The HSBC student credit card is a current account that is design to support students that are studying in the United Kingdom. The account helps students to stay in control of their finances with no monthly account fee. Ahead, you will learn what you stand to get as an account holder and how to apply for the account.
Here’s what you’ll get with your Student Bank Account
Top among the things that you will enjoy if you have a student bank account is an interest-free loan when you take an arranged overdraft. If you are in your first year in school, you can borrow up to £1,000 without paying any interest. Other things you will get include:
The HSBC standard student account has a mobile app that you can download and install on your smartphones. The app makes it easy for you to stay on top of your finances and keep track of all transactions on your account.
With the mobile app, you can send and receive money to your friends using their mobile numbers. You can also make regular payments like direct deposits, subscriptions, or even requests for an arranged overdraft.
We will talk more on the arranged overdraft later in the article. The mobile app can connect with Apple Pay, Samsung Pay, as well as Google Pay for seamless and convenient transactions.
Stay in the know and in control
The HSBC student account has an account tracking feature that lets you track how money comes in and goes out of your account. This feature lets you stay on top of your financial game and also gives you instant notification whenever a transaction occurs in your account.
You can check your bank balance on the go and also freeze or unfreeze your credit card if you find out that it has been stolen or whenever your data has been breached.
Save money in many ways
As an HSBC account holder, you get the opportunity to save money in different ways. Plus you will enjoy a discount whenever you shop at ASOS, Costa Coffee, and Boohoo. HSBC has a wide range of products and services, including access to loans and student grants.
Things to know before you apply
If you are ready to apply for the HSBC student credit card, there are a few things you need to keep in mind so that your application will be approved. The first thing you need to know is that when you submit your application, the bank will give you an option to apply for an arranged overdraft, giving you the leverage to borrow money whenever there is no money in your account.
For example, if you have an unexpected emergency medical bills to settle, an arranged overdraft will enable you to borrow funds to settle the emergency medical bills. You can apply for the arranged overdraft the very moment your account application has been approved or at any time you so desire.
You also have the option to request the bank to increase or decrease your borrowing limit at any point in time. The same can be done by visiting the bank branch that is closest to you or to the mobile app.
Whenever you borrow funds to settle unexpected expenses, ensure you repay the loan in record time; otherwise, your unwillingness to repay the loan may negatively impact your credit worthiness. An arranged overdraft is for short-term loans.
Overdraft text alerts
The overdraft text alerts our design to notify you of any transaction whenever you have taken an overdraft. The SMS alert will help you to avoid being charged interest whenever you are on a loan. You come up out of the overdraft text alert anytime you so desire either by calling the bank’s customer support desk or by visiting any of the bank’s branches that are closest to you.
What are the overdraft charges for this account?
The arranged overdraft offered by HSBC comes with an interest-free up to £1,000 with the standard student account. The limit depends on your academic level – those in year 2 can take out loans up to £2,000 while those in year 3 can borrow up to £3,000.
You can visit the bank’s overdrafts page to get more information about the eligibility requirements and other information regarding the fees and costs that are expected for students to pay.
Who can apply for the HSBC student credit card?
For you to apply for the HSBC student credit card as a student in one of the universities in the United Kingdom, you must be at least 18 years of age and must currently be living in the United Kingdom, Isle of Man, Channel Islands for the past 3 years.
For your application to be approved, you must also have proof that the university has admitted you as a student of the institution. The card issuer also expects that you do not have another student account in any other bank in the United Kingdom.
Then lastly, before submitting your application ensure you read the terms and conditions governing the creation of the account. You can reach out to the bank’s customer service unit to request for the terms and conditions.
For those that are interested in pursuing a postgraduate degree in the United Kingdom and need the HSBC student credit card, you must have completed a corresponding undergraduate course in the last 3 years.
Apply for your Student Bank Account now
If you do not have an existing HSBC account and you are a first-time student in the United Kingdom you will need to apply for an account with the bank to enable you to enjoy payment convenience using the credit card.
To apply for an account with the bank ensure you satisfy all the criteria that are highlighted in the eligibility requirements to start the application process. Once the application form opens, you will need to enter your personal information like your full name, date of birth, address, mobile number, and other vital personal data that will enable the bank to update their KYC protocols.
After completing the form, review your application and submit the form for consideration. The entire process from start to finish should not be more than 5 minutes. If your application has been approved you will receive a mail from the bank convey in your 16-digit UCAS status code.
The code will then enable you to apply for the HSBC student credit card. Remember, the HSBC student credit card is only designed for students that are studying various courses in the United Kingdom.