Finder may earn compensation from partners, but editorial opinions are our own. Advertiser Disclosure

HSBC balance transfer credit cards guide

Compare HSBC balance transfer credit cards, view the best picks, and browse a full list of card reviews.

Compare HSBC balance transfer credit cards

Use our table to compare HSBC balance transfer credit cards. Select up to four cards to compare their features side-by-side, or choose "Show filters" to narrow your search to products with features that best fit your financial needs.

%
Name Product Amount saved Balance transfer APR Balance transfer fee Minimum Credit Score Filter values
HSBC Gold Mastercard® credit card
0% intro for the first 18 months (then 13.99% to 23.99% variable)
$10 or 4% of the transaction, whichever is greater
700
An 18 months 0% intro APR period on both purchases and balance transfers, plus zero foreign transaction fees, makes this is a strong well-rounded card.
HSBC Cash Rewards Mastercard® credit card
0% intro for the first 12 months (then 13.99% to 23.99% variable)
$10 or 4% of the transaction, whichever is greater
700
Earn 3% cash back on up to $10,000 in the first days, then 1.5% on all purchases.
HSBC Advance Mastercard® credit card
0% intro for the first 12 months (then 14.99% to 18.99% variable)
$10 or 3% of the transaction, whichever is greater
670
Signup offer of 2x points in the first year on up to $25,000, then 2x points on dining and entertainment and 1x points on all other purchases. The information about the HSBC Advance Mastercard® credit card has been collected independently by Finder. The card details have not been reviewed or approved by the card issuer.
loading

Compare up to 4 providers

An HSBC 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.

How to apply for a balance transfer with HSBC

  1. Compare HSBC credit cards.
    Compare HSBC cards available to determine which one best fits your needs. You can also compare balance transfer APRs and fees.
  2. Select a credit card.
    When you’ve settled on a card, visit its card page. Scroll down to the very bottom of the page for a link to the card’s terms. There, you can verify the card’s interest rates and fees.
  3. Apply for the card.
    Click Apply now. Then start completing the application with your personal and financial details.
  4. Fill out your balance transfer details.
    HSBC may offer the option to request balance transfers. If so, 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.
  5. Submit your application.
    Review the details you’ve provided, then submit your application.
  6. Wait for approval.
    According to HSBC, you’ll receive an Application Status email after you apply for a card. You may receive approval shortly after you apply. If HSBC needs to review your application further, you may need to wait up to a few weeks to receive a decision.
  7. Wait for your balance transfer to complete.
    Keep paying your old creditors while your transfers are processing. Do this until you’ve confirmed with HSBC that your transfers have posted.

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.

Eligibility requirements

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.

What are the benefits and drawbacks of a balance transfer with HSBC?

Pros

  • 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.

Cons

  • Slightly higher balance transfer fee.
    HSBC typically charges the greater of $10 or 4% of each balance transfer. Some banks charge the greater of $5 or 3% of each transfer.
  • Some intro APRs aren’t as long as you’ll find elsewhere.
    With some HSBC cards, you’ll find 12-month balance transfer intro APRs. However, the standout is the HSBC Gold Mastercard® credit card: You’ll find a 0% intro APR for 18 months on purchases and balance transfers, then variable.
  • No option for 0% intro APR and $0 intro transfer fees.
    If you want these two benefits together, consider cards such as the BankAmericard® Credit Card.
Promoted
Citi® Diamond Preferred® Card
A top alternative for a balance transfer
Citi® Diamond Preferred® Card

What debts are eligible for a balance transfer 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.

Picture not described

I got the card. Now what?

  • Confirm your balance transfers have been processed. HSBC states it takes at least seven to 10 business 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.
  • 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, 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.

Bottom line

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

  • Can I get a promotional balance transfer rate with an HSBC credit card?
    Yes, many of HSBC’s credit cards offer a 0% intro APR for 12, 15 or 18 months after opening your account. After the promotional period ends, the APR reverts to the variable purchase rate of the card.
  • Can I transfer the entire balance from my other credit cards?
    This depends on the initial balance transfer limit you’re approved for with your new HSBC credit card. This limit will be less than your total available credit so that there’s enough available credit on your account to cover any fees you may incur. If a balance transfer request would cause you to go over your balance transfer limit, the bank will either cancel your request or reduce the amount it transfers to a smaller amount that’s within your limit.
  • How long does the penalty APR last?
    If you make a late payment, the penalty APR will apply for at least six months, though it may apply indefinitely. HSBC will review your account every six months after the penalty APR is applied to see if you’ve made six consecutive minimum payments by the due date. If you have, HSBC will reduce your penalty APR.
  • Do HSBC credit cards charge a balance transfer fee?
    Yes, HSBC’s credit cards typically come with a balance transfer fee of 3% to 4% of the transfer amount.
  • Will conducting a balance transfer close off my existing credit card?
    No, your old credit card won’t be closed after completing a balance transfer to your new HSBC card.
Back to top

More guides on Finder

    Ask an Expert

    You are about to post a question on finder.com:

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • finder.com is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

    By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

    Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
    Go to site