Representative Example
Assuming a credit limit of £1,200 and an interest rate on purchases of 21.9% p.a. variable, the representative APR will be 21.9% variable.
Pros
- No balance transfer fee
- 20 months interest-free on debt transferred from another provider
- Get full 0% term, if accepted
- Discounts and offers via HSBC home&Away
Cons
- New customers only (cannot have held an HSBC card in last 6 months)
- Must make balance transfer in 60 days to qualify for 0%
- Representative APR of 21.9% (variable)
Table of Content
Key features
- 0% interest for 20 months on balance transfers, for no fee. Transfers must be made within the first 60 days of account opening
- Minimum credit limit of £500
- Immediate access to spending in shops, apps and on websites using Apple Pay – even while waiting for your card to arrive. Simply add your new credit card to Apple Pay from the HSBC Banking app
Charges
Unless you run up a new spending balance or transfer balances outside of the 0% transfer window, this card from HSBC can be absolutely free if managed responsibly.
However, after the 20-month 0% period, any balance – existing or new – will attract an APR of 21.9% (variable). And the APR you are offered could be 24.9% (variable) depending on your application. That said, if you clear the cost of new purchases made on the card within 56 days, you won’t pay any interest.
If you are late with your monthly credit card payment, or exceed your credit limit (even with permission) you will incur a fee of £12. You’ll also face a £5 fee if your payment bounces.
There are charges for using the card to withdraw cash from an ATM of 2.99% with a £3 minimum. The APR applied to cash withdrawals is also higher at 27.9% (variable).
Non-sterling transaction fees are charged for using the card abroad at a rate of 2.99% of each transaction amount, with a minimum charge of £3.
Rewards
You’ll get access to worldwide offers and discounts ranging from dining to shopping and experiences via HSBC home&Away.
Protection
As with any credit card, HSBC’s No Fee 0% Balance Transfer deal offers protection on all purchases you make, of more than £100 and up to £30,000.
This cover is offered under Section 75 of the Consumer Credit Act and applies even if you only use your card to pay for a deposit on an item worth between these amounts.
Will I be eligible?
You’ll need a very healthy credit score to be accepted for this card, alongside an annual income of at least £6,800. You can see your chance of being accepted for the card – without harming your credit score – using an eligibility checker.
What more should I know?
If you are planning on transferring one or more balances from existing credit credit cards, they will need to be with a provider that is not a member of the HSBC Group. This includes First Direct, M&S Financial Services and John Lewis Financial Services.
You can add an additional cardholder to your account – such as your partner or a family member. And with 24/7 worldwide assistance, help is at immediate hand if your card is lost or stolen.
But with no 0% period on purchases and a relatively high APR, this should be viewed first and foremost as a card for clearing debt.
Note that you won’t find the deal at the HSBC website. It is only available only through affiliate websites such as Forbes Advisor.
What are my alternatives?
If the card debt you have is already within the HSBC Group, there are other 0% balance transfer cards to compare that do not charge a fee. While they are not quite as competitive at the time of publication, deals change frequently.
Always shop around, compare options and use an eligibility checker before making your final decision.
