HSBC Student Credit Cards Review 2023: Features & Alternatives
All products recommended by Bizreport are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
With its history dating back to the 19th century, HSBC bank Canada and its registered trademark was founded to aid trading between Asia, Europe, and North America. The company has evolved to provide intercontinental trade and affordable student credit card services for Canadians.
- Low APR
- No annual fee
- Interest-free for 56 days
- Protection Insurance
- Only available to students with HSBC accounts.
- Low limit
- Interest-free purchases for 56 days
- No monthly/annual fees
- Up to £500 or more
- 24/7 worldwide customer support
HSBC bank Canada and its registered trademark is one of the largest banking and financial needs providers with over 40 million customers across the globe. The company has offered reliable services for over 40 years, including commercial banking, global banking and markets, and wealth and personal banking to Canadians.
These student cards are designed to help manage their finances, save and build a strong credit score. You will need to own an HSBC student bank account to qualify. The best thing about this card is that they have no annual fees, so you won’t have to worry about paying interest on your balance. There are also no application fees if account opening is within 90 days of receiving an offer letter from The company (while other banks charge up to £20 for this).
The card is a great choice for students who want to build their credit history and access new opportunities. You won’t have to sign up for automatic payments, making it easy to manage your finances on the go. There are also no minimum income requirements.
The company offers several different types of cards to students at a lower price compared to competitors:
- Student Advantage MasterCard® – This card comes with 0% introductory APR on purchases for 12 months (18 months if you’re enrolled in autopay). You’ll also receive 2% cash back on every purchase after your first purchase each month up until your account anniversary date—so long as it’s spent within that timeframe. Plus, there’s no annual fee or foreign transaction fee either.
- Student Advantage Visa® – This one offers pretty much everything as well—except instead of offering rewards points like other cards do (like American Express), this one gives you cash back when spending money—which makes sense given how much more useful those rewards points would be than just giving away cash anyway.
HSBC Student Credit Cards Advantages
There are numerous benefits you stand to gain from using this card aside from lower prices. From a maximum limit of up to £500 to low monthly fees and no annual fee, and 56 interest-free days on all online purchases. Students earn travel rewards when they sign up for the HSBC travel rewards card via their website – meaning discounts on travel purchases. Visa offers are also available for those who prefer it to world-elite MasterCard.
Credit Limit: Up to £500
You are allowed up to £500 when you sign up for this card. The company offers you a minimum of £250 and the maximum limit is £500, you can request for an increase depending on your financial status. Having an existing account, online banking activated, and a considerable stream of income will see your limit increased.
No Annual Fee
Annual or monthly fees only make sense when they unlock luxury offers. HSBC credit cards do not include a primary cardholder annual fee, which is a significant advantage over other credit card issuers. With online banking, you can control your savings account from anywhere in the world and make eligible online purchases without incurring high foreign transaction fees when you use your MasterCard abroad.
Purchases are Interest-Free for 56 Days
The company rewards its student users with zero interest on all eligible purchases – drugstore purchases, car rental insurance, etc – as part of their welcome bonus. You are eligible for this when you pay your transaction balance in full on the due date. You will not enjoy this benefit if you miss a deadline.
HSBC Student Credit Cards Features
HSBC credit card comes with numerous features like its low APR percentage, affordable monthly payments, and 24/7 customer support well suited to meet all student financial needs.
HSBC card comes with a purchase rate of 18.9% which means that if you carry a balance in excess of £5,000, you could be charged up to £1,800 in interest charges per year. The purchase rate is the interest rate charged on purchases. It is calculated by dividing your total outstanding balance (debt) by the number of months in which you’ll have the credit card open. The purchase rate can be variable, fixed, or somewhere in between—and it can vary depending on how much you make and whether or not you have an outstanding debt with other lenders.
Students are required to pay a minimum of 2.5% of their outstanding balance each month. Always endeavor to make monthly payments in full and on the due date to avoid penalty fees and higher interest rates. Cash advances will be charged at 1.784% monthly and balance transfers will be charged at 1.456% monthly. Interest rates will be charged to any overdue minimum payments for a month you fail to pay in full.
There are no annual fees, but you will be charged a 2.99% cash fee on all cash-related payments. Primary cardholder fee and authorized user low annual fee are £0. Although, you will be required to pay a penalty fee of £12 if you miss your monthly payment deadline.
Apply for HSBC Student Account
To qualify for the HSBC Canada credit card for students, you must be 18+ and you will need to apply online and create a savings account. Activating online banking will give you the advantage of processing your credit card request online or via telephone.
24/7 Worldwide Support
The company’s customer service is top-notch as they offer 24/7 worldwide support via chat or telephone. The website has chatbots to guide you through your queries and HSBC reps are also on-hand to see to all your needs if you need human intervention.
HSBC Student Credit Card Quick Overview
Best Overall Value
- No annual fee
- 56 interest-free days
- Credit maximum limit of 500
- Up to 12.5% cashback on all eligible purchases
HSBC Student Credit Card Customer Reviews
I applied for a HSBC credit card but after reading all these negative reviews, I was quite concerned that I had made a regrettable decision. HOWEVER…the process has been quick and faultless. Applied online and received an instant decision that my application was accepted with a generous limit. The HSBC mastercard was received by me within 2 working days. I activated the card by telephone. All good! Downloaded the HSBC mobile banking app and was aware I needed a telephone security number to set up and access my HSBC bank account. I called HSBC and my security number was set up straightaway. I had no issues with the customer service team and I was immediately able to access mobile banking and view my credit card account. A very stress free, quick and pleasant experience with HSBC. Very pleased with the efficient service. Don’t be put off by some of the negative reviews.Sandra
Today I was helped by Ellie, an amazingly helpful, patient and kind customer service representative! I needed to get my card replaced and not only did she help with that, she also guided me to set up my HSBC banking app (which took quite some time). I am incredibly grateful to her and extremely pleased with the service I received!!Jacqueline Hogg
I had some issues since I had a replacement credit card where it would not work despite numerous attempts at activating the card. Today I went into the branch once more to try and sort out this problem and was lucky to be helped by Sangeeta who was so professional, helpful and patient with my problems. She went through each matter of telephone, online banking and credit card access and sorted out each one and went through the whole process with me to make sure they actually all worked in the end. Now all the issues are sorted out and my credit card is working fine after so many previous attempts. So I am very thankful to Sangeeta for her professional, friendly and efficient service.Lian
I am very satisfied with the services of the bank as they proceed all the procedures for international students with complete transparency and satisfaction. I did contact with Mr. Asad Saed from the bank and he guides me a lot in all my procedures. Thank you.Fatima Bari
HSBC Student Credit Card Review
Review of HSBC Student Credit Card
|Overall Pricing and Value|| |
|Cost Value|| |
|Customer Support|| |
|Ease of Use|| |
|Included Features|| |
After concluding our extensive review of the HSBC Student credit card, we compiled a list of factors to help analyze their services and know if it is the right fit for you.
Is HSBC Student Credit Card Right For You?
Students need credit for educational and personal purposes, and a reasonable credit facility will always come in handy. With no authorized user annual fee, primary cardholder annual fee, and a competitive APR of 18.9%, HSBC credit cards ease the financial burdens on students and allow them to spend more time doing the things they love.
HSBC rewards cardholders with discounts and special offers in the HSBC rewards home&away scheme. Their Mastercard international incorporated card allows you to pay for items home and abroad at no added costs. You are also entitled to an emergency cash advance for difficult moments. Students are often advised to opt for the HSBC rewards account because of its cashback offers that could see them save $125 in HSBC rewards.
You can choose to manage your HSBC rewards account online or on the HSBC mobile app. Note that the student credit card is different from the HSBC World Elite MasterCard. The HSBC World Elite MasterCard is for working citizens who have a steady income, not students looking for affordable credit options.
Unlike other credit card providers who offer an average of 23% APR, HSBC offers students an 18.9% fee on APR and balance transfers reducing the charges accumulated each month. HSBC credit cards come with zero yearly fees, making them a cost-effective option for students. Protection is available in case you lose your eligible device provided you pay bills related to your device using your HSBC credit cards. Users also get 1% cashback on eligible gas, eligible dining, and other eligible purchases in the first three months starting from their first purchase.
HSBC gives users the option to write, call or chat with them. If those aren’t satisfactory, users can find the nearest HSBC branch and get direct access to customer service personnel.
Ease of Use
Customers rarely have to visit a physical branch because they can do most of the things they may need online – from account opening to balance transfers and full annual fee rebate requests. These features allow users to manage their accounts from anywhere in the world without stress. International students don’t have to bother about foreign currency when they are on vacation.
The HSBC Mastercard can be used to make purchases wherever you are without carrying or exchanging foreign currency. Advances are always available to make life easier even in times of unforeseen events.
Account for students: HSBC makes it mandatory to open an account before users request for the associated credit card. This account can be created before semester resumption, which is very helpful for international students. Although they have similar features, do not confuse this account with the HSBC premier world elite card. The HSBC premier world elite account is for those with stable incomes.
Mobile Banking: The mobile app gives students more power and flexibility to control their accounts from anywhere in the world.
Protection Insurance: In the event of an incident such as the theft of an eligible device or credit card loss, HSBC provides up to $1000 for the student’s stolen device and will issue them a new card immediately upon request.
HSBC Canada offers students an affordable way to build credit in preparation for a bright future. If you are looking for low fees, statement credits, cashbacks, anniversary bonus, interest-free days, and ease of use, then HSBC is perfect for you.
2 Top HSBC Student Credit Cards Alternatives
|BMO CashBack MasterCard for Students||SimplyCash from American Express||HSBC Credit Card for Students|
|Basic Formation||$368 estimated cashback in first year||Up to $300 cashback annually||$370+ cashback annually|
|Full Formation||5% cashback on all purchases for 3 months (welcome bonus)|
$0 annual fee
22.99 for cash advances
|$100 cashback welcome bonus.|
$0 annual fee.
2% cashback on gas purchases
2% cashback on grocery purchases.
21.99% cash advances
|$0 annual fee|
23.6% balance transfers
18.9% cash advances.
MasterCard international incorporated
|Detail||Read Review||Read Review||Read Review|
BMO CashBack MasterCard for Students
BMO Financial Group has been around for more than two centuries. Located in Montreal, Canada’s first bank has been dedicated to paving a way for easy trading and resolving the financial needs of citizens. BMO offers its 8 million Canadian customers a wide range of services; personal and commercial banking, BMO Wealth Management, and BMO Capital Markets.
American Express SimplyCash
American Express SimplyCash from American Express is a personal card that has a low-interest rate, no user annual fee, and 5% cash back on office supply store purchases. There are also no foreign fees and no balance transfer fees. This is a good card for students who are trying to build a strong credit score.
Read more: Best Credit Cards For Students Canada 2023
This Student Card empowers students with a range of financial services to help them manage their finances without incurring excessive debt. It includes zero annual fees, cashback bonuses, 56 interest-free days offer, ease of use, and stellar customer service to give students the financial security they need to make the best of their studies.
Frequently Asked Questions (FAQs)
HSBC will offer you an initial limit based on your current situation. Primary cardholders are entitled to a minimum of £250 and a maximum of £500. You can increase your limit after a few months of active use and timely payments.
Yes, you can withdraw cash at any ATM. Although, cash advances attract a fee of 2.99% on every dollar.
The APR required of the primary cardholder is 18.9%. It is also the same percentage for balance transfers.
International use incurs a 2.99% charge.
Yes, you can make payments, and charitable donations, pay for car rentals, lock your card, and more, using the mobile banking app.
The card requires monthly payments of at least 2.5% of your outstanding balance on the designated date by the bank.
No, but you’ll need to have an existing student bank account to qualify for an HSBC Student card because they will require proof that you are studying.
It means you won’t be charged any interest rate on the amount you borrowed if you pay off your balance in full on the due date.
ABOUT THE AUTHOR
ABOUT THE REVIEWER
+ 6 sources
Bizreport Advisor adheres to strict editorial integrity standards avoids using tertiary references. We have strict sourcing guidelines and rely on peer-reviewed studies, academic research. To ensure the accuracy of articles in Bizreport, you can read more about the editorial process here.
- Credit Cards | Apply For A Credit Card – HSBC Canada. www.hsbc.ca. Accessed December 27, 2022. https://www.hsbc.ca/credit-cards/
- Student Cash Back Credit Card – No Annual Fees – BMO. www.bmo.com. Accessed December 27, 2022. https://www.bmo.com/main/personal/credit-cards/student-bmo-cashback-mastercard/
- SimplyCash® Card from American Express| American Express Canada. www.americanexpress.com. Accessed December 27, 2022. https://www.americanexpress.com/ca/en/credit-cards/simply-cash/
- Student Credit Card | No Fee – HSBC Channel Islands & Isle of Man. ciiom.hsbc.com. Accessed December 27, 2022. https://ciiom.hsbc.com/credit-cards/products/student/
Canada FCA of. Understanding your credit report. www.canada.ca. Published November 24, 2016. Accessed December 27, 2022. https://www.canada.ca/en/financial-consumer-agency/services/credit-reports-score/understand-credit-report.html
Canada FCA of. Choosing a credit card. www.canada.ca. Published June 6, 2016. Accessed December 27, 2022. https://www.canada.ca/en/financial-consumer-agency/services/credit-cards/choose-credit-card.html