If you’re interested in applying for a credit card, you may have some questions - especially if you've never used one before. To help you get started, we'll cover a few of the key things you need to know.
When deciding if getting a credit card is the right choice for you, it’s important to understand how they work. In particular, you may want to think realistically about your spending habits and how you're likely to use your card.
Credit cards can help you to manage the cost of larger purchases or unexpected expenses, but it's vital to use them responsibly. Remember that anything you spend on a credit card must eventually be paid back.
Make sure you understand the interest rate attached to your credit card and how it's applied. Many cards will charge interest if you don't repay the full balance each month. If you use a credit card for things other than purchases, such as withdrawing cash, you may also be charged additional usage fees.
Make sure you have a repayment plan and the funds available to make your minimum monthly repayments. Missing a repayment may cause you to incur additional charges.
Before applying for a credit card, take some time to consider which one may be right for your needs. Different credit cards can be useful for different things.
This card is designed for day-to-day use in Bermuda. The BermudaCard is a great option if you're spending in Bermuda dollars, as you won't be charged FCPT (Foreign Currency Purchase Tax) when repaying the card.
This a good starter card if you've never had a credit card before. It has the lowest fee and credit limit, so using it can help you get acquainted with the basics of owning and using a credit card.
This card lets you earn rewards all year round and can be used worldwide. With 1.2 reward points earned for every dollar spent and car rental insurance included, a Visa Gold card is a good option if you're looking for a card that offers you a few extra benefits.
Only available to Premier customers, this card provides added benefits, including higher reward points, discounted airport lounge access and concierge services.
This exclusive card for Premier customers offers the highest level of rewards and benefits, such as no international transaction fees, VIP access to over 1,000 airport lounges and luggage protection. Made of sleek black metal and laser engraved with your details, it really makes a statement!
Find the right card for you with our credit card comparison tool
Most credit cards have eligibility requirements you need to meet. For example, you will need to be over 18 to apply for a credit card in Bermuda without a parental co-signature. Some cards also require you to have a specific type of bank account, or a minimum annual income.
Another important thing to consider is affordability. When it comes to your credit card spending limit, as a first-time borrower it's recommended that you select a limit that is no more than 1× your salary. As you get more comfortable with using your card, you could increase to 2× your salary if you wish.
If you are not a citizen of Bermuda, you will need to provide cash security up to at least 50% of your requested credit limit in order to obtain a credit card from HSBC Bermuda.
To apply for a credit card with HSBC Bermuda, you can submit your application in online banking. Simply log on, go to 'Our products' and select 'Online applications'.
If you've never used our online banking platform before, you'll need to register first.
If you're looking to add another authorized user to your credit card, you can do this while completing your application. But it's worth noting that your secondary cardholder will not be responsible for repayments.
When completing your application, you'll need a few documents and details. We recommend having these on hand before starting your application.
There's no set limit on how many cards you can apply for. Different cards offer different benefits. But it's important to spend and manage your credit responsibly.
If you're looking for a second credit card, you'll need to wait a minimum of 6 months after getting your first. You can, however, apply for 2 cards at the same time on your first application.
During the application process for an HSBC credit card, you will be asked to decide between standard and rush delivery. If you choose standard delivery, there is no cost and the card will be sent to the address on your application in 10 to 15 working days. If you prefer a rush delivery, you can only pick up your card in-branch 7 working days after you're approved. There will be $35 charge for this. If you're getting a Premier Black Card, this can be picked up from the Premier Centre at our Harbour View branch.
Check out our latest credit card rewards to get the best value from your card purchases.
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View our full list of benefits for Visa and Mastercard credit cards.
