If you’ve been impacted by coronavirus and are worried about making payments on your HSBC credit card, Select Credit or personal loan, we can help.
For personal loans, credit cards, and Select Credit we’re offering assistance with your payments – we can defer your payments during the hardship, and waive cash advance, returned payment, overdraft transaction and late fees for 180 days from the time you enroll, and for personal loans your maturity date will be extended. We’ll also report your account to the credit bureaus at the same status during the relief period as it was when you were placed on the program.
Who can request enrollment?
You can submit a request if:
- You hold an HSBC credit card, Select Credit or personal loan
- You’ve been directly or indirectly impacted by coronavirus
- Your ability to make at least your minimum monthly 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
How will this work?
Once you’re enrolled, there'll be no minimum monthly payment due over the time of the program.
If you make your payments by EZ Pay, it will be cancelled as part of your enrollment to ensure payments are not drawn during the relief period (if you pay by recurring transfer set up through online banking or a 3rd party, you’ll need to cancel this).
At the end of the program, your minimum payment will go back to the usual calculation, as set out in your current terms and conditions. If you make your payments via the EZ Pay program, you will need to re-establish EZPay through Internet Banking.
- For credit cards and Select Credit, this will be based on a percentage of the total amount you owe at the time. It will take into account any increase due to interest, or use of your card, during the program period. This means your minimum payment could be higher after the relief program ends.
- For loans, you can either pay a lump sum equal to the missed payments or agree to new loan terms which extend the term to include instalment payments missed, interest and payment amounts revert back to the approximate original amounts.
Will interest and charges apply during the program?
We’ll continue to charge interest at the usual rates during the program. You can find details of these rates in your agreement or on your monthly statement.
As you won’t be paying off interest during this period (which means we’ll charge interest on that interest, as well as on any new transactions on your credit card or Select Credit), it may cost you more and take you longer to repay your balance.
You’ll still be able to make payments towards your account during the relief program (though we won't collect any payments by EZ Pay). Any payments you’re able to make will reduce the amount of interest you pay.
As you won’t need to make any payments during this period, there’ll be no charges for paying late.
What if you have an introductory or promotional rate on your account?
An introductory or promotional rate will continue to apply for the remainder of the introductory or promotional period. After this, our standard rates will apply.
Can you still use your credit card or Select Credit?
If your account is current, you’ll still be able to use your credit card as normal during the relief program period.
If your account is delinquent, your credit limit will be reduced to the current balance.
How do you request enrollment into the relief program?
The fastest way to submit a request for enrollment in the relief program is to send us a secure BankMail. Once we’ve received your request, we’ll be in touch by BankMail as soon as possible. This could take up to 2 working days as we’re anticipating a high number of requests, so please bear with us.
To request enrollment, you’ll need your:
- Internet Banking log on credentials
- Credit card/Select Credit/personal loan account number
If you aren’t enrolled in internet banking, you can sign up here.
If you don’t want to send us a BankMail, you can also call us at 866.949.2351, 8am- 10pm ET. Please be aware that we are experiencing high call volumes and wait times may be longer than usual.
Will this affect your credit report?
Participation in the relief program won’t change your credit reporting status from what it is at the time of enrolling in the program - if your account is current at time of enrollment, that is what will be reported during the relief period. The same approach will apply if you’re already delinquent. Your account will not progress further in delinquency while in the relief period.
Which accounts will this apply to?
You will tell us which credit card, Select Credit or personal loan accounts you need to have enrolled.
What if you’ve already missed a payment?
You can still request participation in the relief program by calling 800.524.9686, Monday & Friday 8am – 6pm, Tuesday & Thursday 8am – 9pm or Saturday 8am – 4:15pm ET.
If you’ve missed more than one payment, 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 set up an alternative solution or payment arrangement, please contact us at 800.524.9686 to discuss your options.
What if you still can’t afford to make your payments after the program ends?
If your circumstances change during the relief program period and you’re worried about being able to start making at least your minimum monthly payment again, you should contact us to see what options we have available to support you. We have a range of other solutions available to support with longer term difficulties – some of these may have an impact on your credit report.