HSBC Low Rate Credit Card: all the great card features you need

Keeping its long tradition of Opening up new kinds of opportunities for its customers, HSBC has introduced the HSBC Low Rate Credit Card. Know more here!
HSBC Low Rate Credit Card

HSBC was established in 1865 with the basic purpose of financing trade between Europe and Asia and managing HSBC Low Rate Credit Card. HSBC has a history of more than 150 years of customer support and has grown into one of the world’s largest banking and financial services organizations.

Serving more than 40 million customers globally it provides services in Wealth and Personal Banking, Commercial Banking, and Global Banking and Markets. The HSBC network has a presence in 64 countries and territories. It is a trusted name when it comes to commercial banking. Credit cards play a vital role when it comes to financial services.

Keeping its long tradition of Opening up new kinds of opportunities for its customers, HSBC has introduced the Low Rate Credit Card. Are you looking for a card with all the basic features and no-frills? The HSBC Low Rate Credit Card deserves a look. It offers a 0% balance transfer for 20 months, making it much easier to pay card debt.

The HSBC card offers highly competitive interest rates. You can also make the most out of offers and discounts from partner retailers of HSBC. You can also benefit from the interest-free duration on purchases and a 0% overseas exchange fee. HSBC has more than 1000 participating retailers where you can do your shopping. This credit card allows you to pay for your purchases with 5% interest for up to 6 months (duration depends on the initial offer.)

Benefits of HSBC Low Rate Credit Card                        

Please remember that for purchasing, you will have to comply with terms and conditions. Another great feature of this credit card is the free travel insurance on domestic travel, which allows you to travel locally with ease and with peace of mind. The minimum credit limit of the card is $1,000 and there is a 100% transfer limit on your approved credit limit.

HSBC Low Rate Credit Card

Contactless payments have become the need of time. This credit card comes with the option of linking it to Google pay or Apple pay to do contactless payments through eligible devices. You can enjoy different offers and discounts on dining, travel, shopping, experiences, and much more with the HSBC Home&Away privilege program.

There are more than 19,000 offers available both locally and internationally. The HSBC Low Rate Credit Card allows you to choose the offer that best suits you. You can check the different offers on the website. This credit card also offers up to 55 interest-free days if you pay your balance in full by the due date.

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You will not be considered for the interest-free days if you are paying off a balance transfer. There is also an option to add another cardholder at no additional cost. The additional cardholder must be of age 16 or above. Please note that you will be responsible for all the transactions through this extra credit card as you will be the primary cardholder.

Card Interest Rate

The HSBC Low Rate Credit Card offers a 0% p.a interest rate on balance transfers for 20 months. This offer is only for the new cardholders who request the balance transfer at the time of applying for the card. Remember that there is a 2% balance transfer fee which is calculated as a percentage of the balance being transferred to your HSBC account.

The balance transfer fee will be applicable at the point of transfer which forms a part of your total outstanding balance. You should also be aware of the credit card’s reversion rate. Any unpaid transferred balance after the introductory period will attract the cash advance rate of 25.99%. Avoid this by paying your balance in the 20-month introductory period.

HSBC Low Rate Credit Card rates and fees

The annual fee of the HSBC Low Rate Credit Card is $99 p.a and an interest rate of 12.99% is charged on purchases. A cash advance fee (fee charged to withdraw cash) of 3 % or $4 will apply on the cash advances (like an ATM withdrawal) made with the card. Remember that this will attract a 25.99% p.a interest rate. One of the great features of this card is the 0% overseas exchange fee.

How to apply for the HSBC Low Rate Credit Card?

You can apply for the HSBC Low Rate Credit Card online, through any branch, or with your phone. It takes just a few minutes to apply online and can receive approval within minutes. If you meet the below requirements you can easily apply for the card. You must be an Australian or a permanent resident with a minimum age of 18 years.

Your annual income must be at least $40,000 before tax. You should have a clean and good credit history for credit card eligibility. Remember that the balance transfer offer is for the new HSBC customers only. The application process for the credit card starts with the full name, residential address, email address, date of birth, contact number, marital status, and the number of dependents.

You have to provide an ID such as a passport or driver’s license. In the next step you will fill in the information about your income; and proof of income like payslips or bank statements. The HSBC Low Rate Credit Card application may also ask for additional documents like assets, investments, or debts for confirmation.

You must request the balance transfer offer at the time of applying for the credit card; if you are interested in the balance transfer offer. This will be followed by mentioning the details of your account; like existing debt, and the amount you want to be transferred. All of this information is necessary for you to apply for this credit card.

Conclusion

Also, a 0% p.a on balance transfers for 20 months makes the HSBC Low Rate Credit Card the best option to pay down credit card debt. Other offers like low annual fees, interest-free days, and domestic travel insurance are great, especially for a low-rate credit card. The 2% balance transfer fee and the reversion rate of 25.99% are quite high and you might not want to be hit by that.

Another catchy feature of the card is the 0% foreign transaction fee that allows you to spend some money abroad without any hesitation. HSBC’s application process is fast and the bank’s response within a few minutes is amazing. I hope you keep reading our article on this website, because here we have many options and details about the best credit cards.