- 0% on balance transfers for 20 months with a 2% balance transfer fee. Reverts to cash advance rate.
- No overseas transaction fees
- Up to 55 days interest-free on purchases
- Complimentary domestic travel insurance
- Eligible with Apple Pay & Google Pay
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.
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.
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 access to the home&Away Privilege Program and complimentary insurance cover.
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.
If you are 18 or over, have a good credit rating and you earn at least $40,000 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.
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.
The information, including card rates and fees, present in the review is accurate as of the date of the review. Please refer to the issuer's website and application for the most current information.
Purchase rate 12.99% p.a.
Cash advance rate 25.99% p.a.
Interest free period on purchases up to 55 days
Balance transfer rate 0% p.a. for 20 months
Balance transfer revert rate 25.99% p.a.
Balance transfer from personal loan No
Balance transfer fee 2% one off
Balance transfer limit 100% of approved credit limit
Brands you can't balance transfer from HSBC
Minimum credit limit $1,000
Maximum credit limit N/A
Annual fee $99 p.a.
Additional cardholder fee $0 p.a.
Foreign transaction fee 0%
Minimum repayment 3% or $30 whichever is higher (Low Rate); 3% or $20 whichever is higher (Platinum, Premier, & Star Alliance cards)
Cash advance fee 3% or $4 (whichever is greater)
Late payment fee $30
International Travel Insurance No
Flight Inconvenience Insurance No
Transit Accident Insurance No
Smartphone Screen Insurance No
Purchase Protection Insurance No
Extended Warranty Insurance No
Rental Vehicle Excess In Australia Insurance No
Eligible with Apple Pay & Google Pay
HSBC Low Rate cardholders can benefit from complimentary domestic travel insurance and no overseas transaction fees. Perfect for those wanting to be covered locally when they travel. Cardholders can also benefit from competitive interest rates, up to 55 days interest-free on purchases, and access to numerous offers and discounts worldwide with HSBC’s home&Away program.
Be over 18 years old
Good Credit and have not applied for multiple credit cards recently
Minimum income of $40,000 p.a.
You have your personal details ready to complete the online application
Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Pauline is passionate about seeing Aussies win by making their money – and their credit cards – work smarter, harder and bigger
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