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HSBC Low Rate Credit Card

Purchase rate
12.99% p.a.
Balance transfer rate
0% p.a. for 20 months and then 25.99% p.a. (2.00% balance transfer fee)
Annual fees
$99
Interest free days on purchases
55

Mozo editorial review HSBC Low Rate Credit Card

Last updated: 15 October 2020.

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What's hot
  • 0% balance transfer rate for 20 months (2.00% balance transfer fee)
  • Up to 55 days interest free days
  • 0% foriegn currency transaction fee
  • 2020 Mozo Experts Choice Award winner
What's not
  • 25.99% cash advance rate
Mozo snapshot

If you're looking for a no frills credit card, then the HSBC credit card deserves a look. It certainly comes with some snazzy features like a 0% balance transfer offer for 20 months (one off 2% balance transfer fee) and a low annual fee. It's for this reason that it snapped up a 2020 Mozo Experts Choice Award for best Balance Transfer Credit Card. 

There's also a 12.99% purchase rate and the option for free additional cardholders. However if you fail to make a payment, you'll be hit with a $30 late payment fee, and cash advances are charged at a very high 25.99%.

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Key features

For a solid, run of the mill credit card, the HSBC Low Rate card and its 12.99% purchase rate may be worth considering. 

While the HSBC Low Rate card is not a rewards credit card, card holders get access to HSBC's Home and Away privileges programme which has special offers and discounts for travel, dining, shopping and experiences both in Australia or around the world. There are more than 19,000 offers available worldwide.

If you are looking to transfer debts over onto this card, for the first 20 months those debts will incur 0% balance transfer rate. However, to transfer these debts over you'll need to pay a 2.00% balance transfer fee.

There are also some nice features, like the up to 55 interest free days and fee free foreign currency transactions. As well as the options for free additional cardholders.

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Who is it good for

Anyone looking for a no frills credit card. The card has no annual fees and as long as you pay off the balance in full each month you won't pay any interest.

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Any catches

Make sure you set up your automatic payments and you watch that credit limit. This is not the best card for cash advances given the high rate charged, and you'll be stung by a $30 fee if you make a late payment or you go over your limit.

Details

Rates and fees information correct as at 21 October 2020 Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 12.99% p.a.

  • none

  • 0% p.a. for 20 months and then 25.99% p.a. (2.00% balance transfer fee)

  • yes

  • 25.99% p.a.

  • 55

Fees
  • $99.00

  • none

  • none

  • none

  • $30.00

  • 3%, min $4.00

  • 0%

  • $8.00

  • $0.00

  • $0.00

Features
  • $30.00

  • 3.0

  • yes

  • none

Payment options

Apple Pay, Google Pay

Other benefits

Access to the Home&Away Privilege Program to receive discounts and benefits.

Customer Reviews

How are HSBC credit cards rated by the Mozo community?

Overall
5.6/10
Price
5.5/10
Features
5.6/10
Customer service
5.6/10
Convenience
5.5/10
Trust
5.8/10

Latest reviews of HSBC Low Rate Credit Card

  • Overall 5/10
    No special benefit to users.

    The credit card comes with the saving account, no special benefit to me.

    Read full review

    The credit card comes with the saving account, no special benefit to me.

    Price
    -1/10
    Features
    -1/10
    Customer service
    -1/10
    Convenience
    5/10
    Trust
    5/10
    Less
    Titik, New South Wales reviewed 5 months ago
  • Overall 0/10
    Terrible management in HSBC credit card departmen

    A fraudulent credit card that was issued under my name by somebody else remains "open" status on Equifax after 2.5 years!! This has cause me delays on home settlement with another bank and causing me to pay the penalty fees due to their delay in responding to my complain. After two weeks nobody ever tried to email or call me about the issue! I have tried all the possible ways to contact them such as in person, at branch, email and phone calls! This is the worst ever credit cards department in Australia! Staff at the branch were polite but the bank system is terrible!

    Read full review

    A fraudulent credit card that was issued under my name by somebody else remains "open" status on Equifax after 2.5 years!! This has cause me delays on home settlement with another bank and causing me to pay the penalty fees due to their delay in responding to my complain. After two weeks nobody ever tried to email or call me about the issue! I have tried all the possible ways to contact them such as in person, at branch, email and phone calls! This is the worst ever credit cards department in Australia! Staff at the branch were polite but the bank system is terrible!

    Price
    -1/10
    Features
    -1/10
    Customer service
    0/10
    Convenience
    0/10
    Trust
    0/10
    Less
    Ronnie, New South Wales reviewed 8 months ago
  • Overall 9/10
    Great service and fantastic rewards

    Although their interest rate is high it does not affect us as we pay off our balance at each statement. Their rewards program is great and the points add up quickly and we often redeem for gift vouchers and treat ourselves to free purchases. They are quick to notify us if they feel an unauthorised transaction has taken place, (which none were but we purchased something from overseas which aroused their suspicions )

    Read full review

    Although their interest rate is high it does not affect us as we pay off our balance at each statement. Their rewards program is great and the points add up quickly and we often redeem for gift vouchers and treat ourselves to free purchases. They are quick to notify us if they feel an unauthorised transaction has taken place, (which none were but we purchased something from overseas which aroused their suspicions )

    Price
    5/10
    Features
    9/10
    Customer service
    9/10
    Convenience
    8/10
    Trust
    9/10
    Less
    Garry, New South Wales reviewed over 4 years ago
  • Overall 0/10
    Run and don't look back.

    The only place I have seen good reviews is on here. Which to me is somewhat suspect. This is the worst bank EVER. Seriously run the other way. I was roped into the credit card and there has been one issue after another. From them randomly canceling the cards (I have had three cards cancelled with explanations of "Sorry we don't know what happened') to just plain old terrible and poor communication and customer service. This "Bank" is an all over fail. I can not wait to finalise credit transfer and get the hell out of this poor excuse of a company. Would not recommend to my worst enemy.

    Read full review

    The only place I have seen good reviews is on here. Which to me is somewhat suspect. This is the worst bank EVER. Seriously run the other way. I was roped into the credit card and there has been one issue after another. From them randomly canceling the cards (I have had three cards cancelled with explanations of "Sorry we don't know what happened') to just plain old terrible and poor communication and customer service. This "Bank" is an all over fail. I can not wait to finalise credit transfer and get the hell out of this poor excuse of a company. Would not recommend to my worst enemy.

    Price
    0/10
    Features
    0/10
    Customer service
    0/10
    Convenience
    0/10
    Trust
    0/10
    Less
    Melissa, Queensland reviewed over 4 years ago
  • Overall 9/10
    Great customer service secure online banking setup

    Well for example I haven't been able to make payments recently and they haven't hassled me or debited from my savings account. I guess its up to me! :P just great interest rates etc

    Read full review

    Well for example I haven't been able to make payments recently and they haven't hassled me or debited from my savings account. I guess its up to me! :P just great interest rates etc

    Price
    8/10
    Features
    5/10
    Customer service
    9/10
    Convenience
    7/10
    Trust
    8/10
    Less
    Shannon, Queensland reviewed over 4 years ago
HSBC

About HSBC

HSBC in Australia is part of the HSBC Group, one of the world's largest banking and financial services organisations. HSBC has products for every money need you can think of, including savings accounts and term deposits for your day-to-day money management, a suite of home loans to finance your dream home, plus credit card and personal loan options. With branches all over the world, HSBC is the world's local bank!

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