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A woman checking on mobile with a smile at living room; image used for HSCB Australia Balance transfer.

Balance Transfers

Consolidate your debt and reduce interest with an HSBC Credit Card

Simplify your banking and consolidate your debt with an HSBC Balance Transfer1.

An HSBC Balance Transfer allows you to transfer some or all of your credit card balance from a non HSBC card to an HSBC credit card so you can simplify your finances.

Benefits

  • Reduce credit card interest and pay off your outstanding balances faster with 0% p.a. interest and no Balance Transfer fee on selected HSBC Credit Cards
  • Simplify your banking by consolidating your monthly repayments into one simple repayment
  • By consolidating your debt onto the one credit card, you could reduce the amount of credit card fees you are paying

Choose a Balance Transfer offer from one of these HSBC Credit Cards

HSBC Low Rate Credit Card

Low Rate Credit Card

0% p.a. for 20 months on balance transfers

a 2% balance transfer fee applies

Cash advance rate will apply at the end of the period

  • $99 – Annual Fee
  • $1,000 – Minimum Credit Limit
  • 12.99% p.a. – Variable Interest Rate on Purchases
  • 25.99% p.a. – Variable Interest Rate on Cash Advances
HSBC Platinum Credit Card

Platinum Credit Card

0% p.a. on balance transfers for 22 months with no BT fee

Cash advance rate will apply at the end of the period

  • $129 – Annual Fee Refund each year when you spend $6k or more on eligible purchases2
  • $6,000 – Minimum Credit Limit
  • 19.99% p.a. – Variable Interest Rate on Purchases
  • 21.99% p.a. – Variable Interest Rate on Cash Advances
HSBC Platinum Qantas card

Platinum Qantas Credit Card

0% p.a. on balance transfers for 12 months with no BT fee

Cash advance rate will apply at the end of the period

  • $99 – Annual Fee
  • $6,000 – Minimum Credit Limit
  • 19.99% p.a. – Variable Interest Rate on Purchases
  • 21.99% p.a. – Variable Interest Rate on Cash Advances

How does a Balance Transfer work?

Am I eligible?

To be eligible for the introductory balance transfer rate, the balance transfer request must be made at the time of applying for the new HSBC credit card. The balance transfer must be from non-HSBC credit cards. 

What is my Balance Transfer limit?

Your total balance transfers must not exceed 90% of your approved credit limit.

How long do I enjoy 0% interest on my Balance Transfer?

The interest rate on the balance transfer applies for a set period of time depending on which HSBC Credit Card you choose and can range from 12 – 22 months. After this period, any balance outstanding from the balance transfer will accrue interest at the cash advance rate applicable to your product.

How do my monthly repayments work?

HSBC will allocate payments we receive from you to pay off the portion of your balance which attracts the highest interest rate first and subsequently to portions of your balance attracting lower interest rates. This may mean applying any and all payments made to your HSBC credit card account to pay off other transactions such as purchases and cash advances before any balance transfer amount.

Some helpful tips

If your Balance Transfer with HSBC is successful, it might be a good idea to review your overall credit card needs to determine whether you still require your previous credit card. This will help to ensure you are not paying any unnecessary fees or additional interest.

Credit provided by HSBC Bank Australia Limited ABN 48 006 434 162 Australian Credit Licence 232595. Offers available to new, approved HSBC credit cardholders who apply by 30 September 2020 for the HSBC Low Rate Credit Card, 30 September 2020 for the HSBC Platinum Credit Card and 30 September 2020 for the HSBC Platinum Qantas Credit Card. Fees, charges, terms, conditions and HSBC lending criteria apply to all credit cards issued by HSBC. Visit hsbc.com.au or call 132 152. Interest rates are valid at the time of publication and are subject to change.

  1. To be eligible for this special balance transfer rate, the balance transfer request must be made by completing the online form in Credit Cards Online or by calling HSBC on 132 152. Your account must be current and not in arrears at the time of processing your request. The balance transfer must be from non-HSBC credit cards. After the promotional period any balance outstanding from the balance transfer will accrue interest at the variable cash advance rate. HSBC will allocate payments we receive from you to pay off the portion of your balance which attracts the highest interest rate first and subsequently to portions of your balance attracting lower interest rates. This may mean applying any and all payments made to your HSBC credit card account to pay off other transactions such as purchases and cash advances before any balance transfer amount. Full HSBC Balance Transfer terms and conditions (PDF, 18KB) apply.
  2. $129 Annual Fee will be charged on the account within 2 months after the first debit transaction and every 12 months thereafter. The annual fee will be refunded for customers who spend $6,000 on eligible purchases within 12 months from the date the Annual Fee is charged. Refunds will be posted automatically within 30 days of eligible spend criteria being met, if your account is current and in good state. Eligible purchases exclude interest free and other promotions, balance transfers, cash transfers, business expenses, cash advances, fees and charges, any disputed transactions and government fees and charges.