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HSBC Balance Transfer Credit Card review January 2020
Benefit from 0% interest on balance transfers for an extended period with HSBC’s Balance Transfer Credit card.
HSBC’s Balance Transfer card is designed to let you transfer an existing balance to HSBC to enjoy an extended interest-free period. It is one of several credit cards offered by HSBC, but it’s the only one specifically designed for balance transfers, and therefore offers the longest period of 0% interest.
You say: ★★★★★We say: ★★★★★
Doing its job: 4.5/5
In a nutshell:
0% interest on balance transfers
|Balance transfers||0% for 25 months reverting to 21.9%|
|Balance transfer fee||1.5% (min. £5)|
|Purchases||0% for 3 months reverting to 21.9%|
|Purchases interest-free period||Up to 56 days|
|Min. credit limit||£500|
|Max credit limit||Not specified|
|Additional cards available||1|
|Incentive||Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.|
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
While this card doesn’t come with an annual or monthly fee attached, there is a balance transfer fee (albeit a competitive one) of 1.5% (min. £5) to consider, which could be a significant factor for those transferring larger sums. Balance transfer offers with no transfer fees involved do exist, but they don’t tend to be found on the longest 0% interest deals.
It’s also important to remember that if you don’t clear your balance in full within the 25 months, then any outstanding balance will start to accrue interest at the card’s standard rate.
It’s pretty light on perks, which is probably to be expected from a card that’s primarily about helping people clear debt faster, but you will be able to benefit from some (incredibly specific) offers through the HSBC Home and Away scheme plus cashback deals through Visa Offers.
The card is operated on the Visa network, meaning it can be used in over 30 million locations worldwide.
Pros and cons
- Benefit from Visa Offers cashback rewards.
- Use this card for contactless payments, Apple pay, Google pay and Samsung Pay.
- Competitive balance transfer fee.
- Not available to customers already using the HSBC Basic Bank Account.
- Requires a relatively high minimum income of £8,500 p.a.
- Balances can't be transferred from first direct, M&S Bank or John Lewis cards.
How does this card compare with similar products on the market?
When it comes to repayments, you can make manual repayments online or over the phone (0345 7404 404), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee or losing any promotional rates as a result. You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
|Minimum amount||Fixed amount||Fixed percentage||Full amount|
How to apply for the HSBC Balance Transfer Credit Card
If you want to transfer a balance and enjoy 25 months interest-free with this card, you can use the secure application form on the HSBC UK site, which takes about 15 minutes to complete. Existing HSBC customers can alternatively apply in-branch (make sure to take photo ID and proof of address and a recent bank statement).
Before you apply, check that you meet the eligibility requirements and have the information and documents you’ll need so that you can make the process as easy as possible.
Frequently asked questions
Can I transfer a balance from an HSBC card?
Does it have an app?
What should I do with my old card?
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