depending upon an assessment of your circumstances.
Cash Withdrawal Fee	2.99% (£3 minimum)	-
Annual Fee	None	-
Foreign Transaction Fee	2.99%	This fee will be charged if you make a purchase or cash withdrawal in a foreign currency.

Rewards
		Notes..
Reward #1	Up to 8% off Thomas Cook Holidays	Holidays must be booked through the HSBC Travel Club.

Cardholder Services & Extras
Online Account Management		You can log in to the HSBC website and manage your HSBC credit card account online.
Internet Fraud Guarantee		There is no liability for unauthorised online transactions made with your HSBC credit card without your knowledge or consent.
Fraud Monitoring		Fraud detection system.
Identity Protection
MasterCard SecureCode		An extra layer of security when shopping online. Register and set up a password-protected identity-check when you shop online with participating online retailers.
Purchase Protection Insurance
Purchase Delivery Insurance
Comprehensive Travel Insurance
Travel Accident Insurance
Travel Inconvenience Insurance
Assistance Abroad
Emergency Card Replacement		Global Assistance If you lose your HSBC credit card HSBC will get you a new one in 24 hours and can get you an emergency cash advance in 4 hours.
OneTouch Payment System		MasterCard PayPass One touch payment system for purchases under £10 Currently this card feature is only available to applicants who live and / or work in the London area postcodes: EC2, EC3, EC4, E1, E14, SE1, SE16, W2 and SW1V. Please note that this does not mean you will definitely get a PayPass card at this time.
Other Extras
Optional Extras	These are extras that you can choose, but you will have to pay for them. - CardGuard protection - Repayment protection.

Payments & Payment Details
		Notes..
Credit Limit	£500 minimum	Maximum credit limit is subject to status.
Interest Free Period	Up to 56 days	For purchases if you pay your whole balance in full and on time. There is no interest free period on balance transfers outside of the promotional period or cash advances.
Minimum Monthly Payment	2.5% (£5 minimum)	The minimum monthly payment is the smallest amount you must pay each month (unless your credit card balance is zero).
Allocation of Payments	Promotional balance transfers » Purchases & Standard rate balance transfers » Cash advances	-
Default Charges	£12	- Late payment: £12 - Exceeding credit limit: £12 - Returned payment: £5

Card Details
		Notes..
Online Application	Yes	Remember: always ensure you meet the application requirements before applying, as getting rejected can affect your credit score.
Card Type	Classic	-
Payment Company	MasterCard	The company who provides the payment technology and infrastructure to allow you to use this credit card. Retailers and ATM machines displaying the 'MasterCard' logo will accept this credit card.
Card Issuer	HSBC	The bank who issues this credit card.
Card Advertiser	HSBC	The company who advertises and promotes this credit card.

Review Continued...

Apply Online for HSBC (Existing Customers Only) credit card »