The HSBC Purchase Plus Credit Card Review

Get up to 20 months 0% on purchases + up to 17 months 0% on balance transfers (fee applies). Dual-purpose card with no annual fee.

Welcome to the HSBC Purchase Plus Credit Card, the intelligent choice for the financially savvy UK customer! This card is specifically engineered to provide extended breathing room on your finances, delivering one of the most generous dual introductory offers on the market. It seamlessly combines a long 0% interest period for all your new purchases with an extended 0% period for balance transfers, making it the ultimate tool for both managing upcoming large expenditures and strategically consolidating existing high-interest debt from other providers.

The central promise of the Purchase Plus card is simple: time is money, and HSBC gives you more of both! Imagine having up to 20 months where every pound spent doesn’t accumulate interest, allowing you to pay down a new sofa or a major home appliance completely interest-free. At the same time, you can attack old credit card debt with a competitive 0% balance transfer window.

CREDIT CARD

HSBC Purchase Plus

0% interest No annual fee

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The HSBC Purchase Plus Credit Card Benefits

1. Market-Leading 0% Interest on Purchases: Fund your large purchases over an extended period! The card offers up to 20 months of 0% interest on all new purchases from the date of account opening (subject to status).
2. Long 0% Interest on Balance Transfers: Slay your existing high-interest debt! The card also offers a highly competitive promotional period of up to 17 months of 0% interest on balance transfers made within the first 60 days of account opening.
3. No Annual Card Fee: Save money simply by owning the card! The HSBC Purchase Plus Credit Card is designed without any annual or monthly account maintenance fees. This ensures that the only cost you incur is the one-off balance transfer fee (if you choose to use that feature), maximising the benefit of the 0% interest periods.
4. Flexible Dual Purpose: The perfect financial all-rounder! The card’s core strength lies in its ability to simultaneously serve two major financial needs: financing large, new purchases interest-free, and consolidating pre-existing high-interest debt.
5. Free Eligibility Checker: Apply with confidence and protect your record! HSBC offers a quick online “Eligibility Checker” that uses a soft credit search to determine your likelihood of acceptance and the likely promotional period you will be offered, all without leaving a mark on your credit file.
6. Low Minimum Income Requirement: The card is relatively accessible, with a minimum required annual income of £6,800 to £8,500 (depending on the exact offer) before tax. This makes the powerful 0% benefits available to a wide range of UK residents.
7. Digital Wallet Ready: The card is contactless and can be easily added to digital wallets like Apple Pay and Google Pay directly from the HSBC UK Mobile Banking app, allowing you to start spending securely even before the physical card arrives.

Who Can Apply:

To apply for the HSBC Purchase Plus Credit Card, you generally must meet the following criteria:

• Age: Must be aged 18 or over.
• Residency: Must be a UK resident (Channel Islands and Isle of Man customers must apply in-branch).
• Income: Must have an annual UK taxable income or pension, before tax, of £6,800 or more (though some top-tier offers may require higher).
• Credit History: Must have a good credit history (subject to HSBC’s assessment).
• Existing HSBC Customer Status: Introductory rates are for new HSBC credit card customers only; you must not have held an HSBC credit card in the last six months.
• Basic Account Exclusion: You must not hold an HSBC Basic Bank Account.

How to Apply:

The application process is designed to be user-friendly:

1. Use the Eligibility Checker: Start online by using HSBC’s “Eligibility Checker” to get a quick, soft-search assessment of your acceptance odds.
2. Complete the Full Application: If the result is positive, proceed to fill out the full online application form, providing your address history for the last three years and detailed income/employment information.
3. Review and Submit: Carefully review the final terms, including the specific 0% period and the balance transfer fee offered to you, as these may vary based on your status.
4. Decision: Receive a decision on your application (often instantly online).
5. Activate and Transfer: Upon approval, activate your card via the app and ensure any desired balance transfers are completed within the first 60 days to qualify for the promotional 0% rate.

Frequently Asked Questions (FAQ)

1. Is the 0% period for purchases guaranteed to be 20 months? No, the 20 months is the maximum offer. The specific 0% period (and the APR) you receive is subject to status and HSBC’s assessment of your individual circumstances.

2. Can I transfer a balance from another HSBC card? No, you cannot transfer a balance from an existing credit card or loan that is also held with HSBC or any of its subsidiaries (like First Direct or M&S Bank).

3. What is the fee for the 0% balance transfer? A balance transfer fee (typically 3.49%, minimum £5) is applied to the amount you transfer to the card during the promotional 60-day window.

4. What happens if I miss a minimum payment during the 0% period? If you miss a minimum payment or exceed your credit limit, you may lose the promotional 0% interest rate instantly, and a late payment fee (e.g., £12) will be applied.

5. How long do I have to make a balance transfer? You must initiate any balance transfers within the first 60 days of opening the account to qualify for the 0% promotional period.

6. Can I withdraw cash using this card? Yes, but it is extremely expensive. Cash advances incur a fee (2.99%) and a very high interest rate, which is charged immediately from the date of withdrawal.

7. Does the card offer any form of cashback or rewards? No, the card does not have a formal cashback or points rewards programme. It is designed to offer promotional financing, though you can access generic discounts via “Visa Offers.”

CREDIT CARD

HSBC Purchase Plus

0% interest No annual fee

APPLY NOW You will be redirected

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