What’s a balance transfer?
A balance transfer is a feature on HSBC credit cards, that lets you use part of your unused HSBC credit limit to pay off any outstanding balance on any other credit cards issued in Egypt that you may hold with other banks by transferring the balance into their other bank card account via a Transfer..
You’ll need to pay back the balance transfer in equal monthly installments over a fixed-term of your choice: 6, 12, 18 or 24 months, at a discounted interest rate of 2% decreasing per month.
How long is the balance transfer tenor?
The balance transfer tenor stars from 6 months and can be up to 24 months – it’s your choice.
What’s the interest rate?
The balance transfer interest rate is 2%, decreasing per month and applies to all HSBC credit cards. The normal HSBC credit cards interest rate is currently 2.95% per month and 2.59% for HSBC Premier Cards.
What’s the maximum amount I can take as a balance transfer?
The minimum amount for a balance transfer is EGP 4000, and the maximum amount can’t exceed 65% of your available HSBC credit card limit.
Although, the minimum and maximum balance transfer amount will be based on your individual circumstances. We have complete discretion when determining the plan amount that is offered.
How is the balance transferred?
The balance will be transferred to your other bank account via a transfer.
How long will the transfer take?
The funds will be transferred to the respective bank account within 3 working days of the balance transfer approval. Although, we can’t guarantee that it will be within 3 working days.
What documents do I need to provide for a balance transfer?
You’ll need a valid credit card issued by HSBC, and another Bank credit card in Egypt in order to apply for our balance transfer.
We don’t usually need you to submit any documentation, but we retain the right to request relevant documentation at any time.
Is there a processing fee for a balance transfer?
There are no processing fees for HSBC credit card balance transfers.
Take a look at our Schedule of Services and Tariffs to learn more about all our up-to-date fees and charges.
Can I make a partial payment towards my balance transfer?
No, unfortunately you can’t make a partial payment towards a balance transfer.
Can I make an early settlement payment towards my balance transfer?
Yes, you can pre-close the Balance Transfer and make a full payment towards your balance transfer to close it. If you choose to do this, you must call us within 3 working days of making your full repayment.
If you don’t call us within 3 working days, the payment will remain as a credit balance on your credit card account. You’ll continue to be billed the installment amount each month until the end of your balance transfer term.
Unfortunately, it’s not possible to partially re-pay your balance transfer amount. You’ll need to pay off the entire outstanding amount if you wish to settle your balance transfer.
What will happen if I did not call the Bank for an early settlement?
In this case, the payment made on the credit card will remain as a credit balance and you will continue to be charged the instalment amount every month till the completion of the term.
Is there a charge for an early full settlement?
No, you won’t be charged an early settlement fee.
What happens if I miss a payment?
If you don’t pay the minimum amount for the balance transfer by the due date for two successive months at any point during the term of Balance Transfer, your outstanding balance will then be due in the following month's card statement.
Your entire outstanding balance for the balance transfer will be converted and treated and priced like a cash advance and can’t be converted back to your balance transfer. Interest will also be calculated based on your average daily balance.
You may also be charged a late payment fee, as set out in our Schedule of Services and Tariffs.
What are the Terms and Conditions applicable to the Balance Transfer?
The Bank’s general Terms and Conditions, the credit cards and the Balance Transfer and Conditions apply in case you chose to enroll into the Balance Transfer.