Interest-Free Credit on Purchases with the HSBC Low Rate Credit Card

Save with a low balance transfer offer and interest-free credit at over 1,000 retailers with the HSBC Low Rate Credit Card.

The HSBC Low Rate Credit Card offers interest-free purchases for up to 5 years at over 1,000 participating retailers across Australia. You can make interest-free purchases between $500 to $50,000 as well as up to 55 days interest-free on your other everyday purchases (so long as you pay your balance in full by the due date). You may also want to compare this with other cards with interest-free periods.

Product NameHSBC 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.)
Purchase rate (p.a.)13.25% p.a.
Offer end date30 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.
$1,000
Minimum Monthly Repayment3% or $30 whichever is higher
Minimum Income$20,000
Card TypeVisa
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 InsuranceNo
Available To Temporary ResidentsYes - Conditions apply
Joint ApplicationNo
Minimum Income$20,000
Minimum Age18 years of age
Available to Temporary ResidentsYes - 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$79 p.a.
Minimum Repayment3% or $30 whichever is higher
Late Payment Fee$30
Over Limit Fee$30
Cash Advance FeeThe 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 AllowedYes
Gambling Transactions Interest RateCash Advance Rate
Additional Cardholder Fee$0 p.a.
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • You can enjoy a 0% p.a. for 20 months offer on balance transfers.
  • Receive up to 55 interest-free days 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.

Interest-Free Purchases with the HSBC Low Rate Credit Card review

What is interest-free credit?

When you borrow money from lender they will charge you interest on the cash they have lent you. Normally the interest rate will be based on a percentage of the overall borrowed amount.

Because of the way credit works, when you make a purchase something on credit you will normally end up paying more than the original purchase price on your item, once you take into account the interest payments.

However there is one form of credit that can in fact let you pay purchase price of your item, and no more, as long as you stick to the rules. This form of credit is known as interest-free credit.

How does interest-free credit work?

When you borrow money on an interest-free basis you are on a special deal where you do not have to pay any interest for a set promotional period of time. A common deal available is "6 months interest-free"￾, or "12 months interest-free"￾.

What this means is you will not be charged any interest on your purchase for 6 or 12 months after you make the purchase. This allows you to pay off your borrowing steadily, and as long as you pay the full balance before the end of your interest-free period, you won't pay extra charge.

This is an effective way to finance your purchases, but should only be pursued if you can pay the balance off by the end of the promotional period.

Benefits of the HSBC Low Rate Credit Card

  • Interest-free purchases. You may enjoy interest-free purchases up to 5 years in over 1,000 participating outlets in Australia. Minimum purchases apply. At the end of the promotional period, a standard cash advance rate applies on any outstanding balance.
  • Up to 55 days interest-free. As part of the credit card offer you will also have the benefit of up to 55 days interest-free, which also gives you longer to pay off any day to day purchases you may make on your credit card. This only applies in the situation where you have paid your credit card balance in full and on-time (before the due date).
  • $79 annual fee for life. For the entire life of the HSBC Low Rate Credit Card, this card will require an annual fee of $79. Additional cards for friends or family also enjoy $0 annual fees.
  • 0% p.a. for 20 months on balances transferred. Don’t worry about paying interest on balance transfers for the next 20 months. To be eligible for the offer, you need to apply and get approved for the account before 30 June 2018. At the end of this period, a standard cash advance rate applies on any outstanding balance.

Features of the HSBC Low Rate Credit Card

  • Interest-free purchases. This feature is only applicable in selected stores, but this includes over 1,000 participating outlets in Australia. Depending on the retailer and the offer you take up, there are interest-free packages that last
    up to 5 years. You will be sent a statement in the post each month, and will have a number of payment options. You will have the option of overpaying, or sticking to the monthly minimum payment which is normally 3% of the balance, or $30 depending on which figure is larger. A great way to deal with a package of this nature is to pay more than the monthly minimum as often as you can. Minimum purchases apply.
  • Up to 55 days interest-free. 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 promotional rate balances (ie. balance transfers).
  • $79 annual fee. The HSBC Low Rate Credit Card has a annual fee for the life of the card.
  • Balance transfer offer. New cardholders will enjoy an introductory balance transfer rate of 0% p.a. for a period of 20 months. This will revert to the normal cash advance rate which is 21.99% 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.
  • Special privileges. The home&Away Privilege program is accessible to all card holders 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.
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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 application process by clicking ‘Go to site’. The following eligibility requirements apply:

      • Income requirements. The minimum income requirement is $20,000 p.a.
      • Australian residency and age. You must be at least 18 years old and an Australian resident or citizen.
      • Credit card rating. This credit card is not eligible to just any applicant; you need to have a good credit card rating.
      • Minimum credit card limit. The lowest credit card limit you can get with this credit is $1,000
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19 Responses

  1. Default Gravatar
    November 4, 2016

    Could you also send me an email with all participating retailers?

  2. Default Gravatar
    KellyOctober 18, 2016

    What do I need to provide to apply for a interest free credit ?

    • Staff
      YsaOctober 22, 2016Staff

      Hi Kelly,

      If you have decided to apply for the HSBC credit card and wished to take advantage of the interest-free deal, you’ll need to submit a proof of ID such as your driver’s license number or passport. You may also be asked to provide proof of income such as payslips or bank statements, and information regarding any assets or existing debts.

      I hope this helps.

      Cheers,
      Ysa

  3. Default Gravatar
    CoralOctober 18, 2016

    I was just wondering. Are there any fees like payment online handling fees, account service fees or paper statement fees?
    Thank you.

    • Staff
      AnndyOctober 31, 2016Staff

      Hi Coral,

      Thanks for your question.

      Aside from the fees listed above under the “Fees & Repayments” tab, HSBC Credit Card holders may also incur $8 for requesting an additional statement.

      Cheers,
      Anndy

  4. Default Gravatar
    BrnOctober 14, 2016

    Could you also send me an email with all participating retailers?

    • Staff
      YsaOctober 22, 2016Staff

      Hi Brn,

      Please refer to the link I’ve forwarded to your email for the list of participating retailers.

      Cheers,
      Ysa

  5. Default Gravatar
    September 26, 2016

    Have a card low interest owe $11000.00 on it I travel 5 times a year to Asia i want card with low interest and one which can transfer over and get 12 to 16 months on 0 % and still use it to purchase at a low rate for 12 months.

    • Staff
      AnndySeptember 28, 2016Staff

      Hi Aaron,

      Thanks for your question.

      Please refer to this page to compare balance transfer credit cards that offer up to 20 months 0% balance transfer rate.

      You can take advantage of the balance transfer calculator on that page to see which credit card will give you high interest savings.

      Cheers,
      Anndy

  6. Default Gravatar
    BenMay 8, 2016

    Just wondering if i could also get a full list of retailers please

    • Default Gravatar
      BenMay 9, 2016

      Hey, i knew about the retailers on the Hsbc website but was chasing all the others that weren’t listed.. Thanks

    • Staff
      YsaMay 10, 2016Staff

      Hi Ben,

      Thanks again for reaching out.

      I have confirmed it with the HSBC team and unfortunately, they do not have a link for all shops location.

      Should you wish to speak directly with HSBC customer service team regarding this matter, please refer to the contact details I’ve forwarded to your email.

      I hope this helps.

      Cheers,
      Ysa

    • Staff
      YsaMay 9, 2016Staff

      Hi Ben,

      Thanks for your question.

      Please refer to the link I’ve forwarded to your email for the list of participating retailers.

      I hope this helps.

      Cheers,
      Ysa

  7. Default Gravatar
    LesleyFebruary 18, 2016

    Can you tell me which shops you can use HSBC interest free credit at please

    • Staff
      JonathanFebruary 19, 2016Staff

      Hi Lesley, thanks for your inquiry!

      Please refer to the link I have sent to your email for the full list of retailers.

      Cheers,

      Jonathan

    • Default Gravatar
      BenMay 10, 2016

      Hi, Would you please be able to email me that list also please.

      TIA, Ben

    • Staff
      JonathanMay 13, 2016Staff

      Hi Ben, thanks for your message!

      Please refer to the full list I have sent to your email.

      Cheers,

      Jonathan

  8. Default Gravatar
    LoreneSeptember 29, 2015

    With the HSBC no interest visa can I set my own limit to say $1500?

    • Staff
      JonathanSeptember 30, 2015Staff

      Hi Lorene, thanks for your inquiry!

      Unfortunately HSBC is not offering a product under the name ‘No interest Visa’. Could you please inform us to whether your card is on this page?

      Cheers,

      Jonathan

Credit Cards Comparison

Rates last updated December 11th, 2017
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
NAB Premium Card - Exclusive Offer
19.74% p.a.
0% p.a. for 25 months
$90 p.a.
Exclusive to finder.com.au, enjoy a no BT fee, 0% balance transfer offer for 25 months and seven complimentary insurance covers.
St.George Vertigo Platinum - Online Offer
12.74% p.a.
0% p.a. for 24 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.
Woolworths Everyday Platinum Credit Card
19.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $50 eGift Card when you meet the offer criteria, a 0% p.a. for 14 month balance transfer offer and a $0 first year annual fee.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
20.74% p.a.
0% p.a. for 18 months
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus Velocity Points in the first 3 months on eligible spend and enjoy a discounted annual fee of $64 for the first year.

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* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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