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Get answers about the HSBC 0% balance transfer plan

General information

What is the Zero% Balance Transfer plan?

The Zero% Balance Transfer is a feature on HSBC Credit Cards whereby you can get part of your unused HSBC Credit Card limit to pay off your outstanding balance on credit cards issued in Egypt that you may hold with other banks by transferring the balance into the other bank card account via a transfer.

With the Zero% Balance Transfer plan you can enjoy 0% interest for a period of 3 months. Post the 3 months, any remaining 'Balance Transfer' balance will roll over to a retail plan attracting the normal credit card interest rate.

What is the duration of the Zero% Balance Transfer?

The duration of the Zero% Balance Transfer plan is 3 months.

What is the interest rate? What will happen after the expiry date of the Zero% Balance Transfer plan?

With the Zero % Balance Transfer, you can enjoy 0% interest for a period of 3 months applicable to all HSBC Credit Card types. Post the 3 months, the remaining 'Balance Transfer' balance will roll over onto the credit card retail plan attracting the normal credit card interest rate and this will be done automatically without notifying you.

For reference, the normal HSBC Credit Cards current applicable interest rate is 2.95% per month for all cards types and 2.59% for HSBC Premier Cards.

How does the Zero% Balance Transfer Plan affect my credit limit?

Any amount included in your Zero% Balance Transfer plan is included within, not in addition to, your credit limit. Your credit limit will be restored as each payment is made.

What is the maximum amount that I can request for the Zero % Balance Transfer plan?

The Zero% Balance Transfer amount that can be transferred will be based on your individual circumstances and the bank has complete discretion when determining the plan amount offered. The Balance Transfer does not have a minimum amount but it cannot exceed 80% of your HSBC Credit Card available limit.

Can the supplementary credit card customer place a Zero% Balance Transfer plan request?

No, The Zero% Balance Transfer plan request can only be placed by the primary card customer.

Application process

What documents are needed to apply for a Zero% Balance Transfer plan?

You are required to hold a valid credit card issued by HSBC Bank Egypt and another bank credit card issued in Egypt in order to apply for our Zero% Balance Transfer. We do not usually require any additional documentation, but we retain the right to ask for any relevant documentation.

How is the Zero % Balance Transfer plan transferred to my other bank credit card?

The Balance Transfer will be transferred to your other bank credit card account via a transfer.

How long will the transfer of money take?

We will endeavour to transfer the money to the respective bank account within 3 working days of the Balance Transfer approval.

Is a processing fee applicable?

There is no processing fee for the Zero% Balance Transfer request. For all updated fees and charges, please refer to the Schedule of Services and Tariffs.

Payments

Is there a fixed monthly minimum payment required as part of the Zero% Balance Transfer?

No, there is no fixed minimum payment required as part of the Zero% Balance Transfer plan, the Balance transfer will be part of your minimum monthly repayment amount (minimum of 5%).

Please ensure to settle you monthly minimum payment due (minimum of 5%) in order to avoid getting into delinquency and getting charged a late payment fee as set out in our Schedule of Services and Tariffs which is available at www.hsbc.com.eg.

If I already have an existing settlement standing instruction (SI%) on my credit card, will I be able to benefit from the Zero% Balance Transfer plan?

If you have an existing standing instruction on your credit card (i.e. a percentage of the total outstanding amount on the credit card is automatically taken from your bank account on every due date of the card payment), then you may need to reduce its percentage in order to get full benefit of the Balance Transfer 0% interest offer.

Example:

If you have 100% standing instructions and didn't manage to reduce it for example to the minimum of 5%, then on your due date, your account will be debited with the full Balance Transfer amount plus any other outstanding amounts as per the normal practice and thus you will not enjoy the 0% interest period.

Early settlement or cancellation

Can I make an early full settlement payment towards the plan before the end of the 3 months?

Yes, you can close your Zero% Balance Transfer plan before the end of the 3 months and make the full payment towards the plan. You must call the bank on the number on the back of your credit card within 3 working days of making the full repayment. Otherwise, payment will remain as a credit balance on the credit card account.

It is not possible to partially pre-pay the plan. You must pay off the entire outstanding amount if you wish to settle the Zero% Balance Transfer plan.

Can I cancel the Zero% Balance Transfer Plan without re-paying the entire plan outstanding balance?

If you choose to cancel the plan without re-paying the entire plan outstanding balance, the plan outstanding amount will be treated as a normal retail plan attracting the credit card normal interest rate.

Is there a charge for early settlement?

Yes, in case of early settlement or cancelling of the plan before the end of the 3 months, you will be charged an early settlement fee of EGP200 or 2% of the Zero% Balance transfer plan outstanding amount whichever is greater. If you choose to cancel the feature within 7 calendar days of booking, you will not need to pay any early closure fee. Please please refer to the Schedule of Services and Tariffs to review the detailed tariff of charges.

What if my card is cancelled or terminated before the plan has been fully repaid?

The Balance Transfer outstanding amount will be immediately due and payable.

Terms and conditions

What are the terms and conditions applicable to the Zero% Balance Transfer?

If you choose to enrol in the Zero% Balance Transfer Plan, the bank’s general terms and conditions, the credit cards and the Zero% Balance Transfer terms and conditions apply.

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