HSBC credit card balance transfer guide

Information verified correct on December 4th, 2016

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

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

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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
0% p.a. for 15 months 19.99% p.a. $149 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
19.99% p.a. $199 p.a. Go to site More info
HSBC Credit Card
No annual fee for life of the credit card with a balance transfer offer. Also comes with a low interest rate and up to 55 days interest-free on purchases.
0% p.a. for 6 months 17.99% p.a. $0 p.a. More info
HSBC Premier World MasterCard
Choice of 2 Rewards Programs - HSBC Rewards Plus or HSBC Qantas Rewards. Plus a low balance transfer offer.
19.99% p.a. $0 p.a. More info
HSBC Corporate Card
Receive a flexible credit card solution for corporate customers.
0% p.a. for 8 months 19.99% p.a. $129 p.a. More info
Rates last updated December 4th, 2016
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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Offers 0% p.a. interest rate on balance transfers for 18 months to help you manage your existing credit card balance with a reduced annual fee in the first year.
0% p.a. for 18 months 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
0% p.a. for 15 months 19.99% p.a. $149 p.a. Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Also, enjoy an annual fee waiver in the first year.
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) Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months with a one off 3% balance transfer fee 0% p.a. for 15 months (reverts to 13.99% p.a.) $59 p.a. Go to site More info
NAB Low Fee Card
Enjoy a low introductory rate of 0% p.a. on balance transfers and purchases for 15 months.
0% p.a. for 15 months with a one off 3% balance transfer fee 0% p.a. for 15 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 18 months and an introductory purchase offer of 1% p.a. for 12 months with an annual fee waiver for the first year.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
Virgin No Annual Fee Credit Card
Enjoy a long term balance transfer plus a $100 cashback offer (spend criteria applies) and never pay an annual fee for this card.
0% p.a. for 18 months with 2% balance transfer fee 18.99% p.a. $0 p.a. Go to site More info
Westpac Low Rate Card
A no frills credit card with an introductory rate of 0% p.a. for 16 months on balance transfers and 1% p.a. for 12 months on purchases.
0% p.a. for 16 months 1% p.a. for 12 months (reverts to 13.49% p.a.) $59 p.a. Go to site More info
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
0% p.a. for 12 months with 1% balance transfer fee 14.99% p.a. $0 p.a. Go to site More info
Bank of Melbourne Vertigo Visa Credit Card
Enjoy a low annual fee combined with 0% p.a. balance transfer offer for 18 months and 1% p.a. for up to 12 months on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
Bank of Melbourne Vertigo Platinum
A platinum card with a low balance transfer offer of 0% p.a. interest for 18 months and 1% p.a. for 12 months on purchases combined with complimentary insurance covers.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
BankSA Vertigo Visa
A low interest rate card with a low annual fee, a long term balance transfer offer of 0% p.a. for 18 months and an introductory offer of 1% p.a. for 12 months on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
Citi Simplicity Card
Take advantage of the 0% p.a. for 9 months offer on balance transfers, a low interest rate on purchases, an annual fee waiver for life, plus 5% cashback on retail purchases.
0% p.a. for 9 months 19.99% p.a. $0 p.a. Go to site More info

A balance transfer with HSBC

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.

Can I get a promotional balance transfer rate?

This special rate is given to new customers at HSBC. It is limited to the first request for a balance transfer from other credit or store cards.

Can I transfer the entire balance from my other store or credit cards?

You can transfer any amount from an Australian store or credit card up to the credit limit that is available on your new HSBC balance transfer card. You will be assessed to determine the amount of your credit limit and this may or may not be the limit that you had originally asked for. There is a minimum amount that you can transfer, and this is set at $500. You are, however, allowed to make an unlimited amount of transfers.
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Sally McMullen

Sally McMullen is a journalist 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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