The HSBC Bank Credit Card targets customers who want to improve their credit score while spending. As a multinational bank, HSBC offers a wide range of credit cards for different types of people. From its basic Classic Credit Card to its advanced Premier World Elite Mastercard, the bank targets the satisfaction of the needs and preferences of its customers.
The HSBC Classic Credit Card is designed for customers who are only applying for their first credit card. Powered by Visa, customers can use this card for online and in-store purchases. They can also use this for booking flight and hotel accommodation in different areas across the globe. This card also has rewards and cash back program.
HSBC Classic Credit Card Benefits
Once customers get the HSBC Classic Credit Card, they will receive GBP25 cash back within the first 60 days. Cardholders can also receive various rewards and discounts from Visa Offers.
Through HSBC Mobile Banking app, customers can also manage their account online. They can also use the mobile app anywhere in the world and make contactless transactions in various outlets and by using Apple Pay, Google Pay, and Samsung Pay.
If managed well, experts say the HSBC Classic Credit Card can help newbies who want to build a credit score and those who wish to improve their credit score.
However, since this credit card only caters to low-income customers, cardholders are not entitled to travel perks, exclusive privileges and other features that premier cards from the same bank offer.
HSBC Bank Credit Card Application Process
Only customers with current HSBC account can order the card. If they wish to apply, they should log in their online account and fill out the application form. A bank representative will ask them to show proof of identification that they are 18 years old and above and a citizen or resident of UK. For HSBC Classic Credit Card, applicants should have an annual income of GBP8,500 or more and has a good credit standing.
Upon approval, HSBC Classic Credit Card customers will have a credit limit of around GBP1,000. This amount can go higher or lower depending on their credit history, financial circumstances, and spending habits.
HSBC Bank Credit Card Fees and Interest Rates
Each HSBC Bank Credit Card has its specific amounts of fees and interest rates. As for HSBC Classic Credit Card, it has no annual fee. However, this card has a cash advance fee of GBP3 or 2.99% of each withdrawn amount, whichever is greater. Cardholders must also pay a GBP12 fee for every late payment.
The HSBC Classic Credit Card has a yearly interest rate of 29.9%, which can go up or down depending on the customer’s creditworthiness.
In summary, the HSBC Classic Credit Card works best for newbies who want to build and improve their credit score. Because it is just a primary card, it only offers limited benefits to cardholders. Experts recommend cardholders to choose or upgrade to more advanced cards if they have already built a good credit score and want to avail more travel and lifestyle perks.