HSBC credit card balance transfer guide

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

0% p.a. for 22 months on balance transfers
with a one-time 2% balance transfer fee

Offer ends 30 June 2018

Eligibility criteria, terms and conditions, fees and charges apply

HSBC Platinum Card

The HSBC Platinum Credit Card comes with a promotional balance transfer rate and reward points per $1 spent. Plus, the annual fee is refunded each year when you spend $6,000 on eligible purchases.

  • $129 p.a. annual fee.
  • 19.99% p.a. on purchases
  • 0.00% p.a. for 22 months with 2% BT fee 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.
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Comparing balance transfers with HSBC

Rates last updated December 12th, 2017
$
% p.a.

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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
HSBC Platinum Credit Card
0% p.a. for 22 months with 2% balance transfer fee
19.99% p.a.
$129 p.a.
Receive a 0% p.a. for 22 months balance transfer offer and earn 1 Reward Point per $1 of eligible spend. Plus, complimentary travel insurance.
HSBC Platinum Qantas Credit Card
0% p.a. for 12 months
19.99% p.a.
$199 p.a.
Receive 60,000 bonus Qantas Points when you spend $3,000 within 3 months of card approval, plus enjoy a complimentary travel insurance.
HSBC Low Rate Credit Card
0% p.a. for 20 months with 2% balance transfer fee
13.25% p.a.
$79 p.a.
Receive up to 20 months interest-free on balance transfers with a 2% BT fee. Also enjoy exclusive offers with the home&Away Privilege Program.
HSBC Premier World Mastercard
5.99% p.a. for 6 months
19.99% p.a.
$0 p.a.
Offers a choice of either HSBC Rewards Plus or HSBC Qantas Rewards programs, complimentary travel insurance and a $0 annual fee.
HSBC Corporate Card
19.99% p.a.
$129 p.a.
Offers online access to reporting through Visa IntelliLink, complimentary travel insurances and the ability to set individual spend limits.

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Rates last updated December 12th, 2017
$
% p.a.

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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
St.George Vertigo Platinum - Online Offer
0% p.a. for 24 months
12.74% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Platinum card benefits plus 0% p.a. for 24 months on balance transfers (with no BT fee) and $0 annual fee in the first year. Ends 13 December 2017.
NAB Premium Card - Exclusive Offer
0% p.a. for 25 months
19.74% p.a.
$90 p.a.
Exclusive to finder.com.au, enjoy a no BT fee, 0% balance transfer offer for 25 months and seven complimentary insurance covers.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with 0% p.a. for 18 months on balance transfers, earn 3 bonus Velocity Points per $1 for the first 3 months and get a yearly $129 Gift Voucher.
Citi Platinum Credit Card - 100k Bonus Points
0% p.a. for 15 months with 1% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn 100,000 reward Points, enjoy a long-term balance transfer offer, a discounted first year annual fee and complimentary travel insurance.
ANZ Platinum Credit Card - Exclusive Offer
0% p.a. for 12 months
0% p.a. for 3 months (reverts to 19.74% p.a.)
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
Exclusive to finder, get 0% p.a. interest on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Ends 17 December 2017.
HSBC Platinum Credit Card
0% p.a. for 22 months with 2% balance transfer fee
19.99% p.a.
$129 p.a.
Receive a 0% p.a. for 22 months balance transfer offer and earn 1 Reward Point per $1 of eligible spend. Plus, complimentary travel insurance.
St.George Vertigo Visa - Online Offer
0% p.a. for 18 months
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Take advantage of 0% p.a. for 18 months on balance transfers (with no BT fee). Plus, $0 annual fee in the first year. Ends 13 December 2017.
Westpac Low Rate Card - Online Only Balance Transfer Offer
0% p.a. for 24 months with 2% balance transfer fee
13.49% p.a.
$59 p.a.
Take advantage of 0% p.a. for 24 months on balance transfers with a 2% balance transfer fee when you apply online by 31 January 2018.
Virgin Money Low Rate Credit Card
0% p.a. for 14 months
11.99% p.a.
$49 p.a.
Receive a discounted annual fee, $100 cashback when you meet the spend requirement and up to 14 months interest-free on balance transfers.
NAB Low Fee Card
0% p.a. for 16 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Receive complimentary purchase protection insurance, a 16 month balance transfer offer and special offers from Visa Entertainment.
Bankwest Breeze Classic Mastercard
0% p.a. for 24 months with 2% balance transfer fee
12.99% p.a.
$79 p.a.
Receive a long-term balance transfer offer of 0% p.a. for 24 months, a low ongoing purchase rate and up to 55 interest-free days on purchases.
Bank of Melbourne Vertigo Platinum
0% p.a. for 24 months with 1% balance transfer fee
12.74% p.a.
$99 p.a.
Offers a long-term balance transfer, low ongoing purchase rate, complimentary travel insurance and access to a 24/7 personal concierge service.
NAB Low Rate Platinum Card
4.99% p.a. for 6 months
0% p.a. for 9 months (reverts to 13.99% p.a.)
$100 p.a.
A platinum card that offers 0% p.a. for 9 months on purchases. Plus 4.99% p.a. on balance transfers for 6 months.
Citi Rewards Platinum Credit Card
0% p.a. for 24 months with 1.5% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Offers a long-term balance transfer. Earn extra points on eligible international spend, plus complimentary travel insurance.
Woolworths Everyday Platinum Credit Card
0% p.a. for 14 months
19.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $50 eGift Card when you meet the offer criteria, a 0% p.a. for 14 month balance transfer offer and a $0 first year annual fee.
Bankwest Breeze Platinum Mastercard
0% p.a. for 24 months with 2% balance transfer fee
12.99% p.a.
$99 p.a.
Receive a 0% p.a. interest rate on balance transfers for 24 months, complimentary travel insurance and 0% foreign transaction fees.
BankSA Vertigo Visa
0% p.a. for 18 months with 1% balance transfer fee
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Save with a $0 first year annual fee and a 0% p.a. for 18 months balance transfer offer. Plus, up to 55 days interest-free on purchases.
American Express Essential Credit Card
0% p.a. for 12 months with 3% balance transfer fee
14.99% p.a.
$0 p.a.
Get Smartphone Screen Insurance of up to $500 when you pay for your phone or contract with this card. Plus, a $0 annual fee for life.
American Express Explorer Credit Card
0% p.a. for 12 months with 1% balance transfer fee
20.74% p.a.
$395 p.a.
Receive a yearly $400 Travel Credit, 50,000 bonus points and up to 2 entries per year to the American Express Lounge at Sydney International Airport.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0% p.a. for 6 months
0% p.a. for 14 months (reverts to 20.74% p.a.)
$129 p.a.
Save with 0% p.a. on purchases for 14 months and 0% p.a. on balance transfers for 6 months. Plus, earn up to 0.66 Velocity Points per $1 spent.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus Velocity Points in the first 3 months on eligible spend and enjoy a discounted annual fee of $64 for the first year.
Australian Military Bank Low Rate Visa Credit Card
0% p.a. for 12 months
10.99% p.a.
$49 p.a.
Enjoy a 0% p.a. for 12 month balance transfer offer with no BT fee, up to 55 interest-free days on purchases, add an additional cardholder for $0.
St.George Amplify Card
3% p.a. for 36 months
19.49% p.a.
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
Take advantage of a 3% p.a. interest rate on balance transfers for 36 months. Plus, a $0 first year annual fee and 1.00 Amplify Point per $1 spent.
Bank of Melbourne Amplify Card
0% p.a. for 18 months with 1% balance transfer fee
19.49% p.a.
$79 p.a.
Take advantage of a 0% p.a. for 18 months balance transfer offer, earn 1 Amplify point per $1 spent and get up to 55 days interest-free on purchases.

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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.

Eligibility requirements

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.

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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.

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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.

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Sally McMullen

Sally McMullen is an editor at finder.com.au who is a credit cards, frequent flyer and travel money expert by day and music maven by night.

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