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HSBC No-Fee Balance Transfer Card *

By:  Kate Anderson | Updated: 15th October 2021.

As one of the longest no-fee 0% balance transfer credit cards on the market, HSBC’s No-Fee Balance Transfer card stands out. At 20 months interest-free with no transfer fee, it’s a competitive option for anyone looking for a balance transfer card.

Great for: Fee-free long balance transfer period
4 stars question mark

HSBC No-Fee Balance Transfer Card *

HSBC credit card
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Completely free and
will not affect your credit score.

* Affiliate partner

Often you have to choose between a long 0% balance transfer period or a fee-free transfer. This is not the case with the new HSBC No-Fee Balance Transfer card. You get 20 months interest-free and there’s no balance transfer fee to pay – making it an interesting option for anyone looking for a balance transfer card. It is worth noting that transfers need to be made in the first 60 days in order to qualify for the promotional period. But as one of the longest fee-free balance transfer offers around, the card provides a good amount of time to pay off any debt.

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • 0% interest for 20 months on balance transfers made in first 60 days
  • No balance-transfer fee applies
  • No annual fee

REPRESENTATIVE EXAMPLE

Representative rate 21.9% APR (variable)
Purchase rate 21.9% p.a. (variable)
Based on an assumed credit limit of £1,200

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

what we like

  • 0% interest for 20 months on balance transfers made in first 60 days
  • No balance-transfer fee applies
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    21.9%
  • INTRO OFFER:

    0% for 20 months on balances transferred in the first 60 days

KEY SCORES:

  • 2/5 Perks
  • 5/5Fees
  • 3/5APR

HIGHLIGHTS

  • 0% interest for 20 months on balance transfers made in first 60 days
  • No balance-transfer fee applies
  • No annual fee

REPRESENTATIVE EXAMPLE

Representative rate 21.9% APR (variable)
Purchase rate 21.9% p.a. (variable)
Based on an assumed credit limit of £1,200

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

Our bottom line

This card has one of the longest interest-free free-fee balance transfer windows around at 20 months. Added to that ongoing perks from being part of the HSBC credit card portfolio, this card is a competitive option for anyone looking to make a balance transfer.

Credit Rating Requirement: Good/Excellent

What I like about the HSBC No-Fee Balance Transfer Card

There is a lot to recommend this card. The lack of balance transfer fee makes it stand out, but it is also the fact that it gives a long interest-free runway to pay down any debt.

  • 0% introductory balance transfer offer – HSBC is offering an interest-free balance transfer period of 20 months. While it’s not as long as some of the fee-paying balance transfer deals, it is a very competitive length of time for a fee-free card. It will give cardholders just shy of two years to clear any balance, plenty of time to pay off the debt and avoid costly interest charges (representative APR 21.9%).
  • No balance transfer fee – The card carries no balance transfer fee for transfers made in the first 60 days. As balance transfer fees are typically around 3%, this will save cardholders a decent chunk of money when they make a transfer. It’s worth noting that fees on transfers made outside this window will be set by HSBC.
  • Rewards – HSBC has its own rewards programme which cardholders can access. Its Home&Away scheme has discounts and offers on everything from savings on clothes to days out.
  • Worldwide assistance – If your card is lost or stolen, HSBC has a dedicated support team available 24/7 which can help you get an emergency cash advance.
  • Worth knowing – Be aware that you cannot transfer balances from other cards in the HSBC Group, including first direct, M&S Financial Services and John Lewis Financial Services. Also, introductory rates only apply to applicants who haven’t held an HSBC credit card in the last six months.

What could be improved?

While the HSBC No-Fee Balance Transfer Card is a competitive option, nothing is ever perfect.

  • Short transfer window – While the interest-free balance transfer window is a decent length of time, the window in which to make the transfer is relatively short. At 60 days it is shorter than other cards on the market which offer a period of 90 days in which to make transfers. It’s not necessarily an issue, but it is something to be aware of.
  • No other offers – This is a balance transfer card and it offers just that. Not a problem, but it is worth highlighting that other fee-free balance transfer cards will also include a short 0% introductory period on purchases in order to sweeten the deal.

How does the HSBC No-Fee Balance Transfer Card offer stack up?

If you are looking for a way to make balance transfers cheaper, then this card is a strong contender. The 0% period on balance transfers is a decent length of time at 20 months, but it is the fact that it is fee-free that really makes it stand out. Usually cardholders have to choose between a long interest-free period or avoiding a balance transfer fee, but this card means that isn’t the case. This makes it one of the top choices for fee-free balance transfer cards currently available.

The HSBC No-Fee Balance Transfer Card credit score

This card requires applicants to have an income or pension before tax of £6,800 or more. You must also be a UK resident, over 18 and not hold an HSBC Basic Bank account.

It is also worth noting again that the promotional rate only applies to applicants who have not held an HSBC credit card in the past six months.

How do you apply?

This card is not available directly from HSBC. Instead, you will need to apply through one of its affiliate partners – like us.

This can be done online. All you need to do is provide personal details such as addresses for the past three years, date of birth and nationality, as well as information regarding your income and outgoings.

Is the HSBC No-Fee Balance Transfer Card a good choice for you?

If you are after a balance transfer card that will give you a decent runway to clear your debt, but that also doesn’t charge you a fee for making a transfer, then the HSBC No-Fee Balance Transfer Card is a strong contender. As one of the longest fee-free promotional periods on the market, it gives you the option to cheaply transfer your debt and work at clearing your balance before the interest-free period ends. However, if you are looking for a card that caters to purchases as well, then there are better options available. But if it is a painless and fee-free balance transfer you are after, then you will struggle to find a card which provides the same combination of a competitive interest-free period and no balance transfer fee.


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