HSBC No Fee Balance Transfer Credit Card review 2022

Transfer existing card debt to HSBC at no cost and get a 20-month break from interest so you can focus on paying it off.

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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).

20 months

0% interest on balance transfers


Balance transfer fee


Representative APR


Account fee


Annual/monthly fees£0
Balance transfers0% for 20 months reverting to 21.9%
Balance transfer fee0%
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

When you’re comparing balance transfer cards because you want to save money and get debt-free sooner, no-fee deals like this are the smartest place to start. Where most balance transfer offers involve a 2%–3% transfer fee, cards like this waive it. As a general rule, no-fee balance transfer deals have slightly shorter 0% periods. But if they can give you long enough to clear your debt, then they’re the cheapest option. Free, in fact – so long as you don’t use them for additional spending.

This offer from HSBC is a table-topper in terms of no-fee deals. You’ll need to ensure you transfer your balance within the first 60 days of having the card if you want to benefit from the waived transfer fee. However, that’s generally easy, because you can request the transfer during the application process.

Transfers from other HSBC credit cards or from cards issued by first direct, M&S or John Lewis are sadly not allowed, since they’re all part of the same group.

Outside of the excellent balance transfer offer, this card is a very standard affair. The revert rates and fees are pretty much the market norms. As such, once you’ve cleared your debt you may prefer to close the account (potentially opting for a more rewarding card at that point). Despite the exclusive offers you’ll be able to access through HSBC Home&Away, and also despite the fact you’ll be able to add your card to Apple Pay before it even lands on your doorstep, it’s also probably not a card that you’d use for other purposes (spending abroad, day-to-day spending, etc).

All in all, this is a very focused card that’s a great bet for clearing debt quickly and cheaply. At the time of writing, it’s only available through certain partner sites, which is a shame.

Pros and cons


  • Customers report excellent customer service when dealing with HSBC
  • Over a year of 0% interest to focus on reducing existing card debt
  • No balance transfer fee
  • No annual fee


  • Outside of the balance transfer deal, the rates and fees on this card are about as average as you could get. So while it's great for doing its job, after that it's probably not a keeper.
  • This offer isn't available everywhere... HSBC would obviously prefer if people took out a balance transfer card with a transfer fee attached.

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 20 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 No Fee 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.

Frequently asked questions

What credit limit will I get with the HSBC No Fee Balance Transfer Credit Card?

If HSBC is able to offer you this deal, the offer will specify a personalised credit limit based on HSBC's assessment of your situation. The minimum limit offered on this card is £500 and HSBC does not specify a maximum. Once you've had the card for a while and shown HSBC that you're reliable, you may wish to apply for a credit limit increase.

Can I withdraw cash using the HSBC No Fee Balance Transfer Credit Card?

Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.

The cash advance fee on the HSBC No Fee Balance Transfer Credit Card is 2.99% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250, and you'll incur a fee of £7.48.

The interest rate on this part of your balance will be 29.9%, which is 37% more than the standard purchase rate (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).

Can I transfer a balance from another HSBC-branded card to the HSBC No Fee Balance Transfer 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.

Can I manage the HSBC No Fee Balance Transfer Credit Card from an app?

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

How much does it cost to use the HSBC No Fee Balance Transfer Credit Card abroad?

Non-sterling transactions are subject to a 2.99% charge (which is very standard). For example, if you spend 200 euros (£175.52), it'll cost you around £5.25 in fees.

What is the minimum payment on the HSBC No Fee Balance Transfer Credit Card?

Each month you must pay at least 2.5% of your balance at that point or £5.00 – whichever of the 2 figures is greater. So if you had, say, £180.00 outstanding, you'd pay £5.00, and if you had £800.00 outstanding, you'd pay £20.00.

Paying only the minimum required amount each month is generally not advisable as it makes it much harder to get debt-free before that introductory 0% period expires.

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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