A Complete Guide on How to Do a Balance Transfer on HSBC

To change your credit card lender to HSBC, you must learn how to do a balance transfer from HSBC. HSBC offers its new customers a zero-balance transfer fee and no interest on debt transferred from another bank for 30 months. 

If you already have an HSBC credit card, open your account online and go to the My Accounts page. Next, click on your credit card account and then View Details. Then, choose ‘Accept and Proceed,’ and the credit card window will open. Finally, click on Services-Balance Transfers and select your desired one. 

You must apply for the balance transfer at HSBC and wait for the bank to accept your request. Read on to learn about HSBC balance transfers and the process of transferring the balance. 

Everything To Know About HSBC Balance Transfer

Did you know that you must apply for balance transfers and wait for the bank to accept your request? The bank could accept or reject the request, depending on whether you meet its requirements. Like loan applications, financial institutions look at your financial history and credit score. A good credit score increases the chances of being approved. 

Check out other things to note before applying for an HSBC balance transfer. 

• Balance Transfer Eligibility

You must first apply for the balance transfer at HSBC and wait for approval. The bank will approve your request if you have a healthy credit score. You can increase your credit score by paying your debts on time, including your current credit cards.

HSBC also requires its applicants to have a minimum income of €6800. To be sure before the balance transfer, you can check your eligibility using the eligibility checker. It will not affect your credit score. 

• Continue Paying Your Credit Card 

You must continue paying your credit card debt to your current lender until HBSC accepts your request. Failure to pay your debt accrues unnecessary interest and can harm your credit score. It will be best to stick to your budget to avoid using more than the allocated amount on the card. 

• Not All Balance Transfers Are Allowed

While many people quickly choose to transfer their balance to HSBC because of the reasonable rates, there are limitations. For example, you cannot transfer a credit balance from an HSBC credit card or the bank’s loan to a different HSBC credit card. Therefore, research the bank’s policies before starting your application process. 

• There Is a Time Limit

If you are doing the promotional balance transfer, you must complete your transfers within 60 days of opening your account. The bank will still accept transfers after the promotional offer expiry but will be subject to the standard variable APR.

• Duration

Balance applications and transfers don’t go through immediately. Instead, you will wait for seven to 10 days for the processing. Then, if the bank approves your request, you will get the balance transfer of your selected amount. 

• You Could Fail To Qualify For A Balance Transfer

The HBSC bank checks the credit scores of its applicants to determine who can qualify for a balance transfer. You’ll not be eligible for the application if you do not meet their minimum required score. 

How To Do a Balance Transfer On HSBC

Once you know the requirements and policies around balance transfer on HSBC, you can move forward with your application. Transferring the balance is an easy process that you can complete in these steps. 

If you already have an existing HSBC card;

1. Log in to your HSBC personal internet banking and click the Account summary.
2. Select the credit card account and tap on Manage
3. Next, click Manage Card and alerts 
4. The site will take you to the account’s page. Click on Menu and Manage Accounts
5. Then, select Balance Transfer. 
6. You will get a new page to provide the information required for the balance transfer. Fill in your credit card issuer’s name, account number, and bank address. 
7. Confirm the submitted details and click the Accept terms and conditions box. Then, complete the transfer by hitting the Submit button. 

If you do not have an HSBC account and want a balance transfer, the first step is opening a credit card account. 

1. Go to HSBC’s website and open the credit card you want. Click on Apply now.
2. Start the application process. Enter details like your card number, the financial institution it is from, and the balance you want to transfer. 
3. Check if the submitted information is correct and tap on Submit. 

What Are the Charges for HSBC Balance Transfers?

Once you learn how to do a balance transfer, the next worry is knowing the costs. For example, HSBC offers its customers a 30-month zero percent interest on balance transfers without any payable fee. However, this could change if you run up a new spending balance. 

Once the 30-month zero percent interest period is over, the balances on your card will attract an APR of 23.9 percent. That includes new or existing balances not paid by that period. However, if you pay your new balance of costs of purchases before 56 days end, you will not pay interest. 

There is a balance transfer fee of $10 or four percent of the transfer. However, the amounts charged depend on the card you signed up for. This transfer fee gets added to your new card’s debt amount. 

Credit card holders must make payments within the stipulated time because late payments accrue interest and scar their credit score. You must also not exceed the credit limit. Exceeding the balance attracts a fee of 12 euros. Moreover, any payment bounces attract a fee.

Besides the balance transfer costs, you could incur expenses if you transfer a foreign currency. For example, the bank will convert US dollars to euros or vice versa using higher foreign currency conversion rates. 

To avoid the high charges, you can exchange your currency with Knightsbridge FX before the transfer. KFX has more favorable currency conversion rates and an easy-to-use site. The transfer is also fast, and you will save some coins. 

More Tips Before Doing an HSBC Transfer

As a credit card holder, you should take advantage of the zero percent interest offered before it ends. Ensure you pay off your transferred balance during the 30 months. You will save some coins because of the zero interest. 

If you wait until the zero percent interest offer period expires, you will pay more on your debt. The initial debt could rise by 20 percent or higher and continue to accrue monthly. 

You can also revise your monthly budget and cut off unnecessary expenses. That leaves you with less current debt to pay and channels more money to the initial debt until you complete it. Besides, paying the debts on time increases your credit score and credit record, making it possible to access higher loan amounts. 

Final Words

Learning how to do a balance transfer at HSBC is easy. You can transfer if you have an existing credit card account or open a new HSBC credit account and transfer. Open your HSBC account and click on Manage credit cards. Follow the guidelines on the screen to transfer your balance.