How do I make repayments to my Commercial Card account?
By Direct Debit each month from your HSBC Business Current Account. The Direct Debit will be actioned seven days after your statement date and you can choose to pay either the full balance or the minimum repayment.
What is the minimum monthly payment?
The minimum monthly payment will be the higher of either £5 or the sum of:
- 1.5% of the total value of your purchases plus
- any interest for the period from the last statement plus
- any fees and charges
How is the interest calculated on my Commercial Card?
Interest will be calculated on a daily basis, from the statement date until the outstanding balance has been fully repaid. If the balance hasn’t been cleared by the next statement date, the calculated interest will be applied and charged at the monthly rate.
Is there a way for me to use the card and not pay any interest?
Yes, if you’re set up on the minimum Direct Debit option, you get up to 56 days interest-free on your purchases (subject to the balance being paid in full within 25 days of the statement issue).
Customers on the full Direct Debit option can get up to 38 days, interest-free. You can also make additional repayments to avoid / reduce any interest paid or free up your available credit.
What happens if I miss my payment date?
If you miss your payment date, a late payment fee of £12 will be charged to your account. Interest will be charged on a daily basis until the outstanding balance has been fully repaid. If you have any concerns about making your monthly repayments, please contact us to discuss your options.
Can I cancel my Direct Debit?
No, you must repay either the full or minimum balance by Direct Debit each month from your HSBC Business Current Account. However, you can switch between the two repayment options free of charge.