How do I balance transfer with HSBC?

HSBC is one of the largest banks in the world, and therefore it is no surprise that the HSBC Gold credit card is one of the most sought after balance transfer credit cards. Before one asks how to balance transfer with HSBC, however, it is vital to first understand the features of the card.

Key features of the HSBC Gold credit card:

• APR rate - the HSBC gold card offers a 0% introductory APR for the first 18 months, after which an APR of either 2.99%, 16.99% or 22.99% will come into effect 
• Late payments - HSBC Gold offers its customers a late fee waiver once every 12 months. Any further late payments are charged a late fee of up to $39. Another USP of the card is that unlike other cards, which usually charge an APR penalty of around 30%, the HSBC Gold card has no such penalty rate. Payments that are more than 60 days late, however, may cause your introductory APR to be altered to the standard APR.
• Benefits and reward - The card charges no additional transaction fee for making purchases outside the US. The card also offers damage and theft coverage for rental vehicles and has partnerships with travel based organizations that offer perks such as discounts on airport services and exclusive discounts and access to certain travel hotspots and golf courses. However, the card does not offer any travel-related miles. 

You can learn more about this card at https://bestcreditcard.com/review/hsbc-gold-mastercard-credit-card

Making sure you are qualified for an HSBC card

Once you are sure that the HSBC Gold card is the right card for you, there are a few steps you should take before applying for a balance transfer card. Primarily, you should visit HSBC’s website to get pre-qualified for the HSBC Gold card. This procedure is a soft credit check, and so will have no impact on your credit score. The process will inform you of all the HSBC cards you are eligible for so that you have alternatives to fall back on in case you do not qualify for your ideal card.  

Completing a balance transfer with HSBC

There are two simple ways to transfer funds to an HSBC Gold credit card: via their website and via phone. An important aspect to note is that you cannot balance transfer from an existing HSBC card to another HSBC card; therefore, be sure to use a card whose creditor is not HSBC when proceeding with the balance transfer. If you choose to balance transfer via the web, you will first have to apply for a new HSBC card. The application will ask if you are interested in transferring a balance from an already existing card. Once you choose this option, the process will guide you through the next steps. Make sure that you have your personal information and current account information ready with you. HSBC may allow you to transfer all your intended funds or just a portion of it, depending on your credit score and their transfer limit.

Best tips for balance transfers with HSBC

It is crucial that even after you complete the procedure and are approved you follow these tips to optimize your balance transfer

• Be swift in requesting your balance transfer so that you have the opportunity to take advantage of the 0% introductory APR.
• HSBC transfers tend to take up to 2 weeks to fully process, therefore you must continue your payments on your balance until it is visible on your account. 
• It is crucial that you pay your bills on time, as HSBC can revert your introductory APR to the regular APR if they see fit.