HSBC business credit card: benefits, rewards and how to apply

As one of the leading high street banks offers a wide range of business products for SMEs and larger companies, including an HSBC business credit card. If you’re thinking of applying, it’s worth understanding how it compares to other options to know whether it’s right for your business. 

Let’s take a look at the key features of the Commercial Card, and what HSBC’s business credit card offers as a cash flow management tool. 

What is the HSBC business credit card and who is it for?

The HSBC Commercial Card is a business credit card designed to help businesses manage their day-to-day expenses and improve cash flow. It’s aimed at small to medium-sized businesses, with the bank’s HSBC Corporate Card providing a business credit card option for larger, global businesses. 

The Commercial Card offers flexible credit options to manage your everyday business expenses and is suitable for startups and established SMEs that are looking to build credit and make the most of the increased working capital.

However, you will need to hold an existing HSBC business bank account to apply for the card – a caveat that’s worth knowing if you don’t already bank with HSBC. 

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Key benefits and rewards of the HSBC Commercial Card

As with many business credit cards, the HSBC Commercial Card gives you a range of features. However, unlike some business credit cards, there’s no direct cashback scheme with the Commercial card – only limited cardholder discounts.

When researching which business credit card is best suited for your business, the perks and benefits are a primary consideration, so make sure you compare the card benefits of a range of different cards before you make a decision.

Let’s dive into the features of the HSBC Commercial Card in more detail:

Does the HSBC business credit card include airport lounge access?

No, the HSBC Commercial Card and Corporate Card do not offer airport lounge access. You’d need to choose a premium business credit card, like the Amex Business Platinum Card, to get this feature. For example, as an Amex Business Platinum cardholder you get complimentary access to 1,400 airport lounges worldwide.

Fees, limits and interest rates explained

Some business credit cards charge an annual fee for the card, while others sometimes offer the first year free. There are also a limited number of no-fee business credit cards, which charge no annual fee at all. 

So, how does the HSBC Commercial Card compare?

The Commercial Card is free for the first year of card usage. HSBC will then charge you a £32 fee per year and per card – you’ll pay this fee for every person in the business issued with a card. 

Your minimum credit limit is £500, but the maximum credit limit will be agreed subject to status and an assessment of the turnover, business credit score and creditworthiness of your business. 

There are charges and fees to bear in mind when assessing the card. You’ll be charged £12 for any late payments outside the usual 56-day interest-free period (38 days if you’re paying by Direct Debit). And there’s a 2.99% handling fee on all cash withdrawals and a similar 2.99% fee on any foreign transactions. 

Your business credit profile will improve as the business expands, sales increase and revenue generation becomes more stable. This may lead to increased credit limits, as the bank becomes more confident in your viability and performance as a business. 

Is there an annual fee for HSBC business credit cards?

The HSBC Commercial Card is free for the first year. Then you’ll be charged £32 per card, per year, to make use of this line of credit. 

How to apply for an HSBC business credit card (online and phone)

To apply for the HSBC Commercial Card online as a UK small business owner, you must first be an existing HSBC Business Current Account customer.

Here is a step-by-step guide:

1. Check eligibility: Confirm your business has an HSBC Business Current Account. You’ll also need to prove you're a sole trader, partnership, limited company or a school/charity with authority to borrow. 
2. Access the application: Log on to HSBC's business internet banking portal. This is the main hub for your existing HSBC bank account.
3. Complete the form: Fill in the online application form, which will require both personal details (names and addresses of the business owner, partners and directors etc.) and business details (business address and Companies House registration details if the business is a limited company). 
4. Check and confirm details: Check through the whole application form to make sure your answers, names of cardholders and business information are all correct. Once you’re sure the details are accurate, you’re ready to proceed. 
5. Submit and await decision: Submit the online application for review by HSBC. The bank offers no service level agreements (SLAs) around timescales for approval of your card application, or delivery of the card. If you haven’t heard anything within a week, it’s sensible to chase the bank for feedback. 

Managing your HSBC business credit card: login, payments and support

If you’re approved for an HSBC Commercial Card, you’ll shortly receive your card and can start using the business credit card to pay for your ongoing business expenses.

Once you start making transactions, it’s important to get organised about managing your card, making the necessary repayments and tracking your overall spending. 

Managing and tracking your spending: 

Access to your card transactions and spending is via the HSBC business online banking site. If you have an HSBC Corporate Card, the Corporate Cards mobile app is available. However, the app doesn’t appear to support the Commercial Card. 

When logged into HSBC online banking, you’ll be able to see your credit card statements, manage expenses and download your transaction history.

Payment of your credit card bill: 

At the end of each month, you’ll need to either clear the full balance on the card, or pay the minimum repayment amount for that month. 

You have a number of ways to pay the bill. 

• Online banking: You can make a one-off payment through HSBC's Business Internet Banking to clear the balance or make a minimum payment.
• Direct Debit: You can set up a Direct Debit to automatically pay either the full balance or a minimum amount each month. 
• Telephone banking: You can make a one-off payment by calling the HSBC business call centre on 03457 60 60 60.
• In branch: If you still have a local HSBC branch nearby, you can visit the branch to make a payment for your credit card bill.

How do you cancel an HSBC business credit card?

There will be instances where you may want to block, replace or even cancel your HSBC business credit card. 

If your card is stolen, you can report the card stolen directly with the bank. You can cancel the card and order a new one, or put a temporary block on the card if you believe you’ve mislaid the card and may be able to locate it.

If you want to completely cancel the card, you can close your card account by contacting the Online Business Banking team. Be aware that the balance of the card must be zero before the bank can shut down the account. 

Need flexible finance without switching banks?

HSBC’s Commercial Card can support everyday business spending, but it’s only available if you already have an HSBC business account. And while it offers an interest-free period, you’ll still pay annual fees, foreign transaction charges and miss out on cashback or rewards.

If you want more control over your borrowing without being tied to a specific bank, an iwoca’s Flexi-Loan can help.

• No HSBC account required. We work with any UK business bank account.
• Borrow up to £1,000,000 with decisions in hours, not days.
• Only pay for what you use: interest applies only to funds you draw down.
• Repay early with zero fees: save money and stay in control.
• Top up when needed: scale your funding as your business grows.

With iwoca, you get funding that fits your business, not the other way around.

Check how much you could borrow today

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