Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
HSBC balance transfer credit cards guide
You may be able to request transfers while you apply for a card.
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.
Compare HSBC balance transfer credit cards
How to apply for a balance transfer with HSBC
- 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.
- 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.
- Apply for the card.
Click Apply now. Then start completing the application with your personal and financial details.
- 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.
- Submit your application.
Review the details you’ve provided, then submit your application.
- 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.
- 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.
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?
- 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.
- 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.
- 0% Intro APR for 18 months on purchases from date of account opening and 0% Intro APR for 18 months on balance transfers from date of first transfer. After that the variable APR will be 14.74% - 24.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater
- Get free access to your FICO® Score online.
- With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
- Shop with confidence knowing that you have dependable protection benefits, including $0 Liability on Unauthorized Purchases and Citi® Identity Theft Solutions.
- The standard variable APR for Citi Flex Plan is 14.74% - 24.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
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.
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.
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.
More guides on Finder
The best debit cards for kids for 2021
Support your child’s financial knowledge and teach the important real-life money skills in a safe and controlled way with a kids’ debit card.
9 steps to make the most of your debt relief program
Reduce your debt by around 30% after fees — but only if you can stick with the program. Here’s how.
How to deal with debt when you have bad credit
Credit counseling, debt relief programs and more options to consider.
Best credit cards for rewards in 2021
Take advantage of miles, points and perks with a card that best fits your lifestyle.
Best balance transfer credit cards of 2021
Here are our top balance transfer picks for 2021.
Best business credit cards for 2021
Here are our top picks for 2021.
Upgrade Card review
The fee-free Upgrade Card offers 1.5% cash back, but it lacks many standard benefits.
Tomo Credit Card review
A solid cashback card with no credit history required to apply for it.
Best secured credit cards of 2021
Our top picks can help you build your credit without paying sky-high fees.
Ask an Expert