Looking to reduce your credit card debt? Repay your outstanding balance faster with a HSBC balance transfer.
Being in debt is not a nice place to be and trying to find your way back can be a difficult and tiresome process. If you’re looking for some breathing room from high interest rates and fees, then a balance transfer might be your saving grace.
Here’s a summary of some of the features, benefits and conditions you can expect if you conduct a balance transfer with HSBC.
HSBC Platinum Credit Card Offer
The HSBC Platinum Card offers a low interest balance transfer rate and platinum privileges without having to pay an annual fee. You can also benefit from gaining access to the HSBC Home&Away rewards program giving you discounts on holidays, shopping, travel and more.
- $149 p.a. annual fee
- 19.99% p.a. on purchases
- 0% p.a. for 15 months on balance transfers
- Cash Advance Rate of 21.99% p.a.
- Up to 55 days interest free
- Minimum Income Requirement of $40,000 p.a.
Comparing balance transfers with HSBC
A comparison of HSBC Credit Cards
Rates last updated December 4th, 2016.
- HSBC Platinum Qantas Credit Card
Bonus points offer has been changed from 40,000 to 60,000 and extended until 31 December 2016.
September 1st, 2016
- HSBC Credit Card
$0 Annual fee for life + 0% for 6 months on balance transfers offer extended until 31 December 2016.
September 1st, 2016
- HSBC Platinum Credit Card
$0 annual fee + 0% for 15 months on balance transfers offer extended until 31 December 2016
September 1st, 2016
A balance transfer with HSBC
A balance transfer allows you to consolidate your debt onto the one credit card, making it easier to track your finances. Balance transfers may be a suitable solution for those who have an outstanding debt on a high-interest credit card and want to take advantage of a promotional low rate of interest. The low interest period gives you time to meet your repayments and clear your debt before the card reverts to higher interest rates.
What are the benefits of a balance transfer with HSBC?
- Promotional low interest period. The initial low rate period is the main incentive to complete a balance transfer. During this time period, you can put your money towards your debt and save on interest rates. The aim is to have your debt repaid in full before this promotional period ends.
- Applying is quick and easy. You can apply for a balance transfer when applying for a credit card. The application process will only take 10 minutes.
- Easy solution to resolving your debt. By designing a budget, you can keep track of your repayment schedule and ensure you have the entire debt repaid before the promotional period ends, putting you back in charge of your finances.
What you need to know before you apply
- Annual fee. Check the annual fee. The higher the rewards, the higher the annual card fee. Weigh up which card will be most beneficial for you to avoid paying unnecessary fees.
- Avoid using your card to make purchases. The objective of the card is to consolidate your debt and take advantage of the low interest period. Avoid using your card to make everyday purchases and adding to your debt rather than minimising it.
- Higher interest rates after the promotional period. If your debt isn’t cleared after the promotional low rate period has ended, interest rates will revert to the variable cash advance rate.
- Eligible banks. HSBC does not accept balance transfers from all institutions. Check if your bank is eligible here.
- Balance transfer fee. HSBC does not charge a balance transfer fee.
The application process will take around 10 minutes to complete. A reply will be sent within 60 seconds stating whether the application was successful or not. You’ll need to have the following information handy so you can answer the questions on the application form:
- Employment details
- Details of any assets, liabilities or commitments you have
- Your preferred credit limit
- Details of a nominated person who does not live with you
- Details of any other credit cards or store cards registered in your name, especially the card you’re transferring from
Step-by-step on how to apply for a balance transfer application with HSBC
Step 1: Select a credit card
Choose the credit card you want to apply for.
Step 2: Enter your basic details
Enter your name, email address and contact phone number, and decide on a security question. Choose an answer that you will remember in the future.
Step 3: Your banking history
You’ll be asked whether you’re an existing HSBC customer. If not, specify how long you have been banking with your previous bank. You will also be asked to provide the details of any other credit cards or store cards owned. This is where you will need to declare if you are wishing to complete a balance transfer.
Step 4: Your personal details
The next step asks more about your individual situation. Your gender, marital status, if you have any dependents, driver’s licence details and whether you are an Australian permanent resident.
Step 5: Employment history
You’ll be required to enter how long you've been living at your current address, your employment details and nominate someone who doesn’t live with you.
Step 6: Financial situation
You’ll be asked about your income, any assets, commitments or liabilities you may have and what credit limit you wish to apply for.
Step 7: Review and submit
Confirm the details that you’ve entered are correct. Ensure you understand the terms and conditions before submitting your application. If your application is approved, the HSBC applications team will advise how much you have been approved for and transfer the balance from your old account to your new HSBC credit card. This will take 5-10 working days. You will then have to close your old account to avoid paying any further fees or interest. A HSBC credit card could be a worthwhile debt consolidation strategy. However, as there are many other balance transfer credit card offers available on the market, compare your options to find the right card for you.
HSBC balance transfer card FAQs
Here are some of the most frequently asked questions about HSBC balance transfer cards.