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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 15 months.
The HSBC Low Rate Credit Card gives you access to a wide array of features. Cardholders get to enjoy 0% p.a. on balance transfers for the first 15 months. Plus shop at more than 1,000 participating retailers and pay 0% p.a. interest from 3 to 60 months on larger purchases. You can also access special privileges and instant discounts at more than 19,000 retailers with the home&Away Privilege Program.
| Product Name | HSBC Low Rate Credit Card |
|---|---|
| Balance transfer rate (p.a.) | 0% p.a. for 15 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.) |
| Purchase rate (p.a.) | 13.25% p.a. |
| Offer end date | 31 August 2017 |
| Annual fee | $55 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. | $1,000 |
| Minimum Monthly Repayment | 3% or $30 whichever is higher |
| Minimum Income | $20,000 |
| Card Type | Visa |
| Late Payment Fee | $30 |
| 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 |
| Available To Temporary Residents | Yes - Conditions apply |
| Joint Application | No |
| Minimum Income | $20,000 |
|---|---|
| Minimum Age | 18 years of age |
| Available to Temporary Residents | Yes - Conditions apply |
| Credit Rating Requirement Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here. | Good |
| 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. | $1,000 |
| Annual Fee | $55 p.a. |
|---|---|
| Minimum Repayment | 3% or $30 whichever is higher |
| Late Payment Fee | $30 |
| Over Limit Fee | $30 |
| Cash Advance Fee | The higher of $4 or 3.0% of the total transaction amount |
| 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 |
| Gambling Transactions Allowed | Yes |
| Gambling Transactions Interest Rate | Cash Advance Rate |
| Additional Cardholder Fee | $0 p.a. |
| BPAY | Yes |
| Cheque | Yes |
| Direct Debit | Yes |
| Australia Post | Yes |
| Phone Banking | Yes |
| Internet Banking Transfers | Yes |
| In Branch | Yes |
| Yes |
Pros
- You can enjoy a 0% p.a. for 15 months offer on balance transfers.
- Receive up to 55 interest-free days on purchases.
Cons
- A fee of $30 for late payments will be imposed.
- 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
This credit card can be used to facilitate purchases, payments and other transactions as well. Access exclusive shopping offers, both in Australia and overseas. With the home&Away Privilege Program, you can access special offers in over 19,000 retail outlets worldwide. Some of the card's exclusive benefits include $0 additional cardholder fees and interest-free purchases. Plus, you can repay your debt faster and cheaper with a balance transfer offer of 0% p.a. for a period of 15 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 15 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.
- 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).
- home&Away Privilege Program. While there is no rewards program, you can enjoy good benefits with the home&Away Privileges Program.
Features of the HSBC Low Rate Credit Card
- Interest-free purchases. Cardholders enjoy interest-free purchases up to 55 days. You get to save a lot with this feature since normal interest rates for cash advances with the card is 13.25% p.a. This feature is however only applicable in selected stores, but this includes over 1,000 participating outlets in Australia. Minimum purchases apply. All other purchases enjoy up to 55 days interest-free when you have no balance in full at the end of your statement period.
- Special privileges. The home&Away Privilege Program is accessible 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.
- Eligibility to 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.
The terms and conditions of the card and what they mean
| Condition | What it means |
| 0% p.a. balance transfer for 15 months from non-HSBC credit cards on application (reverting to the variable cash advance rate, currently 21.99% p.a.). AÂ 2% balance transfer fee applies. | You may transfer up to 3 balances from non-HSBC store cards, charge cards or credit cards upon application. If you have not paid off your balance within the promotional balance transfer period (0% p.a. for 15 months with 2% balance transfer fee), the remaining balance left will be paid off at 21.99% p.a. |
| ~HSBC may allocate payments we receive from you to pay the total amount owing in any order we see fit including applying any and all payments made to your HSBC Low Rate Credit Card account to reduce the balance(s) transferred first and then to any subsequent purchases. | These are typical conditions of credit cards with interest-free periods. |
| ^ Depending on when you make your purchase, when your statement is issued and whether or not you are carrying forward a balance on your account from the previous statement period. There are no interest-free days for cash advances or balance transfers. | Check your date of signup to know when you need to repay. Keep this in your diary as a point of reminder. Cash advances don't have interest-free days, so potentially consider an alternative option for cash advances. |
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.
Eligibility criteria
- 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.
Required documents
- 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.
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Hello I am Richard, and I want credit card how much it’ll cost for I to buy. Not expensive no chip.
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. If you want to check the credit cards with no annual fee, you can find them here.
Cheers,
May
i would like to get a credit card
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”.
In case you’d want to compare other credit cards in the market, you can also refer to this page.
Hope this helps.
Cheers,
May
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
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
we have a stgeorge creditcard and want to know if a balance transfer is possible? our query is if HSBC is independant to westpac, stgeore and bank of melbourne?
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 this page for your guide on which bank you can balance transfer to/from.
Hope this helps.
Cheers,
May
HSBC has upgraded me to a Platinum card which I do not wish to have. How do I reverse back to the basic card?
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
Hi, i have account with Common Wealth bank. I have paid credit default. Can I apply for credit card or not. Common Wealth Bank declined for my credit card.
Hi Samron,
Thanks for your question.
You can apply for a credit card but just make sure that you meet the application requirements for that particular product. You may like to refer to the following link for a guide on how to get your credit card application approved.
However, before you apply for another credit card, you may wish to speak with some credit card issuers directly to discuss your options and chances for acceptance, as each submitted application will appear on your credit history.
I hope this helps.
Sharon
How does HSBCdefine cash advance
Hi Phil, thanks for your inquiry!
HSBC summarises cash advances as the following definitions:
(a) each amount of cash supplied by use of a card
on your account or by any other operation of
your account;
(b) each payment made by a user to a person who
does not accept or is not entitled to accept
credit payments from your account or states
that any payment to them will be processed as
a cash advance or if you are using your card
for gambling purposes or to purchase a cash
substitute, and
(c) each amount transferred from your account
to any other account you have with us or any
other person (for instance, to effect a balance
transfer).
Cheers,
Jonathan
I have an existing HSBC Credit card for which I pay a $59 Annual Charge but a new customer receives their credit card fee free should I cancel my credit card and reapply to save the charge.
Hi Phil,
Thanks for you inquiry.
Unfortunately, the $0 annual fee promotion is only available for new credit card applicants. You can cancel your credit card at any time you choose to, but you will need to wait 6-12 months prior to applying for another credit card account with HSBC.
I hope this has helped.
Thanks,
Sally
What is the maximum i can transfer over to a HSBC from another credit card?
Hi t, thanks for your inquiry!
HSBC allows the full approved credit limit for balance transfers. Your approved credit limit will depend on HSBC’s lending requirements and their assessment of your application.
Cheers,
Jonathan
I currently have an Ignite by Westpac credit card with $1,000 limit. Are you able to suggest a credit card that has a minimum $1,000 credit limit that will also give me Qantas Frequent Flyer Points?
Thanks,
Carla
Hi Carla,
Thanks for your question.
As a financial comparison service, we can’t actually suggest any one product to our users.
However, here’s a link to our Qantas Frequent Flyer Credit Card comparison page.
In this list, the ANZ Frequent Flyer credit card, the St.George Amplify Rewards Credit Card and the Westpac Altitude Credit Card all have a minimum credit limit of $1,000.
I hope this has helped.
Thanks,
Sally