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HSBC balance transfer credit cards guide
Reduce your debt by applying for an HSBC credit card with a 0% intro APR on balance transfers.
A quagmire of debt isn’t a nice place to be, and trying to climb your way out can be a difficult and tiresome process. Making a balance transfer might be your saving grace and allow you some breathing room from high-interest rates and fees. As with any credit product, a reputable provider is important to the security and effectiveness of your transfer.
HSBC is one of the largest banks worldwide and has been serving customers in the US since 1980. We’ll outline a summary of some of the features, benefits and conditions you can expect if you conduct a balance transfer with HSBC.
Compare HSBC balance transfer credit cards
What's in this guide?
- Compare HSBC balance transfer credit cards
- A balance transfer with HSBC
- What are the benefits of a balance transfer with HSBC?
- Applicable debt for balance transfers with HSBC
- What you need to know before you apply
- Eligibility requirements
- What you will need to apply
- How to apply for a balance transfer with HSBC
- I got the card. Now what?
- Bottom line
- Frequently asked questions about HSBC balance transfer cards
A balance transfer with HSBC
A balance transfer allows you to consolidate your debt onto 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 the best rates on the market. The low interest period gives you time to make your repayments and clear your debt before the card reverts to a higher interest rate.
What are the benefits of a balance transfer with HSBC?
- Promotional low interest period.
The initial low APR period is the main incentive to complete a balance transfer. During this time period, you can put your money toward 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 during the credit card application process, which only takes 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.
Applicable debt for balance transfers with HSBC
What debt can I transfer?
- Credit card not issued by HSBC
- Loan not made by HSBC or a subsidiary
What debt can’t I transfer?
- Loan made by HSBC or a subsidiary
- Credit card issued by HSBC
Can I transfer balances to another HSBC card?
No, you can not transfer any credit card debt on an HSBC card to another HSBC card. Any debt you transfer to your new HSBC card must come from a loan or credit card not issued by HSBC or one of its subsidiaries.
What you need to know before you apply
- Annual fee.
Check the annual fee. The better the rewards, the higher the annual fee typically is. Weigh 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 minimizing 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 purchase rate.
- Balance transfer fee.
HSBC typically charges a balance transfer fee of 3% to 4% of each transfer.
Consider a balance transfer card from another brand
Citi Simplicity® CardRead more
To apply for a balance transfer credit card with HSBC, you’ll need to make sure you meet these requirements:
- You’re at least 18 years old.
- You’re a US citizen.
What you will need to apply
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:
- Personal information. This includes your full name, date of birth, Social Security number, driver’s license or non-driver’s identification card, current home address and your previous address if you’ve lived in your current home for less than three years.
- Residential status. To apply for an HSBC credit card, you must be a US resident.
- Employment details. You’ll need to disclose the name and address of your employer, as well as your annual income.
- Financial information. HSBC requires information about your monthly housing payment and any other assets you declare.
- Tax residency details. You’ll need to state whether you have tax residency in another country.
- Balance transfer details. This includes the account numbers of the credit cards you wish to transfer over, as well as how much of each balance you want to transfer.
How to apply for a balance transfer with HSBC
Step 1: Select a credit card.
Go to HSBC’s website and choose the credit card you want to apply for.
Step 2: Enter your personal details.
Enter your name, date of birth, Social Security number and email address.
Step 3: Fill in your contact info.
Enter your current address, when you moved there, your phone number and details on your driver’s license or non-driver’s identification card.
Step 4: Add in your employment history.
Next, you’ll fill in details on your employer, annual income, other available income, whether you rent or own your home, your monthly housing payment and whether you have tax residency in another country.
Step 5: Fill out your balance transfer details.
Provide the account numbers of the credit cards you wish to transfer over, as well as how much of each balance you want to transfer.
Step 6: Review and submit your application.
Confirm the details that you’ve entered are correct, and 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 will transfer the balances from your credit card accounts to your new HSBC credit card within 14 days.
I got the card. Now what?
- Confirm your balance transfers have been processed. HSBC states it can take up to 14 days to transfer the balances from your old credit cards over to your new HSBC credit card. After two weeks have passed, contact your old credit card issuers to make sure they’ve been paid off by HSBC. Learn more about what to do with your old credit cards here.
- Make timely payments. You can pay your credit card bill on the HSBC website, where you can also enroll in autopay to ensure you don’t miss a payment.
- Avoid interest. After the close of each billing cycle, you have a grace period of 25 days to pay your purchase balance without paying interest. However, if you’re serious about paying off your debt, you may want to avoid making new purchases at all until after you’ve paid off your card.
- Avoid fees. Late and returned payments come with hefty fees up to $37, and some cards even come with a penalty APR if you make a late payment. Since the whole point of signing up for an HSBC balance transfer card was for it’s 0% intro APR, this can seriously hurt your strategy to get out of debt without paying interest.
- Contact customer service. If you notice something off with your bill or have questions, reach out to HSBC by calling 888-385-8916.
Consider a balance transfer card from another brand
Capital One® Quicksilver® Cash Rewards Credit CardRead more
An HSBC balance transfer credit card could be a worthwhile debt consolidation strategy. The HSBC Gold Mastercard® credit card, one of the bank’s best offerings, has a great intro APR, which could seriously help you get out of debt without paying unnecessary fees or interest. 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.
Frequently asked questions about HSBC balance transfer cards
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