In this brief guide, we will cover the HSBC dual credit card and all you need to know about it.
What is a Dual credit card?
A dual credit card is a credit card which serves two purposes and fulfils the functions of two different types of credit cards. An example of this could be a credit card which offered a balance transfer and air mile reards at the same time.
As dual credit cards could be used for more than one thing you can expect that they may carry higher APRs, higher fees and will be much harder to qualify for as you will need a great credit score.
If your credit score is low or you have bad credit then you may want to build credit to increase the likelihood of you being eligible for a dual credit card.
The HSBC dual credit card?
The HSBC dual credit card was a credit card which HSBC offered. The HSBC dual credit card may be hard to find and you may not see it available in their credit card offering anymore. The credit card was offered during the summer of 2017 and pulled from the market sometime after.
If you are looking specifically for the HSBC dual credit card then you should contact the HSBC Bank credit card division to see if the HSBC dual credit card is still available and your eligibility requirements for the card.
The HSBC dual credit card is live on the market at the time of writing and can be found on the HSBC website.
The features of the HSBC dual credit card as at the time of writing include:
- 0% interest for 18 months* on balance transfers made within the first 60 days of account opening
- A 2.9% fee applies (minimum £5).
- 0% interest on purchases* for 18 months from account opening
- No annual fee
- You can also receive cashback and rewards by shopping with partners who offer these rewards to HSBC credit cardholders.
- After your promotional period is over you will move over to the HSBC standard variable rate of 22.9%.
The features of the HSBC dual credit card
When the HSBC dual credit card was offered back in 2017 the main features would have been:
- 0% interest on purchases for 26 months
- 0% interest on balance transfers for 26 months
- (2.89% fee, min. £5)*
- Applies on balances transferred within the first 60 days of account opening*
- No annual fee
- Use your card to make contactless transactions
- You could add your HSBC dual credit card to Apple Pay and Android Pay
Note: The above details have now changed.
What to expect from dual credit cards?
As you now know, dual credit cards are able to offer the value of two credit cards. In the case of the HSBC dual credit card, you would have been able to use it to transfer your credit card balance from another credit card for a period of 26 months with a 0% APR. There was a fee of 2.89% which would be charged on the balance and the balance had to be at least £5.
In the same way, you could also use the HSBC dual credit card to purchase goods at a 0% APR and essentially carry that purchase balance from month to month with no interest charge for a period of 26 months.
If you were carrying a balance on a credit card and using another credit card for your purchases which were charging you interest then the HSBC dual credit card would have made things a whole lot easier for you as now you just have one credit card to manage with the benefits of two.
Dual credit cards will, of course, charge you an APR once the promotional period has ended and you should have a plan in place to either transfer your debt or repay your debt to the credit card provider. In some cases, the APR charges after the promotional period has ended will be much higher than what you may find on other credit cards.
What to consider when applying for a credit card
When applying for a credit card you may find a better value in comparing credit cards through a financial wellness provider or a similar comparison website which can show you which credit cards you are eligible for before you apply.
By doing it this way you will avoid getting rejected by the credit card provider and potentially damaging your credit score.
Some credit card providers now offer eligibility checks which may be very helpful to you if you are trying to see which credit cards you are eligible for without hurting your credit score.
A soft credit check will not leave footprints on your credit file which are visible to others. You will be the only one able to see them and for that reason, they will not affect your credit score or profile.
Dual credit cards aren’t always the best financial product. It may be much better getting two credit cards with better rates which are much cheaper than the dual credit card once everything has been taking into consideration.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.