HSBC is hoping to close the gap for credit cards in the Channel Islands and the Isle of Man, and will be opening up credit card applications to all islanders for the first time.
The bank is one of very few who currently offer them as part of their credit account, and a spokesperson described the decision as a 'positive development' to combat a 'problematic' situation that has troubled many islanders.
This is one of several changes HSBC has made to 'ensure people's banking fits with their lifestyle'. These include the bank's ongoing fraud public awareness campaign, the Island Privileges reward scheme, and the COVID support packages which were rolled out in March for local businesses and individuals.
Everyone who applies for a credit card must still meet certain eligibility criteria, as is standard practice for all credit card applications.
"We are pleased to be able to offer credit cards to islanders, whether they are an HSBC customer or not," said John Goddard, Head of Wealth and Personal Banking for the Channel Islands and Isle of Man.
"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."
Pictured top: "We look forward to helping more people lead their financial lives with greater freedom and choice," said Mr Goddard.
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