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.
HSBC Student Credit Card review 2020
Existing HSBC student account holders can apply for this card to cover unexpected expenses and build a good credit history.
You say: ★★★★★We say: ★★★★★
Doing its job: 3.5/5
In a nutshell:
Minimum credit limit
Up to 56 days
Interest-free each billing period
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.
Like most student credit cards, HSBC’s card comes with a low credit limit and no annual or monthly fee. Perks can be few and far between in the student credit card space, but if you take out this card you will enjoy personalised cashback offers through the Visa Offers programme.
Student cards also typically don’t have the most competitive rates around (in part due to the limited credit histories of many of the cards’ users). However, provided you clear your balance in full each month, you will be able to take advantage of up to 56 days of 0% interest on your purchases.
It’s smart to be cautious about taking out a credit card while studying. If your income is minimal and paid infrequently, be realistic about how quickly you will be able to pay off any borrowing. On the plus side, if you don’t carry a balance from month-to-month and you use this card responsibly, it could help you to handle fluctuating costs, earn you a little cash back and help kick start a positive credit record – standing you in good stead for your future borrowing requirements.
As with most student credit cards, you’ll need to hold a regular student bank account with HSBC in order to be eligible to apply.
The HSBC Student 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
- Since it's a student card, you aren't required to have a super-high credit score in order to be approved
- 56 days to spread the cost of purchases (provided you pay off your balance in full each month)
- No annual fee
- To apply, you must hold a student bank account with HSBC
How does it compare with other student deals?
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 damaging your credit score – making it harder and more expensive to borrow money in the future – and getting hit with a penalty fee (£12) 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 Student Credit Card
If you have 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 will need to make the process as straightforward as possible.
Frequently asked questions
What credit limit will I get with the HSBC Student 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 the card is £250, while the maximum is £500. 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 Student Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) often incur steep fees and/or higher rates of interest.
The cash advance fee on the HSBC Student 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 23.6%, which is 25% 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 manage the HSBC Student 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 Student Credit Card abroad?
Non-sterling transactions are subject to a 2.99% charge. For example, if you spend 200 euros (£182.78), it'll cost you around £5.47.
What is the minimum payment on the HSBC Student 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 tends to be a very expensive way to borrow money which can lead to persistent debt.