Approval for any credit card will depend on your status. The representative APRs shown represent 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.
HSBC Purchase Plus Credit Card review 2021
Get your finances back on track with a holiday from interest on purchases and existing card debt.
If you're looking to transfer credit card debt to save interest, but you also need a card you can use for upcoming spending, this deal should be in your shortlist.
You say: ★★★★★We say: ★★★★★
Doing its job: 3.5/5
In a nutshell:
0% interest on balance transfers
0% interest on purchases
|Balance transfers||0% for 18 months reverting to 22.9%|
|Balance transfer fee||2.9% (min. £5) for transfers in first 60 days|
|Purchases||0% for 18 months reverting to 22.9%|
|Purchases interest-free period||Up to 56 days|
|Min credit limit||£500|
|Max credit limit||Not specified|
|Additional cards available||1|
|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.
This dual-purpose credit card is designed for people with existing card debt who want to pay less in interest but also need to use a new card for upcoming expenditure.
Although the card ensures your don’t get punished for increasing your borrowing, you should ultimately focus on getting debt-free before the card’s 0% periods expire. At that point, the revert-rate that will kick-in and apply to any outstanding balance, will be less than competitive.
In the meantime, with no annual fee to worry about, this is a smart way to keep costs down, although longer 0% balance transfer and purchase deals are available on the market (and if you need one feature more than the other, more specialised deals are available). Plus you can take advantage of Visa’s cashback and discount offers.
The HSBC Purchase Plus 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.
Pros and cons
- Over a year of 0% interest to focus on reducing existing card debt
- Over a year to spread the cost of purchases
- No annual fee
- Applicants with low credit scores are unlikely to be eligible
- Don't forget that balance transfer fee! If cutting the interest on existing card debt is your main reason for considering this card, check out no-fee deals first
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 either damaging your credit score, getting hit with a penalty fee (£12) or losing any promotional rates as a result. You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 18 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
|Minimum amount||Fixed amount||Fixed percentage||Full amount|
How to apply
First, you can use Finder's eligibility checker to find out if you'd be likely to get approved for the HSBC Purchase Plus Credit Card. This won't impact your credit score. If it's good news, you can then proceed to HSBC's online application, which takes 10-15 minutes to complete.
Frequently asked questions
What credit limit will I get with the HSBC Purchase Plus Credit Card?
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 this card is £500 and HSBC does not specify a maximum. 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.
Can I withdraw cash using the HSBC Purchase Plus Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
The cash advance fee on the HSBC Purchase Plus 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 27.9%, which is 22% more than 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).
Can I transfer a balance from another HSBC-branded card to the HSBC Purchase Plus Credit Card?
Can I manage the HSBC Purchase Plus Credit Card from an app?
Yes. You can manage this card through HSBC UK's free mobile banking app.
How much does it cost to use the HSBC Purchase Plus Credit Card abroad?
Non-sterling transactions are subject to a 2.99% charge. For example, if you spend 200 euros (£169.68), it'll cost you around £5.07 in fees.
What is the minimum payment on the HSBC Purchase Plus Credit Card?
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 makes it much harder to get debt-free before that introductory 0% period expires.