Tired of paying up to 18% interest p.a. on your outstanding credit card balance? With HSBC Balance Transfer, you get serious savings on your interest rates.
How does the HSBC Balance Transfer Plan work?
The HSBC Online Balance Transfer Programme 2017 is a balance transfer plan which you can apply for online, with the amount to be transferred capped at RM75,000 or up to 60% of your credit limit. This balance transfer plan is also subject to HSBC's terms and conditions.
Under the amended plan, you can sit back and enjoy zero interest for the first 3 months of balance transfer. If you feel like 3 months is rather short-lived, you can choose to extend for up to 6 months and only paying 1.99% p.a. interest rate throughout the tenure.
There's a catch though. Only eligible cardholders can apply for this balance transfer plan. But who are they? They are what HSBC termed as the (i) new primary HSBC credit cardholders, and (ii) existing cardholders who apply for a second HSBC primary credit card.
So, why should I apply for this balance transfer?
If you are the kind of a person who likes to take advantage of low interest rate environment and are motivated to be debt-free as quickly as possible, then this plan suits your aspiration. At the end of the day, it's your money we're talking about, right?
Am I allowed to make minimum monthly repayments?
If you're tight on budget, you can opt to this decision. The minimum payment is 5% of the outstanding balance.
What if I fail to settle the repayments before the maturity date?
If you're unable to settle all your monthly repayments before the expiry of the plan, your interest rate will revert to the normal rate at 18% p.a. and that is non-negotiable.