Credit cards are of different types and each has its own set of features depending on the type of user and his or her requirements. Out of these, the most interesting and beneficial for the card user is the HSBC Rewards Credit Card due to the reward program and other features that improve the card usage.
For the business traveler, the serious shopper or simply the individual who wants to get the most out of their daily spending, the HSBC Rewards Credit Card offers all that is required.
Key information about the credit card
How does the annual fee work?
This means that the HSBC Rewards Credit Card does not require its customer to pay a yearly fee to use the card. Since there is no annual fee, that cardholders can also concentrate more on achieving their reward points without having to pay the extra amount for the year.
How is the credit limit determined?
The credit limit on the HSBC Rewards Credit Card is not fixed and depends on the applicant’s creditworthiness, his/her income, and the set guidelines by the bank, hence HSBC. For such conventional credit cards, Bank analyses the applicant’s financial status, his/her present earning ability, and his/her credit history to determine the right credit line.
Advantages of the credit card
- Earn reward points on everyday purchases: Each transaction earns you the points which you can use in the shopping, traveling, and other day-to-day activities.
- 0% interest on purchases for six months: Get up to six months of interest-free shopping from the date that the account is opened, which means that you will not be charged interest immediately for the large or unforeseen purchases.
- 0% interest on balance transfers: The following are the advantages that you get from this credit card; You get to enjoy an interest free period of six months on all balance transfers that you make in the first 60 days of opening the account, with a 2. 99% of the transfer amount (minimum £5).
Standout advantage
The most attractive feature of this credit card is the rewards program that is offered to the customers as they can earn points on every purchase and can use the points to make the payment through Mastercard Pay with Rewards app. This makes the card flexible in earning and spending points on any purchase thus making the card useful to those who desire to benefit from their daily expenditure.
Disadvantages
- High APR: In this case, the average APR stands at 23 percent. 9% (variable), the card’s interest rate is fairly high, meaning that interest charges can accumulate quickly if the balance is not paid off in full each month.
- Balance transfer fee: The 2. It has a relatively high introductory fee of 99% on balance transfers with a minimum of £5 which might discourage people who want to transfer balances to save on the cost of borrowing.
- Foreign transaction fees: There are charges for using the card overseas and these can be quite costly for the user if they make a lot of transactions or frequently travel.
A standout disadvantage
This is because the HSBC Rewards Credit Card has the highest variable APR of 23. 9%, it attracts high interest charges if the amount in the card is not cleared each month. Hence, the high interest rate can become less advantageous for the rewards program for the users who have outstanding balances.
Who can apply for this card?
There are certain conditions that one has to meet in order to be able to apply for the HSBC Rewards Credit Card. One has to be of legal age of 18 years and a citizen of the United Kingdom. Also, you should have an annual taxable income, or pension, of at least 6,800 pounds before any deductions.
How to apply for the HSBC Rewards Credit Card
For the website
To apply for this card, first, you need to visit the official website of HSBC UK for the HSBC Rewards Credit Card. Go to the credit cards part and choose the Rewards Credit Card. To start the process click on the “Start application” button. You will have to fill in your details such as your name and address as well as your telephone contact.
You then submit this information and HSBC will review it and you may get an instant decision. If the credit card application is accepted, a new credit card will be sent to the applicant within a few business days which can be used to start making the points on daily shopping.
Through the app
The easiest way to apply for the HSBC Rewards Credit Card is through the HSBC Mobile Banking app especially for those who prefer to do business on their mobile devices. First of all, one has to install the HSBC Mobile Banking app on his/her smartphone or tablet and then launch it. Upon logging in to the account, go to the credit card tab and then choose the Rewards Credit Card. Now, you have to click on the Apply in app button to proceed with your application.
The app will ask you for your information one step at a time, including your personal and financial data. It also has the feature of uploading necessary documents from your device and thus, the application process is very direct. When you are done with the filling of the application form and reading through it, submit the application. If your application is successful, then you will be issued with a new credit card by the HSBC through post.
At the branch
For those who would want to have a face to face encounter with a representative, one can apply for the HSBC Rewards Credit Card at any branch of the HSBC bank. To do this, it is recommended that you visit any of the HSBC branches within business hours of the day. Inform the customer service agent that you would like to apply for the card and thus get a Rewards Credit Card.
The representative shall give you an application form and help you complete it. After filling the application form the representative will forward it for further processing. Then you apply for the account and HSBC will consider your application and inform you of their decision. If okay, your new credit card will be sent to you in the mail.
