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A smiling woman is holding her phone and  looking at her credit card; image used for HSBC Malaysia what is balance transfer page

How much can you save with a balance transfer?

It can be expensive and confusing when you owe money on several different cards. But a balance transfer from HSBC lets you simplify and save.

What is a credit card balance transfer?

A balance transfer is a debt consolidation service made available to all HSBC credit cardholders. It allows you to use your HSBC credit card to pay the outstanding credit card balances you have with other banks.

For example: let's say you owe RM15,000 on a Bank A credit card, RM10,000 on a Bank B credit card, and RM5,000 on a credit card with Bank C, for a total of RM30,000. If you apply for a balance transfer, this RM30,000 would be moved to your HSBC credit card, and the balance on those other bank credit cards would return to zero.

What are the benefits of a balance transfer?

  • By consolidating the outstanding balances, you save time and effort by paying only to your HSBC credit card every month. Gone are the days making multiple bill payments to multiple banks.
  • As a new HSBC credit cardholder, you can enjoy 0% finance charge for 3 months on the outstanding balance amount you transferred into HSBC credit card. Other banks may charge rates as high as 18% p.a. so look how much you could save based on the illustration below!

Below table is an example of how credit card balance transfer works.

Outstanding balances Finance charges for 3 months
A RM 15,000
RM 651.16
B RM 10,000 RM 434.10
C RM 5,000 RM 217.05
HSBC Balance Transfer program RM 30,000 RM 0.00
Savings of RM 1302.31

Below table is an example of how credit card balance transfer works.

Outstanding balances RM 15,000
Finance charges for 3 months RM 651.16
Outstanding balances RM 10,000
Finance charges for 3 months RM 434.10
Outstanding balances RM 5,000
Finance charges for 3 months RM 217.05
HSBC Balance Transfer program
Outstanding balances RM 30,000
Finance charges for 3 months RM 0.00
Outstanding balances  
Finance charges for 3 months Savings of RM 1302.31

Issued by HSBC Bank Malaysia Berhad 198401015221 (127776-V).

The minimum amount for each Balance Transfer ("BT") application is RM1,000.

The Eligible Cardholder shall pay the minimum payment of 5% of the outstanding balance which is part of the Minimum Monthly Payment due on or before the payment due date.

Finance charges of 1.5% per month or 18% per annum shall apply on any unpaid outstanding balance upon expiry of the selected BT tenure.

The interest rate is subject to HSBC's approval. The terms used herein are as defined in the HSBC Balance Transfer Terms & Conditions.

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