HSBC
0% interest on balance transfers for up to 35 months, £20 cashback on £250+ spend/transfer in first 60 days, competitive transfer fee. Rep. APR 24.9%.
Introducing the Offer
The HSBC Balance Transfer Credit Card boasts an attractive 0% interest on balance transfers for 35 months, letting you clear existing debts affordably. A transfer fee of 3.19% applies, and to qualify, you must transfer balances within 60 days of opening your account. Enjoy an additional £20 cashback when you spend or transfer at least £250 in the first 60 days. The representative APR is 24.9% variable and most applicants can expect a credit limit around £1,800, subject to status and eligibility criteria.
How to Apply for This Credit Card
Applying is easy and streamlined. Start by choosing the card and filling out the application form—provide your personal and financial details, including income and employment status. If you meet the basic eligibility criteria (such as being 18+, UK resident, and earning at least £6,800/year), you will quickly receive a decision. If approved, your card typically arrives within a week, and you can immediately proceed with your balance transfer and begin spending to enjoy rewards and interest-free periods.
Main Advantages
One of this card’s most compelling benefits is the lengthy 0% balance transfer period, allowing you to spread payments on transferred debts with no added interest for nearly three years. The £20 cashback on early qualifying spend or transfer is a simple but worthwhile incentive. On top of this, you also get three months of 0% interest on purchases, making it ideal for both clearing debts and managing planned expenses.
Main Drawbacks
A key consideration is the 3.19% balance transfer fee which, while typical for such offers, can still add up for larger balances. Moreover, after the promotional period ends, the interest rate climbs to 24.9% APR (variable), so failing to clear your balance within the offer period could be costly. Transfer eligibility restrictions also apply (not possible from other HSBC, First Direct, or M&S Bank cards).
Verdict
For those looking to reduce the cost of existing credit card debt and benefit from a substantial interest-free period, this HSBC card is an excellent choice. The added cashback sweetens the deal, making it highly competitive. Consider your ability to pay off the balance before the promotional period ends, and you’ll optimise its benefits.