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HSBC card, can only transfer to other credit cards?
jimbo_the_jetset
Posts: 673 Forumite
in Credit cards
I recently applied for the long 0% HSBC card and only then found out you can only transfer a balance from another credit card, whereas I wanted to pay off a loan and some of my overdraft.
The way I got around this was to transfer the max amount from the new HSBC card to my Egg Money Card. The Egg Money card pays 4% on positive balances for a start! But I contacted Egg and found out I can withdraw any positive balance I hold to my bank account without paying any handling fees.
It's a bit of a long way round, and you could just load up any credit card with a positive balance and then spend it. if you did that, then the Egg Money card is good because you earn 4% on the balance while you spend it. Or if you really want the cash in a higher savings account or to spend paying off a loan/overdraft then this should work to get the money from HSBC.
Note - I haven't actually transferred the money to my bank yet, but I got this info in an e-mail from egg so it should be ok
The way I got around this was to transfer the max amount from the new HSBC card to my Egg Money Card. The Egg Money card pays 4% on positive balances for a start! But I contacted Egg and found out I can withdraw any positive balance I hold to my bank account without paying any handling fees.
It's a bit of a long way round, and you could just load up any credit card with a positive balance and then spend it. if you did that, then the Egg Money card is good because you earn 4% on the balance while you spend it. Or if you really want the cash in a higher savings account or to spend paying off a loan/overdraft then this should work to get the money from HSBC.
Note - I haven't actually transferred the money to my bank yet, but I got this info in an e-mail from egg so it should be ok
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