HSBC offers you a great way to save money on your card debt repayments. Now pay off your existing card debts by transferring them to an HSBC card that charges a lower interest. This way you can reduce your interest obligations by a huge margin.
Enjoy a range of benefits when you opt to reallocate your balances with this bank.
Features and Benefits of Balance Transfer
- The minimum amount you can transfer is S$1,000. The maximum amount is 95% of the credit limit approved for you, after reducing any unpaid balances existing at the time of approval.
- Lower interest rates (compared to the standard 25% p.a. rate of interest charged by some other credit cards).
- Your monthly payments become more affordable due to lower interest rates.
- Greater financial flexibility and freedom due to higher savings.
- The processing fee is waived off for sanctioned amounts of S$10,000 or more.
Interest Rates and Fees for HSBC Balance Transfer
The bank charges low rates of interest for transferring your card balances. It offers 2 options, with tenures of 6 months and 12 months.
The following table gives you the prevailing interest rates and EIR that apply for the 2 tenure options.
||Applied Interest Rate
Example: The interest rates and minimum repayments for a balance transfer of S$12,000 would be as follows.
||Applied Interest Rate
*principal amount of S$2,000 (S$12,000/6) + interest of S$150 (S$12,000 x 2.50% x 1/2)
^principal amount of S$1,000 (S$12,000/12) + interest of S$585.60 (S$12,000 x 4.88%)
This example is for illustrative purposes only. Actual figures may differ. Consult with the bank for the actual repayment amounts.
How to Apply for HSBC’s Credit Card Balance Transfer
This option is available only for existing credit cardholders of HSBC. You can apply for this facility in 3 simple ways.
Online Application: Fill the online form and send it to the bank. Once you send in your application, the bank will process it and respond to you in 3 – 5 working days.
SMS: Send an SMS to the bank in the requested format. Within 3 working days, an officer from HSBC’s customer service will contact you.
Call: Contact the bank on their helpline and apply via the phone.
Things to Consider Before Applying for HSBC’s Card Balance Transfer
- This facility is available only to primary credit cardholders of HSBC.
- The preferential rates of interest apply only to the balances transferred from other cards and not to any outstanding balances that already exist in your regular HSBC account. Also, these interest rates don’t apply to any amounts that you may incur later on your HSBC credit card.
- The bank charges the processing fee related to this transfer to your credit card after it approves the amount you want to transfer.
- HSBC will not accept your application if you don’t operate your account in a satisfactory manner or if you are not on good terms with the bank.
- You cannot change the amount or cancel the application once you submit it to the bank.
- The bank does not award any rewards points on the balance transfer amount it approves.
- The terms and conditions mentioned in your agreement with the bank as an HSBC cardholder also apply to this facility.