HSBC Channel Islands and Isle of Man is helping close the gap for credit cards in the islands by opening up credit card applications to all islanders for the first time.
As one of the few local banks currently offering credit cards on its current account, extending this to other islanders is a positive development in a situation that has been problematic for residents of Jersey, Guernsey and the Isle of Man for a number of years, when people have struggled to apply for a credit card despite having a healthy financial background.
This new opportunity is one of a number of positive changes HSBC is making to ensure people’s banking fits in with their island lifestyle and, in turn, makes their lives easier. Such examples include HSBC’s ongoing fraud public awareness campaign which helps highlight the signs and risks of financial fraud, its Island Privileges reward scheme, its Covid-19 financial support packages which were rolled out in March to help local businesses and individuals cope with the effects of the pandemic and a new “green” loan to encourage more sustainable island living.
Everyone who applies for a credit card must still meet certain eligibility criteria, as is standard practice for all credit card applications.
John Goddard, Head of Wealth and Personal Banking, Channel Islands and Isle of Man, told B365: “We are pleased to be able to offer credit cards to islanders whether they are an HSBC customer or not. Credit cards can be very useful for purchases and for building a good history of timely payments which can help you in applying for loans such as mortgages. We know many islanders have been frustrated at not being able to apply for credit cards, with HSBC current account customers being some of the few able to apply and receive them until now. This news is a direct response to these concerns and we look forward to helping more people lead their financial lives with greater freedom and choice.”
The inability of local people to get credit cards was highlighted by Business365 two years ago, and at the time was denied by government sources. Only a tiny number of providers were prepared to offer the service to Islanders after most mainline banks and major companies like Marks & Spencer withdrew the facility.