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

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.

  • $99 p.a.
  • 19.99% p.a. on purchases
  • 0% p.a. for 22 months with 2% balance transfer 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.

Comparing balance transfers with HSBC

A comparison of HSBC Credit Cards

Rates last updated July 21st, 2017.

HSBC Platinum Credit Card

Balance transfer offer has been changed to 0% p.a. for 22 months and is valid until 31 August 2017.

May 8th, 2017

HSBC Platinum Qantas Credit Card

60,000 bonus points offer has been extended until 31 August 2017.

June 29th, 2017

HSBC Low Rate Credit Card

Balance transfer offer has been extended until 31 August 2017.

June 29th, 2017

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$
% p.a.

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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
HSBC Platinum Credit Card
Earn 1 Reward Point per $1 of eligible spend and receive complimentary travel and purchase protection insurances.
0% p.a. for 22 months with 2% balance transfer fee 19.99% p.a. $99 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points when you meet the spend requirement and earn up to 1 Qantas Point per $1 spent.
19.99% p.a. $199 p.a. Go to site More info
HSBC Low Rate Credit Card
Receive up to 55 days interest-free on purchases. Also enjoy exclusive offers with the home&Away Privilege Program.
0% p.a. for 15 months with 2% balance transfer fee 13.25% p.a. $55 p.a. Go to site More info
HSBC Premier World Mastercard
Offers a choice of either HSBC Rewards Plus or HSBC Qantas Rewards programs and complimentary travel insurance.
5.99% p.a. for 6 months 19.99% p.a. $0 p.a. More info
HSBC Corporate Card
Offers online access to reporting through Visa IntelliLink, complimentary travel insurances and the ability to set individual spend limits.
19.99% p.a. $129 p.a. More info
Rates last updated July 21st, 2017
$
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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
Virgin Australia Velocity Flyer Card - Exclusive Offer
Apply by 31 July 2017 to earn bonus Velocity Points for the first three months and a $129 Virgin Australia Gift Voucher each 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
St.George Vertigo Platinum
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.
0% p.a. for 20 months 12.74% p.a. $99 p.a. Go to site More info
Citi Rewards Platinum Credit Card
Offers a long-term balance transfer. Earn extra points on eligible international spend, plus complimentary travel insurance.
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) Go to site More info
St.George Vertigo Visa
Receive up to 55 days interest-free on purchases and the ability to make contactless payments with Visa payWave technology.
0% p.a. for 14 months 13.24% p.a. $0 p.a. annual fee for the first year ($55 p.a. thereafter) 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.
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
HSBC Platinum Credit Card
Earn 1 Reward Point per $1 of eligible spend and receive complimentary travel and purchase protection insurances.
0% p.a. for 22 months with 2% balance transfer fee 19.99% p.a. $99 p.a. Go to site More info
Bank of Melbourne Vertigo Platinum
Get a range of complimentary insurance covers, access to a 24/7 concierge and up to 55 days interest-free on purchases.
0% p.a. for 20 months 12.74% p.a. $99 p.a. Go to site More info
BankSA Vertigo Visa
Get up to 55 days interest-free on purchases and be protected by 24/7 Falcon® Fraud service.
0% p.a. for 14 months 13.24% p.a. $0 p.a. annual fee for the first year ($55 p.a. thereafter) Go to site More info
NAB Low Fee Card
Receive complimentary purchase protection insurance, special offers from Visa Entertainment and up to 44 days interest-free on purchases.
0% p.a. for 16 months with 2% balance transfer fee 19.74% p.a. $30 p.a. Go to site More info
HSBC Low Rate Credit Card
Receive up to 55 days interest-free on purchases. Also enjoy exclusive offers with the home&Away Privilege Program.
0% p.a. for 15 months with 2% balance transfer fee 13.25% p.a. $55 p.a. Go to site More info
Virgin Money Low Rate Credit Card
Receive up to 44 days interest-free on purchases and the optional insurance coverage of CreditShield Edge.
0% p.a. for 12 months 11.99% p.a. $99 p.a. Go to site More info
Westpac Low Rate Card - Online Only Balance Transfer Offer
Take advantage of 0% p.a. for 24 months on balance transfers with a 2% BT fee. Plus, the convenience of the Westpac mobile banking app.
0% p.a. for 24 months with 2% balance transfer fee 13.49% p.a. $59 p.a. Go to site More info
NAB Low Rate Platinum Card
Enjoy the protection of 7 complimentary insurances including overseas travel and purchase protection insurance.
0% p.a. for 16 months with 2% balance transfer fee 13.99% p.a. $100 p.a. Go to site More info
ANZ Low Rate Platinum
Enjoy platinum benefits with exclusive discounts, complimentary travel and purchase insurances and a 24/7 personal concierge.
0% p.a. for 16 months with 2% balance transfer fee 11.49% p.a. $99 p.a. Go to site More info
American Express Essential®  Credit Card
Get Smartphone Screen Insurance of up to $500 when you pay for your phone or contract with your Essential Credit Card.
0% p.a. for 12 months with 1% balance transfer fee 14.99% p.a. $0 p.a. Go to site More info
Woolworths Everyday Platinum Credit Card
Receive a $100 eGift Card when you apply by 30 September 2017 and make an eligible purchase by 31 October 2017.
0% p.a. for 14 months 19.99% p.a. $0 p.a. annual fee for the first year ($49 p.a. thereafter) Go to site More info
American Express Explorer® Credit Card
Receive a $400 Travel Credit every year and up to two entries per year to the American Express Lounge at Sydney International Airport.
0% p.a. for 12 months with 1% balance transfer fee 20.74% p.a. $395 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.

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.
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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