HSBC credit card transfer offers you a good opportunity to get hold of reduced interest rate on your high balance credit cards. The reduced rate would come in the form of an interest free period which can go up to a period of twelve months. During this time you have to make as low balance payment as possible, so that your credit card debt can come under control. You will have the option to transfer your balance to another low or zero rate card.
But, is it easy to do an HSBC card transfer? And how to ensure that the card you are transferring is actually the one that is offering you the best rate? The first step is to find out whether the offer is real or not. If you are unsure of this, then you should not make any haste. Secondly, you should log on to the website of the company offering you the credit card transfer and check whether the introductory rate offered on the card is the same as that of other cards.
In case of a card transfer, you should read the terms and conditions of the transfer contract to ensure whether it would help you to save money on the transfer amount. Some companies would allow a three month grace period after the transfer. If you are lucky, then such a company would not charge you any fee for the introductory period.
Thirdly, you should look for transfer offers that have been offered by more than one card provider. This would definitely reduce the risk of being cheated. However, some companies would be wary of such a move. If this were to happen, it is obvious that you would have to transfer all your balances to that single card. This could affect your credit rating negatively.
You could find a few companies that would be prepared to offer you a low transfer amount. They would require you to open an account with them. If you are willing to go ahead with this option, the company would give you the transfer amount at the end of the introductory period. Thus, you would be saving some money. It is better than paying a transfer fee.
Some companies might ask you to transfer your balances from high-rate cards to lower-rate ones. This could be very beneficial if you can get away with doing so. Otherwise, you would have to give up the benefits of transferring your cards and would need to incur a transfer fee for the new cards. Hence, you should take care of this aspect.
When you are looking for an offer, you should keep your mind on whether the interest would start charging from the day after the introductory rate is discontinued or not. You should not transfer all your cards at once. Rather, you should choose and apply for a single card that will benefit you both now and in the future. Thus, you should not transfer all your balances at once to reduce transfer fees when the interest starts charging on the transferred card.
The easiest way to find a good offer is by using the internet. Many companies today offer their services online. This makes it easier for you to compare the various deals. You can also find out how much you would save with each credit card transfer offer. Once you have compared the offers, you can choose the best one and make the payments. This way you can easily pay off all your debts and thus improve your financial condition