HSBC Credit Card Balance Transfer

    When you transfer the money owed from one credit card to the account of a different credit card company, this process is called as a balance transfer. Using this facility, you can settle your credit card debt, thereby saving significantly. This is because balance transfer facility is offered by financial institutions at a much lower rate of interest compared to the compounding interest rate structures of credit cards.

    To further attract customers to try this facility, different companies also offer additional benefits that may include interest-free period and bonus gifts upon registration. Credit cards function on the basis of normal interest rate structures but balance transfer offers teaser rates which are significantly lower doubling your savings.

    The Hong Kong and Shanghai Banking Corporation was established way back in 1865 in Hong Kong and has been expanding ever since. HSBC is one of the first banks to set foot in Singapore in the year 1877. HSBC is present in 72 countries around the world serving an approximate of 48 million customers.

    HSBC credit cards are offering low balance transfer rate when you transfer your other credit card balances and lines of credit to HSBC. Enjoy a loan tenure of 6 or 12 months for repayment.

    HSBC’s Card Balance Transfer Rates and Charges

    Tenure Interest Rate Processing Fee Effective Interest Rate
    6 Months 2.50% per annum SGD 88 4.39% per annum
    12 Months 4.88% per annum SGD 88 6.77% per annum

    Note – For any loan amount of SGD 10,000 and above, the processing fee is waived.

    Applying for HSBC’s Card Balance Transfer

    • You can fill and submit the online application available on their website.
    • Send an SMS to the HSBC Bank after which an HSBC customer service officer will revert to your application in less than 3 business days.
    • You can call the HSBC hotline and apply.

    HSBC’s Card Balance Transfer Terms and Conditions

    • Cards like US dollar cards, co-brand or affinity cards and corporate cards are not eligible for HSBC’s balance transfer option.
    • Only primary credit cardholders are eligible to apply for HSBC’s balance transfer.
    • For detailed terms and conditions, contact the HSBC bank or visit their official website.
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