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HSBC credit cards for february 2024

HSBC
Apply for a credit card from HSBC. On 22.02.2024 you have access to 4 credit cards. Increase your chances of getting money — fill out a multi-application with a free credit rating check.
Offers: 4
Updated:
18.10.2022
06:05
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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650
1000
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
650
1000
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Submit your credit card application online

Take advantage of our credit card selection system with a free credit check!

Rating by Finanso®
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Interest rates on credit cards in the Philippines

According to the guidelines for Bangko Sentral ng Pilipinas Circular No. 1133, Series of 2021, on the ceiling/s of interest rates and other fees charged by lending companies, financing companies, and their online lending platforms, the maximum nominal interest rate for unsecured loans is 6% per month (0,2% per day), and the maximum effective interest rate is 15% per month (0,5% per day). The caps apply to unsecured loans of no more than ₱10000 and payable within four months.

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Savii
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No comment yet coz im not yet approved in my application
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DIGIDO
5
very fast
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Kviku
4
Please address my concerns regarding my loan application and its processing...
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Kviku
1.6
Warning: This lender is predatory and extremely dangerous. Do not use this app for loans as they will trap you with impossible and maliciously high interest rates...
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Kviku
1.4
I was charged an excessive amount by KVIKU. My last loan was approved on November 25th, 2022 for 5000 pesos...
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Kviku
1.8
High Interest Rate. They approved my auto loan without discussing repayment options in full. Instead, they sent me a contract with scheduled payments, which is nowhere near the advertised 0...
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HSBC credit cards for february 2024

With credit cards issued by the Hongkong and Shanghai Banking Corporation Limited (HSBC), you can ‌pay for goods, services, and utility bills. They can also accumulate reward points, which allow them to gain access to additional services such as monthly fee waivers and insurance products.

What is an HSBC credit card?

The HSBC credit card enables users to make purchases, pay bills, transfer funds, then repaying later. When customers fulfill the minimal annual income requirements, these cards provide various benefits, including access to funds, reward points, cashback offers, and transaction savings. Some cards, such as the HSBC cashback credit card, forego yearly fees for life as a welcome present to new cardholders.

How can I borrow a loan using an HSBC credit card?

Borrowing a credit card loan from HSBC is simple. You can apply for a loan online or visit the bank and apply over the counter. Credit cardholders are eligible for a loan up to ₱500,000 payable for 36 months. The loan attracts a 1.25% monthly interest and a ₱1500 processing fee. If your loan exceeds ₱250,000, you incur a ₱200 transaction fee when you withdraw the loan. Online banking has made access to credit card services simpler.

Reference! You can also get a cash advance loan using the HSBC credit card by withdrawing money from any ATM locally or internationally.

How can I get an HSBC credit card?

You can use online banking to apply for an HSBC credit card via the website. You can also visit the bank and fill out a registration form with your details. If you meet the minimum annual income requirement and provide valid identification documents, they instantly approve your HSBC credit card application, and you can start enjoying the bonus points. Your national ID, proof of residence, and utility bill statements are some of the identification documents you need to apply for the credit cards. You should, however, contact HSBC if you experience delays.

Before applying for an HSBC card and start enjoying bonus points as you make purchases, you must meet the following qualifications:

  • An existing locally issued primary credit card owned for at least 12 months.

  • A ₱200,000 minimum annual income for all cards and ₱500,000 for the platinum visa.

  • Proof of identity with complete name. Documents used as proof of identity include a driver's license, SSST & INID plus NBI clearance, or voter's ID. Note that proof of identity should be valid, photo-bearing, and have a date of birth.

  • Proof of residence ID containing your name and current address.

  • Utility bills including electricity, landline, mobile phone, or cable TV issued within the last three months. They must match the primary and permanent addresses.

Types of HSBC credit cards

Credit cards play a crucial role in helping us manage our finances. Before applying for one, ensure you understand its features, the charges it attracts, and the benefits you will enjoy. The credit card limit depends on your credit history and annual income, and it is important to observe all rules and regulations for positive credit history.

Here are the credit cards available from HSBC.

  • HSBC Red Mastercard. The MasterCard International Incorporated trademark appears on this card, which is issued jointly by HSBC and Mastercard. If you have a minimum yearly income of ₱200,000, you can apply for this credit card. You must, however, have a Philippine identification card and other government-issued documents to qualify for this card and enjoy its rewards points. With the Red Mastercard credit, you can use its privileges, to purchase products with no interest, and get full insurance. You can also enjoy up to 4x rewards points in online shopping, dining, and overseas spending. Every ₱20 spent earns you a benefit, which you can redeem to get GCash and air miles.

  • HSBC Premier Mastercard. Free purchase protection insurance, life annual fee waiver, and one air mile at ₱25 spend are some of the exclusive rewards HSBC Premier customers enjoy. As a premier cardholder, you get many rewards, such as overseas investment opportunities, monthly fee waivers, and insurance products.

  • HSBC Gold Visa Cash Back Credit Card. To be eligible for this card with a lifetime fee waiver, you must have a principal credit card issued locally as well as a government ID. Some of the benefits include 5% cashback on dining expenditures and 0.5% cashback on all other purchases. You will also enjoy additional benefits, such as a 3% return on Caltex fuel purchases. There is no minimum purchase limit for the reward points, and each transaction earns a 0.5% return.

  • HSBC Platinum Visa Rebate Credit Card: You are eligible for this card if you currently have a primary HSBC credit card and a yearly income of at least ₱500,000. You can enjoy reward points like unlimited cashback on shopping, travel, insurance, and other purchases. All transactions, including online spends, crucial travel, and insurance purchases, are eligible for a 5% cashback. Furthermore, no minimum purchase is needed to reap the advantages as all other transactions, including grocery and meal delivery, are eligible for rewards like a 5% cashback.

  • HSBC Platinum Visa Rebate Credit Card. You can enjoy rewards on all purchases, from online shopping, purchasing fruits and veggies to insurance activities. There is no minimum spend required to qualify for the bonus points. The card also supports balance transfers from other credit cards as well as Google Pay.

  • HSBC Gold & HSBC Classic Credit Cards. When you use your HSBC Credit Card at eligible Caltex stations, you can receive rewards in exchange for discounts and special deals like a 3% rebate on fuel purchases up to ₱20,000 each month. You can also get interest-free installments for up to 36 months at qualified partner vendors. You can also transfer balances from other banks to this card.

How to apply for an HSBC credit card?

Before applying for an HSBC credit card, you should log on to their website and find out if you meet their eligibility requirements for account opening. Here are the pre-qualifications for application.

Pre-qualifications

  1. You should be 18+ years old.

  2. Have an existing primary credit card locally issued and owned for at least 12 months.

  3. Have a ₱200,000 minimum annual income for all cards except the HSBC platinum visa, whose minimum requirement is ₱500,000.

  4. Have proof of identification such as the taxpayer identification number (TIN), SSS, GSIS, and national ID. The proof of identification should be photo-bearing and have your birth date.

  5. Proof of residence documents containing your current and permanent address.

  6. Copies of utility payments such as electricity and telephone bills for the last three months must bear your current and permanent address.

Application process

You can apply for an HSBC credit card online or visiting your nearest branch to enjoy bonus points as you spend money. It is more convenient to use online banking to apply as it saves you time. To apply online, follow these steps:

  1. Log on to the HSBC website.

  2. Click How to apply for a credit card online, followed by Apply now under your chosen credit card.

  3. Fill in all the details correctly, including personal information like the credit card number if you are applying for a supplementary card.

  4. Wait for a confirmation SMS. You will get a response from the bank within two days. If you don't receive a message within two days, contact the HSBC Bank support team for help.

You can also apply over the counter by visiting the nearest HSBC branch with your proof of income and identification documents.

Who is eligible for an HSBC credit card?

In addition to meeting the pre-qualifications, you should provide proof of residency and income to qualify for any HSBC credit card and start earning reward points. The proof of residency documents include:

  1. A photo bearing Philippine identification card

  2. Utility bills payment documents such as electricity bills

  3. Driver's license or TIN ID

  4. Proof of income such as business records, payslips, and bank statements.

How to repay the HSBC credit card loan?

When applying for personal loans and cash advances online, you should repay your debts on time to avoid ruining your credit rating. Using online banking to repay your loan also helps you avoid late payment penalties.

Steps to repay

You can get personal loans from 6 to 36 months, while the cash advance is payable monthly from the due date. You can repay your loans through ATMs in cash or checks. The payment channels include Banco de Oro, Bank of the Philippine Islands, HSBC saving bank, Easy Pay machines, local payments from any local bank, Megalink, SM, and Union Bank. Payments accepted include:

  • Cash or check.

  • Transfer from one bank account to another.

  • Transfer from Megalink to a bank account.

  • Transfer money from your BancNet account to your HSBC or HSBC Savings Bank accounts.

To repay by direct transfer, open your account, approve the fund transfer to your HSBC account, and wait for verification. You can deposit it in your nearest branch if you pay by check.

Note that you should make all payments at least three days to the due date to allow enough time for processing and avoid late payment penalties.

Pros and cons

Applying for an HSBC Bank credit card helps you make timely payments, settle your bills seamlessly, and transfer money to other accounts and banks. Using a credit card demands discipline to avoid sinking into huge debts and lowering your credit score. Before submitting your HSBC credit card application, analyze all the cards offered, the annual fees on each, and the interest it attracts. Here are some advantages and disadvantages of using HSBC credit cards.

Pros

  • Users access loans and rewards to meet their financial needs.

  • Customers with good standing can access personal loans from the bank for business and personal needs at low-interest rates.

  • The website has a friendly user interface that makes credit card applications simple and robust.

  • Cardholders enjoy card benefits such as insurance benefits and other rewards.

  • Account-holders can make purchases through online shopping and enjoy cashback rewards on each purchase.

  • Online application for HSBC Bank credit card avails users' exemption from the annual fee.

  • Users with a registered mobile number can access the services without visiting the bank or ATM.

Cons

  • The bank charges high interest on the amount spent above the credit limit.

  • Account opening requirements are unfavorable for foreign citizens and low-income earners.

  • A high annual fee is charged on some cards.

Lenders in the Philippines are controlled and regulated by the Securities and Exchange Commission (SEC), Lending Company Regulation Act, and the Bangko Sentral ng Pilipinas (BSP). These bodies regulate interest rates charged by lenders and protect borrowers against exorbitant interest rates on loans by banks and other lending bodies.

Securities and Exchange Commission (SEC)

In addition to registering all financial institutions in the Philippines, SEC ensures they meet all the minimum requirements for a financial organization. In the credit card industry, the body ensures that customers are not lured by attractive benefits and exploited financially by suspension or complete withdrawal of trading licenses or permits to banks operating contrary to the rules.

SEC works in accordance with the consumer protection Act (RA7394), which seeks to protect consumers against undue advantage from lenders and educates consumers on their rights.

Philippine credit card industry regulation law

Also known as R.A. 10870, the Philippine Credit Card Industry Regulation Law controls the credit card market operations in the Philippines. The Philippine government passed the law in 2007 to protect consumers from fraud by get-rich-quick scheme startups. The law applies to all credit card providers and oversees the electronic transactions by banks to ensure their operations are legal.

The act seeks to address the following:

  1. Provide uniform operational requirements to all credit card companies for different purchases, payments, and fund transfers within different banks. This will ensure they charge fairly for all cardholders and avoid exploitation of customers on some products.

  2. Sensitize customers about their consumer rights and what they should know before applying for and using credit cards.

  3. Protect consumers from unethical practices by lending companies.

  4. Help banks and other lending companies operate within the law and avoid penalties.

  5. Educate borrowers on how to repay loans quickly and borrow within their credit limit to avoid additional interest.

The Bangko Sentral ng Pilipinas

The central bank of the Philippines, BSP, controls and regulates the financial system in the country. The bank is mandated to regulate, oversee, and supervise the financial and banking sector operations. Here are the main functions of the BSP.

  1. Regulate and supervise all financial institutions and ensure they operate within the law.

  2. Ensure there is order in the country's financial system by regulating currency circulation.

  3. Avail a safe and convenient means of payment for consumers to repay their credit card loans in time.

  4. Set reasonable interest and other fees that lenders should charge borrowers to prevent exploitation.

The real cost of an HSBC credit card loan

Credit cards are a convenient way of paying our bills and making purchases. However, we should not overlook the actual cost of acquiring and using a credit card because some charges are expensive. There is a need to ask yourself the following questions before submitting your application for any HSBC credit card.

  • How much is the annual fee charged? Different cards levy different amounts of that annual fee, and the charge on premium cards is relatively high. If you can do without a premium card, you can save a reasonable amount of money annually.
  • How much is the interest rate on loans and cash advances? All your monthly spending on a credit card attracts a monthly interest and late payment attracts more charges. It is good to repay your loan in time and avoid any additional charges. Also, you should only make purchases using your credit card when unavoidable.
  • Are there additional fees on loans? HSBC bank levies a ₱1500 processing fee on loans, 36% interest per annum on overdue payments, ₱500 amendment fee for loan modification, and other costs. These fees can be expensive, so you should apply for a loan when necessary. Remember that you may end up in massive debt if you do not manage your credit card loans and subsequent purchases well. If purchases exceed your limit, you should use balance transfers to your main card for easy repayment if you have supplementary cards.
  • What is your total relationship balance? There should be a balance between your deposits, investments, and insurance to avoid overspending.

Conclusion

HSBC credit cards are a good way of paying for goods and services, settling bills on time, and purchasing goods online. To continue using the service, borrow responsibly and avoid making excessive purchases. You should also limit your Internet purchases because exceeding your credit limit adds interest.