Advice for a beginner on HSBC's 0% for 9 months

jumpingthruloops

Hello

I am new to balance transfers. I have been sent an approved invitation by HSBC to apply for a credit card with 0% ARP for the first 9 months. The problem is that I have a current account with HSBC and an ING Direct account linked to it. Would HSBC allow me to transfer the balance to my current account and then transfer to ING Direct if it is "meant to pay off debt"??

Also, if this is OK would I be able to request a transfer at the time of completing my application or once the card arrives.

Any help is much appreciated.

JumpingThruLoops

smartsaver

I don't think HSBC allow transfers into a current account called SBT (super balance transfers). You would need to transfer debt from another card or get an EGG card which does allow this and transfer HSBC through EGG into your current account.
Read here:
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1085355871,12390,

jumpingthruloops

Thanks for the info. I have Barclaycard which I pay off every month without fail, would this do? As it stands the limit on the Barclaycard is approx. £4000 and HSBC have a limit of £12000. Does this mean that I can transfer only £4000? Also, is is straightforward to transfer the balance from Barclaycard to HSBC Current account.

Jumpingthruloops

Unbelievable_2

Thanks for the info. I have Barclaycard which I pay off every month without fail, would this do? As it stands the limit on the Barclaycard is approx. £4000 and HSBC have a limit of £12000. Does this mean that I can transfer only £4000? Also, is is straightforward to transfer the balance from Barclaycard to HSBC Current account.

Jumpingthruloops

Unfortunately Barclaycard don't let you SBT either. As Smartsaver said you will need to apply for an Egg card or one of the MBNA cards (Virgin, Alliance & Leicester etc). MINT will let you do a similar thing using a Transfer and Save cheque.

In the meantime use your HSBC instead of your Barclaycard, pay the minimum payment and bank (stooze) what you would ordinarily have paid in a savings account. Every little helps!

Milarky

I should contact HSBC and check this out because they are a bit different from other banks where 'cash advances' are concerned [i.e. can be treated like purchases - 56 days interest free period if repaid in full although attract a fee of 1.5%] I still supsect the answer will be the same however and that you must use a second credit card which either allows you to write cheque without charging a fee [e.g. Mint, Goldfish] or else a SBT credit card [which could be a relative's account as balance transfers are not required to match the names on the accounts]

Link to HSBC Gold Summary Box:

http://a248.e.akamai.net/7/248/3622/b2611fecfaffa0/www.ukpersonal.img.hbeu.hsbc.com/public/ukpersonal/pdfs/en/int_rate_summarybox_public.pdf

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