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.

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Sally McMullen

Last Updated Aug 10, 2020

0% p.a.

Balance transfer rate

for 20 months with 2% balance transfer fee

12.99% p.a.

Purchase rate

$99 p.a.

Annual fee

55 days

Interest free period

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Details

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.
Annual fee	$99
Interest-free period	Up to 55 days on purchases
Cash advance rate	21.99% p.a.
Min credit limit	$1,000
Card type	Visa
Foreign currency conversion fee	0%

Minimum income	$40,000
Available to temporary residents	Yes - Conditions apply
Joint application	No

Pros

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.

Cons

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.

Bonus points	N/A

Annual fee	$99
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

Review by

Sally McMullen

sally.mcmullen@finder.com.au

Sally McMullen is a creative content producer at Finder. Sally has written about credit cards for almost 5 years, authoring almost 900 articles on Finder alone. She has also been published in Yahoo Finance, Dynamic Business, Financy and Mamamia, as well as Music Feeds and Rolling Stone. Sally has a Bachelor of Communication and Media Studies majoring in Journalism (Hons) from the University of Wollongong.

Expert review

This card currently offers a long-term balance transfer offer, which could help you reduce your interest costs if you're already paying off debt on another card. However, make sure to factor in the one-time 2% balance transfer fee and annual fee (which you’ll pay twice before the 20-month balance transfer offer ends).

If you’d prefer to use this card for purchases, the HSBC Low Rate card also has a competitive interest rate and offers discounts with partnered retailers through the home&Away Privilege program. Before you apply, check out the list of partnered retailers on the HSBC’s home&Away Privilege website to see if it’s linked with brands and retailers you usually shop with.

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.

Eligibility criteria

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.

Required documents

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.

Card benefits

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.

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491 Comments

Richard
June 27, 2017

Hello I am Richard, and I want credit card how much it’ll cost for I to buy. Not expensive no chip.

finder Customer Care

May
June 27, 2017

Hi Richard,

Thanks for your question.

When you say credit card cost, do you mean annual fee? If so, that will vary depending on the credit card. Please feel free to check our list of credit cards with no annual fees.

Cheers,
May

Janey
May 30, 2017

i would like to get a credit card

finder Customer Care

May
May 30, 2017

Hi Janey,

Thank you for your inquiry.

When deciding to get a credit card, it’s always useful to consider the purpose of the credit card. Also, you’d need to factor in how you will use it and how these tie into your financial situation.

If you are interested in applying for the HSBC Low Rate Credit Card, you can do so for as long as you meet all the eligibility criteria of that card. You can find the eligibility requirements for this one above under “How to apply for the HSBC Low Rate Credit Card”.

Just in case you want to explore other options, please feel free to read our list of featured credit cards on our website.

Hope this helps.

Cheers,
May

Todd
May 25, 2017

Hi guys i want to consolidate my 2 cr cards from suncorp an st george is this possible with ur 0% transfer to HSBC ?
Cheers Todd

jonathan.chan@findercrew.com
May 26, 2017

Hi Todd!

Thanks for the comment.

Yes, you can transfer your credit card balance from Suncorp and St George to this HSBC Low Rate credit card so long that you meet the eligibility criteria and requirements of this card. Please also note that the total amount you can transfer should not exceed your approved credit limit.

If you think you are eligible for this card, please click on the “Go to HSBC website” green button to proceed with your application.

Kind regards,
Jonathan

Linc
May 14, 2017

we have a st. george credit card and want to know if a balance transfer is possible? our query is if HSBC is independent to westpac, st. george and bank of melbourne?

finder Customer Care

May
May 14, 2017

Hi Linc,

Thank you for your inquiry.

Yes, transferring a balance to HSBC credit card from St. George is possible. You can successfully do that if you meet all the eligibility criteria and requirements of the HSBC credit card. If you are eligible and wish to apply for the HSBC Low credit card to take advantage of the 0% p.a. for 15 months (with 2% balance transfer fee) offer, please click on the “Go to site” button above.

As for your second question, yes, HSBC is a different financial institution from Westpac Group that underwrites St. George, BankSA, Bank of Melbourne and Westpac credit cards. You can refer to our guide about which bank you can balance transfer to/from.

Hope this helps.

Cheers,
May

Cassy
April 4, 2016

HSBC has upgraded me to a Platinum card which I do not wish to have. How do I reverse back to the basic card?

finder Customer Care

Sally
April 5, 2016

Hi Cassy,

Thanks for your question.

You will need to contact HSBC on 132 152 to report the issue and to ask for your card to be reverted.

I hope this has helped.

Cheers,

Sally

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