We all dread credit card annual fees but with the HCBC Credit Card, you don’t have to! HSBC will give you a stack of features and no annual fees on this card for life! There’s a reason this credit card was our card of the month late last year and won the Money Magazine’s 2010 “Best Transactor Credit Card” award.

Benefit of the Card’s Best Features?

There is no shortage of fantastic rates and features on offer here. Aside from the $0 p.a. annual fee for the life of the card, HSBC offers a low 0% p.a. balance transfer for 6 months, a low interest rate of just 17.99% p.a. on purchases and a standard rate of 21.99% p.a. on cash advances. You get the higher 55 day interest free period and then come the bonuses.

One of the best features of the card is the access you get to offers, discounts and benefits worldwide with the Rewards Plus and the Home & Away Privilege Program. With Rewards Plus, you earn Reward Points with every purchase you make! If you patronize Bonus Partners, you can double or even triple the Reward Points. When travelling, the HSBC card can combine the benefits of the international partners with HSBC discounts allowing you to save up to 60% on selected rooms, enjoy discounts at cafes, restaurants, flights and more! Reward Points can be redeemed for cash or merchandise at select stores or you can donate your points to selected Charities for as a tax-deductible contribution. There are also a variety of rebate options for spending your Reward Points.

With this card you also get access to some excellent deals in Repayment Protection and Life Protection Insurance as well as Fraud Prevention administered by Secure Sentinel.

The great rates and bonuses are usually only available for higher income earners but this card only requires an annual income of $20,000 making its benefits more accessible to the lower income earner.

Are There Any Drawbacks?

Having a credit card with low rates won’t benefit you unless you make sure you’re on top of repayments, as with any other credit card.

Who Would be Suited?

If you’re looking for a card without any annual fees and low rates, you’re probably looking in the right place. If you’re security conscious you’ll no doubt appreciate the insurance deals you will have access to, and if you’re a traveller, the card’s ability to earn and redeem points overseas will benefit you. Make sure you spend enough to benefit from the points you earn, but even if you don’t, the card isn’t costing you anything (unless you don’t make your monthly repayments)!

Who is Eligible?

You are eligible for this card if you are at least 18 years of age; an Australian citizen, New Zealand citizen or a Permanent Resident of Australia; you earn more than $20,000; you have a good credit rating. Non-permanent Residents are also eligible to apply but must meet the following criteria: you hold a valid 457 Visa or Visa with unlimited work rights (e.g. Spousal Visa, Bridging Visa, excludes Student and Visitor Visas); you earn a gross minimum annual income of $50,000 per annum (before tax); you have an employment contract valid for at least one year from the time of the application or a permanent contract (full time or part time) with no end date.