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?
||Outstanding balances||Finance charges for 3 months|
|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
|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|
|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.