HSBC credit card introducing transfer fee

Madmonkeymayhem

Hi all,

I have read Martins recommendations on "tarting" to avoid interest payments on credit cards, and chose an HSBC card as my first, as they offered 6 months interest free on balance transfers and new purchases. However, along with my shiney new card came a leaflet outlining changes to their terms and conditions, which includes the introduction of a fee for making balance transfers. My question is this: Does this fee only apply to transfers made TO the card? Or will I have to pay a fee when I want to transfer the balance OFF the card when the interest free period expires and I swap to a new one?

FYI Martin if you're reading this - These changes come into effect from the 1st of May 2006, and apply to all balance transfers applied thereafter...

gingercordial

HSBC can only charge you for moving a balance to the card. When you transfer the balance elsewhere at the end of the 6 months, HSBC can't charge you for paying off your card (which is what you're doing) although of course your new card provider might charge a fee.

MOCHA

I hope this doesn't apply to the M&S &MORE card which is a branded HSBC product. Balance transfers on that card are very useful.

gingercordial

MOCHA wrote:

I hope this doesn't apply to the M&S &MORE card which is a branded HSBC product. Balance transfers on that card are very useful.

Just watch out for any communications from them, for HSBC it was a little note in with my statement, so make sure you don't miss it if they DO make any changes.

charlie12

MOCHA wrote:

I hope this doesn't apply to the M&S &MORE card which is a branded HSBC product. Balance transfers on that card are very useful.

Good point, I wouldn't be surprised if M&S start charging soon too.

ti1980

M&S are to start charging soon. There will be a 2% fee on balance transfers and it is uncapped. This is to start from the 1st June. I got a letter in the post a couple of weeks ago.

MOCHA

I've not received a letter to that effect yet. It's a great shame because the BT offers have really helped me in the past year.

The_Boss

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