Credit Card Agreement regulated by the Consumer Credit Act 1974.
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This agreement is made up of the key terms and the additional terms.
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Key Terms
How much can you borrow? You can borrow up to the credit limit. We will confirm your credit limit after we have signed the agreement. If we change it later, we
will tell you before we make the change.
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How much do you have to pay each month and when?
We will give you a statement each month showing the minimum payment for that month (we may not give you a statement if you do not need to make any payment).
The minimum payment will be the higher of:
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- The sum of (a) interest for the period from the last
statement, (b) any default charges and (c) 1% of the full
amount you owe as shown on your monthly statement (not
including interest and default charges).
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2.5% of the full amount you owe as shown on your monthly
statement (including interest and charges).
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£5.
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For example, if the amount you owe on the statement date is
£450 including £15 interest and £12 charges, A will give the
highest amount so the minimum payment will be £31.23 (£15
(interest), £12 (charges) and £4.23 (1% of £423)). (B would be
£11.25 (2.5% of £450)).
If you owe less than £5 you must pay the full amount you owe
(e.g. if you owe £2.50 that will be the minimum payment).
If you have an instalment plan, the minimum payment will be increased by the monthly instalment. The total amount you must pay will be shown in the statement.
The minimum payment must reach us by the due date shown in your statement. This will be 25 days from your statement date. You can always pay more than the minimum payment to reduce the amount of interest you have to pay. Information about how to make sure payments reach us on time is on the back of the statement.
You must also pay immediately the amount of any missed
payments and the amount you owe above the credit limit. If
you pay by Direct Debit we will collect these amounts with your
minimum payment if you have not paid them already.
You can ask us to collect payments for you (e.g. by Direct Debit). You can choose how much you want to pay each month as long as it is not less than the minimum payment. You must try not to pay into the account more than you owe us. We will refund any credit on your account. We will not normally allow you to spend it.
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How much does it cost to borrow?
Standard rates and charges
The standard rates and charges that apply are set out on the
reverse of the cover letter enclosing your card.
We charge interest from the date each transaction or charge is added to your account until the amount you owe us has been repaid in full. We work out interest on a daily basis and add it to the account on your monthly statement date. If you pay at least the minimum payment each month you will pay off all the interest added to the account that month but, if you don't, we will charge interest on that interest as well as on transactions added to your account.
There are two exceptions to this. We do not charge any interest on default charges. We also do not charge interest on any purchases shown in a statement if you repay the full amount you owe us on that statement date by the next payment due date.
This means that if, for example, you repay in full the amount shown in your July statement by the payment due date in August, we will not charge interest on any purchases added to your account and shown in your July statement. However, even if you don't use your account at all after the July statement date, there may still be 'trailing' interest shown in your August statement. This will be interest we have charged:
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on any cash advances or payments sent from your account (such as balance transfers) in your July statement. (because we always charge interest on these); and
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on any amounts carried over from your June statement.
We also charge interest on trailing interest so even if you pay the
trailing interest in full in September we may charge further interest
on the account.
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When are card fees charged?
The card fees are charged for each membership year which is 365
days starting on the date we open your account on our systems
(or in the case of an additional card starting when the card is
provided) and are applied to your account on your first statement
date after the account is opened (or the card provided) (or such
later period as is notified to you) and, in both cases, on the
statement date following the end of each membership year.
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Instalment plan and charges
We do not charge interest on the amount you owe on an
instalment plan but we will charge a fee which will be added to,
and repaid as part of, the instalment plan. |
Instalment plan repayment terms and cancelling
repayment plans
If you have an instalment plan on your account, the monthly
instalment will be the instalment plan amount divided by the
number of months you choose for repayment. We won't change
the terms that apply to any instalment plan you have added to
the account.
You can cancel an instalment plan by telling us at any time. We
will cancel any instalment plans on your account if you don't
pay at least the minimum monthly payment (including the
monthly instalment) for two months in a row. If an instalment
plan is cancelled:
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we will only charge you for the time you had the instalment
plan (and we'll refund the rest of the fee you paid); and
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the amount you owed on the instalment plan will become
part of the overall amount you owe on the account for
working out minimum payments and charging interest.
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Can we change the cost of borrowing or any other terms?
Changes to terms that are personal to you
If we change our view of your ability to repay us because of
information we get from credit reference agencies or the way
you manage the account (for example because you often pay us
or other lenders late), we may change the rates that apply to you
(unless we are aware that you're at risk of financial difficulties) and
we may reduce your credit limit.
Other changes to the credit limit
From time to time we may tell you that a higher credit limit is
available to you and you can ask us to consider giving you a higher
credit limit. You can also contact us to tell us:
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you'd like a lower credit limit;
- you don't want to receive any future credit limit increases; or
- never to increase your credit limit without checking with you first (and you can change your mind at any time).
A higher credit limit may offer greater flexibility and convenience
to meet your financial needs but it may also increase the risk of
borrowing too much, which could be expensive or take a long
time to pay off. You should carefully consider whether you need
a higher limit.
Changes to rates, charges and other terms for particular reasons
We may also:
- increase or decrease rates and charges to take account of an
actual, or reasonably expected, change in the interest rates
we have to pay for example as a result of a change to the
Bank of England Base Rate; or
- increase or decrease our rates and charges and change any
other terms to reflect an actual, or reasonably expected,
change in our underlying costs or in law or regulation or to
our way of doing business, including the introduction of new
technology; or
- change any term to reflect any other actual or reasonably
expected change that affects us if it is reasonable for us to
pass the impact of the change on to you; or
- if you are employed by us, change the interest rates and
charges to our standard rates and charges when your
employment ends (except if you retire).
Any change we make will be reasonably proportionate to the
impact of the underlying change on us. We will not make changes
to cover the same cost twice.
Other changes
As this agreement has no fixed end date, we may also change
rates and charges and other terms for reasons that we cannot
predict at the outset.
Telling you about changes
At least 30 days before we make any change we will tell you
about the change and how it will affect you. We will do this by
including a message in your monthly statement, by writing to or
emailing you separately or by sending you a mobile message or
message using any secure storage facility we provide online.
Your rights when we tell you about changes
If you do not want to accept any change we tell you about, you
can end the agreement without charge (in fact you can end
the agreement at any time). The change will still apply until you
have paid everything you owe us. However, if the change is an
increase to an interest rate, you can repay what you owe us at the
unchanged interest rate if you tell us within 60 days of notice of
the increase that you do not want to accept the higher rate. |
When will the agreement begin and end?
The agreement will begin when we have opened the account
linked to your card. The agreement does not have a fixed end date
but you and we can end it as explained below. You will normally
be able to use the account when we have sent you a card. |
Can you change your mind?
You can withdraw from this agreement (without giving any reason)
by giving us written notice or calling within 14 days, starting the
day after we confirm that we have signed the agreement. To
tell us that you want to withdraw, please use the details under
Important Information.
You must repay the amount you have borrowed within 30 days,
starting the day after you tell us that you want to withdraw, with
interest at the relevant rate or rates up to the date you repay. If you
ask us we will tell you how much interest is payable per day. You
can repay by calling us or by visiting one of our branches. |
Can you make a claim against us where you have a claim
against a supplier?
If you purchase any item of goods or services costing between
£100 and £30,000 using credit under this agreement you may
have a right of redress against us as well as the supplier if, for
example, the goods fail to arrive or are not of satisfactory quality or
the supplier made a representation which you relied on about the
goods which was not accurate.
However, if you have a dispute with someone else over a
transaction, you must keep making payments to us while you are
resolving it. |
What could happen if you miss payments?
Missing payments could make it more difficult to obtain credit
and result in legal action or bankruptcy proceedings to recover any
debt owed under this agreement.
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Important information
How to contact us
If you need to update your contact details, ask for information,
tell us that you want to withdraw from the agreement or make a
complaint please:
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write to HSBC UK Bank plc at Card Services, PO Box 6001,
Coventry CV3 9FP or
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call 03457 404404
We and our authorised agents and representatives may record
and/or monitor telephone conversations with you and any
additional cardholder so that we can maintain our service
standards.
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How we'll communicate with you
We'll communicate with you in English.
We may give you notices or other information about your credit
card, for example, in your monthly statements (in paper and
electronic).
We'll use the most recent contact details you've given us which
could include your post and email address, telephone and mobile
numbers. If we need to contact you about any actual or suspected
fraud or security threats, we'll do this using the fastest and most
secure way of contacting you (for example, we may try to send a
text message rather than telephone).
If you have given us your mobile phone number or email address,
we'll register you for free alerts so we can send you messages
about certain activity on your credit card account.
We are legally required to send some alerts, but you can opt
out of getting other alerts. You can opt out by calling us on
03457 707070. |
How can you make a complaint?
If we do not give the standard of service you expect, or if you think we have made a mistake, please let us know so we can investigate, put matters right and take steps to prevent it happening again.
If you are not happy with the way that we deal with your complaint, you may be able to refer your complaint to the Financial Ombudsman Service by writing to Financial Ombudsman Service, Exchange Tower, London E14 9SR, calling 0800 023 4 567 or 0300 123 9 123 or sending an email to complaint.info@financial-ombudsman.org.uk. You can find out more about the Financial Ombudsman service on their website at www.financial-ombudsman.co.uk.
If you opened your account in the UK online you may also have the option to refer your complaint to the Financial Ombudsman Service using the Online Dispute Resolution platform. The platform has been established by the European Commission to provide an online tool for consumers to resolve disputes about goods and services purchased online. The platform can be found at http://ec.europa.eu/consumers/odr/.
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Direct Debit Guarantee
The following Direct Debit guarantee applies to customers opting to make credit card repayments by Direct Debit.
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The Guarantee is offered by all banks and building societies that accept instruction to pay Direct Debits.
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If there are any changes to the amount, date or frequency of your Direct Debit HSBC UK Bank plc, Card Services will notify you (normally 10 working days) in advance of your account being debited or as otherwise agreed. If you request HSBC UK Bank plc, Card Services to collect a payment, confirmation of the amount and date will be given to you at the time of the request.
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If an error is made in the payment of your Direct Debit, by HSBC UK Bank plc, Card Services or your bank or building society, you are entitled to a full and immediate refund of the amount paid from your bank or building society. If you receive a refund you are not entitled to, you must pay it back when HSBC UK Bank plc, Card Services asks you to.
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You can cancel a Direct Debit at any time by simply contacting your bank or building society. Written confirmation may be required. Please also notify HSBC UK Bank plc, Card Services.
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Taxes
Taxes or costs may apply to you that are not charged by us and/or will not be paid through us. If we have to pay any tax or duty for providing credit to you, we will charge you the amount of that tax or duty.
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Copies
You may at any time during the term of this Agreement request a copy of this Agreement. |
How we are authorised
HSBC UK Bank plc is established and has its registered office at 1 Centenary Square, Birmingham, B1 1HQ. We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our reference number is 765112.
You can check these details by visiting the Financial Conduct Authority website www.fca.org.uk or by contacting the Financial Conduct Authority on 0800 111 6768. The Financial Conduct Authority is the supervisory authority under the Consumer Credit Act 1974. Its address is 25 The North Colonnade, Canary Wharf, London, E14 5HS. |
Privacy
Your privacy is important to HSBC.
You explicitly consent to us accessing, processing, and retaining any information you provide to us, for the purposes of providing payment services to you. This does not affect any rights and obligations you or we have under data protection legislation. You may withdraw this consent by closing your account. If you do this, we'll stop using your data for this purpose, but may continue to process your data for other purposes.
Our Privacy Notice explains how we collect, use, disclose, transfer, and store your information and sets out your rights to your information. We have provided our Privacy Notice to you separately and will inform you when we make any changes to it. You can also find this at www.hsbc.co.uk or you can ask for a copy in branch.
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