Credit Card & Select Credit relief program
The Bank credits interest to your deposit account monthly, quarterly, semi-annually, annually or at maturity, depending on what kind of deposit account you have. Credited interest will show on your statement. Interest on checking, savings and CDs can be credited to another HSBC checking or savings account you specify.
If you’ve been impacted by coronavirus and are worried about making payments on your HSBC credit card or Select Credit account, we can help.
For credit cards and Select Credit we’re offering assistance with your payments – we can reduce your payments, waive interest charges and waive late fees for 90 days from the time you enroll.
Who can enroll?
You can submit a request to enroll in our relief program if:
- You hold an HSBC credit card or Select Credit account.
- You’ve been directly or indirectly impacted by coronavirus.
- Your ability to make at least your minimum monthly payment has been 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 in the 90-day Relief Program, your monthly payment will be reduced by 50% or to a minimum of $15 at your next billing cycle, we won’t charge you any interest, and we won’t apply any late fees for the duration of the program. We recommend you review any automatic or scheduled payments and adjust as needed.
If your account is past due and you make your payments by AutoPay/EZ-Pay, it will be cancelled as part of your enrollment to ensure the past due amount is not withdrawn during the relief period. If you pay by recurring transfer set up through Online Banking or a third party, you’ll need to cancel it.
If your account is not past due and is enrolled in AutoPay/EZ-Pay, please review your payment election to prevent more than the program minimum payment amount from being withdrawn.
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. This will be based on a percentage of the total amount you owe at the time. It will also take into account any past due payments owed. This means your minimum payment could be higher after the relief program ends. If you make your payments using AutoPay/EZ-Pay, you will need to re-establish AutoPay/EZ-Pay through Personal Internet Banking.
Will interest and charges apply during the program?
We will not change any interest for the duration of the program.
What if I have an introductory or promotional rate on my 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 I still use my credit card or Select Credit?
Your credit card or Select Credit account will be suspended for the duration of the program. While enrolled in the program, you will not be able to make purchases or cash advances. The suspension will also apply to any overdraft protection or automatic payments.
How do I request enrollment into the relief program?
The fastest way to enroll in the program is by submitting an enrollment form through Personal Internet Banking. Once we’ve received your request, you will be placed in queue for your account to be set up on the program. You will receive a letter in 7-10 business days following your next billing cycle, confirming your enrollment in the 90-day Relief Program. Please continue to make your minimum monthly payment until you receive the enrollment confirmation.
To request enrollment, you’ll need your:
- Personal Internet Banking log on username and password
- Credit card and/or Select Credit account number
If you aren’t enrolled in Personal Internet Banking, you can sign up here.
If you don’t want to enroll online, you can also call us at 800.524.9686, Monday through Friday from 8am-5pm ET. Please be aware we are experiencing high call volumes and wait times may be longer than usual.
Will this affect my credit report?
We will continue to report your payment activity to the credit reporting agencies, including any delinquencies.
Which accounts will this apply to?
You will tell us which credit card and/or Select Credit accounts you need to enroll.
What if I’ve already missed a payment?
You can still enroll in the relief program following the steps above.
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, call the number below for details on the options available to you.
If you’ve already set up an alternative solution or payment arrangement, please contact us at 800.524.9686, Monday through Friday from 8am-5pm ET to discuss your options.
What if I 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.
What if this program isn’t a good fit for my situation?
If this program doesn’t meet your needs, we may still be able to help. Please call us at 800.524.9686, Monday through Friday from 8am-5pm ET.