Important information
How do balance transfer offers work?
You can transfer balances to your HSBC credit card account when you have an offer available. When there’s an offer, we’ll tell you the promotional rate and how long it will apply for from the date of transfer. You can take advantage of the rate by making a balance transfer during the offer period. Because we assess eligibility for offers periodically, you could get the same offer more than once (sometimes consecutively), or the promotional rate, term or fee could vary.
Is there a fee?
There’s normally a balance transfer fee for each balance transferred. This fee depends on your offer and transfer amount. We’ll tell you the fee that applies before you submit your request and the fee will be added to your statement balance.
How much can be transferred?
The minimum amount you can transfer is £100. You can make as many balance transfers as you’d like when you’ve an offer, up to 95% of your credit limit (taking your existing balance into account).
Which cards can you transfer from?
You can transfer balances from most other cards, as long as you’re the primary cardholder. This excludes other HSBC Group cards from HSBC UK, first direct and M&S Bank.
How long does it take?
If we approve your request, payment will reach your other card provider by the end of the next working day. You’ll need to keep making payments towards your other card until the transfer’s gone through.
If we receive your request after 15.30 or on a non-working day, we’ll treat it as if it was received on the next working day.We might need to carry out additional checks, for exampleto make sure the request is really from you, in which case we’ll treat your request as being made once we’ve completed those checks.
How will your payments be allocated when you have a balance transfer on your account?
If you have other balances on which we’re charging higher rates of interest, any payments you make will be applied to those first. If you have more than one promotional balance on the same rate (for example, you have two balancetransfers on a 0% rate), we’ll apply your payment to the oldest first.
Will you pay interest on any new purchases?
Interest will be charged on new purchases at your standard variable rate (you won’t get up to 56 days interest free until you’ve fully repaid any balance transfers).
How will you know when your promotional period is coming to an end?
We’ll send you a reminder and let you know on your monthly statement before your promotional period ends. You can also see details of your existing balance transfers, including the promotional rates and periods that apply, in the mobile banking app.
What happens at the end of your promotional period?
Any transferred balance remaining on your account will be charged at your standard variable rate, so it’s best to pay off your balance transfer during the promotional period if you can. You’ll also lose your promotional rate and interest will be charged at the standard rate if you’re late making at least your minimum payment in any month – so it’s important to make payments on time.
