HSBC Bank credit card customers can transfer their outstanding balance from other bank credit cards onto 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.
HSBC India offers customer two options for making balance transfers -
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.149 on balance transfer transactions.
The interest rate charged for the Balance Transfer on EMI facility is as follows.
|Tenure||Interest Rate (per month)|
|3, 6, 9 and 12 months||1.04%|
|18 and 24 months||1.25%|
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.
|Not pre-determined||1% to 2% per month|
Foreclosure of HSBC balance transfer on EMI facility is not available. However, if you wish to close your credit card before the tenure of EMI facility ends, the total outstanding amount will be debited to your card as one consolidated amount.
You will also be charged a pre-payment fee of 3% of the outstanding loan amount, with a minimum of Rs.250.
HSBC may also foreclose your loan and adjust it to your credit card in case of non-payment of EMIs.