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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 fee2 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

HSBC Platinum Credit Card

0% p.a. interest on balance transfers for 36 months with no balance transfer fee

Cash advance rate will apply at the end of the period

  • $29 annual fee in the first year ($129 thereafter)3

  • $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 – 26 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 when you apply for a new HSBC credit card. HSBC may change or end these offers at any time. 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 the introductory Balance Transfer rate, the Balance Transfer request must be made when applying for the new HSBC credit card and must be from non-HSBC credit cards. The total balance transfer amount must not exceed 90% of your approved credit limit.  Your account must be current and not in arrears at the time of processing your request. After the introductory balance transfer period, any balance outstanding will accrue interest at the cash advance rate for your credit card. HSBC will allocate payments we receive from you to pay off the portion of your balance which attracts the highest interest rate first, and then to portions of your balance that attract lower interest rates. This may mean applying all payments made to your account to pay off other transactions, such as purchases and cash advances, before any balance transfer amount. HSBC Balance Transfer terms and conditions apply.
  2.  If applicable, the Balance Transfer Fee will be calculated as a percentage of the balance being transferred to your HSBC credit card account. This fee is applied at the time the balance is transferred and forms part of the total outstanding balance.
  3. The annual fee will be $29 in the first year and charged on the first statement of account. This will return to $129 in following years and is subject to change.