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HSBC Rewards Credit Card review January 2020
Collect reward points and enjoy 0%-interest deals on both balance transfers and purchases… provided you meet the eligibility criteria.
Previously only available to Advance customers (Advance sits somewhere between HSBC’s entry-level products and its “Premier” products, and offers preferential rates and personalised rewards), this card offers appealing perks to some existing HSBC customers.
You say: ★★★★★We say: ★★★★★
Doing its job: 4.5/5
In a nutshell:
Up to 2,500 points
Earn 1 point
per £5 spent
|Balance transfers||0% for 6 months reverting to 21.9%|
|Balance transfer fee||2% (min. £5)|
|Purchases||0% for 6 months reverting to 21.9%|
|Purchases interest-free period||Up to 56 days|
|Min. credit limit||£500|
|Max credit limit||Not specified|
|Additional cards available||1|
|Incentive||Earn 1 point for every £5 spent on purchases. Bonus 2,500 reward points on anniversary if £10,000 spent in previous year for first 5 years.|
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.
If you fit the bill, this card can earn you rewards points on your spending, plus an introductory welcome bonus and anniversary bonuses too. And since your rewards points can be redeemed against any purchase you make using your card – it’s as good as cashback. The catch? Redeeming your points is, well, a bit of a kerfuffle – requiring you to use Mastercard’s Pay with Rewards app (or register with the Pay with Rewards website), then specify when you want your next purchase to be paid using your rewards points.
There’s an introductory interest-free period on purchases, allowing you to spread the cost of any large upcoming expenditure over 6 months.
The card also offers an interest-free period on balance transfers, so if you’re paying a hefty sum each month in interest on existing card debt, you could choose to bring it across to HSBC to take a break from interest and focus on clearing the debt. Bear in mind that any balance outstanding at the end of the introductory 0% period will start to accrue interest at the card’s less-favourable standard rate.
How does this card compare with other rewards cards on the market?
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.
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 Advance 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.