Disadvantages of HSBC Credit Cards in 2024

The biggest disadvantage of HSBC credit cards is that they are only available to people with good or excellent credit, which means the average person may struggle to qualify. You will need a credit score of 700 to 750+ to have a good shot at approval. HSBC Credit Card Disadvantages High credit score required: All HSBC credit cards require excellent credit for approval. Annual fees: HSBC credit cards may charge money to keep the account open each year. Depending on a card’s rewards and benefits, this may or may not be worth it. Balance transfer fees: You will typically have to pay a fee to move a balance to your HSBC credit card. In addition, there are plenty of potential disadvantages applicable to all or most credit cards, from any issuer. Some examples are the hard credit pull that usually happens when you apply, interest charged on balances that are carried from month to month, and the potential to overspend. This answer was first published on 04/22/24. For the most current informat...