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For existing HSBC customers with limited or less-than-perfect credit records, HSBC's pared-back card could act as a stepping stone to cards or loans with better rates.
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In a nutshell:
Minimum credit limit
Up to 56 days
Interest-free each billing period
|Balance transfer fee||2.9% (min. £5)|
|Purchases interest-free period||Up to 56 days|
|Min credit limit||£250|
|Max credit limit||Subject to status: £1,000|
|Additional cards available||3|
|Incentive||Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.|
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
The only “credit builder” HSBC’s range, this card is likely to have the least strict eligibility requirements, offset by relatively low opening credit limits and a relatively high interest rate. As with the vast majority of credit cards on the market, the interest rate can be tailored to the applicant (and can be higher than the advertised representative APR), and the credit limit will be tailored to the applicant.
While perks are generally few and far between when it comes to credit builders, HSBC’s card can earn you a little cashback through Visa Offers.
The Visa Offers scheme looks at your spending habits on the card then emails you weekly with a personalised selection of offers. You don’t need to activate these – they’re automatically applied when you use your card with the brands listed.
You can also benefit from some rather-specific discounts from brands around the world with HSBC’s home&away rewards programme.
The HSBC Classic Credit Card is issued on the Visa network (used by a whopping 3.3 billion cards), so you'll be able to use it at more than 46 million merchants across more than 200 countries and territories.
Approval for any credit card will depend on your status. The APR shown represents the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.
You can make manual repayments through HSBC's app, by logging in to your online banking or over the phone (0345 7404 404). Alternatively you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and damaging your credit score – making it harder and more expensive to borrow money in the future – and getting hit with a penalty fee (£12) as a result.
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
|Minimum amount||Fixed amount||Fixed percentage||Full amount|
If you're an existing HSBC customer and you've compared cards and settled on the HSBC Classic Credit Card, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible.
If HSBC is able to offer you this deal, the offer will specify a personalised credit limit based on HSBC's assessment of your situation. The minimum limit offered on the card is £250, while the maximum is £1,000. Once you've had the card for a while and shown HSBC that you're reliable, you may wish to apply for a credit limit increase.
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) often incur steep fees and/or higher rates of interest.
The cash advance fee on the HSBC Classic Credit Card is 2.99% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250, and you'll incur a fee of £7.48.
The interest rate on this part of your balance will be 29.9%, which is the same as the standard purchases rate (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
Yes. You can manage this card through HSBC UK's free mobile banking app.
Non-sterling transactions are subject to a 2.99% charge. For example, if you spend 200 euros (£172.31), it'll cost you around £5.15.
Each month you must pay at least 2.5% of your balance at that point or £5.00 – whichever of the two figures is greater. So if you had, say, £180.00 outstanding, you'd pay £5.00, and if you had £800.00 outstanding, you'd pay £20.00.
Paying only the minimum required amount each month is generally not advisable as it tends to be a very expensive way to borrow money which can lead to persistent debt.
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