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HSBC Credit Card

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My annual fee: 
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card features
balance transfer
purchase rate
annual fee
your savings
No annual fee to pay for as long as you have the card.
Enjoy 0% for 6 months on balances transferred to your new card.
No extra fee for additional cardholder.
Add to comparison
6 months
0% p.a.
then 21.99%
17.99% p.a.
saved over 6 months

Pros & cons

What's good?

What's not so good?

Great value basic credit card without expensive frills you don’t want or need.
No annual fee for the life of the card.
The 0% p.a. balance transfer offer for 6 months could help you pay off your current debt faster.
No balance transfer fee.
Up to 55 days on purchases interest free period which can help you stay out of debt in the future.
No extra fee for additional cardholders.
Visa payWave for faster contactless purchases.
Outstanding balance transfers revert to the 21.99% p.a. cash advance interest rate.
Lower standard ongoing interest rate on purchases are available.
No dedicated rewards program or points earned for your spending.
Lower ongoing interest rates on purchases are available on other cards.


Our review of the HSBC Credit Card

While your parents are probably proud of the fact they’ve never had a credit card, or credit card debt for that matter, you know credit cards are now just a reality of life. I know my parents dislike having and using their credit card and keep it only for emergencies, however, I also know that if I’m going to have a credit card, I’m going to have one which works for me, not against me as a liability in my wallet.

You no longer have to look at choosing a credit card as choosing the lesser evil, because a credit card doesn’t have to be evil at all if it has features which benefit you every time you use it. Therefore, as you consider the features of the HSBC credit card, consider how they marry with the way you already spend, save and interact with credit, and you’ll be well on your way to choosing a credit card that will be working for you too.

Benefits & Features

Start your comparison of HSBC’s credit card by looking at the features of the card, how those features work, and how they can – or won’t – work for you. In this way you can see exactly how it could fit in with your financial habits, and whether it will compliment or clash with your financial plans. Here are the biggest benefits

A 0% p.a. balance transfer interest rate: The balance transfer period on the HSBC credit card is 6 months, and this means that once you transfer an existing credit card balance from a non-HSBC credit card, you have eight months to pay off the balance while enjoying paying the introductory rate. If the balance is not repaid in the introductory balance transfer period, the interest rate on the transferred balance reverts to the card’s cash advance rate of 21.99% p.a..

No annual fee for the life of the card: This is one less thing you have to worry about, because while most cards charge you annually just for having their card in your wallet, your HSBC no annual fee card won’t cost you anything if you’re not using it, saving it for emergencies, or working on paying off your balance transfer.

Free additional card holder: If you want to help keep track of your spending by having all of the household credit cards on one account, you can include an additional card holder on your HSBC credit card account for free. Or you may want to provide security to your child as they are in high school or university, and you can add them to your account, making sure they have access to credit in an emergency.

Up to 55 days on purchases interest free period: With such a long interest free period, the HSBC credit card is designed as a transactor credit card, to be paid off in full each month, attracting no interest. This is because the purchase rate of 17.99% p.a. is not the lowest on the market, and so HSBC have given you a decent amount of time to pay off your purchases before you’re charged the comparatively high interest rate. However, the interest free days don’t apply to cash advances, which immediately attract the higher 21.99% p.a. cash advance interest rate, which is standard practice across most credit cards, so try and avoid ever taking cash out of your credit account.

A free and instant rewards program: The HSBC credit card has few fees because it is a basic card, without a rewards program which earns points for every dollar spent, and tracks your balance, redeeming your points on a short list of predetermined items. Instead, you earn rewards with the home&Away Privilege Program, where you receive instant discounts when you spend at one of the more than 19,000 partnered outlets around the world. Your HSBC home&Away discounts can be on anything from shopping or entertainment, to travel or accommodation. The home&Away program is different to something like Qantas Frequent Flyer (HSBC have a card linked with that program) in that you aren’t earning points to redeem for flights. However, there is a decent selection of promotions to choose from, such as vouchers for money off hotels and meals at restaurants. If you are unsure what is on offer with the home&Away privilege program, visit their website before applying.


Lower purchase rates are available: As has been alluded to above, there are credit cards with lower ongoing interest rates on purchases. This isn’t to say that this card is a bad one – it’s not. It’s just that there are better, cheaper options on the market if you are the type of user who will not pay your purchases off on time each month. There is one drawback with these competing no or low interest offers – they tend to have poor, or no, balance transfer deals. So it is really a case of choosing whether you want cheap purchases or balance transfers.

home&Away lacks frequent flyer points: Although the HSBC credit card offers a rewards program (called home&Away), it is focussed on offering special discounts and one-off offers through a range of domestic and international partner businesses. If you are looking for a rewards program linked to a frequent flyer program, this card isn’t for you.

Outstanding balance transfers revert to the cash advance rate: What this means is that if you have transferred a balance of $5,000 and you don’t get it paid off within 6 months (the introductory period for the balance transfer offer) and you keep the account open, whatever debt is left will be charged interest at the cash advance rate. This rate is currently at 21.99% p.a., which is higher than the rate charged on purchases. Ideally you would pay back your balance transfer inside the introductory period in order to avoid it.

How to Apply

You can apply for the HSBC credit card in just 10 to 15 minutes either online, by visiting a participating retailer, or posting in your application form. To be eligible to apply, you must:

  • Be at least 18 years old.
  • Be a permanent Australian resident.
  • Have a good credit rating.
  • Have an annual before tax income of at least $20,000.

To help make the application process run as smoothly as possible, you will need to collect the following information:

  • Proof of your monthly before tax income, in the form of a payslip or a letter from your employer.
  • Your employer’s name, address and phone number.
  • Your current financial commitments, such as your rent or mortgage, and other loan and credit card repayments.
  • Proof of your identity, such as a photo ID and your address, for example you can use your passport, driver’s license or utility bill.
  • If you are completing a balance transfer at the same time, you will need the account details of your current credit card.

You can then go to the HSBC website and follow the prompts through the online application form, or you can download and print an application form, and post it to the HSBC offices in Sydney.

The Upshot

Applying for a new credit card can be done in just a few minutes, and you don’t even have to leave the house. However, just because you’re sitting there in your trackies, doesn’t mean this is a decision which should be taken lightly. Instead, take the time to consider whether you’re able to pay off your balance within the interest free period, because if you can’t, there are credit cards with lower purchase rates. Compare the rewards of the home&Away program to see if there are discounts you would actually use, and think about whether eight months is long enough for you to pay off your existing credit card balances, even if you are being charged zero interest.

The HSBC credit card has some inclusive, intuitive and relevant features and benefits available, so look carefully at your situation, and decide whether this card will be a step towards financial stability and control for you.

User reviews

3.3 out of 5.0 based on 18 reviews83% of reviewers would recommend this card.

Rates and fees
Customer service
Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

No rewards, but easy online banking and app

Reviewed and recommended by Melissa on 21 Nov 2016

This is a good all-round card. It has no rewards, though.

Their net banking is very easy to use and understand. You can link it to your everyday account, which is useful.
It is very easy to get a credit increase or decrease through the automated website through their online login system.

Ticks the 'no annual fee' box

Reviewed and recommended by Dale on 21 Sep 2016

I like a card with no annual fee. This one ticks that box.

Aside from that, there aren’t really a lot of other benefits, unless you link your card to RACQ Dining Rewards (it’s a Visa card, so you can do this) and they occasionally run promotions, e.g. shop online with the card to win. At present there’s a promo where you get discount movie tickets.

I pay my bill every month, so the interest rate doesn’t concern me. I really can’t complain about this card.

Fee and interest rate too high

Reviewed and not recommended by Courtney on 23 Aug 2016

I am generally happy with this card and the customer service is wonderful, always friendly and available to help. I am not happy with the annual fee or the interest rate, I wish they would remove the fee and lower the interest rate as it is quite high, and I have been a long term customer so they should take that into consideration.

No annual fee!

Reviewed and recommended by Melinda on 19 Aug 2016

I love this credit card as it comes with no annual fees! I’m easily able to check my balance online and found it easy to increase or decrease my limit when needed, over the phone. The only negative thing I can say about it is there isn’t a rewards program attached to it. Overall though I would recommend this credit card.

Awesome savings and security

Reviewed and recommended by Gem on 20 Jul 2016

This was a great card for secure payments, international travel and emergency money! Never had a bad experience and I was always getting courtesy calls for big purchases just to check everything was okay – never a bother but great to know they cared about my purchases, especially when travelling.

Great card with great rewards

Reviewed and recommended by Garry on 01 Jul 2016

I have had this card for about 5 years and have had no hassles with the company. It’s great that they check on transactions that are unusual to make sure it was me who used it! Great security—I trust them completely.

Would recommend HSBC to anyone who wanted to deal with them!

Great rewards and great service

Reviewed and recommended by Garry on 15 Jun 2016

HSBC are a great company to deal with. They’re always on the lookout for possible fraudulent activity and notify you if they see something unusual. The interest rate is high, but if you pay it off in full each month it doesn’t matter anyway. Very happy with HSBC and have been with them for many years with no problems.

I have trust in HSBC credit cards

Reviewed and recommended by Katrina Jones on 24 Jul 2015

Since having my card I have been contacted asking if there has been an unusual transaction on your credit card and if it was one of mine. There is a lot of scamming out there and a bank that monitors and contacts their clients like this wins my vote. I’ve never had a bad phone conversation and they are always helpful.

I don't like this bank or their card

Reviewed and not recommended by Coco on 14 Jul 2015

This card has very high fees and the customer service is not very user friendly. You can’t find the log in screen easily – if you haven’t saved the link it takes you anything up to 20 minutes clicking on different links to find the credit card online link.

Decent card, rude service

Reviewed and not recommended by Posthuman on 19 Jun 2015

A comfortable and manageable mid-level card to use with average fees as you would have expected. I don’t receive too much marketing around incentives or rewards. Just a rigid monthly statement and nothing else.

Very pushy and rude customer service almost every time I call or they call. Calls received at odd hours and never leave messages.

Show 8 more reviews

Basic details

About this card

Card setup
Card tier
Card type
Card use
Credit rating
Gambling transactions allowed
Joint application
Minimum age
18 years old
Minimum income
Minimum income for pensioners
Same as standard
Rewards program
Temporary residents


Additional cardholders
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
Maximum credit limit


Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.6 months0%95% of credit limit21.99% p.a.

Balance transfers to this card

Balance transfer earns rewards
Balance transfer fee payment due
First statement
Balance transfer from personal loan
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
95% of credit limit
Available to existing customers

Banks you can't balance transfer from

You can't balance transfer to the HSBC Credit Card at the promotional balance transfer rate from:

  • HSBC
  • Woolworths

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.6 months0%95% of credit limit 21.99% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

Cash advances 1.83% 21.99% p.a.
Purchases 1.50% 17.99% p.a.


Annual fee
$0 p.a.
Cash advance fee
Dishonour fee
Duplicate statement fee
Foreign exchange fee
Late payment fee
Over limit fee
Overseas ATM balance fee
Overseas ATM withdrawal fee
Overseas emergency card replacement fee
Transaction verification fee

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular income of more than $20,000 per year
Have a good credit history
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Joint applications are not allowed
Temporary residents are eligible
Age Pension, Disability Pension, Overseas Pension, Veteran's Pension and Widower's Pension are acceptable.
Carer's Allowance, Child Support Payments, Family Tax Benefits and Parenting Payments and Foster Care Allowance are acceptable.
Austudy and Youth Allowance are not acceptable.
Disclaimer: The minimum criteria pointers are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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