The HSBC Classic Credit Card is the only “Credit Builder card” in the HSBC family of credit cards, and it is one that has the least eligibility requirements. You can get approval for the card even when you don’t have any credit history.
The perks associated with the card are relatively few and far between, but for people who are serious about building their credit, it is a worthy card to consider. There may be a few Visa Offers, and cashback rewards, but they cannot compare to other types of credit cards.
So, whether you are looking to build your credit, or improve your rating, this is a card that is worthy of your consideration. In this review, we take a look at what the HSBC Classic Credit Card has to offer and how you can apply for it. Read on to learn more.
Cashback Rewards
You will get to earn some cashback rewards simply by shopping with the card and getting access to some Visa Offers. Additionally, the card offers instant discounts from well-known brands around the world.
This facility is found in all HSBC credit cards and although this is a credit builder card, it is no exception. As a cardholder, you can withdraw hard cash from more than one million ATMs around the world, depending on your immediate needs.
Online Banking
It makes life convenient, in that you can activate the card to grant you access to HSBC's highly convenient online banking service. As a customer, you can keep track of your account and transactions online.
In case the card is stolen or lost, the bank has designed a quick system that allows you to report this immediately, saving you from the risk of having to pay for any fraudulent activities that may take place using your card. The customer service department also operates 24 hours.
The card can be connected to your mobile phone’s app, making it easy to make payments using your phone, instead of having to carry the card everywhere with you.
Eligibility Criteria
To be eligible for the card, you can't have had a basic HSBC account. You must be a permanent resident of the UK, and you must be over 18 years old.
You must have an annual income of £6,800, and you must have had an address for the last 3 years.
How to Apply
You can apply for the card online if you have already registered for online banking, or through the mobile app, or in person at the branch.
The information you will need for the application is your name, permanent address, your income information, expenses, your email address, and telephone number.
Interest Rates and Fees
The HSBC Classic Credit Card is a unique option if you are looking to build credit. This card attracts the following fees and charges, so make sure to look them over below.
- Representative APR: 29.9% variable
- Purchase APR: 29.9%
- Cash advance APR: 29.9%
- Balance transfer APR: 29.9%
- No annual fee
- Cash advance fee: 2.99% of the cash advance or cash related payment, minimum £3
- Balance transfer fee: as set out in any offer made to you
- Non-Sterling Transaction fee: 2.99% of the Sterling amount of the transaction
- Foreign cash usage fee: 2.99% of the amount advanced, minimum £3.00
Contact Information
If you would like to get in contact with an HSBC representative, you can reach them by calling +44 020 7991 18888. Their mailing address is HSBC Building, At. 8 Canada Square, London E14 5HQ, United Kingdom.
Conclusion
So, for anyone looking to build their credit, or improve on their score, having this credit card can help you achieve that. It is the only HSBC credit card that has been designed for that specific purpose.
Note: There are risks involved when applying for a loan. Consult the lender’s terms and conditions page for more information.
