Q. How do I make payments to my Commercial Card account?
A. Direct Debit. When your account is opened, you can choose between ‘minimum’ or ‘full repayment’ options. Accordingly, money must be taken from your HSBC business current account, 7 days after your statement date.
Q. What is the minimum monthly payment?
A. £5 or 3% (rounded up to the nearest pound) – whichever is higher. If your balance is less than £5, then the full amount will be due.
Q. How is the interest calculated on my Commercial Card?
A. Interest will be charged, daily, from the statement date until the outstanding balance has been fully repaid. If the balance hasn’t been cleared by the next statement date, interest will be charged at a monthly rate.
Q. What happens if I miss my payment date?
A. If you miss your payment date, a fee of £12 may be charged to your account. Interest will also be charged, daily, on the overdue balance until everything is paid in full.
A. If you keep missing your payment dates, your account might be suspended, and legal action may be taken in order to recover the outstanding amount.
Q. Can I cancel my Direct Debit?
A. No. A ‘minimum’ or ‘full repayment’ Direct Debit is part of the terms of your Commercial Card and must be from your HSBC business current account. Therefore, it cannot be cancelled.
However, you can change your mind about which direct debit option you would prefer. If this happens, please get in touch.
If you have any other questions about our Commercial Card, please contact us.