Our verdict

Offers a low interest rate on purchases and 0% on balance transfers for 12 months, with a $99 p.a. annual fee.

The HSBC Low Rate Credit Card offers 2 different ways to save on credit card interest, with an ongoing 12.99% p.a. interest rate on purchases and 0% p.a. on balance transfers for 12 months. But if you choose to transfer existing balances to this card, you'll need to factor in the cost of the one-time 2% balance transfer fee. And keep in mind that a high 25.99% p.a. interest rate applies to any remaining balance amount at the end of the introductory period.

If you're more focused on purchases, the HSBC Low Rate also offers no foreign transaction fees when you're overseas or shopping online with international retailers. If you're travelling in Australia, you can also get access to complimentary domestic travel insurance. While these features can help you save on some costs, remember to factor in the $99 p.a. annual fee, which is charged every 12 months from when you open the account.

Pros

0% p.a. balance transfer rate for 12 months
Complimentary domestic travel insurance
No foreign transaction fees

Cons

One-time 2% balance transfer fee charged at the time of the balance transfer
High 25.99% p.a. interest rate for balance transfers after the introductory period
No rewards program or other types of insurance

The HSBC Low Rate Credit Card has a 12.99% p.a. interest rate on purchases, which is on par with other low rate credit cards. It also offers no foreign transaction fees and complimentary domestic travel insurance, which could help you save on key travel costs.

If you're focused on paying off your existing credit card from another bank, you can transfer the balance to the HSBC Low Rate Card and get 0% p.a. on balance transfers for 12 months. Just keep in mind that a one-time 2% balance transfer fee applies. And there's a much higher 25.99% p.a. interest rate if you're still paying off the balance after the introductory period.

Details

Product details

Product Name	HSBC Low Rate Credit Card
Balance transfer rate p.a.	0% for 12 months with 2% balance transfer fee, then 25.99%
Balance transfer limit	90% of available limit
Purchase rate p.a.	Purchase rate p.a. 12.99%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	25.99%
Min credit limit	$1,000
Card type	Visa

Eligibility

Available to temporary residents	No
Minimum income	$40,000
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee	Annual fee $99
Minimum monthly repayment	3% of the closing balance or $30, whichever is greater
Late payment fee	$30
Foreign currency conversion fee	Foreign currency conversion fee 0%
Cash advance fee	3% or $4, whichever is greater
Additional cardholder fee	$0

How to apply

You can apply for the HSBC Low Rate credit card online in minutes and can receive approval within 60 seconds. Before you begin your application, make sure you meet the eligibility requirements and have the necessary information ready.

Eligibility criteria

Minimum income. You must earn at least $40,000 per year (before tax).
Residency. You must be an Australian citizen or permanent resident.

New cardholder. The balance transfer offer is only available to new HSBC customers.
Credit history. You must have a good credit score with no history of bankruptcies or defaults to apply. You can check your credit score and get your comprehensive credit report for free through Finder.
Age. You must be at least 18 years old to apply.

Required documents

Personal information. This includes your full name, date of birth, marital status, number of dependents and contact details.
Proof of identification. You'll need to provide ID such as your Australian driver's license number or passport.
Finances. You'll need to provide proof of your income such as recent payslips and bank statements. You may also be asked to provide information regarding any assets, liabilities and other existing debts.
Balance transfer details. If you want to take advantage of the balance transfer offer on this card, you'll need to request it at the time of application and include details of your existing debt, including how much you want transferred to the new card and your existing account details.

Card benefits

Balance transfer offer. Pay 0% p.a. interest on balance transfers for 12 months, with a one-time 2% balance transfer fee, when you request a balance transfer at the time of your application. At the end of the introductory period, any remaining balance transfer debt attracts the card's 25.99% p.a. cash advance rate. While there's no specified end date for this offer, HSBC may change or end it at any time.

home&Away Privilege program. This complimentary program gives you access to discounts and deals on your shopping, dining, travel, experiences and more.
Complimentary domestic travel insurance. You can save with complimentary domestic travel insurance if you use your HSBC Low Rate card to pay for eligible travel.
Mobile wallets. You can make convenient, contactless payments with your eligible smartphone or device by linking your card to Apple Pay or Google Pay.
No foreign transaction fee. The HSBC Low Rate Credit Card does not charge an international transaction fee when you're overseas or shop online with a business that's based overseas.

Rates & fees

Annual fee. This card charges a $99 p.a. annual fee.
Purchase interest rate. The HSBC Low Rate Card charges an ongoing 12.99% p.a. interest rate on purchases.

Up to 55 days interest-free on purchases. If you pay your full closing balance by the due date on each statement, you'll get up to 55 interest-free days on purchases. Note that the full closing balance excludes any balance transfer, cash transfer and promotional purchases – the amount you need to pay will be shown on your statement.
Cash advance rate. This card has a 25.99% p.a. variable cash advance rate. As well as cash advances, this rate is charged for any balance left at the end of the promotional period for a balance transfer offer or interest-free finance offer.
Cash advance fee. If you use your card to make a cash advance (like an ATM withdrawal), you'll be charged a cash advance fee of 3% or $4 (whichever is higher). You'll also be charged the cash advance interest rate.
Additional cards. If you want to share this card with a partner or family members, you can request additional cards at no additional cost. Additional cardholders must be over 16 years of age. As the the primary cardholder, you will also be responsible for any transactions made using these cards.

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Amy Finder

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Steve

October 09, 2023

Is this a visa credit card – not a debit card

Does this card attract NO international transaction fees

Amy Bradney-George Finder

October 11, 2023

Hi Steve,

Yes this is a credit card and it has no overseas transaction fees. Unlike a debit card, fees and charges would apply if you used this card (or another credit card) to withdraw cash from an ATM while overseas, or for any other cash advance transactions. I hope this helps.

September 18, 2023

Domestic travel insurane does that include travel to new zealand?

Sarah Megginson Finder

September 18, 2023

Hi Jo, No domestic only includes travel within Australia.

Richard

June 26, 2017

Hello I am Richard, and I want credit card how much it’ll cost for I to buy. Not expensive no chip.

May Finder

June 27, 2017

Hi Richard,

Thanks for your question.

When you say credit card cost, do you mean annual fee? If so, that will vary depending on the credit card. Please feel free to check our list of credit cards with no annual fees.

Cheers,

May

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Janey

May 30, 2017

i would like to get a credit card

May Finder

May 30, 2017

Hi Janey,

Thank you for your inquiry.

When deciding to get a credit card, it’s always useful to consider the purpose of the credit card. Also, you’d need to factor in how you will use it and how these tie into your financial situation.

If you are interested in applying for the HSBC Low Rate Credit Card, you can do so for as long as you meet all the eligibility criteria of that card. You can find the eligibility requirements for this one above under “How to apply for the HSBC Low Rate Credit Card”.

Just in case you want to explore other options, please feel free to read our list of featured credit cards on our website.

Hope this helps.

Cheers,

May

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Todd

May 25, 2017

Hi guys i want to consolidate my 2 cr cards from suncorp an st george is this possible with ur 0% transfer to HSBC ?

Cheers Todd

jonathan.chan@findercrew.com

May 26, 2017

Hi Todd!

Thanks for the comment.

Yes, you can transfer your credit card balance from Suncorp and St George to this HSBC Low Rate credit card so long that you meet the eligibility criteria and requirements of this card. Please also note that the total amount you can transfer should not exceed your approved credit limit.

If you think you are eligible for this card, please click on the “Go to HSBC website” green button to proceed with your application.

Kind regards,

Jonathan

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HSBC Low Rate Credit Card

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