Coronavirus guidance

If you’ve been impacted by coronavirus and are worried about making payments on your HFC credit card, you can request a 3-month payment holiday. This won’t impact your credit file. Taking a credit card payment holiday is only suitable if you have short-term financial concerns.

Who can request a payment holiday?

You can submit a request if:

  • you have an existing credit card account with HSBC, previously held with:
    • HFC Bank Limited
    • Beneficial Finance
    • Marbles
    • GM Card
  • you’ve been directly or indirectly impacted by coronavirus
  • your ability to make at least your minimum monthly credit card payment has been temporarily affected, or you’re expecting it to be – for example, you’ve lost your job or you’re having to work less hours

If this doesn’t currently apply to you, please don’t make a request now. You’ll be able to make a request up until 9 July 2020 if your circumstances change.

How will this work?

If you submit a request for a 3-month credit card payment holiday and it’s accepted, we’ll temporarily change the terms of your credit card agreement. There'll be no minimum monthly payment due over the payment holiday.

We’ll write to you to confirm this change. There’ll be no other changes to your terms and conditions, which will continue to apply during the payment holiday.

If you make your credit card payments by Direct Debit, we won’t collect any payments from you during this period (if you pay by standing order, you’ll need to cancel this).

At the end of the 3-month period, your minimum payment will go back to the usual calculation, as set out in your current terms and conditions. This will be based on a percentage of the total amount you owe at the time. It will take into account any increase due to interest, or use of your card, during the payment holiday period. This means your minimum payment could be higher after the payment holiday ends.

Will interest and charges apply during the payment holiday?

We’ll continue to charge interest at the usual rates during the payment holiday. You can find details of these rates in your credit card agreement or on your monthly statement. Standard charges (for example, if you use your card to withdraw cash) will also apply.

As you won’t be paying off interest during this period (which means we’ll charge interest on that interest, as well as on any new transactions on your account), it may cost you more and take you longer to repay your balance.

You’ll still be able to make payments towards your account during the payment holiday period (though we won't collect any payments by Direct Debit). Any payments you’re able to make will reduce the amount of interest you pay.

We won’t apply any charges for going over your credit limit during the payment holiday. As you won’t need to make any payments during this period, there’ll be no charges for paying late.

How do you request a credit card payment holiday?

To submit a request for a credit card payment holiday, you can call us on 0345-602-7284. Once we’ve processed your request, we’ll be in touch by email or post as soon as possible. This could take up to 7 working days as we’re anticipating a high number of requests, so please bear with us.

Once your request has been processed and a decision has been made, we’ll contact you by email or send you a letter with an update. We won’t be able to provide this over the phone. If your request is accepted, the confirmation letter we send you will set out the temporary variation to your credit card terms and conditions.

Will this affect your credit file?

If we accept your request for a payment holiday, this won’t impact your credit file.

Which credit card payments will this apply to?

If your request is accepted, we’ll be in touch to confirm when the payment holiday will apply.

What if you’ve already missed a payment?

You can still request a payment holiday by calling us on 0345-602-7284. We’ll review your request and contact you to confirm if it’s been accepted.

If you’ve missed more than one payment, there may be other options that are more suitable for you, depending on your circumstances. If this is the case, we’ll provide further details of the available options.

If you’ve already spoken to our Financial Guidance Team and an alternative solution or payment arrangement has been set up, this will remain in place while we process your request for a payment holiday. If your request is accepted, we’ll take care of this and update the solution or payment arrangement without you needing to contact us.

What if you still can’t afford to make your credit card payments after the payment holiday?

If your circumstances change during the payment holiday period and you’re worried about being able to start making at least your minimum monthly payment again, you should contact us to see what options we have available to support you. We have a range of other solutions available to support with longer term difficulties – some of these may have an impact on your credit file.

© HSBC UK Bank plc 2013