HSBC No Fee Balance Transfer Credit Card – Forbes Advisor UK

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Representative example

The representative APR example gives you an estimate of what it might cost if you borrowed a certain amount of money. This helps you compare products and provides a guide to the cost of shipping a scale. Your personal offer may differ from the representative APR example.

Assuming a credit limit of £ 1,200 and a variable purchase interest rate of 21.9% per annum, the representative APR will be 21.9% variable.

Advantages

  • No balance transfer fees
  • 20 months without interest on debt transferred from another supplier
  • Get a full term of 0%, if accepted
  • Discounts and offers via HSBC home & Away

The inconvenients

  • New customers only (cannot have held an HSBC card in the last 6 months)
  • Must complete a balance transfer within 60 days to qualify for 0%
  • Representative APR of 21.9% (variable)

Rewards / Benefits

Access to offers and discounts worldwide

Contents

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Main characteristics

  • 0% interest for 20 months on balance transfers, no charge. Transfers must be made within the first 60 days of opening the account
  • Minimum credit limit of £ 500
  • Immediate access to spending in stores, apps, and websites with Apple Pay, even while you wait for your card. Simply add your new credit card to Apple Pay from the HSBC Banking app

Charges

Unless you create a new spending balance or transfer balances outside of the 0% transfer window, this card from HSBC can be absolutely free if handled responsibly.

However, after the 20-month 0% period, any balance – existing or new – will result in an APR of 21.9% (variable). And your proposed APR could be 24.9% (variable) depending on your application. That said, if you clear the cost of new purchases made on the card within 56 days, you won’t pay any interest.

If you are late with your monthly credit card payment or go over your credit limit (even with your authorization) you will need to pay a fee of £ 12. You will also need to pay a £ 5 fee if your payment is declined.

Using the card to withdraw money from an ATM has a charge of 2.99% with a minimum of £ 3. The APR applied to cash withdrawals is also higher at 27.9% (variable).

Transaction fees other than GBP are charged for using the card abroad at a rate of 2.99% of the amount of each transaction, with a minimum of £ 3.

Awards

You’ll have access to deals and discounts around the world, ranging from dining to shopping and experiences through HSBC home & Away.

protection

As with any credit card, HSBC’s 0% Free Balance Transfer offer offers protection on anything you make over £ 100 to £ 30,000.

This coverage is available under Section 75 of the Consumer Credit Act and applies even if you are only using your card to pay a deposit on an item with a value between these amounts.

Will I be eligible?

You will need a very good credit score to be accepted for this card, as well as an annual income of at least £ 6,800. You can see your chances of being accepted for the card – without harming your credit score – with the help of an eligibility checker.

What else do I need to know?

If you plan to transfer one or more existing credit card balances, they will need to be with a provider that is not a member of the HSBC Group. This includes First Direct, M&S Financial Services and John Lewis Financial Services.

You can add an additional cardholder to your account, such as your partner or a family member. And with 24/7 global support, support is right at your fingertips if your card is lost or stolen.

But without a 0% period on purchases and a relatively high APR, this should be viewed primarily as a card to pay off debt.

Note that you will not find the offer on the HSBC website. It is only available on affiliate websites such as Forbes Advisor.

What are my alternatives?

If the card debt you have is already with the HSBC Group, there are other 0% balance transfer cards to compare that don’t charge a fee. While not as competitive at time of posting, offers change frequently.

Always shop around, compare options, and use an eligibility checker before making your final decision.


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