With the HSBC Low Rate Credit Card, you can enjoy a low ongoing interest rate on purchases and 0% p.a. on balance transfers for a period of 20 months.
The HSBC Low Rate Credit Card offers a variety of extra features without the high costs. Cardholders can enjoy 0% p.a. on balance transfers for the first 20 months. Plus, you can shop at more than 1,000 participating retailers and pay 0% p.a. interest from 3 to 60 months on larger purchases.
|Product Name||HSBC Low Rate Credit Card|
|Balance transfer rate (p.a.)||0% p.a. for 20 months with 2% balance transfer fee|
|Balance Transfer Revert Rate|
The interest rate after the balance transfer ends.
|Cash Advance Rate (21.99% p.a.)|
|Balance Transfer Limit||100% of available credit limit|
|Purchase rate (p.a.)||13.25% p.a.|
|Offer end date||30 June 2018|
|Annual fee||$79 p.a.|
|Interest Free Period|
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
|Up to 55 days on purchases|
|Cash advance rate (p.a.)||21.99% p.a.|
|Min credit limit|
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
|Foreign Currency Conversion Fee (VISA)|
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
|3% of transaction value|
|Complimentary Travel Insurance||No|
|Minimum Age||18 years of age|
|Available To Temporary Residents||Yes - Conditions apply|
|Annual fee||$79 p.a.|
|Minimum Monthly Repayment||3% or $30 whichever is higher|
|Late Payment Fee||$30|
|Cash Advance Fee||The higher of $4 or 3.0% of the total transaction amount|
|Foreign Currency Conversion Fee|
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You'll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
|Gambling Transactions Allowed||Yes|
|Additional Cardholder Fee||$0|
- You can enjoy a 0% p.a. for 20 months offer on balance transfers.
- Receive up to 55 interest-free days on purchases.
- Balance transfer rate reverts back to a high cash advance rate at 21.99% p.a.
- There is no rewards program for this card, which means you cannot earn reward points for spending.
HSBC Low Rate Credit Card review
As suggested by the card name, the HSBC Low Rate credit card offers cardholders a competitive purchase rate of 13.25% p.a.. Cardholders can also take advantage of exclusive offers with partnered retailers with the home&Away Privilege Program and in-store financing options. Plus, you can repay your debt faster and cheaper with a balance transfer offer of 0% p.a. for 20 months.
Benefits of the HSBC Low Rate Credit Card
- Balance transfer offer. New cardholders will enjoy an introductory balance transfer rate of 0% p.a. for a period of 20 months (with a 2% balance transfer fee). This will revert to the normal cash advance rate which is 21.99% p.a. and this rate is subject to change.
- In-store finance. If you shop with participating retailers, you could pay off your purchase with 0% interest for 3 to 60 months depending on the offer. Please note that minimum purchase and conditions apply. You can view the full list of the 1,000 participating retailers on the HSBC website.
- Free additional cards. You can acquire multiple additional cards for your family members or even friends at no additional cost.
- Up to 55 days interest-free purchases. New cardholders have 55 days of interest-free purchases. Just pay off your balance in full each statement period to enjoy this feature, including any promotion rate balances (ie. balance transfers).
- Instant Savings. Get a free membership to the Frequent Values program and access over 4,500 offers and discounts at participating partners across Australia and New Zealand when you use the HSBC Low Rate credit card.
- Complimentary domestic travel insurance. You can also access complimentary domestic travel insurance if you use your HSBC Low Rate card to pay for eligible travel.
Features of the HSBC Low Rate Credit Card
- Purchase rate. If you don't pay your balance in full, your purchases will collect an interest rate of 13.25% p.a.
- Special privileges. The home&Away Privilege Program is available to all cardholders and it comes with benefits such as exclusive offers in over 19,000 international retail outlets. Locally, exclusive shopping offers can be enjoyed in more than 1,500 Australian retailers. Note that special privileges can only be accessed in participating retailers so make sure that you check out the list of retailers near you on the HSBC website.
- Apple Pay. Enjoy a fast, easy and secure way of making contactless payments using your iPhone, Apple Watch and iPad. Learn more about the Apple Pay feature here.
- Visa payWave system. This card comes with Visa payWave technology, so you can make contactless payments at participating merchants when you shop for less than $100.
How to apply for the HSBC Low Rate Credit Card
If you’d like to apply for the HSBC Low Rate Credit Card, you can start the online application process. The following eligibility requirements apply.
- The minimum income requirement is $20,000 p.a.
- You must be at least 18 years old and an Australian resident or citizen.
- This credit card is not eligible to just any applicant; you need to have a good credit card rating.
- The lowest credit card limit you can get with this credit is $1,000.
- You'll need to provide proof of ID such as your Driver’s license number or passport.
- You may be asked to provide proof of income such as pay slips and bank statements.
- The application may also require that you provide information regarding any assets or existing debts.
The HSBC Low Rate Credit Card has competitive features, including the main benefit long-term balance transfer offer. Before you can take up the card, compare other similar cards offered by HSBC. Are you interested in earning Qantas frequent flyer points with the HSBC Qantas Platinum Credit Card instead? Find out more about the HSBC Qantas Platinum Credit Card here.Back to top