Credit cards Date:
HSBC has amended its balance transfer credit card's interest-free period to 32 months and lowered the balance transfer fee at the same time, earning an 'excellent' rating from Moneyfacts as a result.
HSBC Credit Card Visa now offers a 32-month 0% balance transfer term, allowing it to sit comfortably among its competitors in its sector. It has also reduced the balance transfer fee to 1.40% (minimum £5.00) and offers 0% on purchases for three months.
To qualify for the 0% balance transfer offer, balances must be transferred within 30 days of the account opening. As an additional incentive, borrowers can earn £25 in cashback when they make a purchase or a balance transfer of at least £100 within 60 days of the account opening (available until 30.9.15).
Once the introductory offers expire, balance transfers will be subject to a charge of 18.9% per annum, while purchases will attract a rate of 18.9% APR.
Borrowers must be at least 18 years old and will need to apply online. Borrowers should remember that rates are representative and dependent on their credit rating.
The amended balance transfer deal of 0% interest for 32 months is a competitive offer and will appeal to those looking to spread the cost of their borrowing, while the lower balance transfer fee is an enticing addition for those looking to move their debts at a low cost. However, borrowers must ensure that they repay the debt before the interest-free offer expires to benefit most from the deal.
Moneyfacts rating: Excellent
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