HSBC Student Credit Card review
- Representative example:
- When you spend £500 at a purchase rate of 18.9% (variable) p.a., your representative rate is 18.9% APR (variable).
- Minimum credit limit
- £250
- Interest-free each billing period
- Up to 56 days
- Account fee
- £0
Our verdict
Existing HSBC student account holders can apply for this card to cover unexpected expenses and build a good credit history.Like most student credit cards, HSBC's card comes with a low credit limit and no annual or monthly fee. Perks can be few and far between in the student credit card space, but if you take out this card you will enjoy personalised cashback offers through the Visa Offers programme.
Student cards also typically don't have the most competitive rates around (in part due to the limited credit histories of many of the cards' users). However, provided you clear your balance in full each month, you will be able to take advantage of up to 56 days of 0% interest on your purchases.
It's smart to be cautious about taking out a credit card while studying. If your income is minimal and paid infrequently, be realistic about how quickly you will be able to pay off any borrowing. On the plus side, if you don't carry a balance from month-to-month and you use this card responsibly, it could help you to handle fluctuating costs, earn you a little cash back and help kick start a positive credit record – standing you in good stead for your future borrowing requirements.
As with most student credit cards, you'll need to hold a regular student bank account with HSBC in order to be eligible to apply.
Pros
- Since it's a student card, you aren't required to have a super-high credit score in order to be approved
- Up to 56 days to spread the cost of purchases (provided you pay off your balance in full each month)
- Customers report excellent customer service when dealing with HSBC
- No annual fee
Cons
- To apply, you must hold a student bank account with HSBC
- You may be offered an opening credit limit as low as £250
Details
Product overview
| Issuer | HSBC |
| Network | Visa |
| Annual/monthly fees | £0 |
| Minimum credit limit | £250 |
| Maximum credit limit | Subject to status: £500 |
| Credit limit note | Subject to status |
| Purchases | 18.9% |
| Purchases interest-free period (days) | 56 |
| Balance transfers | 18.9% |
| Additional cards available | 1 |
| Potential costs | 4.0 ★★★★★ |
| Doing its job | 3.5 ★★★★★ |
| Extras | 4.0 ★★★★★ |
| Overall Finder Score | 3.5 ★★★★★ |
Fees and charges
| Minimum monthly payment | 2.5% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance. |
| Annual/monthly fees | £0 |
| Foreign usage charge (EU) | 2.99% |
| Foreign usage charge (rest of world) | 2.99% |
| Cash advance fee | 2.99% (min. £3) |
| Late payment fee | £12 |
| Duplicate statement fee | £0 |
| Exceeding limit fee | £12 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application requirements
| Minimum Age | 18 |
| Availability | Available to existing customers |
The HSBC Student Credit Card is issued on the Visa network (used by a whopping 4.2 billion cards), so you'll be able to use it at more than 100 million merchant locations across more than 200 countries and territories.
How does it compare?
HSBC's card
Other popular student deals
Approval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow. Most of the data in Finder's comparison tables is provided by Moneyfacts.
Repayment options
You can make manual repayments through HSBC's app by logging in to your online banking or over the phone (0345 7404 404). Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and damaging your credit score – making it harder and more expensive to borrow money in the future – and getting hit with a penalty fee (£12) as a result.
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
| Minimum amount | Fixed amount | Fixed percentage | Full amount |
|---|---|---|---|
How to apply
If you're an existing HSBC student banking customer and you've compared cards and settled on the HSBC Student Credit Card, provided you're registered for internet banking you can log-in and apply in a few minutes using the secure online form. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible.
Frequently asked questions
Finder credit card scores
Our experts score student credit cards to determine their value against similar products on the market. We look at a number of important factors, like credit limits, flexibility, any perks/benefits, plus the potential costs involved with running the card both in the short and longer term.
You can read more about our scoring criteria on our credit card methodology page.
