HSBC Credit Cards, Low Rate and Visa Gold
The world-wide HSBC financial services group is headquartered in London. It has been operating in Australia since 1965 and won its Australian commercial banking licence in 1986. HSBC Australia has a network of branches and offices in all the major mainland States. Its markets a focused range of financial services in Australia for personal and business sectors.
Credit cards have been part of the HSBC products for many years. In 2008, it teamed up with Woolworths to launch the Woolworths credit card. Cards with their exclusive branding are their ‘Low-Rate Visa card’, an AMEX and a Visa Gold card, and a Platinum Visa card. This article reviews the Low-Rate card and the Visa Gold Card. If, after reading the figures below you’d like to compare how HSBC’s low rate and gold card shapes up against the competition, start exploring Credit Card Application and apply for the most suitable credit card for you today!
Low-Rate Card.
A period of up to 55 days interest-free is allowed on card purchases. HSBC’s standard interest rate on this card is 15.99% which puts it at the high end of the range for low-rate cards (the average is currently between 10% and 13%).
Their balance transfer promotion offers an interest rate of 2.99% per annum for six months which favorably compares with the competition. Any unpaid balance at the end of the promotion is charged interest at their cash advance rate (currently 19.99%). The $49 annual card fee is waived for the first year.
Visa Gold Card.
This card also allows up to 55 days interest-free on purchases, an interest rate of 17.99% per annum on unpaid purchases from prior periods and 21.25% for cash advances. The interest rate on their balance transfer arrangement with this product is 5.99% versus 2.99% per annum for six-months. The same interest as their low rate card is charged on any unpaid balance at the end of the special promotion period and their current applicable cash advance rate is 21.25% per annum. The $89 annual fee is waived for the first year.