HSBC credit card balance transfer guide

Find out how you can save on interest when you move your debt to a HSBC credit card with a low or 0% p.a. balance transfer rate.

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HSBC balance transfer offers let you move your existing credit card debt onto a new card that charges low or no interest during the introductory period. As well as saving you money on interest charges, this can help you pay off the debt faster.

At the end of the introductory period, any debt left over from the transfer will be charged interest at the cash advance rate for your HSBC card. Use this guide to learn more about the potential benefits, risks and features of HSBC balance transfers so you can decide if this option is right for you.

HSBC Credit Card Offer

HSBC Platinum Credit Card

0% p.a. for 12 months on purchases and balance transfers
Annual fee refund when you meet the minimum spend

Offer ends 31 December 2019

Eligibility criteria, terms and conditions, fees and charges apply

HSBC Credit Card Offer

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% p.a. for 12 months with 0% 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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Comparison of HSBC balance transfer credit cards

Rates last updated October 22nd, 2019
$
% p.a.

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Name Product Balance transfer rate Purchase rate (p.a.) Annual fee Amount Saved Product Description
HSBC Platinum Credit Card
0% p.a. for 12 months
0% for 12 months, reverts to 19.99% p.a.
$129 p.a.
0% p.a. on purchases and balance transfers with no BT fee. Plus, a yearly annual fee refund when you spend $6,000 and 2 lounge passes per year.
HSBC Platinum Qantas Credit Card
0% p.a. for 12 months
19.99% p.a.
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
Save with a $0 first year annual fee and a long-term balance transfer offer. Plus, complimentary travel insurance.
HSBC Low Rate Credit Card
0% p.a. for 20 months with 2% balance transfer fee
12.99% p.a.
$99 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.

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Rates last updated October 22nd, 2019
$
% p.a.

Your search criteria didn't return any products. Click to reset your filter options and search again
Name Product Balance transfer rate Purchase rate (p.a.) Annual fee Amount Saved Product Description
HSBC Platinum Credit Card - Balance Transfer Offer
0% p.a. for 22 months
19.99% p.a.
$129 p.a.
Enjoy a balance transfer offer, yearly annual fee refund, airport lounge passes and complimentary insurance covers.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
0% p.a. for 22 months with 1% balance transfer fee
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with a 0% p.a. interest rate on balance transfers for the first 22 months, with a 1% balance transfer fee. Plus, a reduced $64 first year annual fee.
Citi Rewards Platinum Credit Card - Exclusive Offer
0% p.a. for 13 months
0% for 13 months, reverts to 21.49% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Finder Exclusive:
Save with 0% interest on purchases and balance transfers for 13 months (with no BT fee). Plus, a discounted $49 annual fee for the first year.
St.George Vertigo Classic
0% p.a. for 18 months
13.99% p.a.
$55 p.a.
Get 0% p.a. interest for up to 18 months on balance transfers with no balance transfer fee. Plus, a low annual fee and purchase rate.
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 70,000 bonus Velocity Points when you meet the spend requirement. Plus, save with a 0% interest for 18 on balance transfers.
Citi Rewards Platinum Credit Card - Balance Transfer Offer
0% p.a. for 26 months with 1.5% balance transfer fee
21.49% p.a.
$0 p.a. annual fee for the first year ($199 p.a. thereafter)
Earn reward Points per $1 spent, take advantage of a 0% p.a. for 26 month balance transfer offer, plus $0 first year annual fee.
Bendigo Bank Low Rate Mastercard
0% p.a. for 18 months with 2% balance transfer fee
11.99% p.a.
$45 p.a.
Save with a 0% p.a. for 18 months on balance transfers, plus a low variable purchase interest rate of 11.99% p.a. on purchases. Ends 31 Oct 2019.
Citi Clear Platinum Credit Card
0% p.a. for 9 months
0% for 9 months, reverts to 14.99% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Enjoy a $0 first year annual fee and a 0% introductory rate on purchases and balance transfers. Plus, complimentary purchase insurance cover.
BOQ Low Rate Visa Credit Card
0% p.a. for 14 months
13.49% p.a.
$55 p.a.
A no-frills card offering 0% on balance transfers for the first 14 months with no balance transfer fee. Ends 31 Oct 2019.
HSBC Platinum Qantas Credit Card
0% p.a. for 12 months
19.99% p.a.
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
Save with a $0 first year annual fee and a long-term balance transfer offer. Plus, complimentary travel insurance.
BOQ Platinum Visa Credit Card
0% p.a. for 12 months
20.74% p.a.
$0 p.a. annual fee for the first year ($129 p.a. thereafter)
Enjoy 1,000 bonus Q Rewards points/month, a 12-month balance transfer offer and $0 first year annual fee. Ends 31 Oct 2019.
Qantas Premier Platinum
0% p.a. for 18 months
19.99% p.a.
$199 p.a. annual fee for the first year ($299 p.a. thereafter)
Get up to 120,000 bonus Qantas Points (20,000/month) when you spend $1,500/month for the first 6 months. Ends 31 October 2019.
St.George Vertigo Classic - Exclusive Offer
0% p.a. for 6 months
0% for 14 months, reverts to 13.99% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Finder Exclusive:
Low rate card offering 0% p.a. interest on purchases for the first 14 months and on balance transfers for 6 months. Plus, a $0 first year annual fee.
HSBC Platinum Credit Card
0% p.a. for 12 months
0% for 12 months, reverts to 19.99% p.a.
$129 p.a.
0% p.a. on purchases and balance transfers with no BT fee. Plus, a yearly annual fee refund when you spend $6,000 and 2 lounge passes per year.
CUA Low Rate Credit Card
0% p.a. for 13 months
11.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Take advantage of a 0% p.a. balance transfer rate for 13 months, $0 first year annual fee, and a low variable 11.99% p.a. interest rate on purchases.
Westpac Low Rate Card
2019 Winner
Westpac Low Rate Card
0% p.a. for 16 months
13.74% p.a.
$59 p.a.
A no frills, low rate card offering 0% p.a. interest on balance transfers for the first 16 months, with no balance transfer fee.
Virgin Money Low Rate Credit Card
0% p.a. for 14 months
11.99% p.a.
$49 p.a.
Get a $49 annual fee, 10% cashback on purchases made in the first 3 months (capped at $100) and a 14-month balance transfer.
BankSA Vertigo
0% p.a. for 18 months
13.99% p.a.
$55 p.a.
Enjoy a 0% p.a. interest rate for up to 18 months on balance transfers. Plus, a low annual fee and purchase interest rate.
Bank of Melbourne Vertigo Classic
0% p.a. for 18 months
13.99% p.a.
$55 p.a.
Enjoy 0% p.a. interest for up to 18 months on balance transfers. Plus, a low annual fee and competitive purchase rate.

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What you'll find in this guide

What are the benefits of getting a balance transfer with HSBC?

Here are some of the main ways you could get value from transferring your debt to a HSBC credit card:

  • Save on interest. The introductory low or 0% p.a. interest rate gives you relief from the higher standard interest rates you’ll usually pay on your credit card. You can use the table above to see how much you can save by typing in your credit card balance and current interest rate, then hitting “Calculate”.
  • Debt consolidation. If you’re juggling a few credit cards with different banks, you could move all the debts onto a new HSBC credit card so that you only have to make one repayment per month. This also means you’ll only have one account and one set of fees to manage.
  • Pay off debt faster. During the introductory period, all or most of your repayments will go towards your original debt (rather than interest charges), which helps you get your balance to $0 faster. If you plan your repayments based on the length of the introductory period, you could even avoid interest charges all together.

Are there any risks to getting a balance transfer with HSBC?

As with any balance transfer, there are potential pitfalls you should think about before going ahead with a balance transfer to a HSBC credit card. These include:

  • High standard interest rates. If you don’t pay off your debt by the end of the introductory period you’ll be charged the standard variable cash advance rate. This is usually upwards of 19% p.a., so it can quickly add to your debt.
  • Temptation to spend. Any new purchases you make will be charged interest at the standard variable purchase rate for your card. This adds to your balance and increases the risk that you won’t pay off your debt by the time the introductory period ends.
  • Impact on your credit score. While paying off debt can improve your credit score, applying for a balance transfer credit card, carrying a balance and keeping your old accounts open all have the potential to lower your credit score. This can make it harder to get approved for other cards or loans in the future, so think carefully about how a balance transfer might affect your credit history before you get one.

What rates and features should I look at when choosing an offer?

These are the main costs and details to keep in mind:

  • The introductory interest rate and offer length. In general, a 0% p.a. interest rate and long introductory period gives you the greatest potential savings as you pay down your debt. But other fees and features can also make a card more (or less) affordable.
  • The balance transfer fee. Some HSBC balance transfer offers come with a one-off fee that’s calculated based on the amount of debt you transfer to the new card. For example, if you moved a $5,000 debt to a card with a 2% balance transfer fee, it would cost you $100.
  • The annual fee. Most HSBC credit cards charge an annual fee, which is added to your account when you first open it and then charged each year on the anniversary. Make sure you consider this cost when you’re working out your savings and your repayment plan.
  • The revert rate when the introductory period expires. HSBC applies the standard variable cash advance rate for any balance transfer debt you have left at the end of the introductory period. If there’s a chance you won’t be able to clear your balance before this rate applies, take note of this interest rate and think about how it could affect your debt repayment plan.
  • Eligible debts. You can transfer balances from credit cards that are not issued by HSBC, as long at the debt is in Australian dollars. Also note that HSBC processes balance transfers using BPAY, so the account will need to have a valid biller code and reference number.
  • How much you can transfer. HSBC allows you to transfer up to 90% of your approved credit limit. However, it also reserves the right to offer a balance transfer for less than this amount. If the debt you want to transfer is higher than this, you could go ahead with a partial balance transfer or consider other options before you accept and activate your HSBC card.

Application requirements for a HSBC balance transfer

To get the introductory low or 0% balance transfer rate, you need to include details of your existing account/s and the amount of debt you want to move on your application for a new HSBC credit card. You may also need to provide your most recent statement from your existing credit card account. Check out the “How to apply” section of the HSBC credit card page for more information on the other details and documents you’ll need to include when you apply.

Other details to keep in mind

  • Eligibility requirements. As with all credit cards, you’ll need to meet eligibility requirements (such as credit history, residential status and minimum annual income) to receive approval for a HSBC credit card. A declined credit card application negatively impacts your credit score, so it’s important that you check the specific requirements for the card before you apply.
  • How long the balance transfer takes. With HSBC, the balance transfer process is started once your application is approved. However, you should still allow around 10 working days for the balance to be added to your new account. During this time, you’ll still need to make any payments that are due on your existing accounts.
  • Minimum repayments. You will need to pay at least the minimum amount listed by the due date on each statement, even during the introductory period. If you want to clear your debt during the introductory period, you’ll need to pay more than this amount each month.
  • No interest-free days. While HSBC credit cards typically offer an interest-free period on new purchases, this feature is not available when you carry a balance from month-to-month. So new purchases will be charged interest from the date they are made, which could make it harder to pay off your debt.
  • Closing old accounts. If you want to close your old accounts, you’ll need to do this on your own. So wait until the balance transfer process is completed, then follow the steps to cancel your card.
  • Reward points. Balance transfers are not eligible to earn points on any reward or frequent flyer credit card offered by HSBC.
  • Payment allocation. Your credit card payments will go towards the part of your balance that’s charged the highest interest rate first, then to portions of your balance attracting lower interest rates. So if you have made purchases during the introductory period, this means they will typically be paid off before any balance transfer amount.

What if I already have a HSBC credit card? Can existing customers still balance transfer?

It’s possible to request a balance transfer onto your existing HSBC credit card by logging in to your online account or by calling HSBC on 132 152. Note that the debt you want to move will need to be held with another bank or issuer.

With this option, the balance transfer rates and fees may be different to those offered for new customers. It will also be processed instantly, so make sure you carefully check all the details before going ahead with an application for your existing HSBC card. If you have debt on a HSBC credit card, you can compare balance transfer offers from other banks to find an option that works for you.

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Credit Cards Comparison

Rates last updated October 22nd, 2019
Name Product Purchase rate (p.a.) Balance transfer rate Annual fee Product Description
HSBC Platinum Credit Card - Balance Transfer Offer
19.99% p.a.
0% p.a. for 22 months
$129 p.a.
Enjoy a balance transfer offer, yearly annual fee refund, airport lounge passes and complimentary insurance covers.
Latitude Low Rate Mastercard
9.89% p.a.
$69 p.a.
Offers a competitively low interest rate and annual fee, plus up to 55 interest-free days on purchases.
Qantas Premier Platinum
19.99% p.a.
0% p.a. for 18 months
$199 p.a. annual fee for the first year ($299 p.a. thereafter)
Get up to 120,000 bonus Qantas Points (20,000/month) when you spend $1,500/month for the first 6 months. Ends 31 October 2019.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
20.74% p.a.
0% p.a. for 22 months with 1% balance transfer fee
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with a 0% p.a. interest rate on balance transfers for the first 22 months, with a 1% balance transfer fee. Plus, a reduced $64 first year annual fee.

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* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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