Read our HSBC business credit card review and determine if this is the right credit card for your company.
HSBC Business Credit Card Review
HSBC Business Credit Card Review: FAQs
Does HSBC UK Offer Business Credit Cards?
The commercial card is the only HSBC business credit card. The key features of the Commercial card are no annual fee for the first year, 56 days interest-free each billing cycle if you repay the balance on time, and if you need a little extra time to repay larger purchases, you can ask for a repayment extension.
What Fees Come With the HSBC Commercial Card?
There are four main fees you should be aware of that comes with the HSBC Commercial card, and they are as follows:
- The annual fee after the first year is £32 per credit card.
- Every time you withdraw cash from your credit card, there is a 2.99% handling fee; the minimum you’ll pay is £3.
- If you’ve not requested an extended payment period and your monthly repayments are late, you will be charged a late payment fee of £12.
- When using your card overseas, you may face a charge of either a non-sterling transaction fee of 2.99% of the transaction or a cash fee of 2.99%, and in some cases, you may charge both.
What Are the Benefits of the HSBC Commercial Card?
The main benefits of the HSBC Business Commercial card are as follows:
- You don’t have to pay for the account for the first year of opening the credit card account.
- You can manage HSBC credit cards via online banking. You can easily switch from your current account to your credit card account.
- HSBC credit cards are widely accepted in the UK and overseas.
- Fifty-six days of interest-free credit if you repay the balance on time.
What Are the Drawbacks of the HSBC Business Card?
The main drawbacks of the business card by HSBC are that you must have a business account with HSBC to apply for the HSBC credit card, and if you, or the business, have a bad credit score or a poor credit history, your application will not be accepted. Otherwise, the business card has more benefits than drawbacks.
Who Can Apply for a Commercial Card?
The Commercial card is the only HSBC business card, and it’s available to sole traders, partnerships and limited companies. Each application is subject to status; acceptance will depend on your business’s credit history and other financial circumstances. You will need an HSBC Business Current account before applying for a business credit card.
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