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Features of the HSBC Business Credit Card

  • Overview of the HSBC Commercial Card: The HSBC Business Credit Card, commonly known as the HSBC Commercial Card, is a versatile financial tool designed to meet the needs of small to medium-sized enterprises (SMEs). It provides businesses with a flexible and efficient way to manage daily expenses, streamline financial operations, and enhance cash flow. The card is tailored to support businesses in various industries, from retail to professional services, offering features that promote operational efficiency and financial control. With a focus on global acceptance, customizable limits, and robust digital tools, the HSBC Commercial Card empowers businesses to handle their financial transactions with ease and confidence, whether they are purchasing supplies, paying vendors, or managing employee expenses.
  • Global Acceptance with Visa Network: A key feature of the HSBC Business Credit Card is its integration with the Visa payment network, one of the most widely accepted payment systems globally. This ensures the card can be used at millions of merchants worldwide, including physical stores, online platforms, and over the phone. For businesses with international operations or those frequently engaging in cross-border transactions, this global reach is invaluable. Whether paying for overseas suppliers, booking international travel, or making online purchases, the card provides seamless access to funds, reducing the need for multiple payment methods and simplifying financial management.
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    • Flexible Credit Limits: The HSBC Commercial Card offers customizable credit limits, allowing businesses to tailor their spending capacity to their specific needs. This flexibility is particularly beneficial for growing businesses that require variable funding to support expansion, inventory purchases, or unexpected expenses. The credit limit is determined based on the business’s financial health, turnover, and creditworthiness, with the option to request adjustments as the business evolves. This feature ensures that businesses have access to sufficient credit without overextending their financial obligations, promoting responsible credit management.
    • Interest-Free Credit Period: One of the most attractive features of the HSBC Business Credit Card is the interest-free credit period of up to 56 days on purchases, provided the full balance is paid by the due date. For businesses opting for the full Direct Debit repayment option, the interest-free period is slightly shorter, up to 38 days. This extended grace period allows businesses to defer payments without incurring interest, freeing up cash flow for other critical areas such as payroll, marketing, or capital investments. By strategically timing payments, businesses can optimize their working capital and maintain liquidity.
    • Card Spending Controls: To enhance financial oversight, the HSBC Commercial Card includes robust spending control features. Primary cardholders can set specific limits for individual transactions, restrict purchases at certain merchant categories (e.g., grocery stores, DIY stores), or block specific transaction types, such as ATM withdrawals, online purchases, or international transactions. These controls are managed through HSBC’s Business Internet Banking platform, accessible only to primary users. This feature is particularly useful for businesses with multiple employees, as it prevents misuse and ensures that spending aligns with business objectives.
    • Online Banking and Mobile App Integration: The card is seamlessly integrated with HSBC’s Business Internet Banking platform and the HSBC UK Business Banking app, available on both iOS and Android devices. These digital tools allow businesses to monitor transactions in real-time, view statements, manage PINs, and track spending patterns. The app features biometric login and advanced security measures, ensuring secure access to financial data. This digital integration enables business owners to manage their finances on the go, providing convenience and flexibility in today’s fast-paced business environment.
    • Employee Cards with Individual Limits: Businesses can issue additional cards to employees, each with customizable spending limits and restrictions. This feature is ideal for companies with staff members who need to make business-related purchases, such as travel expenses or office supplies. By setting individual limits and merchant restrictions, businesses can maintain control over employee spending while simplifying expense tracking. The ability to issue multiple cards also ensures that business and personal expenses remain separate, streamlining accounting and tax preparation processes.
    • Comprehensive Transaction Reporting: The HSBC Commercial Card provides detailed monthly statements, available in both digital and paper formats. These statements categorize transactions by merchant, date, and amount, making it easier for businesses to reconcile accounts, monitor spending, and prepare for tax filings. The online banking platform also offers tools to generate custom reports, allowing businesses to analyze spending patterns and identify cost-saving opportunities. This feature is particularly valuable for businesses seeking to optimize their financial operations and maintain accurate records.
    • Contactless and Mobile Payment Options: The card supports contactless payments through Visa Paywave technology, enabling quick and secure transactions at compatible terminals. This is particularly useful for businesses that prioritize speed and convenience, such as retail or hospitality. Additionally, the card can be linked to mobile payment platforms like Google Pay, allowing businesses to make payments via smartphones or other devices. This feature enhances flexibility and aligns with modern payment trends, making transactions more efficient.
    • Zero Liability for Lost Cards: In the event of a lost or stolen card, HSBC offers zero liability for unauthorized transactions made after the card is reported missing. This feature provides peace of mind, ensuring businesses are not financially impacted by fraudulent activity. Additionally, HSBC offers an emergency card replacement service, with a new card issued within three days anywhere in the world. This rapid response minimizes disruptions to business operations, ensuring continuity even in challenging situations.
    • Balance Transfer and EMI Options: The HSBC Commercial Card allows businesses to transfer outstanding balances from other credit cards at a lower interest rate, typically ranging from 10.99% to 15.99% per annum, depending on the tenure. This feature helps businesses consolidate debt and reduce interest expenses. Additionally, large purchases can be converted into Equated Monthly Installments (EMIs), allowing businesses to spread the cost of significant expenses over time. This flexibility is particularly useful for managing high-value purchases, such as equipment or software upgrades.
    • Balance Transfer and Cash Advances: Cardholders can transfer outstanding balances from other credit cards to the HSBC Visa Infinite Credit Card to benefit from lower interest rates and repay in equated monthly installments (EMIs). The card also allows cash advances, providing access to funds globally, though fees may apply. These features offer flexibility for managing finances, especially for high-net-worth individuals with complex financial needs.
    • Reward Points and Cashback: The card offers a reward points program, where businesses earn points on eligible purchases. These points can be redeemed for merchandise, vouchers, or air miles with leading airlines like Etihad Airways, British Airways, Air India, and Singapore Airlines. Additionally, cardholders can enjoy up to 10% cashback on specific categories, such as dining, food delivery, and grocery shopping, capped at a monthly limit (e.g., INR 1,000). These rewards enhance the card’s value, providing businesses with opportunities to save or reinvest in their operations.
    • Fuel Surcharge Waiver: Businesses can save up to INR 3,000 annually on fuel surcharges, making the card an attractive option for companies with frequent travel or transportation needs. The waiver applies to transactions at select fuel stations, subject to monthly caps and minimum transaction limits. This feature is particularly beneficial for businesses with fleets or employees who frequently travel for work, reducing operational costs.
    • Insurance Coverage: The HSBC Commercial Card includes insurance benefits to protect businesses from financial risks. It offers coverage for card misuse up to INR 300,000 for 24 hours before reporting a lost card. Additionally, the card provides purchase protection for items damaged or stolen within a specified period, typically 90 days, and travel insurance for disruptions due to covered reasons, such as illness or injury. These protections add a layer of security to business transactions.
    • Low Foreign Exchange Markup Fees: For businesses with international transactions, the card offers competitive foreign exchange markup fees, as low as 0.99% on the HSBC Premier version of the card. This feature minimizes the cost of cross-border payments, making it ideal for businesses with global suppliers, clients, or travel needs. The low fees ensure that businesses can operate internationally without incurring significant transaction costs.
    • Integration with Accounting Software: The card’s transaction data can be integrated with popular accounting software, such as QuickBooks or Xero, simplifying bookkeeping and financial reporting. This integration reduces manual data entry, minimizes errors, and streamlines the reconciliation process. Businesses can export transaction data directly into their accounting systems, saving time and improving accuracy.
    • Annual Fee Structure: The HSBC Commercial Card has a transparent fee structure, with an annual fee of £32 per card after the first year. This fee is competitive compared to other business credit cards, especially given the range of features and benefits offered. Businesses can avoid interest charges by paying the full balance each month, making the card cost-effective for disciplined users.
    • Emergency Cash Advances: In emergencies, businesses can access cash advances through the card, although a fee of 2.5% (minimum £500) applies. This feature ensures businesses have access to funds when needed, such as during unexpected operational challenges. However, businesses should use this feature cautiously due to the associated costs.
Premier Card Benefits

Benefits of the HSBC Business Credit Card

  • Enhanced Cash Flow Management

    The HSBC Business Credit Card is a powerful tool for managing cash flow, offering up to 56 days of interest-free credit on purchases. This extended grace period allows businesses to defer payments without incurring interest, freeing up capital for critical expenses like payroll, inventory, or marketing campaigns. By aligning payment schedules with revenue cycles, businesses can maintain liquidity and avoid cash flow bottlenecks, which is particularly crucial for SMEs with fluctuating income.

  • Streamlined Expense Tracking

    The card’s detailed transaction reporting and integration with HSBC’s Business Internet Banking platform simplify expense tracking. Businesses can categorize spending by merchant, date, or category, making it easier to monitor budgets and identify cost-saving opportunities. The ability to generate custom reports through the online platform further enhances financial oversight, reducing the time spent on manual bookkeeping and ensuring accurate records for audits or tax filings.

    • Reward Points for Business Growth: The card’s reward points program allows businesses to earn points on every eligible purchase, which can be redeemed for merchandise, vouchers with partners like Etihad Airways, British Airways.
    • Global Transaction Convenience: With acceptance at millions of Visa merchants worldwide, the HSBC Commercial Card ensures businesses can make purchases seamlessly, whether domestically or internationally.
    • Employee Spending Control: The ability to issue additional cards to employees with customizable spending limits and restrictions empowers businesses to delegate purchasing responsibilities while maintaining control.
    • Protection Against Fraud: The card’s zero liability feature for lost or stolen cards protects businesses from financial losses due to unauthorized transactions.
    • Flexible Repayment Options: Businesses can choose to pay the full balance or the minimum balance each month, with the flexibility to switch between repayment options without additional charges.
    • Access to Exclusive Discounts: HSBC partners with select brands to offer exclusive discounts on dining, shopping, and travel. Cardholders can access deals with partners like Amazon, PharmEasy, EazyDiner, and Blinkit.
    • Simplified Accounting and Tax Preparation: The card’s integration with accounting software and detailed monthly statements streamline financial reporting.
    • Emergency Financial Support: The card’s cash advance feature provides access to funds in emergencies, such as unexpected equipment repairs or urgent supplier payments.
    • Support for Business Growth: The customizable credit limit and balance transfer options enable businesses to scale their operations without financial constraints.
    • Enhanced Travel Benefits: For businesses with frequent travel needs, the card offers complimentary lounge access at domestic and international airports, travel insurance, and air miles redemption.
    • Digital Convenience: The HSBC Business Banking app and online platform provide real-time access to account information, enabling businesses to manage finances anytime, anywhere.
    • Sustainability and Corporate Responsibility: By offering digital statements and supporting efficient financial management, the HSBC Commercial Card aligns with HSBC’s sustainability goals.
    • Competitive Annual Fees: The £32 annual fee per card after the first year is competitive, especially given the card’s extensive features and benefits.
    • Support for International Operations: The card’s low foreign exchange markup fees and global acceptance make it ideal for businesses with international operations.
    • Customer Support and Accessibility: HSBC provides robust customer support through multiple channels, including phone banking, online chat, and branch visits. Businesses can quickly resolve queries, check application status.
    • Building Business Credit: Timely repayments and low credit utilization demonstrate financial responsibility, improving the business’s eligibility for future loans or credit lines.
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How to Apply for the HSBC Business Credit Card

  • Online Application Process:

    Applying for the HSBC Business Credit Card is a streamlined process that can be completed online through HSBC’s Business Banking website. To begin, navigate to the “Credit Cards” section and select the Commercial Card. Click the “Apply Now” button to access the online application form. This digital process is designed for convenience, allowing businesses to submit their application from anywhere with an internet connection. Ensure you have all required information and documents ready to avoid delays.

  • Step-by-Step Application Guide:
    • Access the Application Portal: Visit the HSBC Business Banking website and locate the Commercial Card application page. Ensure your browser is up-to-date to prevent technical issues during the process.
    • Provide Business Details: Enter comprehensive details about your business, including its legal name, registration number, industry, annual turnover, and registered address. These details help HSBC assess your business’s financial health and eligibility.
    • Enter Personal Details: As the primary applicant or authorized signatory, provide your full name, date of birth, contact number, and email address. This information is used for communication and verification purposes.
    • Submit Financial Information: Provide details of your business’s income, expenses, and existing credit facilities. This may include bank statements, tax returns, profit and loss statements, or audited financials, depending on the business type.
    • Upload Required Documents: Scan and upload documents such as proof of business registration, identity, address, and financial statements. Ensure all documents are clear, legible, and in the specified format (e.g., PDF or JPEG).
    • Review and Submit: Carefully review the application for accuracy, as errors can lead to delays or rejection. Submit the form and note the application reference number provided, which is essential for tracking the status.
    • Complete Video KYC (if required): In regions like India, HSBC may require video Know Your Customer (KYC) verification. Follow the instructions to schedule and complete a secure video call with an HSBC representative.
    • Track Application Status: After submission, HSBC will send SMS alerts to your registered mobile number with updates on the application status. You can also check the status via phone banking or by visiting an HSBC branch.

Eligibility Criteria for the HSBC Business Credit Card

  • Business Type Requirements: The HSBC Business Credit Card is available to a wide range of business types, including sole proprietorships, partnerships, limited companies, schools, and charities authorized to borrow. Businesses must have an HSBC Business Current Account to qualify, as this account serves as the primary repayment source via Direct Debit. This requirement ensures that HSBC can seamlessly manage repayments and monitor the business’s financial activity.
  • Location Restrictions: HSBC restricts the issuance of the Commercial Card to businesses operating in specific cities such as Mumbai, Delhi, Pune, Bengaluru, Chennai, Hyderabad, Noida, Jaipur, Ahmedabad, Gurgaon, Chandigarh, Coimbatore, and Kolkata. Businesses outside these areas are ineligible.
  • Income and Financial Stability: Businesses must demonstrate a stable income, typically a minimum annual turnover of INR 4 lakh for salaried individuals managing the business or self-employed applicants. Financial stability is assessed through documents like bank statements, tax returns, and profit and loss statements.
  • Credit Score Requirements: A strong credit score, ideally 750 or above, is a critical factor for eligibility. HSBC reviews both the business’s credit history and the personal credit score of the primary applicant to assess financial responsibility. Negative remarks can lead to rejection.
  • Age Criteria: The primary applicant must be between 18 and 65 years old. Applicants outside this range are ineligible.
  • Employment Status: Salaried individuals managing the business require at least one year of employment with their current employer. Self-employed applicants must provide proof of business operations for at least two years.
  • Debt-to-Income Ratio: A low debt-to-income (DTI) ratio is essential for eligibility. HSBC calculates the DTI by dividing the business’s monthly debt obligations by its monthly income. Aim for a DTI below 40%.
  • Existing Relationship with HSBC: While not mandatory, having an existing relationship with HSBC, such as a Business Current Account or savings account, enhances eligibility.
  • Residency Requirements: Applicants must be residents of India or the country where the card is offered. Proof of residency is required.
  • No Multiple Card Applications: Submitting multiple credit card applications simultaneously can negatively impact eligibility. Apply for one card at a time.
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Documents Required for the HSBC Business Credit Card

  • Proof of Business Registration:
    • Certificate of Incorporation (limited companies)
    • Partnership Deed (partnerships)
    • GST Registration Certificate or Shop & Establishment License (sole proprietors)
    • Documents confirm the business’s legal status and operational legitimacy
  • Identity Proof:
    • Self-attested copy of valid photo ID (PAN card, Aadhaar card, passport, voter ID, or driver’s license)
    • Must be current and clearly show name, photo, and identifying details
  • Address Proof:
    • Recent utility bill (electricity, water, gas) dated within last 3 months
    • Registered lease agreement or property tax receipt
    • Documents must be self-attested to confirm authenticity
  • Financial Documents:
    • Salaried Applicants: Latest salary slip or Form 16
    • Self-Employed Applicants: Income Tax Returns (last 2 years), profit & loss statements, or audited financial statements
    • These documents demonstrate financial stability and credit repayment ability
  • Bank Statements:
    • Last 3 months’ bank statements showing salary credits or business transactions
    • Statements must be from an active account and clearly show business/applicant name
  • Existing Credit Card Details:
    • Copy of front side of credit card (if held)
    • Latest credit card statement
    • Helps HSBC assess credit usage and payment history
  • PAN Card or Form 60:
    • Self-attested PAN card copy is mandatory
    • If unavailable, Form 60 can be submitted as per Indian regulations
    • Must be accompanied by other identity and address proofs
  • Additional Documents for Specific Cases:
    • Business plan or proof of industry experience (if requested)
    • References from financial institutions or audited statements for complex businesses
    • Usually required for high-risk industries or limited credit history
  • Document Submission Guidelines:
    • Scan documents clearly and upload in PDF/JPEG formats
    • Provide originals or photocopies for in-person or phone applications

Factors Affecting Eligibility for the HSBC Business Credit Card

  • Credit Score and History:
    • Preferred credit score is 750 or above.
    • Both business and personal credit history are reviewed.
    • Negative remarks (missed payments, settlements, charge-offs) reduce approval chances.
    • Businesses with no credit history must provide strong financial documentation.
  • Debt-to-Income Ratio (DTI):
    • DTI is calculated as monthly debt obligations divided by monthly income.
    • DTI above 40% lowers eligibility.
    • Reducing existing debts can help improve DTI and approval odds.
  • Income Stability:
    • Minimum annual turnover of INR 4 lakh is required.
    • Bank statements, tax returns, or profit & loss statements must prove income stability.
    • Diversified revenue or long-term contracts enhance approval chances.
  • Employment or Business Tenure:
    • Salaried applicants must have 1+ year with current employer.
    • Self-employed individuals must show 2+ years of business operations.
  • Number of Existing Credit Cards:
    • High outstanding balances increase credit utilization and reduce eligibility.
    • Keep credit utilization below 30% to strengthen the application.
  • Location of Business:
    • HSBC Business Credit Card is issued only in select cities (e.g., Mumbai, Delhi, Bengaluru, Chennai, Pune).
    • Businesses outside these cities are not eligible.
  • Application Frequency:
    • Multiple recent credit card applications may signal credit hunger.
    • Limit applications and ensure eligibility before applying.
  • Banking Relationship with HSBC:
    • Existing HSBC Current or Savings account improves eligibility.
    • Strong banking history helps HSBC assess financial trustworthiness.
  • Business Type and Industry:
    • Stable industries (retail, professional services) are preferred.
    • High-risk or speculative businesses may face stricter checks.
    • Detailed financial documentation can mitigate perceived risk.
  • Age of Applicant:
    • Applicant must be between 18 and 65 years old.
    • Applicants outside this range are automatically ineligible.

Frequently Asked Questions (FAQs) – HSBC Business Credit Card

1. What is the HSBC Business Credit Card and who is it for?
The HSBC Business Credit Card is a financial product designed to help small and medium-sized businesses manage their expenses efficiently. It allows business owners and authorized employees to make purchases, track spending, and access various tools and rewards tailored for business needs.
2. What are the key features of the HSBC Business Credit Card?
Key features include flexible credit limits, detailed expense reporting, interest-free periods (up to 56 days), global acceptance, online banking access, and business-focused rewards and offers.
3. Who is eligible to apply for an HSBC Business Credit Card?
Business owners, directors, or authorized signatories of a registered company or sole proprietorship can apply. The business must meet HSBC’s eligibility criteria, such as minimum turnover and satisfactory credit history.
4. How can I apply for an HSBC Business Credit Card?
You can apply online via HSBC’s official website, visit a local HSBC branch, or contact your HSBC relationship manager. Required documents include business financials, identity proof, and registration details.
5. What documents are required to apply for the card?
Commonly required documents include business registration certificate, recent financial statements, income tax returns, bank statements, proof of address, and ID proof for authorized signatories.
6. Is there an annual fee for the HSBC Business Credit Card?
Yes, an annual fee is applicable, which varies based on the card variant. Some cards may offer a fee waiver for the first year or if a specified annual spending threshold is achieved.
7. What is the credit limit on the HSBC Business Credit Card?
The credit limit is determined based on your business’s income, financials, and creditworthiness. HSBC may periodically review and adjust the limit based on card usage and repayment history.
8. Can I issue supplementary cards for my employees?
Yes, you can request supplementary cards for employees with customized spending limits. This helps streamline expense management across departments and ensures better control of business expenditures.
9. What are the benefits of using a business credit card instead of a personal one?
Business credit cards help separate business and personal expenses, simplify tax filing and accounting, and offer business-specific rewards, reporting tools, and credit flexibility.
10. How can I track and manage card expenses?
HSBC offers detailed monthly statements, online banking, and real-time transaction alerts. Some cards may integrate with accounting software to simplify financial management.
11. Are there any interest-free days on the HSBC Business Credit Card?
Yes, up to 56 interest-free days are provided on retail purchases, subject to full payment of the previous balance by the due date.
12. What should I do if my HSBC Business Credit Card is lost or stolen?
Immediately report the loss to HSBC customer service or your relationship manager. The card will be blocked, and a replacement may be issued after necessary verifications.
13. Can I use the HSBC Business Credit Card internationally?
Yes, the card is globally accepted at merchants and ATMs where Visa or Mastercard is accepted, depending on your card type. Foreign transaction fees may apply.
14. Is there a rewards program associated with the card?
Yes, many business cards come with reward programs. You can earn points on eligible business expenses and redeem them for travel, merchandise, vouchers, or cashback.
15. What happens if I miss a payment or pay late?
Late payments may incur fees, interest charges, and could negatively impact your business’s credit rating. Ensure timely payments to maintain financial health and avoid penalties.