Tired of paying up to 18% interest p.a. on your outstanding credit card balance? With HSBC Balance Transfer, you get up to 73% savings on your interest rates.
How does the HSBC Balance Transfer Plan work?
The HSBC Online Balance Transfer Programme is a balance transfer plan which you can apply for online. While online application makes it more convenient, the interest rates are slightly higher. However, the transferable outstanding balance is up to 95% of your credit limit.
For the 6-month programme, you have 2 choices. If you're able to pay a one-time upfront fee of 3% of the outstanding balance on the very first month, you can sit back and enjoy zero interest for the subsequent 5 months. Otherwise, you can fall back on the second choice which charges a 1.99% p.a. interest rate. Meanwhile, the interest rate for the 12-month programme is 8.99% p.a..
So, why should I apply for this balance transfer?
If your outstanding credit card balances works out to be higher than 60% of your credit limit, or if you prefer to settle your accounts online, the HSBC Balance Transfer Programme might be your best choice.
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..