HSBC Purchase Plus Credit Card review January 2020
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.
How does this card compare with similar cards on the market?
Other balanced credit cards
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
★★★★★ — Excellent
★★★★★ — 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.