What is a balance transfer?

• Combine your payments into one credit card. A balance transfer can make paying your debt easier, simpler and more convenient with only one due date to think about.
• Get out of debt faster. Balance transfer is usually offered with lower interest fees under a fixed repayment term of 12, 24 or 36 months. This lets you save on interest charges on revolving balances and help you pay it off faster.
• Transfer to a credit card with better benefits. These can be longer payment terms, smaller fees, promotional incentives, or other benefits that fit your needs.

• Approval will depend on your credit score. A balance transfer may not available for everyone; this is why it's important to have a good credit standing with your bank.
• Check your credit limit. Make sure that you have enough credit limit on your credit card to accommodate your other cards' balances.
• There's a fee. Banks charge a transaction fee for every successful balance transfer application, and there's also a pre-termination fee should you decide to cancel your balance transfer before the end of your repayment period.
• Make sure to pay on time. Avoid missing payments or paying below your due amount as you'll still be charged with interest or late payment fees.

Apply for a balance transfer with your HSBC Credit Card here.