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How to transfer a credit card balance

Information for existing HSBC credit card customers

What is a balance transfer?

A balance transfer is when you move the balance from one credit card to another, usually to take advantage of a lower interest rate or interest-free period. This can help you to pay off your credit card balances in a more manageable way, at a lower rate and with one monthly payment.

If you have a balance transfer offer from HSBC, we may charge a balance transfer fee (minimum £5) on each balance transferred from another card. The actual amount of this fee depends on your offer and transfer amount. It will be added to your statement balance. The minimum amount you can transfer is £100.

How a balance transfer could help you

  • Manage all your card balances in one easy place

  • Save on how much interest you pay each month

  • Pay off as much as you can during any promotional periods to pay less interest

How you'll know you can do a balance transfer

We’ll send you details of any offers. You can also check for any offers and request a balance transfer by logging on to your HSBC UK Mobile Banking app1 or by calling us on 03457 404 404.2

How to request a balance transfer

Check what offers are available to you and request a balance transfer on our latest mobile app1.

  1. Log on to the HSBC UK Mobile Banking app and select your credit card.
  2. Go to ‘View more’.
  3. Select ‘Balance transfers’ to see what offers you have available to you.
  4. Follow the instructions on the screen.
  5. Review the information displayed and select ‘Confirm’.

To make sure you select the correct card issuer in the app, you can use the search tool or just scroll down the list until you find the correct card type (for example, Visa or Mastercard). If there are several to choose from, select the option which matches the first few digits of your card number.

Don’t have the app?  

You can request a balance transfer through Online Banking or the Contact Centre as well.

What's needed to complete a balance transfer

You'll need both cards so that you can provide details, including the long 16-digit number on each card.

Important information

How do balance transfer offers work?

You can transfer balances to your HSBC credit card account when you have an offer available. When there’s an offer, we’ll tell you the promotional rate and how long it will apply for from the date of transfer. You can take advantage of the rate by making a balance transfer during the offer period. Because we assess eligibility for offers periodically, you could get the same offer more than once (sometimes consecutively), or the promotional rate, term or fee could vary.

Is there a fee?

There’s normally a balance transfer fee for each balance transferred. This fee depends on your offer and transfer amount. We’ll tell you the fee that applies before you submit your request and the fee will be added to your statement balance.

How much can be transferred?

The minimum amount you can transfer is £100. You can make as many balance transfers as you’d like when you’ve an offer, up to 95% of your credit limit (taking your existing balance into account).

Which cards can you transfer from?

You can transfer balances from most other cards, as long as you’re the primary cardholder. This excludes other HSBC Group cards from HSBC UK, first direct, M&S Bank and John Lewis Finance.

How long does it take?

If we approve your request, payment will reach your other card provider by the end of the next working day. You’ll need to keep making payments towards your other card until the transfer’s gone through.

If we receive your request after 15.30 or on a non-working day, we’ll treat it as if it was received on the next working day. We might need to carry out additional checks, for example to make sure the request is really from you, in which case we’ll treat your request as being made once we’ve completed those checks.

How will your payments be allocated when you have a balance transfer on your account?

If you have other balances on which we’re charging higher rates of interest, any payments you make will be applied to those first. If you have more than one promotional balance on the same rate (for example, you have two balance transfers on a 0% rate), we’ll apply your payment to the oldest first.

Will you pay interest on any new purchases?

Interest will be charged on new purchases at your standard variable rate (you won’t get up to 56 days interest free until you’ve fully repaid any balance transfers).

How will you know when your promotional period is coming to an end?

We’ll send you a reminder and let you know on your monthly statement before your promotional period ends. You can also see details of your existing balance transfers, including the promotional rates and periods that apply, in the mobile banking app.

What happens at the end of your promotional period?

Any transferred balance remaining on your account will be charged at your standard variable rate, so it’s best to pay off your balance transfer during the promotional period if you can. You’ll also lose your promotional rate and interest will be charged at the standard rate if you’re late making at least your minimum payment in any month – so it’s important to make payments on time.

Additional information

1. Device restrictions apply

2. Lines are open every day, from 08:00 to 20:00.

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