HSBC Purchase Plus Credit Card Review

Complete Usage Guide, Expert Tips & Alternatives

The HSBC Purchase Plus Credit Card is one of the most competitive 0% interest credit cards in the UK for both purchases and balance transfers. While Page 1 gave you an overview, this section provides a hands-on guide to using it effectively, reveals insider strategies to maximise savings, answers less obvious questions, and compares it to other top UK credit cards.

1. Step-by-Step Usage Guide

Apply with the Right Timing

The promotional period for 0% interest starts the day your account is opened. To get the most out of it:

• Plan your purchases so they occur soon after approval.
• If you need to transfer balances, do it within the first 60 days to qualify for the 0% interest window.

Make Qualifying Purchases

Only standard retail purchases qualify for the 0% interest period.

• Excluded: cash advances, gambling transactions, and some money transfers.
• Tip: Avoid mixing cash transactions with purchases, as cash interest rates are much higher and accrue immediately.

Maintain Minimum Payments

To keep the 0% promotional rate active:

• Pay at least the minimum monthly payment on time.
• Avoid exceeding your credit limit.
  Missing a payment can end your promotional period early.

Set a Payoff Plan

Work backwards:

• Divide your total promotional spending by the number of 0% months to know your monthly payoff target.
• For example: £1,800 in purchases over 20 months → £90/month clears the balance before interest applies.

Prepare for the End of the Promotion

Before the 24.9% APR variable kicks in:

• Clear the remaining balance, or
• Consider switching to another 0% balance transfer card if you need more time.

2. Advanced Tips & “Hidden” Hacks

Use for Large, Predictable Purchases Only

The card’s main value is in financing big-ticket items without interest. Using it for small, frequent purchases can lead to poor repayment discipline.

Pair with a Cashback Current Account

If you have an HSBC Advance or Premier account, you may benefit from extra perks like preferential credit limits or customer offers.

Avoid “Mixing Balances”

If you start with a purchase at 0% and later do a balance transfer, repayments will typically go towards the higher-interest debt first — delaying clearance of the promotional balance.

Leverage Section 75

Buying a £1,200 laptop? Section 75 protection means HSBC is jointly liable with the retailer if the product is faulty or undelivered.

Time Your Application with Seasonal Offers

Retailers often run big promotions (e.g., Black Friday, January sales). Applying just before such events lets you combine retail discounts with HSBC’s 0% financing.

3. FAQ – Questions You Won’t Find in the Small Print

Does the 0% on purchases apply to recurring bills?

Yes, as long as they are processed as standard card transactions. Some utilities may be excluded if coded differently.

Can I make multiple balance transfers?

Yes, within the first 60 days, but each transfer is subject to the 3.49% fee and your credit limit.

If I pay off early, do I still pay the full transfer fee?

Yes — the fee is charged upfront and is non-refundable.

Will applying affect my credit score?

HSBC performs a hard credit search, which can temporarily lower your score. Responsible usage can improve it over time.

Is there a minimum credit limit?

In the Channel Islands & Isle of Man, it’s £500. In mainland UK, limits vary based on your credit profile, but often start at £1,000+.

What happens if I exceed my limit?

You may face a penalty, and HSBC could withdraw your promotional rates.

Are foreign transactions covered by the 0% rate?

No — foreign transactions incur HSBC’s standard foreign exchange fees and interest (unless paid off immediately).

4. Maximising Value – Pro Strategies

• Clear Purchases Before Adding Transfers – This prevents repayments from being allocated in a way that extends your debt.
• Automate Payments – Set a direct debit for at least the minimum payment to avoid losing the promotional rate.
• Track Your Expiry Date – HSBC doesn’t always send a reminder before the promotional period ends.
• Use for Planned, Not Impulse Spending – The best savings come from disciplined, goal-oriented usage.
• Avoid ATM Withdrawals – Cash withdrawals incur interest immediately at high rates.

5. Alternatives in the UK Market

Provider / Card	0% on Purchases	0% on Balance Transfers	Fee	APR
HSBC Purchase Plus	Up to 20 months	Up to 17 months	3.49% (£5 min)	24.9% var.
Barclays Platinum	Up to 21 months	Up to 18 months	2.99% (£5 min)	24.9% var.
Santander Everyday Long Term	Up to 23 months	N/A	N/A	22.9% var.
NatWest Purchase & BT	Up to 18 months	Up to 17 months	2.99% (£5 min)	24.9% var.

• 
  Best for Long Purchases: Santander Everyday Long Term (up to 23 months).
• Best Balance Transfer Fee: Barclays Platinum (2.99% vs HSBC’s 3.49%).
• Best All-Rounder: HSBC Purchase Plus remains a strong contender for balanced benefits.

6. Final Recommendation

The HSBC Purchase Plus Credit Card offers a strong mix of long 0% interest terms, no annual fee, and wide acceptance. It is particularly suitable for:

• Customers planning large purchases who want time to repay without interest.
• Those consolidating debt from high-interest cards, provided they factor in the transfer fee.
• HSBC current account holders who value integrated banking.

However, if your primary goal is the longest possible 0% purchase window, Santander may offer a slight edge. If you are laser-focused on minimising transfer fees, Barclays could be a better choice.

Used strategically, the HSBC Purchase Plus can save hundreds of pounds in interest — but only if you manage repayments carefully and avoid common pitfalls like late payments or unplanned cash withdrawals.