... I mention this so you don't think I've stuck with HSBC simply because they're the only people who will offer me credit. They're not, but I still prefer them to their competitors. HSBC are my main bank and so it seemed sensible to stick with them. That wouldn’t be enough to make me stay ... Read review
Advantages: Low application requirements, sensible credit limit, various ways to bank, accepted worldwide Disadvantages: Only for students, not a super low interest rate
...don't think I've stuck with HSBC simply because they're the only people who will offer me credit. They're not, but I still prefer them to their competitors. HSBC are my main bank and so it seemed sensible to stick with them. That wouldn’t be enough to make me stay with them if their service wasn’t up to scratch though, but luckily it almost always has been.
The application process is easy. If you’re 18 as most new ... ...========
The HSBC student credit card is not one of those “create the best card for you” set ups. You cannot chose different interest rates or higher / lower fees or so on. Everyone gets the same card, with the same conditions.
* Your choice of Visa or MasterCard – I went for the latter because I have a Visa debit card anyway. Both can be used worldwide to make purchases or withdraw cash. Mine has been ... more
I have a number of credit cards, but this is the only one I use. I mention this so you don't think I've stuck with HSBC simply because they're the only people who will offer me credit. They're not, but I still prefer them to their competitors. HSBC are my main bank and so it seemed sensible to stick with them. That wouldn’t be enough to make me stay with them if their service wasn’t up to scratch though, but luckily it almost always has been.
The application process is easy. If you’re 18 as most new uni students are (though not all those from Scotland, or some who have skipped years in school), when you open a current account with them, you will be offered the opportunity to apply for one. Note that I didn’t say you’ll be offered a card – you don’t automatically get one, and they will want to check your credit history first (hopefully not too awful at that age). The form is a double-sided page and asks for name and address and bank details. Nothing too stressful, and if you’re in a branch, they’ll fill it out for you. I was accepted and received my card about a week later, along with a lot of bumf about credit limit, terms and conditions and so on. You can apply online, but this involves filling in a form, printing it off, signing it and sending it to them, so there are still some paper and stamps requirements involved.
Address Tip: If you’ve just moved into halls, or anywhere away from home, don’t use that address – use your parents’ or wherever you were living up until now. You are more likely to be accepted this way (one of the questions asks “How long have you lived at your current address?” and the unwritten thinking that goes along with this is “the longer the better”. You can change your address with the bank once you have been accepted, so your statements are sent to your term time address, if you so require).
You do not need to have an income as such to be granted one of these cards (unlike some others which ask for, say, 10 000 GBP per annum minimum) but you do have to agree to pay by direct debit. This can either be the minimum payment (3% or 5 GBP per month, I think, whichever is greater) or the full amount. You cannot get one of these cards unless you agree to this. Mine is paid off in full automatically each month, something I chose because I travel so much that I very rarely see my current bills – they’re opened and filed by mummy dearest, and I get to flick through them once every 6 – 12 months or so. If I need to check details in the meantime, I just do so online.
Almost all students are given the card with an initial 500 GBP credit limit. This is the maximum, and a few students will get less. Not much, but sensible given the spending habits of some of my fellow university goers. This is, however, negotiable after a while. I went shopping in New York for a week and remembered 2 days before that the hotel costs would be coming off my card, leaving me not quite as much as I would have liked for my Barnes and Noble expeditions. I gave them a quick call and, after bringing up my credit details and seeing that for the previous year I’d used my card a lot, but also paid it off in full each month, they happily agreed to increase my limit, giving me pretty much a limitless choice of how much I’d like, silly people. This doesn’t apply to everyone though, and I’ve had friends I know ask for, and be denied, increases in credit limits, but if you use your card sensibly, it shouldn’t be a problem.
Features ========
The HSBC student credit card is not one of those “create the best card for you” set ups. You cannot chose different interest rates or higher / lower fees or so on. Everyone gets the same card, with the same conditions.
* Your choice of Visa or MasterCard – I went for the latter because I have a Visa debit card anyway. Both can be used worldwide to make purchases or withdraw cash. Mine has been used, among other things, to pay for meals in Florence, hotels in Luxembourg, book shopping sprees in New York and hot air balloon rides in Vienna.
* Up to 56 days interest free credit depending on when you make your purchases (bills are produced on the same date each month, so if I buy something the day before, I get fewer days interest free).
* No annual fee, and interest rates starting at 18.9% (20.8% for cash advances) – not as low as some banks’, but with your first credit card you can’t always pick and choose, especially as a student. It is, however, significantly lower than a number of Store cards.
* Internet, TV, phone and in branch banking, all free of charge. HSBC have branches on campus or near every UK University. There are 3 within easy walking distance of my uni. The online service is especially good compare to others I’ve used. It’s secure and simple to use, and you can pay off your account as early as you like in a matter of minutes. You can also call up your latest transactions, and the first page when you log on lists your credit limit and current balance.
* Monthly statements, clearly laid out, indicating how much you owe, how much you need to pay (and by when) and the amount that will be deducted from your bank account on the due date. Your credit limit is clearly visible on the statement. Also yearly reviews, showing how much you’ve spent in the last 12 months etc
* Typical credit card style insurance against fraudulent use online or when buying expensive goods. How good the claims process with this is, though, I don’t know, as I’ve never had to use it.
* A changeable PIN! Not overly impressed? Neither was I at the time – I expected it – but over on the continent this is not the norm, and I now have to remember several different ones for various cards. The PIN can be changed to any 4-digit number you like, whenever you like, as often as you like, from any HSBC cash machine. The PIN is important even if you don’t plan on withdrawing cash, because in some places (especially abroad) when you use the card to buy something, you’ll be asked to input it into their special machine, rather than sign your name.
Fees =====
* Late payments: 10 - 20 GBP (not usually a problem with this card because of the DD requirement, but you can opt out of this after a while)
* Returned payments: 5 – 20 GBP (so make sure you have enough money, or enough of your overdraft left, to cover whatever amount will be taken)
* Unauthorized spending beyond your credit limit: 10 - 20 GBP (so ask first, get it raised, and save yourself some money)
* Cash advances: 1.5% of the amount taken at that time (minimum 1.50 GBP) – meaning as usual it is better to take a large amount that several small ones if you have to take any at all.
There used to be a points reward system but this has recently been abolished, though the literature that comes with the statements has mentioned that a new scheme may be launched shortly. I would very much like a Tesco or Boots card for the points, or one which offers cash back, but having a very low income when I’m in the UK, I’m not eligible for these. I use my HSBC card for buying online, and for booking hotels and flights because of the insurance it offers. Plus in the UK, I put most stuff on my card to give me the credit interest for the following 6 weeks or so that it takes before they remove the money from my account – not much, but it does add up.
I only once had a problem with my card. I was working in Spain and my wallet was stolen, so I had to cancel it, and my debit card. After spending about 10 Euros on a payphone to their international lost and stolen line, I was assured that new cards would be ready for collection in a week, and I thought all was fine. That month, though, I got interest added to my statement because the DD had not been set up in time to take the payment. When your debit crad is stolen, your bank account number stays the same, but if it's a credit card, they change the number on it, and thus the number of your credit card "account". New accounts, therefore, need new DDs. I complained and they apologized, saying they would sort it out. And they did, sort of. The next month all my balance was cleared as usual, but that 60p of interest was never removed. I never got round to making a huge fuss (3 months in Spain, 5 days in the UK and now a year in Germany didn’t really give me the time) and it is only a small amount, but they won’t get away with it should it happen again.
To apply you need to be a UK citizen, 18 years or older, and enrolled on a full time course of higher or further education. Different set ups are available for part time students, but I don’t think those from outside the UK are eligible, although HSBC does permit them to open student accounts, without the credit card.
It’s not a fancy, schmancy card by any means, but it’s fine for an introduction to the world of credit. No annual fee means there’s no harm in having one for emergencies (like discovering the Lindt shop in Rome a second after you run out of cash), and if you’re a parent you can recommend it to your kids safe in the knowledge that they can *only* run up 500 GBP of debt…
See www.hsbc.co.uk for more info and local branch finder.
Advantages: None Disadvantages: Bad customer service, scrapping interest free overdraft on the bank account
...this review refers to the HSBC Student Service, not just their credit card, which is not worth bothering with anyway. I have had a student account with HSBC for seven years (I know what you're thinking, I'm the classic work dodger with too many degrees), and at first I had no problems with them. Recently however they have changed the terms and conditions of their Graduate account, which will directly and adversely affect anyone with a HSBC Student ... ...to pay back your overdraft. HSBC have now changed the terms and conditions of their Graduate account, which affects anyone who currently has a Student account with them, or any new accounts which are opened. They have pulled the interest free overdraft on the Graduate account, so anyone who graduates from July 2007 with a HSBC Student account (which will automatically be transferred to a Graduate account) will either have to pay all their overdraft ...
botanybod 27.07.2007 (28.07.2007)
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Ciao members have rated this review on average: very helpful Review of HSBC Student
Advantages: Telebanking arm is better, good at pulling customers. Disadvantages: Poor customer service, tendancy to close branches, new branches will be all machines nio people
...had an account with both HSBC and with First Direct. This is the telephone banking arm of HSBC. I have to say that I have had absolutley terrible services from the HSBC side of the company. In addition to the comments made by CG in the orginal review, one of the biggest problems with HSBC is that they are moving closer and closer to a human free banking system. Many of their local branches have been closed in my local area (Hull) in favour of bigger ... ...the First Direct arm of HSBC i have been a customer with them for almost ten years. Until recently I have had little cause for complaint.
This is a truly 24/7 365 day a year service, with the option of internet banking. They offer a wide range of services including mortgages savings, ISAs etc. Tha only adverse comment I would make is aword of caution if you are taking a loan ouit with this bank. Do go through it a fine toothcomb. I recently asked ...
medman 27.07.2007
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Ciao members have rated this review on average: very helpful Review of HSBC Student
Advantages: Appeals to freshers, some years they have good bonus offers Disadvantages: Bad customer service, extortionate fees, security loopholes
...is vital, and is something HSBC lacks. This opinion is based on various branches and their phone system, which takes you through to a callcentre somewhere in India. Now initially, this is no problem. But in my final year of studying at my first university, i rang up the bank to discuss my overdraft. The people in the callcentre were unable to understand anything i was telling them. I had to spell my name and postcode, this is no exaggeration , well ... ...The brilliant overdraft facility at HSBC which will let you have upto (i think) £1500 without charges, is very very difficult to pay back unless you are working a lot or have a lump sum of cash at your disposal. Therefore changing banks for many, is not an option. It's a honeytrap. You may get free CDs or a free railcard, but you'll end up paying for it with extras by the time you've graduated.
As a sidenote, to advertise itself as "The World Bank" ...
Lofnorsk 21.09.2006
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Ciao members have rated this review on average: very helpful Review of HSBC Student
Advantages: Comes with a great student account package Disadvantages: you end up using it!!
...im not here to say hsbc is the best for credit cards, if you bank somewhere else it is usually sensible to get a credit card with them too. if you run into any difficulties who wants to try and get a hold of an internet based credit card service to sort it out? banking online is great, but only if things are going well! the main thing with hsbc credit cards is that, while they are not the cheapest on the market, and yes do not really provide you ... ...people in my experience choose hsbc for personal banking for their service, no matter how bad you think of banks, you have to be with one...right?! many students pick up hsbc credit cards when they apply for their student accounts...that is another story! but the applictaion form includes a credit card app on it, so keeps it simple and the paper work down to a minimum! I managed to refrain from using my credit card for the first two years of uni ...
newbon 21.07.2003
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Ciao members have rated this review on average: helpful Review of HSBC Student
Advantages: Good Rates, easy to set up, lots of info Disadvantages: none of yet
...Absolutely brilliant.
Thats where HSBC come in, They have 2 schemes for under 18's. If your 16-18, you get a student card, if your 11 to 15, you opt for the livecash account. For the 11-12 year olds there is the livecash card, you can only use it on hsbc machines, but you can internet bank and easily deposit money through the bank itself or a dropoff point outside/inside. But when your 13+ thats when the real fun comes in, you can apply for a Solo/Cirrus/Maestro ... ...up going to my local hsbc bank, only a couple of miles away, and i got an application form, i was amazed to see how easy it was to fill in, i filled everything in and got my mums signature put on it and then took it in. I even got a free radio/personal organiser for being a new customer. During the next 1 1/2 weeks my things started coming through the post, first some leaflets, then my livecash card and then finally, the thing i was so eager to have, ...
caza_4 03.06.2005
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Ciao members have rated this review on average: helpful Review of HSBC Student
Competitiveness of APR
Product package
Quality of Customer Ser...
Reward Scheme
Additional Charges
Security and Privacy
Ease of Application
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Advantages: Good rewards for banking with them,lots of HSBC cashpoints to be found. Good overdraft facility Disadvantages: Some banks,such as Lloyds charge you for making a transaction from their cashpoints
I opened an HSBCstudent account in September,when I began University.Currently,when you open such an account with this branch,you get the choice of recieving either £50 cash,or a 4 year young persons' railcard,which entitles you to 30% off travel by train. For a student,the £50 cash will,no doubt,be spent in the student union.However,a railcard means that you can travel all over the country at a discounted price. Personally,I opted for this,and as a result have been able to travel from London to visit friends in such places as Nottingham,Sheffield and Bedford. Without the benefit of this card,I would almost certainly have been unable to afford such trips.
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GERI 23.12.2000
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Ciao members have rated this review on average: very helpful Review of HSBC Accounts
Advantages: AN ALL ROUND GREAT DEAL FOR STUDENTS/GRADUATES Disadvantages: NONE
For all students out there, my advice check out what HSBC has to offer you. They offer a first class service and are supportive during some of the most difficult (financially) years of your life.
MY HISTORY WITH HSBC
I chose HSBC for my student bank account when I started my degree and I feel it is the best thing that I ever did. The facilities/services that they offer are the best on the market. They provided me with an INTEREST & FEE FREE overdraft that gradually increased over the years I was studying. Although at times I exceeded my agreed overdraft they were more helpful than a hindrence on these occasions. I found them supportive and they offered good, honest and sensible advice.
On becoming a graduate I continued to receive an interest/fee free overdraft that decreased over 3 years. I was also offered exceptionally good ...
charis18uk 13.07.2001 (13.09.2004)
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Ciao members have rated this review on average: very helpful Review of HSBC Accounts
Advantages: Good overdraft facility and credit card scheme Disadvantages: Dodgy call centre ploicy
HSBC?s student account is one of the best around and I know that from experience as I?ve been living as a student in Plymouth for almost two years now. You get all the benefits such as the essential interest free overdraft, low rate credit card, telephone banking and the all important incentive for joining HSBC. You get a £750 overdraft limit in the first year, £1000 in the second and £1500 in your final year of study. All you students maybe wondering why the banks are giving you all this free stuff to and try and tempt you to join them and pull from the jaws of the competition. The reason is simply because they believe if you start to bank with them at this age, you are more likely to use them for the rest of you life for all your mortgage and pension needs, hence making a good investment etc.
The only problem I have found banking ...
cascade 14.12.2000
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Ciao members have rated this review on average: very helpful Review of HSBC Accounts
