HSBC Credit Card Balance Transfer

HSBC Bank credit card customers can transfer their outstanding balance from other bank credit cards to their HSBC credit cards without any hassles using the balance transfer option provided by the bank. HSBC customers can use the HSBC Phone Banking service, SMS Banking or use the HSBC website to opt for the Balance Transfer facility.

Features and Benefits of HSBC Credit Card Balance Transfer

The features and benefits of HSBC credit card balance transfer are given below:

• The credit card balance can be transferred and reimbursed in monthly instalments.
• Customers can pick between loan terms of 3, 6, 9, 12, 18, and 24 months with the HSBC bank credit card balance transfer on EMI service.
• The transaction cost is extremely low, at 1% of the balance transfer amount, with a minimum of Rs.200.
• Customers can choose between a balance transfer on EMI and a perpetual balance transfer. For the balance transfer on EMI option, the interest rate ranges from 1.17% per month to 1.33% per month. The interest rate on the perpetual balance transfer option varies between 1% to 1.2% per month.

Fee and Charges of HSBC Credit Card Balance Transfer

Customers can use the HSBC bank credit balance transfer on EMI option and the perpetual balance transfer option for a processing fee. In both circumstances, the processing charge is the same. The bank now charges a transaction fee of 1% of the total balance transfer amount. There will be a minimum payment of Rs.200 for this service.

Eligibility Criteria & Documents Required

Customers can contact the nearest HSBC bank to know more about the HSBC credit card balance transfer facility and the eligibility for the same.

HSBC Bank does not require you to provide any documentation for the HSBC Credit Card Balance Transfer feature.

Types of HSBC Credit Card Balance Transfers

HSBC India offers customer two options for making balance transfers -

• Balance Transfer-on-EMI or Equated Monthly Instalments
• Perpetual Balance Transfer

Balance Transfer on EMI or Equated Monthly Instalment

HSBC Bank customers can use the Balance Transfer on EMI facility to transfer and repay the outstanding balance available on their other bank credit cards to a HSBC credit card.

The repayment can be done in the form of monthly instalments at a competitive interest rate. In order to avail this facility, HSBC customers have to make a minimum balance transfer transaction of Rs.3000 from another bank credit card accounts to their HSBC credit card accounts.

The monthly instalment will be charged to the customer's credit card on the due date. Repayments can be done with tenures ranging from 3, 6, 9, 12, 18 or 24 months. HSBC Bank levies a processing fee of 1% of the amount transferred or a minimum of Rs.200 on balance transfer transactions.

The interest rate charged for the Balance Transfer on EMI facility is as follows.

Perpetual Balance Transfer (PBT)

HSBC Bank offers the Perpetual Balance Transfer to its customers, through which outstanding balance transfers can be done from other bank credit cards to HSBC credit cards. Repayments can be done by customers at low interest rates. A minimum of Rs. 3000 has to be transferred to avail this facility. The lower interest rate is applicable on the balance that has been transferred and HSBC offers the flexibility of having no restrictions on the tenure of repayment under the Perpetual Balance Transfer feature. Customers do not have to select any pre-determined tenure. A minimum repayment has to be done every month which should be equivalent to 5% of the outstanding PBT amount or a minimum of Rs. 100. HSBC Bank levies a processing fee of 1% to 2% on the Perpetual Balance Transfer amount or a minimum of Rs. 149. Customers can make additional payments every month and also close their Perpetual Balance Transfers when they wish to. HSBC does not charge any foreclosure fees on complete repayment of the Perpetual Balance Transfer amount.

How to apply for a HSBC Bank Credit Card Balance Transfer

The process of application for a HSBC Bank Credit Card Balance Transfer is very simple. You can either avail the Balance Transfer on EMI option or the Perpetual Balance Transfer option. You follow the steps mentioned below to apply for the balance transfer:

• Step 1: Visit the official website of HSBC Bank at www.hsbc.co.in.
• Step 2: Choose the "Credit Card" option from the main menu and navigate to the ‘Features’ option.
• Step 3: Click on the "Balance Transfer" option.
• Step 4: If you want to apply for the Balance Transfer on EMI option, scroll down to the "Apply Now" section and click the button. Alternatively, if you want to apply for the Perpetual Balance Transfer option, scroll down to the "Apply Now" section of the same and click the button.
• Step 5: You will be redirected to a new web page wherein you will be required to fill up an application form with all the relevant details and submit the same.
• Step 6: Once the form is submitted, a representative of the bank will get in touch with you.

Alternatively, you also use SMS banking and online enquiry options, or call the bank at 1860 108 7788.

FAQs on HSBC Credit Card Balance Transfer

1. Is there a limit on HSBC Bank Credit Card Balance Transfer?

   Yes, there is a limit on the maximum amount which can be transferred. The limit is 90% of the credit limit on HSBC credit card.

2. What is the number on which I can contact the bank officials for credit card balance transfer?

   The official number to contact the bank for credit card balance transfer enquiry is 1860 108 7788.

3. What is the processing fee which is charged on HSBC Bank Credit Card Balance Transfer?

   There is a one-time processing fee of 1.5%, subject to a minimum of Rs.200.

4. What is the minimum amount that can be transferred from the credit card of a different bank?

   You can a transfer a minimum of Rs.3,000 to HSBC credit card for any other bank credit card.

5. Is transfer of balance from more than one credit cards?

   Yes, you can transfer balance from one or more credit cards. However, the transferred amount must be within the credit limit of the HSBC credit card.

6. What is the rate of interest for availing Balance transfer facility?

   The interest rate which is chargeable for availing balance transfer facility depends on the type of card you hold and the plan you choose. The rate of interest ranges between 10.99% and 15.99% p.a.

7. How does balance transfer affect the credit limit of HSBC credit card?

   If you opt for the balance transfer facility, the amount which will be transferred from the other bank’s credit card will be blocked from the available credit limit on the HSBC credit card.