Credit Card Balance Transfer
Credit cards have been redefining the way we buy over the last few decades. Eliminating the need for hard currency, they have been offering multiple channels to buy goods and services. It has gradually grown into a financial instrument with multiple utilities. What used to be once a product used purely for paying for purchases and cash advances today has multiple benefits such as installment payments, offers and deals via promos and the most beneficial of them all, balance transfer.
Balance transfer service lets you conveniently move outstanding balances from other credit cards and debt instruments such as loan and payback in monthly amortizations at affordable rates. If helps greatly in consolidating debt and pay off over a definite period of time and save on interest charges. If you’re someone undergoing a situation of similar nature, it makes sense to use the BT option on your credit card.
HSBC Credit Cards
Being a banking institution of international repute, HSBC in the Philippines has been in operations for decades now. It has a considerable presence in the country in the retail lending sector. In its credit cards segment, it offers a variety of products in association with Visa and Mastercard. These products come with vibrant features coupled with benefits of international standards. The following are the credit cards offered by HSBC in the Philippines.
- HSBC Gold Visa
- HSBC Platinum Visa
- HSBC Gold Mastercard
- HSBC Red Mastercard
- HSBC Advance Visa
- HSBC Premier Mastercard
As a part of its standard offering, the benefit of balance transfer is available on its portfolio of credit cards. You can look at consolidating balances from other cards at a monthly rate starting at just 1% per month.
HSBC Balance Transfer
- Unlike other banks where the minimum amount transfer requirement is high, you can transfer as less as P500 with your HSBC credit card.
- Only primary cardmembers are allowed to initiate and request a BT.
- Up to 80% of the available credit card on your HSBC card be considered for transfer.
- The banks provides convenient term options of 6, 12, 18 and 24 months. You’re free to choose a term of your choice.
- HSBC offers an overall turnaround time (TAT) of 13 business days to process the request for transfer.
- After the bank approves the request, the BT cannot be reversed or cancelled since a check would have already been issued to clear the balance on the non-HSBC credit card.
- If the cardmember decides to pay off the balance before maturity, a fee of 5% of the outstanding balance (subject to a minimum of P500) is payable. This fee will be billed to your card account.
Steps to apply for Balance transfer with HSBC
To prepare for the BT application, please keep handy, documents such as the latest SOA (Statement of Account) from your other bank credit card, your HSBC card details and any other paperwork which you think is important. Once you have these documents ready, please call HSBC's Card Balance Transfer hotline at (02) 85-800, (02) 464-3800, or (02) 976-2600 to initiate a transfer.
You may be required to fill the application form to help them process your request. The phone representatives will advise you further in this regard.
Frequently Asked Questions
- If i decide to pre-terminate an existing BT account by paying off the balance, will there be a penalty?
- Please provide a breakup of the interest rate applicable for balance transfer on HSBC credit cards.
- Will I receive a check towards clearing the payment on the non-HSBC credit card?
- Is the transferred balance payable separately along with the minimum payment due every month?
- What is the maximum I can transfer with my HSBC credit card?
Yes, if you’re pre-paying, there will be a penalty, details of which are available in the section above.
For the 6-month term, the monthly Add-On rate applicable is 1.25%. For rest of the terms, the bank charges 1% on the same terms.
The bank will settle the payment directly with the other bank by issuing a check at any of their payment centers.
The BT amount payable will be a part of the minimum payment due.
You can transfer up to 80% of the available credit on your card, subject to a minimum of P500.