HSBC Purchase Plus Credit Card review November 2019

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.

Finder rating: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a., your representative rate is 22.9% APR (variable).

18 months

0% interest on balance transfers

18 months

0% interest on purchases

22.9%

Representative APR

£0

Account fee

Details

IssuerHSBC
NetworkVisa
Annual/monthly fees£0
Balance transfers0% for 18 months reverting to 22.9%
Balance transfer fee2.9% (min. £5) for transfers in first 60 days
Purchases0% for 18 months reverting to 22.9%
Purchases interest-free periodUp to 56 days
Cash advances27.9%
Min. credit limit£500
Max credit limitNot specified
Additional cards available1
IncentiveDiscounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.

Expert review

Chris Lilly

Review by


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.

Expert review

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.

How does this card compare with similar cards on the market?

HSBC’s card

Updated November 15th, 2019
Name Product Balance transfers Balance transfer fee Purchases Rep. APR Incentive Representative example
0% for 18 months reverting to 22.9%
2.9% (min. £5) for transfers in first 60 days
0% for 18 months reverting to 22.9%
22.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a., your representative rate is 22.9% APR (variable).

Compare up to 4 providers

Other balanced credit cards

Table: sorted by length of 0% balance transfer offer, promoted deals first
Updated November 15th, 2019
Name Product Balance transfers Balance transfer fee Purchases Rep. APR Incentive Representative example
0% for 20 months reverting to 19.9%
2.9% (min. £5)
0% for 20 months reverting to 19.9%
19.9% p.a. (variable)
Earn 1 point for every £1 spent at Marks and Spencer's and 1 point for every £5 spent elsewhere. 100 points = £1 reward voucher. Points will be converted into reward vouchers 4 times a year.
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 27 months reverting to 19.9%
2.7% for transfers in first 60 days
0% for 27 months reverting to 19.9%
19.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 26 months reverting to 20.93%
2.89% for 2 months reverting to 5%
0% for 26 months reverting to 20.93%
20.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 20.93% (variable) p.a., your representative rate is 20.9% APR (variable).
0% for 26 months reverting to 15.9%
0% for 26 months reverting to 3% (min. £5)
0% for 26 months reverting to 15.9%
21.7% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 15.9% (variable) p.a. with a fee of £3 per month, your representative rate is 21.7% APR (variable).
0% for 25 months reverting to 20.95%
3% (min. £3)
0% for 25 months reverting to 20.95%
20.9% p.a. (variable)
Earn 750 bonus Nectar points each time £35 or more spent on Sainsbury's shopping, up to ten times in your first 2 months, up to a total of 7,500 points, offer available for new customers. Earn 2 Nectar points per £1 spent on Sainsbury's shopping and fuel. Earn 1 Nectar point for every £5 spent elsewhere.
Representative example: When you spend £1,200 at a purchase rate of 20.95% (variable) p.a., your representative rate is 20.9% APR (variable).
0% for 24 months reverting to 19.9%
2.49%
0% for 24 months reverting to 19.9%
19.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 20 months reverting to 19.94%
3% (min. £3)
0% for 20 months reverting to 19.94%
19.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.94% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 20 months reverting to 19.95%
3% (min. £3)
0% for 20 months reverting to 19.95%
19.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.95% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 20 months reverting to 19.95%
2.95% for 3 months reverting to 3%
0% for 20 months reverting to 19.95%
19.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.95% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 20 months reverting to 19.95%
3% (min. £3)
0% for 20 months reverting to 19.95%
19.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.95% (variable) p.a., your representative rate is 19.9% APR (variable).

Compare up to 4 providers

Repayment options

You can make manual repayments online or over the phone (0345 7404 404), or alternatively set up a direct debit. A direct debit protects you from forgetting to make a repayment and, as a result, damaging your credit score, getting hit with a penalty fee, losing any promotional rates or a combination thereof.

If you’re transferring a balance to HSBC, you could divide this balance by 18 and arrange to pay that amount each month to get yourself debt-free before the 0% period expires. Just bear in mind that figure won’t take into account any additional spending on the card.

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 for the HSBC Purchase Plus Credit Card

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.

Finder credit card ratings

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★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

Our experts score “matched” credit cards to determine their value against similar products on the market. We look at a number of factors, starting with the length of the 0% period, the balance transfer fee and any other fees and costs.

You can read more about our scoring criteria on our credit card methodology page.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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