The HSBC Student Credit Card provides a great way to cover any unexpected expenses while you are still in school, plus it helps you build a good credit history. It is exclusively available to existing HSBC student bank account holders.
This card is for both students as well as apprentices, and one of the main reasons why people take out the card is to start building their credit rating. This is because the card has a manageable credit limit and a competitive APR.
Among its benefits is that it offers cashback on select Visa partners. In this review, we take a look at this card, and why you should consider it as a student. Read on to learn more.
Manageable Limits
It comes with a minimum card limit of £250 to start with and can go up to £500 depending on your spending habits. This is a benefit that you will not find with most credit building cards, and the fact that it offers you some cashback from select visa partners makes it a unique card.
In order to take advantage of this benefit, you must ensure that you pay off your card balances at the end of each month.
No Credit History Necessary
To qualify for the card, HSBC will not require you to have a credit history. This means that anyone who doesn’t have such a history can qualify. HSBC realizes that students need a chance to build their credit as well.
The representative APR is extremely competitive compared to other credit cards in the market. You will also receive around 56 days of interest-free purchases if you ensure that you have paid off your balances at the end of each month.
HSBC is a bank that has branches spread all over the world, and if you show good borrowing behavior, and are able to repay your card as needed, the world will literally become your oyster. Wherever you go, you will be able to pay using this card.
Eligibility Criteria
To be eligible for the card, you must already have an HSBC student account, and you must be a permanent resident of the UK or hold a valid Visa.
You must be over 18 years of old, you must have had an address for the last 3 years, and you must have a confirmed place of study.
How to Apply
Before you apply, please note that this card is only available to existing HSBC student bank account holders only. 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.
You will need to provide your name, permanent address, income information, expenses, email address, and telephone number in order to apply.
Interest Rates and Fees
The HSBC Student Credit Card is a great option if you are a student looking to build credit, or if you are looking for your first credit card. Make sure to consider the rates and fees associated, which are listed below.
- Representative APR: 18.9%
- Purchase APR: 18.9%
- Cash advance APR: 23.6%
- No balance transfer APR
- 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 usage cash 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
If you are currently a student, and you are looking to supplement your income, or build your credit report, then this is a good card to consider. The fact that it offers cashback rewards, and that is has no annual fee is enough to have it on your radar.
Note: There are risks involved when applying for a loan. Consult the lender’s terms and conditions page for more information.
