An Overview of HSBC

HSBC is one the largest banking and financial services institutions, and since has 1997 has been providing a selection of credit cards to its Australian customers. Check out the deals available on our comparison table to see if there’s an HSBC credit card that suits your financial requirements.

HSBC’s History

HSBC began its Australian operations in 1965, but the bank itself started business 100 years before. The Hongkong and Shanghai Banking Corporation Limited was established in Hong Kong at the time when the region was a colony of the British Empire. The bank was created with the aim of financing the growing trade between China and Europe in the aftermath of the First Opium War. The first branch opened for business in Hong Kong in March 1865, and in Shanghai one month later. The British Treasury awarded the bank a special dispensation to become incorporated in 1866, and the bank opened a new branch in Japan during the same year.

Under the leadership of Sir Thomas Jackson, who was chief manager from 1876 to 1902, The Hongkong and Shanghai Banking Corporation helped finance the development of Colonial Hong Kong and became a leader in Asian banking, managing British colonial accounts in China, Japan, Penang and Singapore. In the early 20th Century, the bank expanded with new branches in Thailand and the Philippines. In 1935, a new head office building was constructed in Hong Kong.

The bank’s head office operations moved to London during the second world war, returning to Hong Kong in 1946. The 1950s and 60s was a period of diversification for the bank – its first Australian operations began in 1965 with the establishment of HSBC Finance Company Limited. By this time the bank was already working in the USA, the Middle East and India.

In 1986, HSBC Bank Australia was granted a full banking license. HSBC was one of the first foreign banks to enter Australia’s business banking sector, and one of the leading foreign institutions working in the country’s financial market. In the 1990s, HSBC Australia launched commercial and personal financial services, discount home loans and telephone banking. In 1997, HSBC credit cards were introduced to the Australian market.

In 2001, HSBC launched an internet banking service for its personal customers. In the same year the bank acquired NRMA Building Society Limited, and continued to expand in the Australian banking market. In 2010, HSBC started a major expansion of its retail operations, with plans including the opening of as many as 100 new branches in coming years.

HSBC Today

Today, HSBC group is one of the largest and most important banking and financial institutions in the world, with 7,500 properties in 87 countries. The bank operates 34 offices and branches in Australia with HSBC Bank Australia headquarters located in Sydney.

Services and Products

HSBC offers a wide range of products and services in Australia including personal, business, commercial, corporate and institutional banking, financial planning and advice, consumer finances, trade and export finances, payments and cash management, treasury and financial markets, and securities custody.

Individual customers can choose from a full range of personal banking services including accounts, personal loans, home loans, insurance, investment, financial planning and credit cards. HSBC business banking services include accounts, finances, trade and supply, insurance and international services. Personal and business customers can access and manage their accounts 24 hours a day, seven days a week, with HSBC’s safe and secure internet and telephone banking services.

Q: Why should I make a balance transfer to an HSBC credit card? A: The HSBC credit card offers an introductory offer on balance transfers for new customers. This means you can transfer an existing balance from another credit card and repay the balance at a lower interest rate. At the end of the introductory period the rate increases, but if you can repay the balance within the first six months you could save some money.

Q: How do I apply for a balance transfer? A: New customers can apply for a balance transfer when they apply for a new HSBC credit card by completing the balance transfer section of the online application.

Q: Can apply for a balance transfer if I am an existing credit card customer? A: Yes. When you are an existing HSBC credit card customer you can transfer balances from your other credit and store cards at the introductory interest rate. Existing customers can apply by completing HSBC’s Credit Card Balance Transfer Request Form.

Q: Can I transfer balances from one HSBC credit card to another? A: No. You can only transfer balances from credit cards and store cards from other financial institutions. You can, however, make as many balance transfers as you like from third party credit cards and store cards.

Q: Can I have an HSBC credit card in joint names? A: No, HSBC cards are only issued to one name. You can, however, request an additional card to be provided for an authorised friend or relative aged 16 years or over. You should be aware that the primary named cardholder is responsible for all expenses on any additional card.