Great news, HSBC is now back with credit card balance transfer promotion. You can enjoy the lowest 0.42% monthly interest for the first 6 months with HSBC credit card. This can give you up to 73% when you apply the balance transfer program online.
What is a balance transfer ?
Balance transfer is a program where you can transfer your balance from different credit card into a single card with benefits. This is especially good when you fail to pay the minimum amount and is charged 18% p.a interest rates which is quite hefty. Most bank or financial institutions offer better interest rates for a few months of the program.
There are 3 choices for the HSBC balance transfer program promotion which is divided into Plan A, Plan B and Plan C. The table below from HSBC explains a good deal on the amount that be saved with specific balance transfer plan.
Plan A will incur much more savings compared to other plans however the 0.42% monthly interest is only valid for the first 6 months of the program. This would be beneficial if you have planning in advance where you will have extra cash flow for repayment after the 6th months. Plan B would incur less saving however the plan extends for 1 year and this will give you extra time for repayment.
There is a minimum of RM 1,000 balance transfer amount for this program which your outstanding or balance from other financial intuitions will be transferred to approved HSBC Credit card. The savings can be enjoyed until the expiry of the program where a normal 1.5% per month or 18% p.a interest will be charged.
This plan is available when you apply online however it will only be available until 30th of April 2014. So, hurry up to apply if you are keen on balance transfer.