We never think twice when we are offered a credit card facility, we just take up on the offer. We don’t even compare the interest rate with the interest rate that is being offered by other providers. Mostly we end up paying a higher rate of interest on the credit card. It is never too late to transfer your credit balance to another provider that is offering you a lower rate of interest.
You can opt for balance transfer from HSBC and enjoy the low rate of transfer. The balance transfer rate can be as low as 0.42% per month for 6 months with the HSBC Credit Card.
The features and benefits of HSBC Balance Transfer plan are as follows:
|Plan||Outstanding balance||Finance at 18% per annum for 6 months (12 months for Plan B)||What you will be paying with HSBC||What you save|
Here the interest is charged at 3% in the first month and 0% in the next 5 months. 4.99% interest per annum is charged for 6 months and 6.99% interest per annum is charged for 12 months.
Plan A: 3% is charged upfront, 0% in the next 5 months on the balance transfer amount and your savings is 64%.
Plan B: 0.58% is charged per month for 12 months on the balance transfer amount and your savings is 63%.
Plan C: 0.42% is charged per month for 6 months on the balance transfer amount and your savings is 73%.
|Particulars||Outstanding balance||Normal finance charges at 18% per annum for 3 and 6 months||Savings on interest rate||You save|
|0% per annum for 3 months||RM1,500||RM65.17||Enjoy 100% saving on interest rate.|
|1.99% per annum for 6 months||RM1,500||RM123.72||RM13.33||RM110.49|
If you want to avail the HSBC Balance transfer facility, follow the following basic steps:
This plan is available to the current HSBC Credit cardholder and new HSBC Credit cardholder.
The maximum amount allowed is up to a limit of 95% of the available HSBC Credit card limit of the cardholder.
The minimum amount that can be transferred is RM1, 000.
Yes, the eligible cardholder must make a minimum payment of 5% on his HSBC Credit Card outstanding balance.
No, you are not allowed to transfer the balance to other financial institution during the tenure of the Balance Transfer plan.
The normal charges for balance transfer of 1.50% per month or 18% per annum will be calculated on a daily basis after the expiry of the programme period.
Yes, HSBC reserves the right to change the terms and conditions and also with 3 days prior notice.