HSBC Low Rate Credit Card
Save with a low interest rate on purchases, 0% on balance transfers for 20 months and access to HSBC Instant Savings.
The HSBC Low Rate is designed to help you cut credit card costs. It charges competitive rates and fees and offers up to 60 months interest-free at participating retailers.
New customers can also consolidate existing credit card debts and reduce interest costs with 0% p.a. on balance transfers for 20 months. A 2% balance transfer fee applies.
Balance transfer rate
for 20 months with 2% balance transfer fee
Interest free period
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|Product Name||HSBC Low Rate Credit Card|
|Balance transfer rate||0% p.a. for 20 months with 2% balance transfer fee|
|Balance transfer revert rate||Cash Advance Rate (21.99% p.a.)|
|Balance transfer limit||90% of available limit|
|Purchase rate||12.99% p.a.|
|Interest-free period||55 days|
|Cash advance rate||21.99% p.a.|
|Min credit limit||$1,000|
|Foreign currency conversion fee||0%|
|Available to temporary residents||Yes - Conditions apply|
- You can enjoy a 0% p.a. for 20 months offer on balance transfers.
- This card also comes with a complimentary domestic travel insurance.
- Receive up to 55 days interest-free 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.
|Minimum monthly repayment||3% of the closing balance or $30, whichever is greater|
|Late payment fee||$30|
|Foreign currency conversion fee||0%|
|Cash advance fee||3% or $4, whichever is greater|
|Additional cardholder fee||$0|
Sally McMullen is a creative content producer at Finder, co-hosts our Pocket Money podcast and wrote about credit cards for almost five years. Her byline can be spotted on Yahoo Finance, Dynamic Business, Financy and Mamamia as well as Music Feeds and Rolling Stone. She has a Bachelor of Communication and Media Studies majoring in Journalism (Hons) from the University of Wollongong.
How to apply
You can apply for the HSBC Low Rate credit card online in minutes and can receive approval within 60 seconds. Before you begin your application, make sure you meet the eligibility requirements and have the necessary information ready.
- Minimum income. Applicants must earn a minimum of $40,000 per year before tax.
- Residency. You must be an Australian citizen or permanent resident.
- New cardholder. The balance transfer offer is only available to new HSBC customers.
- Credit history. You must have a good credit score with no history of bankruptcies or defaults to apply. You can check your credit score and get your comprehensive credit report for free through Finder.
- Age. You must be at least 18 years old to apply.
- Personal information. This includes your full name, date of birth, marital status, number of dependents and contact details.
- Proof of identification. You'll need to provide ID such as your Australian driver's license number or passport.
- Finances. You'll need to provide proof of your income such as recent payslips and bank statements. You may also be asked to provide information regarding any assets, liabilities and other existing debts.
- Balance transfer details. If you want to take advantage of the balance transfer offer on this card, you'll need to request it at the time of application and include details of your existing debt, including how much you want transferred to the new card and your existing account details.
- Balance transfer offer. New cardholders who request a balance transfer at application will enjoy an introductory interest rate of 0% p.a. for a period of 20 months (with a 2% balance transfer fee). This will revert to the variable cash advance rate which is 21.99% p.a. and this rate is subject to change. There's no specified expiry date for this offer, but HSBC may change or end it at any time.
- 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 participating retailers on the HSBC website.
- home&Away Privilege program. This complimentary program gives you access to discounts and deals on your shopping, dining, travel, experiences and more.
- Complimentary domestic travel insurance. You can save with complimentary domestic travel insurance if you use your HSBC Low Rate card to pay for eligible travel.
- Mobile wallets. You can make convenient, contactless payments with your eligible smartphone or device by linking your card to Apple Pay or Google Pay.
Rates & fees
- Annual fee. This card charges a $99 p.a. annual fee.
- Purchase interest rate. This card charges a competitive interest rate of 12.99% p.a. on purchases.
- Cash advances. If you use your card to make a cash advance (like an ATM withdrawal), you'll be charged a cash advance fee of 3% or $4 (whichever is higher) and will immediately attract the 21.99% p.a. interest rate.
- Up to 55 days interest-free purchases. If you pay your balance in full by the statement due date, you can take advantage of up to 55 interest-free days on purchases. You won't be eligible for interest-free days if you're paying off a balance transfer.
- Additional cards. If you want to share this card with a partner or family members, you can request additional cards at no additional cost. Additional cardholders must be over 16 years of age. As the the primary cardholder, you will also be responsible for any transactions made using these cards.