Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • Credit Card BYTES FROM OUR KITCHEN

    HSBC Balance Transfer

    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.

    Features and benefitsof HSBC Balance Transfer plan

    The features and benefits of HSBC Balance Transfer plan are as follows:

    • The balance can be transfers at a low rate of 0.42% per month for 6 months.
    • You can enjoy the lower rates of interest offered on HSBC Credit Card.
    • You can save the money that you would’ve spent on paying interest on a credit card that was charging a high rate of interest.
    • You can apply online to transfer the balance from other bank’s credit card.
    • The minimum amount allowed for transfer is RM1, 000. The maximum amount allowed is up to a limit of 95% of the available HSBC Credit card limit of the cardholder.
    • You can enjoy up to 73% savings on the interest rate.
    • There are three plans offered, they are illustrated 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
    Plan A RM3,000 RM247.45 RM90 RM157.45
    RM5,000 RM412.41 RM150 RM262.41
    RM10,000 RM824.83 RM300 RM524.83
    Plan B RM3,000 RM447.27 RM165.56 RM281.71
    RM5,000 RM745.46 RM275.93 RM469.53
    RM10,000 RM1,490.91 RM551.86 RM939.05
    Plan C RM3,000 RM247.45 RM66.76 RM180.67
    RM5,000 RM412.41 RM111.30 RM301.11
    RM10,000 RM824.83 RM222.59 RM602.24

    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%.

    • Exclusive balance transfer rate is offered to a new HSBC Credit cardholder. 0% per annum is charged for 3 months and 1.66% is charged per annum for 6 months. You will be paying as follows:
    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.
    RM3,000 RM130.33
    RM6,000 RM260.66
    1.99% per annum for 6 months RM1,500 RM123.72 RM13.33 RM110.49
    RM3,000 RM247.45 RM26.47 RM20.98
    RM6,000 RM495 RM53 RM442

    How to apply for HSBC Balance Transfer

    If you want to avail the HSBC Balance transfer facility, follow the following basic steps:

    • Fill up the online application form, wherein your basic details, credit card number, contact details and the amount that you need to be transferred will be included.
    • Transfer process will be initiated after all the details are verified and when the term and conditions are communicated to you.
    • The balance will be transferred in 10 business days from the date of approval of the application of balance transfer. If your application is being rejected, then you will be notified within 15 days from the receipt of the balance transfer application.

    HSBC Balance Transfer FAQ’s

    1. Who is eligible for the HSBC Balance Transfer Plan?

    2. This plan is available to the current HSBC Credit cardholder and new HSBC Credit cardholder.

    3. What is the maximum amount that can be transferred?

    4. The maximum amount allowed is up to a limit of 95% of the available HSBC Credit card limit of the cardholder.

    5. What is the minimum amount allowed to be transferred to HSBC Credit Card?

    6. The minimum amount that can be transferred is RM1, 000.

    7. Should I be making any minimum payment?

    8. Yes, the eligible cardholder must make a minimum payment of 5% on his HSBC Credit Card outstanding balance.

    9. Can I transfer the balance to other financial institution during the tenure of the Balance Transfer plan?

    10. No, you are not allowed to transfer the balance to other financial institution during the tenure of the Balance Transfer plan.

    11. What are the charges applicable after the expiry of the programme period?

    12. 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.

    13. Can the term and conditions be changed at any time?

    14. Yes, HSBC reserves the right to change the terms and conditions and also with 3 days prior notice.

    Other Bank Balance Transfer Plans

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