HSBC Balance Transfer Credit Card review June 2019

HSBC Balance Transfer Credit Card Visa
HSBC Balance Transfer Credit Card Visa

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.

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Extras 3.5/5

In a nutshell

  • Balance transfers rate of 0% for 25 months reverting to 21.9%.
  • A transfer fee of 1.4% (minimum £5) for transfers in first two months applies.

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) for 2 months reverting to 2.9% (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.

Key details

IssuerHSBC
NetworkVisa
Annual/monthly fees£0
Balance transfers0% for 25 months reverting to 21.9%
Balance transfer fee1.5% (min. £5) for 2 months reverting to 2.9% (min. £5)
Purchases0% for 3 months reverting to 21.9%
Purchases interest-free periodUp to 56 days
Cash advances27.9%
Min. credit limit£500
Max credit limitNot specified
Additional cards available1
IncentiveDiscounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.
Annual/monthly fees£0
Balance transfer fee1.5% (min. £5) for 2 months reverting to 2.9% (min. £5)
Foreign usage charge (EU)2.99%
Foreign usage charge (rest of world)2.99%
Cash advance fee2.99% (min. £3)
Late payment fee£12
Duplicate statement fee£0
Exceeding limit fee£12
Additional card fee£0
Dormancy fee£0
Minimum Age18
Minimum income£8,500
AvailabilityAvailable to new customers
Additional CriteriaOnly available to those without an HSBC basic bank account
Introductory rates only apply if you haven't held an HSBC credit card within the last six months
Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).

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?

HSBC’s card

Updated June 24th, 2019
Name Product Balance transfers Balance transfer fee Purchases Rep. APR Incentive Representative example
0% for 25 months reverting to 21.9%
1.5% (min. £5) for 2 months reverting to 2.9% (min. £5)
0% for 3 months reverting to 21.9%
21.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).

Compare up to 4 providers

Approval for any credit card will depend on your status. The APR shown represents the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.

The competition

Comparison ordered by length of 0% balance transfer offer with affiliated products shown first.
Updated June 24th, 2019
Name Product Balance transfers Balance transfer fee Purchases Rep. APR Incentive Representative example
0% for 23 months reverting to 19.9%
0% for transfers in first 3 months
0% for 3 months reverting to 19.9% p.a. (variable)
19.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 23 months reverting to 19.9%
0% for transfers in first 3 months
0% for 3 months reverting to 19.9% p.a. (variable)
19.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 20 months reverting to 19.9%
2.9% (min. £5)
0% for 20 months reverting to 19.9%
19.9% p.a. (variable)
Earn 1 point for every £1 spent at Marks and Spencer's and 1 point for every £5 spent elsewhere. 100 points = £1 reward voucher. Points will be converted into reward vouchers 4 times a year.
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 12 months reverting to 19.9%
3% (min. £3)
19.9%
19.9% p.a. (variable)
Earn Asda vouchers every time you shop - 1% cashback on all Asda spend, 0.2% on all other transactions and 10% on selected insurance products. Once £2.5 is earnt a voucher can be downloaded to spend in Asda stores.
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 29 months reverting to 21.93%
2.75% for 2 months reverting to 5%
19.93%
19.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.93% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 29 months reverting to 19.95%
3%
0% for 3 months reverting to 19.95%
19.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.95% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 29 months reverting to 21.9%
3% for 2 months reverting to 5%
0% for 3 months reverting to 21.9%
21.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).
0% for 28 months reverting to 21.814%
2.69% for 28 months reverting to 3.99% (min. £3)
0% for 3 months reverting to 19.944%
19.9% p.a. (variable)
1 point per £4 spent (£4 minimum) in Tesco and 1 point per £8 spent (£8 minimum) outside Tesco. Must have available credit to earn points. Points are converted to Tesco vouchers or can be exchanged for Partner rewards to receive money off a variety of restaurants, entertainment or Avios points.
Representative example: When you spend £1,200 at a purchase rate of 19.944% (variable) p.a., your representative rate is 19.9% APR (variable).

Compare up to 4 providers

Repayment options

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 Visa

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

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Our team evaluates credit cards to determine their value against similar products on the market.

We look at the how good the card is for its designated purpose – spending abroad, clearing debt, earning air miles etc. – how costly it is to use day-to-day and whether it offers much in the way of extras.

The NatWest Balance Transfer Credit Card (existing customers)
The NatWest Balance Transfer Credit Card (existing customers)

Balance transfers:

0% for 23 months reverting to 19.9%

Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).

M&S Bank Shopping Plus Mastercard
M&S Bank Shopping Plus Mastercard

Balance transfers:

0% for 20 months reverting to 19.9%

Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).

ASDA Money Cashback Credit Card Mastercard
ASDA Money Cashback Credit Card

Balance transfers:

0% for 12 months reverting to 19.9%

Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).

The Royal Bank Balance Transfer Credit Card (existing customers)
The Royal Bank Balance Transfer Credit Card (existing customers)

Balance transfers:

0% for 23 months reverting to 19.9%

Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).

*Disclaimer: the offers compared on this page are chosen from a range of products whose details Finder has access to track; they don't represent all the products available in the market. Unless indicated otherwise, products are displayed in no particular order or ranking. The terms "best", "top", "cheap" (and variations) are not product ratings and are subject to our terms of use. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

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