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.
|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.