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How to Transfer Balance to an HSBC Credit Card?

Updated on: 14 Dec 2021 // 27 min read // Credit Cards
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Credit Card debt is known to be one of the most challenging types of credits to manage. It requires a lot of financial discipline for one to get rid of accumulated Credit Card debt. Thankfully, there are various ways available for one to manage the Credit Card debt; wherein, Balance Transfer is one of the effective way-outs. You can transfer your existing Credit Card due to a new bank’s Credit Card and repay it conveniently. Though various banks offer this facility, the Balance Transfer facility offered by HSBC Bank on its Credit Cards comes with amazingly attractive benefits, making it an ideal option.

Transferring your other card dues to an HSBC Credit Card

HSBC Bank is a leading financial institution in India, offering different types of banking and financial products for its customers. HSBC Credit Cards are extremely popular with the customers for their numerous benefits. So, if you also have decided to transfer your balance to HSBC credit card, then here are some important facts that you must know:

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How to transfer the balance?

Here are the steps involved in this process that you must know about:

  1. Get in touch with your existing Credit Card issuer to get an accurate estimate of the total outstanding amount of your card.
  2. Contact HSBC Bank Credit Card customer care through phone banking, SMS banking, or online query system.
  3. Express your interest for a Credit Card balance transfer. The representative will discuss all details with you, including different types of HSBC Credit Cards available for you.
  4. If you like the offer, give your consent. The representative from HSBC Bank will get in touch with you for completing all the formalities.
  5. Thereafter, HSBC Bank will settle the entire dues of your existing Credit Card and issue a new HSBC Credit Card to you.
  6. Your outstanding dues will be converted into EMIs with the available repayment tenor of up to 24 months.
  7. The EMI will be added to your HSBC Credit Card statement every month and shall be payable with your monthly dues, if any.

Benefits of Balance Transfer to HSBC Credit Card

Here are some of the major benefits of a balance transfer to HSBC Credit Card that will justify your decision:

  • Flexible repayment tenure: You can choose from a repayment tenor ranging between 3, 6, 9, 12, 18, and 24 EMIs as per your convenience.
  • Easy eligibility: You can balance transfer any dues of more than Rs. 5,000 to HSBC Credit Cards under this facility.
  • Attractive Interest Rates: Interest rates on HSBC Credit Card balance transfer starts from 10.99% per annum and can go up to 15% per annum, helping you save a lot of money on interest repayments.
  • Low processing fee: Processing fee applicable is capped at 1% of the transferred amount, subject to a minimum of Rs. 149.
  • Perpetual BT: It is another offering from HSBC Bank that offers you additional benefits on Credit Card balance transfer, such as:
  • No pre-defined repayment tenor
  • Lower interest rates
  • Minimum repayment of 5% of the Perpetual BT outstanding
  • No foreclosure charges
  • Pay more than the minimum amount due every month and close the perpetual BT earlier

Different types of HSBC credit Cards

Now that you have taken a decision to Balance Transfer your existing dues to a new HSBC Credit Card, you need to identify the best Credit Card for you. Here are some of the most popular types of HSBC Credit Cards that you can choose from: –

  • HSBC Visa Platinum Credit Card: Most suitable for customers looking for excellent travel rewards and rewards redemption program.
    • No annual fees or joining fees.
    • 2 reward points on every spend of Rs. 150.
    • Fuel surcharge waiver.
    • 10% cash back during the first 90 days of issuance (up to Rs. 2000).
    • The facility of Air Miles conversion on Singapore Airlines and JetPrivilege.
    • Up to 15,000 accelerated reward points every year.
    • Excellent deals and discounts on movies, dining, hotels, and flights.
  • HSBC Cashback Credit Card:
    Ideal option for customers who love cashback on their transactions.

    • Nil joining fee.
    • Reversal of annual membership fee of Rs. 750 if annual spend is above Rs 3 lakhs.
    • Unlimited cashback on all transactions.
    • Up to 1.5% cashback on all online transactions (except transfer to online wallets).
    • Up to 1% cashback on all other transactions.
  • HSBC Smart Value Credit Card:
    Designed for users who love reward points more than anything else.
     

    • No joining fee.
    • Annual fee of Rs. 499 waived off when annual spend is above Rs. 50,000.
    • 3X reward points on dining, telecom, or online spends.
    • 10% cash back during the first 60 days of issuance (up to Rs. 1000).
    • Convert big-ticket purchases into instant EMIs at 10.99% during the first 90 days of issuance.
    • Fuel surcharge waiver.
    • Amazon voucher for Rs. 500 on payment of an annual fee.
    • Movie voucher for Rs. 200 on a monthly spend of Rs. 15,000 (Max. Rs. 1200 in a year)
  • HSBC Premier Mastercard Credit Card:
    This is your pick if you need cashback as well as premier privileges on your Credit Card.

    • No joining fee.
    • No annual fee.
    • Fuel surcharge waiver.
    • 2x reward points for every Rs. 100 spend.
    • Dedicated 24-hours Golf course concierge.
    • Up to 1.5% cashback on international spends of Rs. 3 Lakhs or more in a year.
    • Airport Lounge access.
    • Movie voucher for Rs. 1000 on a monthly spend of Rs. 75,000 (Max. Rs. 6000 in a year)
    • Online fraud protection and zero lost card liability.
    • The facility of Air Miles conversion on Singapore Airlines and JetPrivilege.
    • 50% cashback at PVR Cinemas, for up to Rs. 500 per month against movie ticket bookings.
  • HSBC Advance Visa Platinum Card:
    Rewards you for with amazing reward points on your lifestyle transactions.

    • No joining fee.
    • No annual fee.
    • 2x reward points for every Rs. 150 spend.
    • The facility of Air Miles conversion on Singapore Airlines and JetPrivilege.
    • Movie voucher for Rs. 500 on a monthly spend of Rs. 50,000 (Max. Rs. 3000 in a year)
    • Fuel surcharge waiver.
    • Excellent deals and discounts on movies, dining, hotels, and flights.
    • Up to 15,000 accelerated reward points every year.

All in all, as per your requirements, you must choose the perfect match to transfer your card dues. This can considerably reduce the debt burden and bring peace of mind in your life.

Also Read: 5 Best HSBC Credit Card Offers to Checkout in 2019

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