HSBC Balance Transfer Credit Card review 2022

Benefit from 0% interest on balance transfers for 33 months with HSBC’s dedicated balance transfer 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: ★★★★★

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).

33 months

0% interest on balance transfers


Representative APR


Account fee

3 months

0% interest on purchases


Annual/monthly fees£0
Balance transfers0% for 33 months reverting to 21.9%
Balance transfer fee2.84% (min. £5) for 2 months reverting to 2% (min. £5)
Purchases0% for 3 months reverting to 21.9%
Purchases interest-free periodUp to 56 days
Cash advances29.9%
Minimum credit limit£500
Maximum credit limitNot specified
Additional cards available1
Additional Rewards InfoDiscounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.
Travel incentiveDiscounts and exclusive offers available through HSBC Home and Away.

Review by

Chris Lilly is a publisher at He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.

Expert review

While this card doesn’t come with an annual or monthly fee attached, there is a balance transfer fee (albeit a competitive one) of 2.84% (min. £5) for 2 months reverting to 2% (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 33 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


  • An impressive 33 months of 0% interest to focus on clearing existing card debt.
  • 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 minimum income of £6800 p.a.
  • Balances can't be transferred from first direct, M&S Bank or John Lewis cards.

Approval for any credit card will depend on your status. The representative APRs shown represent 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.

Repayment options

You can make manual repayments through HSBC's app, by logging in to your online banking or over the phone(0345 7404 404). Alternatively, you may wish to set up a direct debit.

A direct debit protects you from forgetting to make a repayment and losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of £12). You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 33 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).

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

First, you can use Finder's eligibility checker to find out if you'd be likely to get approved for the HSBC Balance Transfer Credit Card. This won't impact your credit score. If it's good news, you can then proceed to HSBC's online application, which takes 10-15 minutes to complete. You can request a balance transfer as part of your application.

Existing HSBC customers can alternatively apply in-branch (make sure to take photo ID, proof of address and a recent bank statement).

Frequently asked questions

Can I transfer a balance from an HSBC card to another HSBC-branded credit card?

No. HSBC doesn't accept balance transfers from credit cards issued through HSBC group, which includes M&S Bank, John Lewis and first direct cards.

Does HSBC have an app?

Yes. You can manage this card through HSBC UK's free mobile banking app.

What should I do with my old credit card?

Transferring a balance doesn't automatically close your old account. In most cases, you'll want to close the old accounts straightaway, especially if they have a annual/monthly fee or if you might be tempted to use them in the future. There is an argument that you should keep the old account open to help your credit score. That's because doing so keeps your "credit utilisation ratio" lower (that's a measure of how much credit you're using compared to what's available to you), and helps the average age of your credit accounts. However, unless you're just about to apply for a new mortgage, it's probably fair to say that most people would prefer to have no more bank accounts open than was truly necessary.

Finder credit card ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Our experts score balance transfer cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the balance transfer offer, the balance transfer fee, any restrictions to making a transfer, plus the potential costs involved with running the card both in the short and longer term.

You can read more about our scoring criteria on our credit card methodology page.

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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  1. Default Gravatar
    December 2, 2019

    on 0% balance transfer can you pay off as much as you like and as soon as you like with no penalties

    • Avatarfinder Customer Care
      December 18, 2019

      Hi Christine,

      Thanks for getting in touch. That’s correct, you can pay off as much of your balance transfer as you like immediately, though you’ll still need to pay the 1.5% balance transfer fee on the amount you transfer.

      This means you can pay off your entire existing balance straight away without being charged interest, but you’ll also have 25 months in which to do so before the interest-free period ends.

      Please keep in mind that you won’t be eligible for this card if you already have a HSBC basic bank account, or are transferring a balance from another HSBC credit card, or a first direct, M&S Bank or John Lewis card.

      I hope this helps, but please let me know if you have any other questions.



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