The HSBC Classic credit card has a moderate annual fee, high interest rates and a moderate interest-free period. While the card charges high interest rates, the HSBC credit card charges 0 per cent interest when you spend over a certain amount at over 1,000 participating retailers. This card does not charge a fee for additional card holders (age 16 or older). The card does not have an associated rewards scheme.
While the HSBC Classic credit card does not offer a rewards program, it does come with complimentary purchase insurance including guaranteed pricing insurance, 90-day purchase protection insurance and up to 12 months of extended warranty insurance.
Card holders are also offered full control with My Card Controls. My Card Controls allows customers to customise restrictions on their card, such as restricting transactions based on the amount, type or country.
- No fee for additional cardholders
- Complimentary purchase insurances
- Eligible for Apple Pay
- Charges an annual fee
- High interest rates
- No rewards scheme
Who is it good for?
The HSBC Classic credit card might be a sensible choice for customers who could benefit from 0 per cent interest on large purchases at participating retailers. However, this card is not well suited to rewards-seeking card users or those who want to minimise associated fees.
The HSBC Classic credit card does not offer an associated rewards scheme, which may discourage those who want to earn points for their purchases. Potential card holders who want to earn vouchers, gift cards or merchandise should consider a credit card with a general rewards points program, while those in search of frequent flyer benefits should look for a card that earns frequent flyer points on eligible purchases.
This card is also not a good fit for those who want to reduce the fees associated with their card. The card charges a moderate annual fee, which is not waived in the first year.
What RateCity says
The HSBC Classic credit card offers little advantage to customers who are not looking for interest-free purchases. While this credit card offers 0 per cent interest at participating retailers, the interest rates outside of these retailers are high. With only a moderate number of interest-free days, this may not be the best choice for budget card holders.
The card also charges an annual fee but does not offer points or frequent flyer miles for eligible purchases. There are cards that charge no annual fee and offer no rewards, which may be a better fit for those who want to minimise their costs.
There are also credit cards with an annual fee that are comparable with that of the HSBC Classic credit card, but that also offer a rewards scheme for eligible transactions.
New and existing HSBC customers can apply at a participating retailer or in an HSBC branch. To be eligible, you need to be at least 18 years old and be an Australian citizen or permanent resident. Applicants must have a good credit rating and earn more than $20,000 annually before tax. When you apply, you’ll need to supply proof of income, details of your current financial commitments, a photo ID and your employer’s contact information.
HSBC is a multinational banking and financial services organisation. With a network of over 60 countries, HSBC offers personal banking, business banking and corporate banking solutions to over 38 million customers across Australia and the world. Their offering includes bank accounts, credit cards, home loans, insurance, investments and personal loans. Existing customers can contact HSBC by phone 24 hours a day, and all customers can contact HSBC by email. HSBC is headquartered in London.