By: Ian Webb | Updated: 6th March, 2019.
The HSBC Student Card offers students and apprentices a no-frills credit card that could help get them started on building their credit rating. With a very competitive APR and manageable credit limit, the card also offers cashback with selected Visa partners. To be eligible, you must have a HSBC student bank account and be enrolled in a qualifying course, or have proof of a confirmed apprenticeship.Read full review >
|Representative rate||18.9% APR (variable)|
|Purchase rate||18.9% p.a. (variable)|
|Based on an assumed credit limit of||£500|
The HSBC Student Card offers students and apprentices a no-frills credit card that could help get them started on building their credit rating. With a very competitive APR and manageable credit limit, the card also offers cashback with selected Visa partners. To be eligible, you must have a HSBC student bank account and be enrolled in a qualifying course, or have proof of a confirmed apprenticeship.
Unexpected costs can crop up in life, and for students with minimal funds, having access to credit could help ease the stress of these situations. This credit card also gives students who have little to no credit history a chance to build their credit rating.
For 15 years, I taught both primary and secondary students. One thing that always stood out to me was that we do not teach financial literacy in schools, despite the fact that students nearly always lack knowledge in this critical subject. I have always had a keen interest in personal finance, debt management and wealth creation, so I decided to make a career change and become a financial planner/educator with the aim to provide sound, independent financial education. I moved to the UK three years ago, so I know personally what it is like to begin my credit history all over again, since financial institutions don’t take into account your overseas history. My commitment to you is to give you up to date, “no BS” information that will help you decide what is best for you.
The HSBC Student card is targeted at students and apprentices. The card doesn’t offer any balance transfers or other introductory offers, and there are the usual penalties if you miss your minimum repayments or go over your credit limit.
The HSBC student credit card sits alongside its rivals with a competitive APR, but offers a lower credit limit than some similar cards. It does have a cashback offer with selected Visa partners, which is something that some of its rivals don’t offer. Most of the student cards I have seen must be linked to an existing student bank account with the lender, so the requirement for that with this card is no different from others.
You must be at least 18 years old to receive the card, have a UK address for at least three years, and have a HSBC student bank account to be eligible for the student credit card. You must also be enrolled in a qualifying course or have confirmation of your apprenticeship, to satisfy the eligibility criteria.
You can apply in a branch, or online if you are already registered for online banking. If you apply online, make sure your pre-populated information is correct and hit submit. You will receive an instant decision about your application. However, you must be registered for online banking to apply for the credit card online.
The HSBC student credit card could be a good way for users with limited or no credit history to get started and build their credit rating. The HSBC card offers cashback on selected purchases but has a lower maximum limit than some rival cards. One advantage I see is that if you have a plan of working or studying abroad, having a good relationship with an international banking institution like HSBC could make life a little easier when it comes to setting up a new account in a faraway place.
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