HSBC announces new credit card payment option 'for more flexibility'

HSBC customers now have the option to make purchases with credit card instalment plans, the banking giant has announced. The new feature allows customers to split purchases made when checking out online with Apple Pay into manageable monthly repayments from their iPhone or iPad at the time of purchase.

The move aims to give customers a “simple and secure” way to spread costs. Colin O’Flaherty, head of unsecured lending at HSBC UK, said: “We’re committed to giving our customers choice in how they make purchases, as well as flexibility in how they approach their borrowing. The ability to pay with instalments when checking out with Apple Pay using a HSBC credit card does just that."

He added: “This new option offers our customers a smart, simple and secure way to spread the cost of purchases, directly from the devices they use every day. This launch is another step in delivering digital-first experiences that fit around our customers’ lifestyles.”

To use HSBC credit cards with Apple Pay, customers must first add their HSBC credit card to Apple Wallet if it's not already added.

Next, customers must make a qualifying purchase of at least £100 using Apple Pay, either online or in-app, and follow the on-screen prompts to create an instalment plan.

Eligible customers can select their HSBC credit card via the Apple Pay prompt and tap "Pay Later" to view their available HSBC instalment plans. Customers can then select the plan of their choice and complete the checkout process.

Customers now have access to:

• Plan set-up: Pay with instalments directly at checkout when using Apple Pay to make online and in-app purchases using iPhone and iPad
• Repayment terms: Choose from a range of repayment terms with transparent monthly fees of between 1.5% to 8% of the total plan amount, and no interest to pay on the balance of the plan
• Repayment management: Track instalments through the HSBC UK app and your monthly statement.

Instalment plans are available now on Apple Pay for eligible HSBC UK credit card holders using iOS 18.2 or later.