Anyone who has a verified place to study in the UK and has an active HSBC student bank account is eligible for the HSBC Student credit card. It grants access to certain additional offers and perks and provides an appropriate credit limit.
How reliable is the HSBC Student Credit Card? It might be, especially if you currently have or want to open an HSBC student current account. If you pay your bills on time and don’t go over your credit limit, a student card may serve as a terrific way to start developing your credit history.
Let’s dig in deeper to know about the benefits of the HSBC Student Credit Card for International Students.
HSBC Student Credit Card: Overview
Due to its accessibility to people with no credit history and its competitively low purchase interest rate of 18.9% APR (variable), the HSBC student credit card may serve as a superb first card.
They can be fairly alluring because student credit cards from major financial institutions frequently have interest rates that are far lower than those on credit builder cards.
In actuality, the interest rate on a credit builder card may be up to two times higher than the rate on the HSBC student card.
Although paying off the entire sum each month is ideal, if you are unable to do so, the amount of interest you must pay will be determined by the interest rate, thus it is crucial to have a low-interest rate.
Relevant Read: How To Pay Student Loans With A Credit Card? Here Are The Pros And Cons
Salient features
Features of the HSBC Student credit card are listed below:
- Best for Students seeking a simple card that reduces the chance that they would mishandle it.
- No introductory deals are available.
- 18,9% variable is the representative APR.
- There is no yearly cost.
- Benefits: Cardholders can benefit from the savings and promotions offered through the HSBC home&Away benefits programme.
| Credit Limit | up to £500 |
| Annual Fee | £0 |
| Eligibility checker | To see your odds of being accepted |
| APR (variable) | 18.9% variable APR on purchases 23.6% variable APR on cash withdrawals |
| Other Features | Contactless, Apple Pay and Android Pay |
| Transaction Fees | 2.99% fee on all foreign currency transactions 2.99% fee on cash withdrawals (min £3) |
Advantages of HSBC Student Credit Card
A few advantages of the HSBC Student credit card are:
- To help first-time credit users develop good habits, the card combines a reasonable APR with a manageable credit limit.
- If you pay the debt in full and on time each month, purchases are interest-free for 56 days.
- No yearly charge.
Also Read: Best Ways to Use Credit Cards for College Students
Disadvantages of HSBC Student Credit Card
Given below are a few drawbacks of having an HSBC Student Credit Card:
- Only those who hold an HSBC Student account are eligible.
- Minimum credit limit of £250; subject to status, it may be up to £500.
- 2.99% non-sterling transaction fee when using the card outside of the country.
Relevant Read: How To Increase Your CIBIL Score For Better Education Loans?
Eligibility for Student Credit Card
As long as you already have or apply for an HSBC student account, HSBC will accept the majority of existing and prospective students for their student cards. The HSBC card is only a decent option if you also open an HSBC student account because you cannot have a credit card without a bank account. You must enrol full-time in a UK university or college in order to open a student bank account. Courses that qualify include:
PGCE, PhD, MSc, MBA, M.ST, MPhil, M.ED, or LLM are examples of postgraduate degrees.
- A first-year degree (such as a BEd, BA, BN or BSc).
- Higher Education Diploma (DipHE)
- Council for Business and Technical Education (BTEC)
- Levels 4 and 5 of the National Vocational Qualifications (NVQs)
- FDA (arts-based) or FDSc (science-based) foundation degree and/or a later one-year full-honours degree course
- First-level nursing and midwifery diploma or pre-registration
- A foundation year is a crucial component of one of the aforementioned programmes. We’ll require written documentation of this (such as a letter from the college or institution).
Additionally, candidates are not permitted to have another student account.
The credit card must be obtained by:
- 18 years of age or older
- Possess a bank account with HSBC Student
- Be a resident of the UK (for at least three years, and not a citizen of the Isle of Man or the Channel Islands)
You can alternatively apply for an HSBC Bank Account for International Students if you are a new immigrant to the UK and have been there, in the Channel Islands, or on the Isle of Man, for less than three years.
There is neither an income criterion nor a minimum credit history because this card is intended for students, who are frequently young and too busy with studies to work. This is not an ideal option for international students who have recently arrived in the UK because most applicants must have been UK residents for three years, be 18 years old, and be (or shortly be) a student or Level 4+ apprentice.
Also Read: SBI Student Credit Card: Eligibility, Facilities, Benefits, Process
Using the HSBC Student Credit Card Abroad
It’s crucial to understand the costs associated with utilising this credit card abroad as well as when not to do so because many students travel during the summer. The costs associated with using the HSBC Student Credit Card abroad are shown in the following table.
| Type of Transaction | Example | Fee | Minimum Fee |
| Cash Withdrawal | Getting foreign cash from an ATM | 2.99% | £3 |
| Credit Card Purchases | Paying for a meal in a restaurant | 2.99% | n/a |
It’s vital to remember that using a foreign ATM to withdraw local currency will cost you a lot of money because there are TWO costs involved: a foreign transaction fee (2.99%) and an ATM withdrawal fee (2.99%, £3 minimum). Cash withdrawals also don’t have a grace period, so interest costs start building up right away.
FAQs
Ans. HSBC work with you to find multiple ways to save money when you’re managing a student account with HSBC.
With the home&Away offers plan, receive discounts.
Take advantage of the comprehensive selection of savings accounts, some of which are exclusively accessible to holders of HSBC current accounts.
Ans. The various benefits of student credit cards are:
The card combines a realistic credit limit and a reasonable APR to aid first-time credit users in creating excellent credit habits.
The card combines a realistic credit limit and a reasonable APR to aid first-time credit users in creating excellent credit habits.
Transactions are interest-free for 56 days if the debt is paid in full and on time each month
Ans. The most important feature that any student account has to have is an interest-free planned overdraft. This is true of the student account from HSBC, which grants eligible students a £1,000 scheduled overdraft for their first year of college.
Hope this blog gave you all the relevant information regarding the benefits of the HSBC Student Credit Card for International Students. For more information, on credit cards, bank accounts, international money transfers and more, subscribe to Fly Finance.
