Requirements for the HSBC Rewards Credit Card

Before applying for the HSBC Rewards Credit Card, it's essential to understand the eligibility requirements and what you'll need to provide. This guide covers everything you need to know about qualifying for this rewards card, from basic eligibility criteria to the complete application process.

HSBC Rewards Credit Card Requirements and Eligibility

How to Qualify for the HSBC Rewards Credit Card

The HSBC Rewards Credit Card is designed for responsible borrowers with a good to excellent credit history. As one of the UK's major high street banks, HSBC has specific eligibility criteria that applicants must meet to be considered for this rewards credit card:

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Age Requirement: You must be at least 18 years old to apply for the HSBC Rewards Credit Card. There is no upper age limit, though affordability will be assessed regardless of age.

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UK Residency: You must be a permanent UK resident with a valid UK residential address. You should have lived in the UK for at least 3 years and be registered on the UK electoral roll, as this helps verify your identity and address.

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Credit History: You should have a good to excellent credit history with no recent defaults, County Court Judgements (CCJs), or bankruptcies. HSBC typically looks for applicants who have successfully managed credit in the past and demonstrate responsible borrowing behaviour.

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Address History: You must be able to provide details of your current address and all addresses you've lived at over the past 3 years. A stable address history can strengthen your application.

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Income Requirement: You'll need to declare your employment status and annual gross income (before tax and deductions). Whilst HSBC doesn't publish a specific minimum income threshold, you must demonstrate sufficient regular income to afford the credit card repayments.

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Affordability Assessment: HSBC conducts a thorough affordability assessment to ensure you can manage the credit limit offered. This takes into account your income, regular expenditure, existing financial commitments, and any dependants.

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UK Bank Account: You must have an active UK bank account with a valid sort code and account number to receive your card and set up payments.

Meeting these criteria doesn't guarantee acceptance, as each application is assessed individually based on your unique financial circumstances, credit history, and HSBC's current lending criteria. The credit limit offered will also vary based on your individual assessment.

Required Documentation for Your Application

When applying for the HSBC Rewards Credit Card, you'll need to provide certain personal and financial information. Having this information ready before you start will make the application process quicker and smoother:

Personal Information

Full legal name as it appears on official documents
Date of birth
Current residential address (including postcode)
Previous addresses from the last 3 years (if you've moved)
Contact details (mobile phone number and email address)
National Insurance number
Marital status and number of dependants (if applicable)

Financial Information

Employment status (employed, self-employed, retired, student, unemployed, homemaker, etc.)
Employer name and industry (if employed)
Length of time with current employer or in self-employment
Gross annual income (before tax and National Insurance deductions)
Details of any additional household income (if applicable)
Monthly housing costs (rent, mortgage payment, or living rent-free)
Information about existing credit commitments (loans, credit cards, overdrafts, store cards)
Estimated monthly expenditure on essential costs

Banking Information

UK bank account details (account number and sort code for setting up payments)
How long you've held your current bank account
Whether you have an existing relationship with HSBC (current account, savings, mortgage, etc.)

You won't typically need to provide physical documents like payslips or bank statements at the application stage, as HSBC will verify most information electronically through credit reference agencies. However, in some cases, HSBC may request additional documentation to verify your identity, income, or address before making a final decision.

Understanding the Costs

Before applying for any credit card, it's essential to understand the costs involved. The HSBC Rewards Credit Card's fees and charges are designed to be transparent and straightforward:

Interest Rates and APR

Representative APR: 26.9% (variable)

Purchase Rate: 26.9% APR (variable) - after the 0% introductory period ends

Introductory Purchase Rate: 0% interest on purchases for 6 months from account opening

Balance Transfer Rate: 0% interest for 6 months on balance transfers made within 60 days of account opening, then 26.9% APR (variable)

Your personal rate may differ based on your credit history and circumstances. Interest is only charged on purchases if you don't pay your balance in full each month.

Key Fees and Charges

Annual Fee: £0

There's no annual fee for holding the HSBC Rewards Credit Card, making it a cost-effective choice for earning rewards without yearly charges.

Balance Transfer Fee: 2.99% (minimum £5)

If you transfer balances from other credit cards, you'll pay a fee of 2.99% of the amount transferred, with a minimum charge of £5. This applies to each balance transfer.

Cash Withdrawal Fee

Using your card to withdraw cash incurs both a cash advance fee and higher interest charges from the date of withdrawal. Additionally, non-HSBC ATMs may charge their own fees. It's generally not recommended to use credit cards for cash withdrawals.

Foreign Transaction Fees

Using your card abroad or for purchases in foreign currencies may incur foreign transaction fees. Check the current fee schedule for specific details before using your card internationally.

Late Payment Fee

Missing a payment or paying less than the minimum can result in late payment charges and may negatively affect your credit score. Set up a Direct Debit to avoid missing payments.

Representative Example

Representative 26.9% APR (variable)

Based on an assumed credit limit of £1,200. If you borrow £1,200 at a representative rate of 26.9% APR (variable) and make only minimum monthly repayments, you will pay interest charges on the outstanding balance. The actual rate you receive will depend on your individual circumstances and credit history. To avoid interest charges on purchases, pay your full balance by the payment due date each month.

Benefits and Features Summary

The HSBC Rewards Credit Card offers several compelling benefits that make it attractive for everyday spenders:

£25 Welcome Bonus

Receive 2,500 reward points (worth £25) when you make your first transaction, awarded up to 60 days after your first spend.

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Reward Points

Earn reward points on every purchase you make and redeem them against future purchases through the Mastercard Pay with Rewards app.

Interest-Free Purchases

Enjoy 0% interest on purchases for 6 months from account opening, giving you valuable breathing space to spread the cost of larger purchases.

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Balance Transfers

Transfer existing credit card balances and pay 0% interest for 6 months on transfers made within 60 days of account opening (2.99% fee applies).

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No Annual Fee

There's no annual fee for holding the card, allowing you to earn rewards without worrying about yearly charges eating into your benefits.

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Section 75 Protection

Eligible purchases between £100 and £30,000 benefit from Section 75 protection under the Consumer Credit Act, providing added security.

Application Process: Step-by-Step Guide

Applying for the HSBC Rewards Credit Card is a straightforward process that can be completed online in a matter of minutes. Here's what to expect:

Check Your Eligibility

Before applying, review the eligibility criteria and ensure you meet the basic requirements. Check your credit report to understand your current credit standing and identify any issues that might affect your application.

Complete the Online Application

Visit the HSBC website and complete the online application form. You'll need to provide your personal details, address history, employment information, financial details, and bank account information. The application typically takes 10-15 minutes to complete.

Credit Check and Assessment

HSBC will conduct a hard credit check as part of the application process, which will be recorded on your credit file. They'll also assess your affordability based on the information you've provided and data from credit reference agencies. This process is usually completed instantly.

Receive Your Decision

In most cases, you'll receive an instant decision on your application. If approved, you'll be informed of your credit limit and the next steps. In some cases, HSBC may need to conduct further checks and will contact you within a few days with a decision.

Receive Your Card

If approved, your HSBC Rewards Credit Card will be sent to your registered address by post, typically arriving within 5-10 working days. Your PIN will be sent separately for security reasons.

Activate and Start Using Your Card

Once you receive your card, activate it through HSBC's online banking or by calling the activation number provided. Set up online banking or the HSBC mobile app to manage your account conveniently. Download the Mastercard Pay with Rewards app to start redeeming your reward points against purchases.

Frequently Asked Questions

Do I need to be an existing HSBC customer to apply?

No, you don't need to be an existing HSBC customer to apply for the HSBC Rewards Credit Card. The card is available to any eligible UK resident who meets the qualification criteria, regardless of whether they currently bank with HSBC.

How long do I have to make balance transfers to get the 0% rate?

You must complete balance transfers within 60 days of your account opening to qualify for the 0% interest rate for 6 months. After the promotional period ends, the standard purchase rate of 26.9% APR (variable) will apply to any remaining balance.

How do I redeem my reward points?

You can redeem your reward points through the Mastercard Pay with Rewards app, which allows you to offset eligible purchases made with your HSBC Rewards Credit Card. The app is available for download on iOS and Android devices. Simply select the purchases you want to redeem points against, and the corresponding points will be deducted from your rewards balance.

Will applying affect my credit score?

Yes, applying for the HSBC Rewards Credit Card will result in a hard credit check, which will be recorded on your credit file and may temporarily affect your credit score. Multiple credit applications in a short period can have a cumulative negative effect, so it's advisable to space out applications and only apply when you're confident you meet the eligibility criteria.

Can I increase my credit limit after approval?

Yes, you may be able to request a credit limit increase after you've held the card for several months and demonstrated responsible use. HSBC will reassess your financial circumstances and creditworthiness before approving any increase. You can request a credit limit increase through online banking or by contacting HSBC customer service.

What happens if I miss a payment?

Missing a payment or paying less than the minimum amount due can result in late payment fees, additional interest charges, and potential damage to your credit score. HSBC may also withdraw any promotional interest rates. To avoid missing payments, set up a Direct Debit to ensure at least the minimum payment is made automatically each month.

Understanding Credit Card Types and Benefits

Important Information

Credit is subject to status and affordability assessment. Applicants must be 18 or over and permanent UK residents. Terms and conditions apply.

Representative 26.9% APR (variable). The rate you receive will depend on your individual circumstances and credit history. Not all applicants will qualify for the advertised rate.

Applying for credit will leave a footprint on your credit file. Multiple applications in a short period may affect your credit score and future credit applications.

Fees apply for balance transfers and cash advances. Foreign transaction fees may also apply. Check the terms and conditions for full details before using these features.

This information is for guidance purposes only and does not constitute financial advice. You should consider your own circumstances and seek independent financial advice if needed before applying for any credit product. Always borrow responsibly and only borrow what you can afford to repay.