HSBC Credit Card
The HSBC Credit Card is consistently one of the most popular credit cards we feature. When your talking about banking and credit card brands, trust and customer service are everything. HSBC regularly scores highly in customer feedback on both these key indicators for its banking products and credit card. This could be because HSBC director’s bonuses are linked to customer satisfaction levels!
Whilst most High Street banks and card issuers offer a wide range of credit card products, HSBC just offers one. As you can imagine therefore, it has to be a great deal and be packed with features.
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HSBC Credit Card | 0% for 23 months on balance transfers & up to 8% discount on Thomas Cook | 3.3% min £5 | 17.9% APR |
0% for 23 months on balance transfers 0% for 3 months on new purchases Up to 8% discount on Thomas Cook Global assistance package
No transfers from other HSBC cards Only available to HSBC account customersHSBC Credit Card Guide
We’ve featured the HSBC credit card on our site for the last 2 years because it remains consistently one of the most complete credit card packages on the UK market. One of the only downsides to the product is its only available to those with an HSBC bank account.
Key benefits for new HSBC credit card holders include:-
- One of the longest 0% on balance transfer periods, currently running at 15 months
- 0% on purchases for 3 months
- Consistently competitive headline APR (now 16.9%) & fair interest rates out of promotional periods
- 8% discount on Thomas Cook Holidays (booked through the HSBC Travel Club)
- FREE supplementary cards for partners or family members over 18
- 56 days interest free if you settle your credit card balance in full and by the nominated date
- One of the lowest market interest rates for cash withdrawals, currently 23.9%> (Many card issuers charge 27.95%)
- No annual fee
Background on HSBC who issue the HSBC credit card
HSBC Holdings in the UK was formed in 1990 by the Hong Kong and Shanghai Banking Corporation in preparation for its later successful acquisition of the old Midland Bank PLC.
Unsurprisingly, the origins of the bank lie in Hong Kong and Shanghai where the first branches were opened in 1865, but what’s more surprising is that the bank was founded by a Scotsman, Sir Thomas Sutherland.
HSBC is now the largest bank in Hong Kong and following several years of aggressive expansion in mainland China, its now the largest international bank there as well. It’s keen to be remembered for its international capability stemming from the fact that it has around 7,500 offices in some 87 countries.
However its new Chief Executive Stewart Gulliver has made it clear that it no longer seeks to be known as “the world’s local bank” as the the group’s costs in being associated with this were rising out of control.
Although it hasn’t come through the 2007-2010 banking crisis completely without challenges, it remains one of the worlds strongest banks. It did suffer heavily from the sub-prime crisis in the United States (it had recently bought the second largest sub-prime lender in the US, HFC) but took strong, decisive action when the seriousness of the crisis became clear, and closed down the branch network.
When in October 2007 UK banks were forced by the Government to increase their liquidity levels, HSBC calmly transferred £750 million overnight from reserves elsewhere, and announced it had just lent other UK banks some £4 billion in a bid to help them remain afloat.
As of their 2010 financial statements, HSBC remains in the top five banks in the world by operating income (some US $19 billion), and profit (some US $13 billion). Its assets sit at a cool US $2.5 trillion.
Click here for more in depth information and to apply for the HSBC credit card >
