Frequently Asked Questions

How does interest-free^{^} work?

Interest-free means you will not have to pay any interest on the purchase you made during the promotional period (eg 6, 12, 24 months). You still have to pay a minimum monthly repayment as you would with any standard credit card purchase.

What does interest-free^{^} payment deferred mean?

As well as having the advantage of not being charged any interest for the specified promotional period, you don't need to make any repayments for the deferred period for the specified purchase. Some retailers call this "Buy Now Pay Later" or "Nothing to pay until..." or "No interest and no repayments until...". Payments will be required once the promotional term has expired.

 Back to top

Do I need to have a credit card to make an interest-free purchase?

Yes, the interest-free promotion is only available with an HSBC Classic Visa credit card. If you do not want a credit card, then our Personal Instalment Line enables you to spread your purchase repayments over 1-4 years for a fixed interest rate.

 Back to top

Can I use my card for everyday purchases as well?

Yes, your HSBC Classic Visa credit card can be used for regular purchases whenever you shop at any of the 24 million retailers worldwide that accept Visa.

 Back to top

Can I use my card for additional interest-free purchases?

Yes, you can use your card to make additional interest-free purchases with any of the participating retailers. Simply ask in any of these stores for details of current promotions. When making a second or subsequent interest free purchase you should be aware that payments to your account will be allocated to the first interest free purchase debited to your account until the balance is repaid in full, or the interest free period expires, before payments will be allocated to any subsequent interest free purchases.

 Back to top

Do I have to pay off my interest-free purchase before I can use my card again?

No, when you receive your HSBC Classic Visa credit card you will have a credit limit which will often be higher than the amount of your interest free purchase. As long as you have sufficient available credit left on your card, you can use it for additional everyday or interest-free purchases up to the full amount of your credit limit.

 Back to top

What is the minimum monthly repayment I will have to make?

You must repay a minimum amount every month by the date shown on your statement (NB this is the date HSBC should receive the payment, not the date on which you make the payment).

For our Classic card, the minimum repayment is the higher of $20 or 3% of the outstanding balance.

For our Personal Instalment Line, the minimum repayment is the amount of the purchase divided by the number of months in the promotion, plus fees and interest charges.

You do not have to make a repayment if your balance is zero or in credit, or if you are within a payment deferred promotional period. You may pay all of or more than the outstanding balance if you wish. The minimum monthly repayment as noted on your statement may not pay off your outstanding balance within the promotional period.

 Back to top

When will I receive my first statement?

You will receive your first statement within one month of taking delivery of your promotional purchase.

 Back to top

Can I pay off my balance before the end of the promotional period?

Yes, you can pay off the full balance at any time.

 Back to top

Are there penalties for early repayments?

No, there are no penalties for early repayments.

 Back to top

What happens if I don't pay the total amount owing by the end of the promotional period?

At the end of the promotional period, any outstanding balances will incur interest at our cash advances interest rate. Interest is only charged to the remaining promotional balance from the day after the promotion expires and is not backdated to the start of the promotion.

 Back to top

For more information on HSBC credit cards, see our Credit Card FAQs