HSBC Credit Card APR review

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HSBC is one of the largest financial services and banking organizations in the world. It serves nearly 48 million consumers through its four global businesses, including wealth management and retail banking, commercial banking, global markets and banking, and global private banking. The HSBC bank provides its customers with a wide range of financial products and services, including credit cards, debit cards, loans, mortgages, insurance, and different types of accounts. 

When it comes to HSBC credit cards, this global banking brand offers different types of credit cards that are designed for every wallet. This means that HSBC credit cards are useful for students who want to build their credit history as well as for people who have an outstanding card balance and seek interest free credit card deals. HSBC bank provides its cards with the Visa brand. However, it also offers MasterCard cards for companies like John Lewis. 

HSBC credit card APR overview

One such credit card offered by HSBC bank is HSBC credit card. This credit card is best known for its amazing APR. So, let us see what HSBC credit card APR has in store for us.

Features and benefits of HSBC credit card

Image courtesy:LinkedIn
Image courtesy:LinkedIn
  • 0% interest on balance transfers for 32 months and after that it is 18.9% annually. There is 1.4% monthly fee on balance transfers. This applies on balance that is transferred within the initial 2 months of opening your HSBC credit card account.
  • 0% interest on purchases done in the initial 3 months of opening your credit card account, after that 18.9% interest is charged annually. There is 1.4% monthly fee on purchases.
  • No annual fees
  • Get rewards and discounts on eating out, health and beauty products, shopping, and travel and leisure.
  • Annual Percentage Rate (APR) is 18.9% or £5, whichever is greater.

Eligibility for HSBC credit card APR

In order to apply for HSBC credit card, make sure that you fulfill the following criteria:

  • You must have an annual income or pension of atleast £8,500 (before tax) per year
  • You should be a resident of the United Kingdom, Isle of Man, or Channel Islands
  • You should be above 18 years old

Fees of HSBC credit card APR

  • Late payment fees: £12
  • Over credit limit fees: £12
  • Foreign exchange fees: 2.99%
  • Return payment fees: £5
  • Cash advance fees: 2.99% or £3, whichever is greater
  • Balance transfer fees: 1.4% or £5, whichever is greater
  • Minimum credit limit: £500

Pros

  • No interest on balance transfers for 32 months
  • Through online banking and mobile banking features, you can manage you HSBC credit card online from anywhere at anytime
  • Internet fraud guarantee

Cons

  • The promotional offer APR depends on your personal circumstances
  • The promotional balance transfer period is valid for balance transfers done in the initial 60 days of your credit card account opening
  • No balance transfer from HSBC Group card

Verdict

Image courtesy:Gizmodo
Image courtesy:Gizmodo

The HSBC credit card APR is great, if you want to transfer your balance from another credit card. Moreover, the interest rates on this credit card are quite low at 18.9%. However, you can only apply for this credit card, if you reside in the United Kingdom, Isle of Man, or Channel Islands.

Furthermore, there are not much rewards offered on this credit card. Therefore, if you are looking for a credit card that can offer you great discounts on purchases, then look for some other credit card. If balance transfer is what you are seeking, then this is a great credit card for you.

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