Build your credit history while you save with LOQBOX
- Choose what you want to save – from £20 to £200 a month
- Build your credit history with the credit reference agencies
- Leave with an improved credit history, plus all your savings
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.
You say: ★★★★★We say: ★★★★★
In a nutshell:
Up to 56 days
Interest-free each billing period
Minimum credit limit
|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.
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.
When it comes to repayments, you can make manual repayments online or over the phone (0345 7404 404), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee or losing any promotional rates 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’ve compared cards and want to apply, 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.
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