HSBC Low Rate Credit Card
Credit Card Expert with over 15 years card experience and the founder of Creditcard.com.au.
The HSBC Low Rate Credit Card
Providing a seriously long 20 months interest free on balance transfers, the HSBC Low Rate Credit Card is one very appealing money-saver. A great option if you want to pay down existing credit card debt, this card also offers a low ongoing rate on purchases and a selection of very enticing extras, making it seem well worth its low annual fee.
What we love...
While we certainly wish it would, credit card debt doesn’t simply disappear overnight. It takes time to pay it down. Luckily, that’s exactly what the HSBC Low Rate Credit Card offers: time. As a new cardholder, you could benefit from 0% p.a. on balance transfers for 20 months, as long as you apply and are approved by 30 September 2019.
As one of the longer balance transfer offers currently available, this could be the perfect option if you have non-HSBC card debt that you want to pay down, but you need extra time to do so. Just be aware that your total balance transfer cannot exceed 90% of your approved credit limit, and you must make the balance transfer request when you apply for the card.
Aside from its balance transfer offer, the HSBC Low Rate Credit Card can also help you save money with its low ongoing purchase rate. If you tend to carry a balance, this could certainly help keep costs lower, however, it’s always best to clear your balance each statement period when possible.
But that’s not all. While many low rate credit cards tend to be low on features, the HSBC Low Rate Credit Card has features a-plenty. For a nice low annual fee – and no charge for additional cardholders – this card provides extras such as instant savings on petrol and groceries, complimentary insurance cover, and interest free finance at participating stores.
What’s not so great...
Where there are ups, there are also downs. With the HSBC Low Rate Credit Card, you need to read the small print before utilising the balance transfer offer. You will pay a 2% balance transfer fee, calculated as a percentage of the balance being transferred to your HSBC credit card account. HSBC will apply this fee at the point of transfer, so it forms part of your total outstanding balance.
Another important factor to be aware of is the offer’s reversion rate. Any transferred balance left unpaid at the end of the introductory period will revert not to the purchase rate, but instead, to the card’s much higher cash advance rate. To avoid this, be sure to pay off your transferred balance before that 20 months is up.
Why should you choose this card?
If you are 18 or over, have a good credit rating and you earn at least $20,000 per year, you could apply for the HSBC Low Rate Credit Card. By applying, you could benefit from a long 0% p.a. balance transfer offer, a low ongoing purchase rate and an affordable annual fee. Plus, you get some very nice extras on top.
With Instant Savings, you can enjoy up to 5% off petrol and groceries, and up to 25% off when dining at selected restaurants, with free membership to Frequent Values. With this membership, you can take advantage of more than 4,500 exciting offers at participating outlets across Australia and New Zealand, every time you use your card.
Offering even more opportunities to save money, the card also provides 0% p.a. on interest for six months when shopping at participating retailers. In addition, you can benefit from added peace of mind when travelling within Australia, with the card’s complimentary Domestic Travel Insurance, as well as mobile payments technology, including Apple Pay and Google Pay. A more recent added feature to this card is no overseas transaction fees.
Providing 0% p.a. on balance transfers for 20 months, this low rate credit card offers an awesome way to pay down credit card debt, while enjoying a low annual fee and extras such as Instant Savings, interest free finance and complimentary domestic travel insurance.