A new balance transfer card pays off existing store/credit card debt, so you owe it instead but at 0% - and it helps you get debt-free quicker, as repayments cover debt, not interest. Via our link, this new HSBC card will give a big £50 cashback if you shift at least £1,500 to it, and with a lowish 1.4% fee the cashback beats the fee cost on transfers up to £3,500, so you'd profit.
Will you be accepted? Don't just apply - our Balance Transfer Quick Eligibility Calc shows which cards you've best odds of getting, or our FULL Credit Club gives your free Credit Report and Credit & Affordability Scores too. Both do a 'soft' search on your credit file that lenders can't act on, so there's no impact on your creditworthiness. And for some cards the calcs show which providers 'pre-approve' you - ie, will definitely give you the card, subject to passing an ID check.
Not bad its bigger cashback than the Barclaycard but a larger fee of 1.4% and also minimum of £1500 while barclays one was only £500 minimum and a .6% fee!
Could suit some if transferring less than £3500
All comments (23)
MCGONIS
8 Mar 17#1
So if I apply they give me £50?
brendanhickey to MCGONIS
8 Mar 17#2
u need to do a balance transfer
MCGONIS
8 Mar 171#3
Okay. Thanks. Too complicated. So basically the post means, Apply for an HSBC credit card, do a balance transfer and you will get £50 off that balance transfer refunded. £50 cashback offer caught my eye. So it's not really. Voted HOT
tek-monkey
8 Mar 17#4
It is £50 cashback, but for doing the transfer not getting the card. There was an AA one with free money I think?
premierfella
8 Mar 17#5
I wouldn't describe it as £50 off - as the OP says you're in profit up to £3500 balance transfer (still not certain I'd bother just for the possible net £21 if I didn't need a 0% balance transfer card).
nikinaki23
8 Mar 17#6
Do you think you'd be able to do it if you already have an existing HSBC credit card?
FerreroRussian to nikinaki23
8 Mar 171#14
"To be eligible for the Offer Payment described below, the following requirements must be met:
a) you are not an existing HSBC Credit Card holder and have not held a credit card with HSBC within the six months prior to the start of the Offer Period;"
OldCity
8 Mar 171#7
Eligibility tool is a tota bs again, don't think that if a tool that provides info based on what you input there will be the same as a credit check. Then again the credit check is bs too.
dreamager
8 Mar 17#8
How long do balance transfers take? I'm thinking of a transfer card before my next payment is due
wardi69
8 Mar 17#9
To transfer £1500 would cost £21 so max profit of £29. Not bad, similar to what you'd get through a cashback website. Shame HSBC aren't doing both..
Anon32 to wardi69
8 Mar 17#10
I think the money comes of the balance you transfer so £1500 - £29 = £1471 left to pay and you get 32 months again! Think i'll do it as i have £1800 on sainsburys with 11 months to go i can still pay this off in less than 32 months if i want to!
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Opening post
Will you be accepted? Don't just apply - our Balance Transfer Quick Eligibility Calc shows which cards you've best odds of getting, or our FULL Credit Club gives your free Credit Report and Credit & Affordability Scores too. Both do a 'soft' search on your credit file that lenders can't act on, so there's no impact on your creditworthiness. And for some cards the calcs show which providers 'pre-approve' you - ie, will definitely give you the card, subject to passing an ID check.
Not bad its bigger cashback than the Barclaycard but a larger fee of 1.4% and also minimum of £1500 while barclays one was only £500 minimum and a .6% fee!
Could suit some if transferring less than £3500
All comments (23)
a) you are not an existing HSBC Credit Card holder and have not held a credit card with HSBC within the six months prior to the start of the Offer Period;"