As the principal cardholder of an HSBC credit card, you get to enjoy plenty of perks, such as the HSBC Balance Conversion Plan (BCP). With this facility, you can convert eligible retail purchases and/or the outstanding balance of your credit account in to affordable monthly instalments. You can even choose from flexible repayment tenures – 6, 12, 24, or 36 months.
Features of HSBC Balance Conversion Plan
|Instalment Period||Interest Rate (p.a.)||Minimum Amount|
|Up to 36 months||
- Choose from multiple repayment period options that go up to 36 months.
- Convert more than one transaction into Balance Conversion Plan.
- Gain financial flexibility at low-interest rates.
- SImple and convenient application process.
- You have to be the principal cardholder of any of these HSBC credit cards:
- Premier Travel Credit Card.
- Premier World Mastercard Credit Card.
- Advance Visa Platinum Credit Card.
- Visa Signature Credit Card.
- Visa Platinum Credit Card.
- A minimum spend of RM500 must be made in a single receipt to be eligible to apply for BCP.
List of Credit Cards Featuring HSBC Balance Conversion Plan
Earn 1.1 Air Miles for every RM1 spent overseas
15% p.a. - 18% p.a.
Earn 10x Reward Points for every RM1 spent on dining and accommodation overseas
15% p.a. – 18% p.a.
Get 3x Reward Points for every RM1 spent on online purchases, auto-billing, and standing instructions
15% p.a. to 18% p.a.
Get 8x Reward Points for every RM1 spent overseas
15% p.a. – 18% p.a.
How Does the Balance Conversion Plan Work?There are two types of HSBC Balance Conversion Plans: Type A: Retail transaction into BCP
- The bank may require you to pay an interest that is either calculated on the reducing balance concept or may require you to make an upfront payment of the interest in the first month.
- You can convert a part of the outstanding balance or the entire outstanding balance on your card into a BCP.
- In this context, the outstanding balance is the amount accrued as a result of retail purchases made locally or overseas, online purchases and bill payments only.
How Do You Apply for the Balance Conversion Plan?
- You can apply for BCP online using the application form that’s available on the bank’s official website.
- Enter your personal information on the form and then select the type of BCP you want out of the available options – Single Transaction Conversion, Multiple Transaction Conversion, Partial Outstanding Balance Conversion, or Full Outstanding Balance Conversion.
- The bank takes a maximum of 3 working days to process your application and notify its decision.
- If the application is approved, the bank also notifies the sum approved for BCP and the repayment tenure.
- You can then review the offer and accept it if you’re interested.
Whether you need to convert a single retail transaction or the entire outstanding balance on your card, the HSBC Balance Conversion Plan is a great way to ease up on your expenses. With this payment option, you can still make all those large purchases without having to worry about spending too much at one shot. What’s more? You can pay it all off over a repayment period that you choose.
FAQs on HSBC Balance Conversion Plan
Q. Is there a maximum spend amount beyond which BCP cannot be approved?
A. Yes. The maximum spend amount for which BCP can’t be approved is RM50,000 per receipt.
Q. I have a corporate credit card offered by HSBC. Can I apply for Balance Conversion Plan?
A. No. The Balance Conversion Plan is only available for Personal Banking credit cards.
Q. Is the scheme applicable only to retail transactions?
A. No. BCP is applicable for retail transactions, online transactions, overseas spends, and bill payments. However, cash transactions such as cash advances, late payment fees, taxes, finance charges, etc. are not taken into account.
Q. How long does it take to activate BCP after approval?
A. It may take around 10 working days from the date of approval for BCP to take effect.
Q. Can I make an early settlement?
A. Yes. You can settle the outstanding balance before the tenure ends. Prior to the early settlement, you have to notify the bank by:
- Writing to the Card Services department of the bank located in Kuala Lumpur.
- Calling the bank’s customer service department.