HSBC Offering 0% Interest For 18 Months On Their Purchase Plus Credit Card

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A balance transfer is a common thing that cardholders take advantage of when one credit yields high interest. For those who are after the zero to low interest for balance transfers, the HSBC Purchase Plus Credit Card could be attractive. Having no annual fee, this credit card issues no interest for purchases made in the first 18 months of account opening.

The only drawback for this card is the 2.99% charge for international purchases, which is partially high. Moreover, the opportunity to take advantage of the zero interest for balance transfer is shorter, with only 60 days from the account opening. Right after this timeframe, standard rates apply but only at 2.99%.

Other perks of this credit card are the contactless feature, which makes payment easier and hassle-free. Powered by Visa, cardholders also enjoy worldwide acceptance but with an extra charge for purchases outside the UK.

Reward system is also a head turner, with the cashback feature. Since this is powered by Visa, discounts, and promos can also be availed through the Visa Offers and the ‘Home&Away’ reward program of the HSBC.

Application and Eligibility

Apart from visiting a branch, applicants who are over 18 years old can apply online. To successfully get HSBC Purchase Plus Credit Card, applicants need to be a UK resident and with no existing HSBC basic bank account. Credit scores are considered too, plus an annual income of at least £8,500 or more.

Bank representatives may also request for supporting documents showing the applicant’s capacity to pay back debt. Income details in the latest pay slip are requested as well as employment details and the address details for the past three years.

Note that for online application, response time can be within a minute or less. In the event that changes in employment and income happen, HSBC recommends applying directly on their branches or through their hotline.

If the application is successful, applicants can get a standard credit limit of £1,200 or higher, depending on credit score and other factors concerning employment and annual income.

Fees and Charges

There’s a £12 penalty for the late payment on top of the 2.99% interest. The same amount is also charged for going over the credit limit. Balance transfers after the 60-day zero interest can accumulate 2.99% each transfer.