Balance Transfer - Terms and Conditions

  1. This Balance Transfer offer is brought to you by The Hongkong and Shanghai Banking Corporation Limited, India (HSBC) and any participation is voluntary. This offer is applicable to only selected HSBC Credit Cardholders ( hereinafter referred to as the "Cardholder" ).
  2. Balance Transfer (BT) feature offers a promotional interest rate, applicable only on the outstanding balance transferred from other bank credit card(s). The promotional interest rate is valid for a pre-defined duration, called as 'Balance transfer term' except in case of perpetual BT where the promotional rate is applicable till the entire transferred balance is paid off, with there being no pre-defined term.
  3. The minimum amount that can be transferred from any other Bank credit card account to the HSBC credit card is Rs. 3,000
  4. The Cardholders can choose from any of the following balance transfer options: 3 months, 6 months and Perpetual Balance Transfer.
    • Applicable interest rates are 1.50 % p.m. (18% p.a.) for Gold and Classic cardholders and
    • 1.33% p.m. (15.96% p.a.) for Platinum cardholders.
  5. Processing fee will be applicable as follows -
    • For 3 months tenure option : 2% of the Balance Transfer amount (subject to a minimum of Rs. 249)
    • For 6 months tenure option : 1.50% of the Balance Transfer amount (subject to a minimum of Rs. 149)
    • For Perpetual Balance Transfer option : 1% of the Balance Transfer amount (subject to a minimum of Rs. 149)
  6. A Balance Transfer transaction will first utilise the available cash limit before blocking the purchase limit. For example, say the credit card account has a total available limit of Rs. 100,000 and available Cash limit of Rs. 40,000. In case of a Balance Transfer transaction of Rs. 60,000, the entire cash limit of Rs. 40,000 will be utilised first and Cardholder will not be able to make any cash advance transactions till the corresponding Balance Transfer outstanding is paid off. Purchase limit will be blocked for the balance Rs. 20,000. (This is not applicable for BT on EMI transactions)
  7. It is clarified that interest free period is not valid on any retail purchases or otherwise for those cardholders who may have a Balance Transfer amount in their credit card account. It is clarified herein that for all subsequent purchases, cash advances and other outstanding balances, the applicable rate of interest shall be levied and applicable from the date of purchase itself and shall accordingly cover all cardholders who may have Balance Transfer amount in their card account.
  8. The maximum amount that can be transferred from other bank credit cards to the Cardholder's HSBC credit card is 80% of the available credit limit on the Cardholder's HSBC credit card as on the date of approval of the Cardholder's application. The Cardholder can transfer outstanding balance from one or more other bank credit cards under the same or different balance transfer options, within this limit.
  9. Upon completion of the 'balance transfer term', if applicable, balance amount is merged with the other outstanding on the Credit Card and interest will be charged as per regular rate applicable, as communicated to the Cardholder from time to time.
  10. During the balance transfer term, the balance transferred will also be included for computing the minimum payment due, as mentioned the credit card statement from HSBC.
  11. To avail of the Balance Transfer facility, HSBC may request the Cardholder to submit a copy of your latest Other Bank credit card statement.
  12. The other bank card from which the balance is to be transferred to the HSBC Credit card must be non-delinquent and current. HSBC shall seek an authorization on the card from the Other Bank before approving the BT request.
  13. HSBC shall send the cashier order favouring the other credit card account for the approved transfer amount to the Cardholder's mailing address.
  14. In case of all such HSBC Credit card accounts availing of and being under NEFT, the funds will be directly credited to the other credit card issuing company.
  15. It is stipulated that BT processed through NEFT cannot be reversed once the request has been processed and the amount has been credited to the other credit card issuing company by use of this facility. The cardholder using NEFT facility accordingly confirms and agrees to this condition while opting for and choosing NEFT facility for availing benefits under BT.
  16. If the amount (as mentioned in the verbal or written application form) to be transferred to the HSBC credit card exceeds 80% of the available credit limit on the date of acceptance by HSBC, HSBC will automatically transfer only an amount equal to 80% the Cardholder's then available credit limit.
  17. The Cardholder should continue to make payments on the Cardholder's Other Bank credit card until the Cardholder receives confirmation in a subsequent HSBC credit card statement that the account with the other issuer has been credited.
  18. If the Cardholder has subscribed for the 'Credit Card Account Settlement Option' to automatically settle the credit card outstandings by a debit to the Cardholder's HSBC current/savings account, this option stands disabled during the 'Balance transfer term'. The Cardholder shall arrange for making payments against the Cardholder's credit card outstanding by the payment due dates, during this period. The facility will be reactivated at the end of the balance transfer period.
  19. Kindly note that according to the new payment hierarchy, the payments will first be apportioned to fees and charges, outstanding on BT, cash advances and purchase transactions in that order. So the cash/purchase outstandings will remain unpaid so long as there is an outstanding BT on the Cardholders account.
  20. In the event a cardholder transfers different amounts under different balance transfer options, the repayment will be allocated to the BTs in increasing order of the interest rates i.e. the repayment will be apportioned first to the lowest interest BT for the cardholder.
  21. In case a cardholder has availed of two or more separate BTs of the same tenure, the repayment will be allocated in the same sequence that the balance transfers have been applied for.
  22. Any outstanding balance at the end of the balance transfer term, if applicable, cannot be transferred to another balance transfer option being offered by HSBC at that time.
  23. HSBC shall not be held liable for the service charges or late payment charges debited to your Other Bank credit card account due to decline or delay in execution of your balance transfer request.
  24. This facility cannot be availed of to transfer balance from another HSBC credit card.
  25. HSBC reserves the right to decline any balance transfer request.
  26. In case the cardholder wants to apply for two BTs on the same Other Bank credit card, the subsequent request will be processed only 8 days after the previous BT request.
  27. The entire balance outstanding on the credit card (including any balances transferred) will become payable immediately upon closure of the credit card whether such closure is initiated by the bank or by the cardholder.
  28. HSBC reserves the right at any time without previous notice to add, alter, modify, change or vary all or any of these Terms and Conditions or to replace, wholly or in part, this scheme by another scheme, whether similar to this scheme or not, or to withdraw it altogether. HSBC may at its discretion discontinue the BT facility at any time during the pendency of the facility, foreclose the loan and debit the entire outstanding amount to the Credit Card.

Balance Transfer on Phone facility

  1. Balance Transfer on Phone facility entitles select HSBC cardholders to apply for Balance Transfer feature on phone.
  2. Regular eligibility criteria for Balance Transfer apply.
  3. Balance Transfer on Phone is available only to cardholders with card account relationship of more than 3 months on the date of Balance Transfer application.
  4. Cardholders can transfer amounts only upto Rs.75,000 through Balance Transfer on Phone.
  5. Cardholder need not submit other bank card statement for availing of Balance Transfer on Phone. HSBC will conduct a 'dummy authorization for Rs.1000.00' on the other bank credit card. If the authorization is successful, Balance Transfer transaction will be approved subject to regular Balance Transfer approval conditions.
  6. Other terms and conditions of Balance Transfer feature apply, unless otherwise specified above.

Balance Transfer on Internet

  1. HSBC credit cardholders can apply for Balance Transfer by completing the application form on online@hsbc.
  2. Balance Transfer requests will be processed provided the information given by the cardholder is complete and accurate. If HSBC requires any clarifications, a request will be sent to the cardholder by secure E-mail through online@hsbc. In such cases, transactions will not be processed till a satisfactory response is received from the cardholder.
  3. Balance Transfer on Internet is available only to cardholders with more than 3 months credit card relationship with HSBC as on the date of application.
  4. All other terms and conditions as mentioned in the Credit Card Services Guide for Balance Transfer facility will be applicable unless otherwise stated above.

Balance Transfer on EMI - Terms and Conditions

  1. The Balance Transfer-on-EMI facility allows an HSBC credit cardholder ('Cardholder') to avail of the Balance Transfer facility on his/her HSBC Credit Card ('Card') and repay the same in Equated Monthly Instalments (EMI).
  2. The minimum amount that can be transferred from any other Bank credit card account to the Cardholder's HSBC Credit Card is Rs. 3,000
  3. The maximum amount that can be transferred from any other Bank credit card account to the Cardholder's HSBC Credit Card is 80% of the available credit limit on the Cardholder's HSBC Credit Card as on the date of approval of your application. You can transfer balances from more than one other Bank credit card under the same or different balance transfer options, within this limit.
  4. Processing fee at 1.5% of the BT-on-EMI amount (subject to a minimum of Rs. 149) for 6 month option and at 1% of the BT-on-EMI amount (subject to a minimum of Rs. 149) for other BT-on-EMI options will be applicable.This will reflect alongwith the first Equated Monthly Installment (EMI) amount on the credit card statement.
  5. The Cardholders can choose from any of the following tenure options - 6 months, 12 months, 18 months and 24 months.
  6. The rate of interest charged will be as follows -
    • For 6 months and 12 months tenure options: 1.25% p.m. (15% p.a.) for Platinum and Gold cardholders and 1.50% p.m. (18% p.a.) for Classic cardholders
    • For 18 months and 24 months tenure options: 1.50% p.m. (18% p.a.) for Platinum and Gold cardholders and 1.65% p.m. (19.80% p.a.) for Classic cardholders.

    Equated Monthly Instalment (EMI) per Rs 1000 will be as follows -
    • For Platinum and Gold cardholders: Rs.174 for a tenure of 6 months, Rs. 90 for a tenure of 12 months, Rs.64 for a tenure of 18 months and Rs.50 for tenure of 24 months.
    • For Classic cardholders: Rs.176 for a tenure of 6 months, Rs. 92 for a tenure of 12 months, Rs.65 for a tenure of 18 months and Rs.51 for tenure of 24 months.

    The Equated Monthly Instalment (EMI) amount will be billed to the credit card every month on your statement date.

  7. The Equated Monthly Instalment (EMI) amount will be billed to the credit card every month on your statement date.
  8. A Balance Transfer transaction will block the available credit limit on the Cardholder’s credit card upto the amount of BT on EMI availed. For example, if the credit limit on credit card is Rs. 100,000 and the Cardholder avails of a BT on EMI for Rs. 40,000 then the available credit limit on the credit card will get reduced by Rs. 40,000.
  9. Minimum Amount Due: The Balance Transfer EMI due for the month is included as part of the minimum amount due appearing in the cardholder's monthly statement. The minimum amount due appearing on the cardholder's monthly statement is calculated as a percentage of the total outstanding retail balance + Monthly EMI due on BT on EMI. Non-payment of the entire total payment due on the credit card by the payment due date will result in the levy of standard credit card interest rates on the balance outstanding. If Minimum Amount Due (as defined above) is paid only, the standard credit card interest rates will be levied on the balance outstanding. However, if such partial payments do not cover the amount of EMI for the month, standard finance charges (including late payment fee) will be levied also.

    As an illustration:
    • Balance Transfer EMI = Rs. 1,000
    • Other outstanding balances = Rs. 2,000
    • Total closing balance for the month = Rs. 3,000
    • Minimum Payment instruction = 5 % of outstanding retail balance + EMI due on BT
    • Minimum Payment due = (5% x INR 2,000) + INR 1,000 = INR 1,100

      Scenario I:
    • Amount paid = Rs. 1200
    • Amount Outstanding = Total payment due – Amount paid = INR 1800
      Finance charges at the applicable rate will apply on INR 1800 in the next billing cycle

      Scenario II:
    • Amount paid = INR 3000
    • Amount Outstanding = 0
      No finance charges will apply.
  10. Please note that the payment made will be apportioned as per the payment hierarchy. Please note incase the amount paid does not clear the EMI amount (partly or fully), the remaining EMI amount will be added in the next months Minimum Amount Due alongwith standard interest rate charged on the said amount.

General Terms and Conditions for all Balance Transfers

  1. If the cardholder closes his HSBC Credit Card before all installments have been posted, the outstanding amount will be debited to the card account as one consolidated amount.
  2. Pre-payment charges on foreclosure will apply at the rate of 3 % on the outstanding amount of the loan, subject to a minimum of Rs 250.
  3. HSBC reserves the right to foreclose the loan and debit the entire outstanding amount if the earlier payments are overdue.
  4. Cashier Orders issued for Balance Transfers and Cash On EMIs, are valid for the period mentioned on the Cashier Order. If the Cashier Order issued, is not presented for encashment within the said period, the same will be cancelled.
  5. In case of all such HSBC Credit card accounts availing of and being under NEFT, the funds will be directly credited to the other credit card issuing company.
  6. It is stipulated that BT processed through NEFT cannot be reversed once the request has been processed and the amount has been credited to the other credit card issuing company by use of this facility. The cardholder using NEFT facility accordingly confirms and agrees to this condition while opting for and choosing NEFT facility for availing benefits under BT.
  7. Payments made in excess of the Card outstanding will not automatically be adjusted against un-billed EMIs and will hence not result in prepayment of the Balance Transfer on EMI facility. To pre-close the Balance Transfer on EMI facility, the Cardholder should contact HSBC Phonebanking.
  8. Kindly note that according to the new payment hierarchy, your payments will first be apportioned to fees and charges, outstanding on BT, cash advances and purchase transactions in that order. So your cash / purchase outstanding will remain unpaid so long as there is an outstanding BT on your account.
  9. In case of Balance Transfer on EMI, the EMI installments will be treated as purchase outstanding for the purpose of payment apportionment. EMI payable towards BT on EMI will be set off first before any payment is apportioned towards other outstanding.
  10. No request for change in card franchisee (VISA/ MasterCard) will be entertained during the entire loan period.
  11. No request for changes in the billing cycle shall be entertained during the entire loan period. The loan period is defined as the loan tenor selected by the cardholder at the time of request.
  12. Nothing contained in this scheme shall be construed as an obligation on HSBC to continue the scheme after the scheme termination date.
  13. HSBC reserves the right at any time without previous notice to add, alter, modify, change or vary all or any of these Terms and Conditions or to replace, wholly or in part, this scheme by another scheme, whether similar to this scheme or not, or to withdraw it altogether.
  14. The participants will not hold HSBC responsible for or liable for, any actions, claims, demands, losses, damages, costs, charges, and expenses that a participant may suffer, sustain or incur by way of this scheme.
  15. All existing guidelines /rules related to the Balance Transfer including approval of Balance Transfer will be applicable. In case of any contradiction between these terms & conditions and the existing guidelines / rules, these terms & conditions shall prevail at all times.
  16. All and any disputes arising from the Balance Transfer on EMI facility shall be subject to the exclusive jurisdiction of the courts of Mumbai.
  17. The terms of this offer shall be in addition to and not in derogation of the terms contained in the Cardholder Agreement. This offer is by way of a special facility for select cardholders and nothing contained herein shall prejudice or affect the terms and conditions of the Cardholder Agreement. The words and expressions used herein shall have the same meaning as in the Cardholder Agreement.

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