Compare HSBC balance transfer offers for December 2020

HSBC's decent range of balance transfer credit cards allows you some flexibility in dealing with your debt.

Updated

If you believe it’s going to take a long time to pay it off, you can opt for a card that charges a balance transfer fee but allows a long interest-free period on balance transfers – HSBC often offers one of the longest available on the market.

For those who are planning a quicker debt repayment instead, there’s also a fee-free option that comes with a shorter interest-free period. Existing Advance and Premier HSBC customers can get dedicated balance transfer credit cards with a nice series of rewards on top.

Like most card issuers, HSBC doesn’t accept balance transfers from other HSBC credit cards. If you’re carrying a balance on an HSBC card and need interest-free time to clear your debt, you may want to compare other deals available on the market.

HSBC 0% balance transfer credit cards

Table: sorted by length of 0% balance transfer offer, promoted deals first
Data indicated here is updated daily
Name Product Balance transfers Balance transfer fee Purchases Annual/monthly fees Rep. APR Incentive Link
HSBC Balance Transfer Credit Card
0% for 25 months reverting to 21.9%
1.5% (min. £5)
0% for 3 months reverting to 21.9%
£0
21.9% (variable)
Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.
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).
Check eligibility
More Info
HSBC Purchase Plus Credit Card Visa
0% for 18 months reverting to 22.9%
2.9% (min. £5) for transfers in first 60 days
0% for 18 months reverting to 22.9%
£0
22.9% (variable)
Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a., your representative rate is 22.9% APR (variable).
Check eligibility
More Info
HSBC Premier Credit Card
0% for 18 months reverting to 18.9%
1.4% (min. £5)
0% for 9 months reverting to 18.9%
£0
18.9% (variable)
A selection of rewards from a range of partners. Earn 1 point for every £1 spent within the UK and earn 2 points for every £1 spent outside the UK. Points can be redeemed for shopping vouchers and frequent flyer miles.
Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a., your representative rate is 18.9% APR (variable).
More Info
HSBC Rewards Credit Card
0% for 6 months reverting to 21.9%
2% (min. £5)
0% for 6 months reverting to 21.9%
£0
21.9% (variable)
Earn up to 10 points for every £1 spent at selected retailers and 1 point for every £5 spent elsewhere. Bonus 2,500 reward points on anniversary if £10,000 spent in previous year for first 5 years.
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).
More Info
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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.

How do HSBC balance transfers work?

  1. If you decide to get one of HSBC’s balance transfer cards, don’t forget to use its eligibility checker before proceeding with the actual application. It will ask you to fill in your personal details and run a so-called “soft check” that will tell you if you’re likely to be accepted for the card without showing on your credit report.
  2. You can then proceed with the application. If you’re already an HSBC customer you can either apply online by logging in to your personal banking (HSBC will automatically fill in the form with your details for you) or by popping into a branch. If you’re a new customer, you’ll need to fill in an online form with your personal details, employment status and salary.
  3. Once you get the card, you can transfer your balance to your new card. In practice, this means that HSBC “pays off” your old lender and takes over your debt.

While you’re paying off the balance you’ve transferred, you’ll still be able to enjoy up to 56 days interest free on new purchases, provided you pay off your main balance in full and on time each month.

How long does an HSBC balance transfer take?

Once your application has been accepted, it could take up to seven working days to receive your card. You then need to activate it which you can do online or over the phone.

After that, you should transfer your balance to your new card as soon as possible – there’s usually a 60 days period after which the introductory balance transfer fee won’t apply anymore, and also, the sooner your old card stops accruing interest, the better.

How should I compare HSBC balance transfers?

Here are some of the key features you’ll want to look at when deciding which HSBC balance transfer offer might be the best option for you:

  • Length of 0% period. Divide your balance by the number of months in the 0% deal to see how much you’d need to pay each month to clear your debt before the promotion expires. If you think you could clear the balance in even less time, then you might want to look at shorter deals with lower balance transfer fees.
  • Balance transfer fee. This will be a percentage of the balance that you plan on transferring, so for larger balances, it becomes more significant.
  • Purchase rate. This is the rate that will apply to any purchases you make on the card, and it’s also usually the rate that will apply if you haven’t cleared your balance by the end of the 0% period.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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