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HSBC credit cards payment holiday

雅博体育app

If you’ve been impacted by coronavirus and are worried about making payments on your personal HSBC credit card, you can request a 3-month payment holiday. This won’t impact your credit file.

Taking a credit card payment holiday is only suitable if you have short-term financial concerns. 

See more information about what to do if you have longer-term concerns, or if you’re already behind on payments.

Who can request a payment holiday?

雅博体育appYou can submit a request if: 

  • you hold an HSBC personal credit card account (you can’t submit a request if you’re an additional cardholder)
  • you’ve been directly or indirectly impacted by coronavirus
  • your ability to make at least your minimum monthly credit card payment has been temporarily affected, or you’re expecting it to be – for example, you’ve lost your job or you’re having to work less hours 

If this doesn’t currently apply to you, please do not make a request now. You’ll be able to make a request up until 31 October 2020 if your circumstances change. 

Find out more about your options if you hold an .

How will this work?

If you submit a request for a 3-month credit card payment holiday and it’s accepted, we’ll temporarily change the terms of your credit card agreement so there'll be no minimum monthly payment due over the payment holiday. 

We’ll write to you to confirm this change. There’ll be no other changes to your terms and conditions, which will continue to apply during the payment holiday.

If you make your credit card payments by Direct Debit, we won’t collect any payments from you during this period. If you pay by standing order, you’ll need to cancel this.

雅博体育appYou may still receive an arrears notice saying we haven’t received your minimum payments by the due dates included in your payment holiday. If this happens, we won’t expect you to make these payments and you won’t need to contact us or take any other action in relation to the notice. 

雅博体育appAt the end of the 3-month period, we’ll go back to calculating your minimum payment as before. This may be higher after the payment holiday, because it’s normally based on a percentage of your balance. It will take into account any increase due to interest, or use of your card, during the payment holiday. 

Will interest and charges apply during the payment holiday?

雅博体育appWe’ll continue to charge interest at the usual rates during the payment holiday. Standard charges (for example, if you use your card to withdraw cash) will also apply. 

雅博体育appAs you won’t be paying off interest during this period (which means we’ll charge interest on that interest, as well as on any transactions on your account), it may cost you more and take you longer to repay your balance.

Any amount you spend during the payment holiday will also increase your balance. This means you’ll pay more interest and your minimum payment will be higher after the payment holiday ends.

雅博体育appHowever, we won’t apply any charges for going over your credit limit during the payment holiday extension. There’ll be no minimum payments due over this period, so there’ll also be no charges for paying late.

£4,000 balance before payment holiday

  No spending 
Spending £200 per month
Balance after payment holiday
£4,223
£4,834
Balance increase
+£223
+£834
Minimum payment before payment holiday
£113
£113
Minimum payment after payment holiday
£119

£137
Minimum payment increase
+£6
+£24

£4,000 balance before payment holiday

  Balance after payment holiday
No spending 
£4,223
Spending £200 per month
£4,834
  Balance increase
No spending 
+£223
Spending £200 per month
+£834
  Minimum payment before payment holiday
No spending 
£113
Spending £200 per month
£113
  Minimum payment after payment holiday
No spending 
£119

Spending £200 per month
£137
  Minimum payment increase
No spending 
+£6
Spending £200 per month
+£24

£10,000 balance before payment holiday

  No spending
Spending £200 per month
Balance after payment holiday
£10,558
£11,169
Balance increase
+£558
+£1,169
Minimum payment before payment holiday
£283
£283
Minimum payment after payment holiday
£298
£316
Minimum payment increase
+£16
+£33

£10,000 balance before payment holiday

  Balance after payment holiday
No spending
£10,558
Spending £200 per month
£11,169
  Balance increase
No spending
+£558
Spending £200 per month
+£1,169
  Minimum payment before payment holiday
No spending
£283
Spending £200 per month
£283
  Minimum payment after payment holiday
No spending
£298
Spending £200 per month
£316
  Minimum payment increase
No spending
+£16
Spending £200 per month
+£33

The figures used are approximate and for illustration only. They don’t show exactly what will happen on your account. They are based on the following assumptions, which may not apply to your account:

  • that interest is charged at a single fixed rate of 21.9% per annum. The rates we actually charge depend on the terms of your credit card agreement, and the type of transaction. You can find more information about the standard variable rates which apply to your account in your agreement, or on your monthly statement
  • that we calculate your minimum payment based on monthly interest at this single rate, plus 1% of the assumed balance. Please refer to your credit card agreement for information about how we calculate your minimum payment

Making payments

You’ll still be able to make payments towards your account during the payment holiday period. We won’t collect any payments by Direct Debit, but there are other ways to pay you can find more information on the back of your monthly statement.

We encourage you to pay any amount you can afford. The more you’re able to pay, the less interest you’ll be charged and the lower your minimum payment will be after your payment holiday ends. 

What if you have an introductory or promotional rate on your account?

雅博体育appThis will continue to apply for the rest of your introductory or promotional period, which won’t be affected by the payment holiday. After this, our standard rates will apply.

Can you still use your credit card?

You’ll still be able to use your credit card as normal during the payment holiday period. This means we won’t suspend use of your card due to the payment holiday. However, if we’ve suspended your card for another reason (for example, because we see a risk of fraud, or we feel you won’t be able to repay what you owe), the payment holiday won’t change this.

How do you request a credit card payment holiday?

雅博体育appTo submit a request for a credit card payment holiday, you can fill out our online form. Once we’ve processed your request, we’ll be in touch as soon as possible. This could take up to 7 working days as we’re receiving a high number of requests, so please bear with us.

To fill out the form, you’ll need your:

  • credit card number
  • next payment date

You can find these details on your credit card statements or the account summary screen in online banking.

雅博体育appOnce your request has been processed and a decision has been made, we’ll contact you by email, or send you a letter with an update. We won’t be able to provide this over the phone. If your request is accepted, this will set out the temporary variation to your credit card terms and conditions.

This form is only for customers applying for a credit card payment holiday for the first time.

What happens at the end of a payment holiday?

We’ll get in contact before your payment holiday ends to let you know your options.

雅博体育appIf you’re able to, you should begin making your monthly payments again.

If you’ll be unable to make payments or meet your minimum payment due, we’ll let you know what further support is available. This could include the option to extend your payment holiday. The options available will depend on your circumstances.

Will this affect your credit file?

雅博体育appTaking a credit card payment holiday won’t impact your credit file. However, if you go over your credit limit due to interest or new transactions added during the payment holiday, or you don’t restart payments after it ends, your credit file could be affected.

Although taking a payment holiday will not worsen the status on your credit file, keep in mind that lenders may take into account other information when making future lending decisions.

When will the payment holiday apply?

雅博体育appIf your request is accepted, we’ll be in touch to confirm when the payment holiday will apply. If you haven’t missed any payments, it’ll usually start on the payment due date after we accept your request and last for 3 months.

What if you’ve already missed a payment?

You can still request a payment holiday using our online form.

If you’ve only missed your most recent payment, we’ll take this into account so your payment holiday will last for another 2 months.

If you’ve missed more than one payment, we’ll review your request. However, there may be other options that are more suitable for you, depending on your circumstances. If this is the case, we’ll provide further details of the available options.

If you’ve already spoken to our Financial Guidance Team and an alternative solution or payment arrangement has been set up, this will remain in place while we process your request for a payment holiday. If your request is accepted, we’ll take care of this and update the solution or payment arrangement without you needing to contact us.

What if you've received a letter about being in 'persistent debt'?

Persistent debt is where you’ve paid more in interest and charges than towards repaying the amount borrowed on your card over an 18-month period. If we’ve written to you about this, you can still request a payment holiday using our online form.

Can you change a payment due date during a payment holiday?

雅博体育appNo – the payment holiday gives you a break from making payments, so you won’t be able to change your usual payment due date until you’ve started making payments again.

Can you cancel a payment holiday?

No, you can’t cancel a payment holiday once it’s been confirmed. We’ll have changed your terms and conditions, so there are no payments due during this period.

However, you can still choose to make payments during the payment holiday period – we just won’t collect any by Direct Debit. You can find other ways to make payments on the back of your monthly credit card statement.

You can also apply for a payment holiday if you have an existing HSBC credit card account which was previously held with HFC Bank Limited, Beneficial Finance, Marbles or GM Card. Find out more over at .

It’s easy to get in touch online. Talk to us directly through our chat channels.