HSBC Tap Moments

Chomeur

Anyone done the HSBC Tap Moments promotion? Did you get many prizes? I'm thinking of doing it with my HSBC credit card. I have a zero% balance transfer on it which I want to run to expiry, but so long as I pay off my spending before the due date on each statement I should be able to avoid any interest charges shouldn't I?

I have applied for an HSBC current account and could use the debit card for that, but it seems to take forever to get the account set up.

Thanks

StopIt

That is correct (Paying in full avoid interest).


As for the promotion? As long as it doesn't cost you anything to take part, you've got nothing to lose.

Chomeur

StopIt wrote: »

That is correct (Paying in full avoid interest).

No, I won't be paying in full because I want to keep the benefit of the 0% balance transfer. But the terms say:

"Payments received are applied to pay off the
minimum payment shown on your statement,
then the remaining balance on your statement,
then any items not yet included in a statement.
We will apply your payment first to any payment
protection insurance premium, then to categories
of balances in the following order:
– Cash Advances
– Purchases and Balance Transfers not being
charged at a Promotional rate
4
– Purchases and Balance Transfers being charged
at a Promotional rate
In each category, interest and charges are paid
first followed by the remainder of the balance."

so I think that the balance transfer which is not being charged interest counts as a balance transfer which is being charged at a Promotional rate, while my purchases on the app will not be charged at a Promotional Rate so will be paid off first as long as I send the money manually for each statement.

StopIt

Chomeur wrote: »

No, I won't be paying in full because I want to keep the benefit of the 0% balance transfer. But the terms say:

"Payments received are applied to pay off the
minimum payment shown on your statement,
then the remaining balance on your statement,
then any items not yet included in a statement.
We will apply your payment first to any payment
protection insurance premium, then to categories
of balances in the following order:
– Cash Advances
– Purchases and Balance Transfers not being
charged at a Promotional rate
4
– Purchases and Balance Transfers being charged
at a Promotional rate
In each category, interest and charges are paid
first followed by the remainder of the balance."

so I think that the balance transfer which is not being charged interest counts as a balance transfer which is being charged at a Promotional rate, while my purchases on the app will not be charged at a Promotional Rate so will be paid off first as long as I send the money manually for each statement.

In which case, so long as HSBC allocates payments to the interest bearing debts first, you'll be fine.


Maybe worth checking with HSBC, just to be 100% certain.

DylanE

I participated in this and received 6 £3 Costa gift vouchers and 2 Odeon Tickets.
This was from a fairly modest spend of small amounts.
I would say it was definitely worth it

LuSiVe

StopIt wrote: »

In which case, so long as HSBC allocates payments to the interest bearing debts first, you'll be fine.


Maybe worth checking with HSBC, just to be 100% certain.

But you won't be paying off in full, which means that any purchases will attract interest from the date of purchase? But you won't be able to pay them off until statemented. I would definitely check.

Chomeur

LuSiVe wrote: »

But you won't be paying off in full, which means that any purchases will attract interest from the date of purchase? But you won't be able to pay them off until statemented. I would definitely check.

Thanks, I hadn't thought of that.

From what I quoted above: "Payments received are applied to pay off the
minimum payment shown on your statement,
then the remaining balance on your statement,
then any items not yet included in a statement."

so it seems I will have to pay interest up to the statement date. Maybe it's worth it - it will only be a couple of weeks' interest on average.

I don't think I want to call them - it will take forever to get through to them and then wait on hold while they find out the answer.

LuSiVe

And they'll probably give you the wrong answer anyway

You'll also pay interest up until it's paid, not just the statement date - the rest of the interest will be added on the next statement .... to some people's shock!

Chomeur

LuSiVe wrote: »

And they'll probably give you the wrong answer anyway

quite.

So I'll just check my account when it's issued and pay off the purchases and interest.