HSBC zero percent deal dubbed unfair

One of the UK's top high street banks, HSBC, recently announced the launch of two new zero percent interest deals on credit cards, stating that the deal that customer's would be able to get depended on the mode of contact that they used to make their application.

However, one official from a MoneySupermarket has stated that this is an unfair way to determine which deals customers can get, and that customers should have access to all deal no matter how they decide to make their application for the card.

One of the cards launched by HSBC offers zero percent interest on purchases for a twelve month period, and also offers a lower rate of 4.9% interest on balance transfers if they are made within thirty days of opening the account. However, the bank has stipulated that this credit card deal is only available to consumers that either telephone or call in at the branch in order to make an application.

The other card that has been launched by the bank offers only three months of zero percent interest on purchases, but also offers zero percent interest on balance transfers that are made within thirty days of opening the account. This deal is only available to consumers that make their credit card application online. The official from Moneysupermarket has expressed his disappointment at the way these deals have been set up.

He stated: "The divide between online and branch and phone doesn't make sense – customers should have access to the deals through all means. "

He added that the phone and branch deal took the bank to the top of the credit card best buy tables, but that the online deal was "nothing to write home about".

Tom Smith
21st May 2007