HSBC unsecured line of credit review
Access up to $25,000 with no annual fee.
HSBC might not have a personal loan option, but its unsecured line of credit is a good backup. It comes with an introductory APR and minimal fees, but interest begins to accumulate as soon as you make a purchase. And the rates for non-Premier account holders can be on the higher side.
Max. Loan Amount
7.74% (starting of)
What makes an HSBC line of credit unique?
The fact that HSBC even has a personal line of credit option is noteworthy — a lot of larger banks shy away from this product. Combined with a 45-day introductory APR and minimal fees, this line of credit is a solid option if you already bank with HSBC.
What is an HSBC line of credit?
HSBC offers Select Credit, an unsecured personal line of credit, to members who have a checking or savings account. This comes with variable rates that depend on both the account you have with HSBC and your creditworthiness. Here are the starting introductory rates and ongoing APRs for each type of HSBC account:
|Account type||Credit Limit||Starting intro APR||Ongoing APR|
|Premier account||$1,000 to $25,000||7.74% (starting of)||10.24%|
|Advance account||$1,000 to $10,000||12.24%||14.24%|
|Personal account||$1,000 to $10,000||16.24%||18.24%|
HSBC doesn’t charge any annual, balance transfer, check transaction or cash advance fees — which can help you save compared to other lenders. However, the bank doesn’t list specific terms for its line of credit, so you’ll have to reach out to a customer service rep to learn what draw period and repayment terms you can expect.
What are the benefits of an HSBC line of credit?
From its minimal fees to its overdraft protection, here are a few perks of taking out a line of credit with HSBC:
- Introductory APR. HSBC lines of credit come with a 45-day introductory period. Well-qualified borrowers with a Premier account may receive an APR of 7.74% (starting of) .
- Minimal fees. HSBC doesn’t charge any annual, cash advance, check transaction or balance transfer fees. This means you’ll only pay interest for the amount you borrow — and late fees, if applicable.
- Overdraft protection available. You can choose to set up overdraft protection on a qualifying HSBC account. This comes with a variable APR of 20.24% and a $10 overdraft fee that’s waived for Premier account holders.
- Access your FICO score. When you receive your monthly statement, you’ll also get access to your FICO credit score to keep track of your financial wellness.
What to watch out for
Consider these potential drawbacks when deciding if an HSBC line of credit is right for you:
- Only open to HSBC account holders. Select Credit is only available to individuals with an HSBC checking or savings account.
- No grace period. Interest starts accumulating the moment you receive an advance from your line of credit. There’s no grace period — not even for overdrafts.
- High starting rates. If you don’t have a Premier account, you face an ongoing APR as high as 18.24%.
- Unclear loan terms. HSBC doesn’t list the draw period or repayment terms for its line of credit, so you’ll need to reach out to customer service for more details.
Compare more personal loan providers
Am I eligible?
To qualify for an HSBC line of credit, you must:
- Have an HSBC checking or savings account
- Be a US citizen or permanent resident
- Be the age of majority — 18 in most states
How do I apply?
HSBC offers three different ways to apply: online, by phone or in person.
To apply online, follow these steps:
- Visit HSBC’s website and hover over Borrowing.
- Click Select Credit under Personal Line of Credit.
- How to Apply.
- Under Online, click Apply now.
- Log in to your account and fill out the application.
- Read HSBC’s terms and conditions, then click Submit.
Call HSBC at 800-975-4722 to speak to a customer service rep Monday through Sunday from 7 a.m. to 12 a.m. ET.
Visit your local storefront or use HSBC’s Find a branch tool on its Select Credit page to see your options.
I got an HSBC line of credit. Now what?
Once you have your line of credit, enjoy the 45-day introductory period with lower rates. Any purchase you make during this time will have this rate, even after the introductory period is over.
You can pay your Select Credit bill online, by mail, by phone or through autopay from your HSBC account. If you know you’ll have enough in your account each month to cover the automatic payments, you may want to opt for this. It could save you from receiving a $35 late fee. But if your check bounces or you don’t have enough in your account, you’ll be on the hook for a $35 returned payment fee.
If you have any questions, you can contact HSBC through live chat, by tweeting @HSBC_US or by calling one of its customer service numbers:
- Personal accounts: 800-975-4722
- Advance accounts: 866-584-4722
- Premier accounts: 888-662-4722
HSBC is a big-name bank with a line of credit to match. It offers an introductory APR and minimal fees, but you’ll only qualify for the highest amounts or lowest rates if you’re a Premier account holder.
See how it stacks up to the competition with our guide to lenders that offer personal lines of credits. Or check out our page on personal loans to compare your other borrowing options.