Pros and Cons of The HSBC Rewards Credit Card

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Individuals looking for a worthwhile credit card may want to look at what HSBC has to offer. Among the bank’s offers, the HSBC Rewards Credit Card offers various opportunities for bonuses and incentives.

If you are interested in getting this HSBC offer, it’s best that you know the advantages and disadvantages of the card. Here are some things you need to know.

HSBC Rewards Credit Card Features

The HSBC Rewards Credit Card allows you to earn reward points for every purchase you make. In fact, you will get 2,500 worth of points (equivalent to £25) as a welcome gift, upon making your first transaction. You will also receive 2,500 points annually for the first five years when you spend £10,000 or more during that year. It also offers bonus points for selected establishments.

Once you accumulate enough points, you can redeem rewards at different partner merchants.

HSBC Rewards Credit Card APR, Interest Rate & Fees

This card offers a variable representative APR of 21.9% to 24.9%. For purchases, the annual interest rate is 21.9% to 24.9%, while cash advances have an annual interest rate of 27.9%. This card has a late payment fee of £12. The bank does not charge for annual fees.

HSBC Rewards Credit Card Pros

Aside from having a rewards program, this credit card offers a variety of advantages, especially with the redemption of points. Redeeming points is more convenient through the Mastercard Pay with Rewards and the Pay with Rewards website. The HSBC online and mobile banking service also allows you to strictly monitor your account.

Aside from these, the Rewards Credit Card offers 0% interest on purchases made within 6 months from card issuance. The card also offers 0% interest for 6 months on balance transfers made within 60 days from the account opening.

HSBC Rewards Credit Card Cons

One disadvantage for those interested in getting this card is that you will have to apply for an HSBC Advance Bank Account, HSBC Bank Account, or HSBC Premier Bank Account before you can get a Rewards Credit Card.

Moreover, the bank does not allow online applications from individuals from the Channel Islands and the Isle of Man.

HSBC Rewards Credit Card Eligibility

To be eligible, you should have an annual income or pension of £8,500 or above (before tax deductions). You also must be a resident of the United Kingdom who is over 18 years old.

The bank also only caters to individuals with an Advance, Bank, or Premier account. The account should have a credit turnover of £1,750 per month, which has been open for a minimum of 6 months.

HSBC Rewards Credit Card Application Process

To start your application, just log onto your account, then check the full details on the HSBC website. You can also visit a branch near you. Just make sure to bring pertinent documents, including proofs of identification, residency, and income.

HSBC Rewards Credit Card Limit

The bank will evaluate your credit background, financial information and employment details. Based on this, HSBC will give you a credit limit with a minimum of £500, although the assumed credit limit is £1,200 .

HSBC Address and Contact Information

To get in touch with the bank, contact 03457 404 404 for existing customers and 03456 040 626 for non-HSBC customers. For branch visits, use the bank’s Branch Finder feature or visit the Head Office at 8 Canada Square, London E14 5HQ.

What Next?

The HSBC Rewards Credit Card is a valuable card, especially with its convenient redemption options, as well as its online and mobile banking services. Its 0% interest on purchases and balance transfers (made within a fixed period) is also a great plus. However, if you are from the Channel Islands or the Isle of Man, then applying via a bank visit is your best option, as the online application is not available for these residents.

Note: There are risks involved when applying for and using a credit card. Please see the bank’s Terms and Conditions page for more information.