Balance transfer

EMI balance transfer terms and conditions

1. The Balance Transfer on EMI facility allows an HSBC Credit Cardholder (Cardholder) to avail of the Balance Transfer facility on his/her HSBC Credit Card (HSBC Card) and repay the same in Equated Monthly Instalments (EMIs).
2. The minimum amount that can be transferred from any other bank credit card account to the HSBC Card is ₹ 5,000 subject to the availability of the credit limit in your HSBC Card. 
3. The Cardholder can choose from multiple tenure options from 3 months, 6 months, 9 months, 12 months, 18 months and 24 months.
4. The Equated Monthly Instalment (EMI) amount will be billed to the HSBC Card every month on your statement date. Balance Transfer transaction will block the available credit limit on the Cardholder's HSBC Card up to the amount of Balance Transfer on EMI availed of including applicable charges and Goods and Services Tax (GST).
5. The maximum amount that can be transferred from other bank credit cards to the HSBC Card is up to 95% of the credit limit on the Cardholder's HSBC Card subject to available balance as on the date of approval of the Cardholder's application. If amount requested to be transferred from other bank credit cards to the Cardholder's HSBC Card is greater than 95% of the available credit limit on the Cardholder's HSBC Card, Balance transfer (Including Interest) will be processed for an amount that equals to 95% of the credit limit. 
6. During the Balance Transfer term, the balance transferred will also be included for computing the minimum payment due, as mentioned in the credit card statement from HSBC.
7. Minimum Amount Due: The Balance Transfer EMI due for the month is included as part of the minimum amount due appearing in the Cardholder's monthly statement. The minimum amount due appearing on the Cardholder's monthly statement is calculated as a percentage of the total outstanding retail balance + monthly EMI due on Balance Transfer on EMI. Non-payment of the entire total payment due on the HSBC Card by the payment due date will result in the levy of standard credit card interest rates on the balance outstanding. If only minimum amount due (as defined above) is paid, the standard credit card interest rates will be levied on the balance outstanding. However, if such partial payments do not cover the amount of EMI for the month, standard finance charges (including late payment fee) will be levied also.
   
   As an illustration:
   Balance Transfer EMI = ₹1,000
   Other outstanding balances = ₹2,000
   Total closing balance for the month = ₹3,000
   Minimum payment instruction = 5% of outstanding retail balance + EMI due on Balance Transfer
   Minimum payment due = (5% × ₹2,000) + ₹1,000 = ₹1,100
   
   Scenario 1: Amount paid = ₹1,200
   Amount outstanding = Total payment due – Amount paid = ₹1,800
   Total closing balance for the month = ₹3,000
   Finance charges at the applicable rate will apply on ₹1,800 in the next billing cycle
   
   Scenario 2: Amount paid = ₹3,000
   Amount outstanding - 0
   No finance charges will apply
8. The balance transferred will also be included for computing the minimum payment due, as mentioned on the credit card statement from HSBC.
9. To avail of the Balance Transfer Perpetual facility, HSBC may request the Cardholder to submit a copy of your latest other bank credit card statement.
10. The other bank card from which the balance is to be transferred to the HSBC Card must be nondelinquent and current. HSBC will conduct a 'dummy authorisation for ₹1,000' on the other bank credit card. If the authorisation is successful, Balance Transfer transaction will be approved subject to regular Balance Transfer approval conditions.
11. Balance Transfer Proceeds will be credited to other Bank’s credit card account through National Electronic Funds Transfer (NEFT) only. Only on Cardholder’s specific request HSBC will send Demand Draft favouring the other Bank credit card account for the approved Balance Transfer amount to the Cardholder’s registered mailing address. However, in absence of any specific request, NEFT would be a preferred way for all Balance transfer proceeds.
12. Balance Transfer processed through NEFT cannot be reversed once the request has been processed and the amount has been credited to the other Bank credit card account.
13. If the amount (as mentioned in the verbal or written application form) to be transferred to the HSBC Card exceeds the maximum eligibility of the available credit limit on the date of acceptance by HSBC, HSBC will automatically transfer the amount which is equal to the customer's eligibility, and this policy is informed to the Cardholder at the time of application.
14. The Cardholder should continue to make payments on the other bank credit card until the Cardholder receives confirmation in a subsequent HSBC Card statement that the Balance Transfer amount from the other bank credit card has been transferred to the HSBC Card.
15. If the Cardholder has subscribed for the 'Credit Card Account Settlement Option' to automatically settle the credit card outstandings by a debit to the Cardholder's HSBC Current/ Savings account, there will be a 5% minimum payment deducted from the outstanding instead of 100% Credit Card Account Settlement Option.
16. Kindly note that according to the new payment hierarchy effective 5 August 2013, the payments will first be apportioned to the extent of minimum payment due, first by the following 'plans' in other words, EMI, Cash advances, Purchase outstanding and Balance Transfer in descending order of interest rates, and within a given 'plan', the payment will be allocated in a predefined order of Service charges, Finance charges, Late payment charges, Annual fee and Other fees.
17. In the event a Cardholder transfers different amounts under different Balance Transfer options, the repayment will be allocated to the Balance Transfers in increasing order of the interest rates, in other words, the repayment will be apportioned first to the highest interest Balance Transfer for the Cardholder.
18. Please note that the payment made will be apportioned as per the payment hierarchy. In case the amount paid does not clear the EMI amount (partly or fully), the remaining EMI amount will be added in the next month's minimum amount due along with standard interest rate charged on the said amount.
19. Kindly note that according to the new payment hierarchy effective from 5 August 2013, the payments will first be apportioned to the extent of minimum payment due, first by the following 'plans' in other words, EMI, cash advances, purchase outstanding and Balance Transfer in descending order of interest rates, and within a given 'plan', the payment will be allocated in a predefined order of Service charges, Finance charges, Late payment charges, Annual fee and Other fees.
20. The Cardholder can transfer outstanding balance from one or more other bank credit cards under the same or different Balance Transfer options, within this limit.
21. HSBC reserves the right to decline or reduce the amount of any Balance Transfer request. Pre-payment charges on foreclosure of Balance Transfer on EMI will apply at the rate of 3% on the outstanding amount of the loan, subject to a minimum of ₹250.
22. You can transfer balances from more than one other bank credit cards under the same of different Balance Transfer options, within this limit. The Balance Transfer transaction will block the available credit limit on the Cardholder's credit card up to the amount of Balance Transfer on EMI availed including applicable charges and Goods and Services Tax (GST).
23. Upon completion of the 'Balance Transfer term', if applicable, balance amount is merged with the other outstanding on the credit card and interest will be charged as per regular rate applicable, as communicated to the Cardholder from time to time. To avail of the Balance Transfer facility, HSBC may request the Cardholder to submit a copy of his/her latest other bank credit card statement.
24. The Cardholder should continue to make payments on the Cardholder's other bank credit card until the Cardholder receives confirmation in a subsequent HSBC Card statement that the account with the other issuer has been credited.
25. In the event a Cardholder transfers different amounts under different Balance Transfer options, the repayment will be allocated to the Balance Transfers in decreasing order of the interest rates in other words, the repayment will be apportioned first to the highest interest Balance Transfer for the Cardholder.
26. In case a Cardholder has availed of two or more separate Balance Transfers of the same tenure, the repayment will be allocated in the same sequence that the Balance Transfers have been applied for.
27. Any outstanding balance at the end of the Balance Transfer term, if applicable, cannot be transferred to another Balance Transfer option being offered by HSBC at that time.
28. HSBC shall not be held liable for the service charges or late payment charges debited to your other bank credit card account due to decline or delay in execution of your Balance Transfer request. Per extant Reserve Bank of India (RBI) guideline, no advances should be granted by banks for purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of gold Exchange Traded Funds (ETF) and units of gold mutual funds. Accordingly, conversion of such transaction into an Equated Monthly Instalment (EMI) scheme is prohibited.
29. This facility cannot be availed of to transfer balance from another HSBC Credit Card.
30. In case the Cardholder wants to apply for two Balance Transfers on the same other bank credit card, the subsequent request will be processed only 8 days after the previous Balance Transfer request.
31. The entire balance outstanding on the credit card (including any balances transferred) will become payable immediately upon closure of the credit card whether such closure is initiated by the Bank or by the Cardholder.
32. HSBC reserves the right at any time without previous notice to add, alter, modify, change or vary all or any of these terms and conditions or to replace, wholly or in part, this scheme by another scheme, whether similar to this scheme or not, or to withdraw it altogether. HSBC may at its discretion discontinue the Balance Transfer facility at any time during the pendency of the facility, foreclose the loan and debit the entire outstanding amount to the credit card.
33. Please note that basis Goods Service Tax (GST) regulations and notified GST rates, Central GST and State/Union Territory GST or Inter-State GST, as applicable, would apply on our fees and charges with effect from 01 July 2017.
34. If the Cardholder closes his HSBC Credit Card before all instalments have been posted, the outstanding amount will be debited to the card account as one consolidated amount.
35. Payments made in excess of the card outstanding will not automatically be adjusted against un-billed EMIs and will hence not result in prepayment of the Balance Transfer on EMI facility. To pre-close the Balance Transfer on EMI facility, the Cardholder should contact HSBC PhoneBanking.
36. In case of Balance Transfer on EMI, the EMI instalments will be treated as purchase outstanding for the purpose of payment apportionment. EMI payable towards Balance Transfer on EMI will be set-off first before any payment is apportioned towards other outstanding.
37. Any payment made in excess of the Total Payment Due will only be adjusted to the future purchase outstanding in accordance to the ' payment hierarchy' as defined herein. In case there is no purchase outstanding, the payment made in excess of the Total Payment Due will be adjusted in accordance with the 'payment hierarchy', (EMI, Cash advances, Purchase outstanding and Balance Transfer in descending order of interest rates).
38. No request for changes in the billing cycle shall be entertained during the entire loan period. The loan period is defined as the loan tenor selected by the Cardholder at the time of request.
39. Nothing contained in this scheme shall be construed as an obligation on HSBC to continue the scheme after the scheme termination date.
40. HSBC will not be responsible or liable for any direct or indirect loss, damage, actions, claims, demands, costs, charges, and expenses whatsoever that may be suffered, as a result of participating in the offer.
41. All existing guidelines/rules related to the Balance Transfer including approval of Balance Transfer will be applicable. In case of any contradiction between these terms and conditions and the existing guidelines/rules, these terms and conditions shall prevail at all times.
42. All and any disputes arising from the Balance Transfer on EMI facility shall be subject to the exclusive jurisdiction of the courts of Mumbai.
43. The terms of this offer shall be in addition to and not in derogation of the terms contained in the Cardholder's agreement. This offer is by way of a special facility for select Cardholders and nothing contained herein shall prejudice or affect the terms and conditions of the Cardholder's agreement. The words and expressions used herein shall have the same meaning as in the Cardholder's agreement. 
44. By participating in this offer, the Cardholders shall be deemed to have accepted all the terms and conditions in totality.

Perpetual balance transfer terms and conditions

1. This Balance Transfer Perpetual offer is brought to you by The Hong Kong and Shanghai Banking Corporation Limited, India (HSBC) and any participation in the said offer is voluntary. This offer is applicable to select HSBC Credit Cardholders depending on eligibility (hereinafter referred to as the ‘Cardholders’).
2. On availing of the ‘Balance Transfer Perpetual the interest rate ranging from 1% to 1.2% p.m. is applicable on the monthly outstanding Balance Transfer Perpetual amount until the entire transferred balance is repaid. There is no predefined repayment term.
3. The minimum amount that can be transferred from any other bank credit card account to the HSBC Credit Card is 5,000, subject to the availability of the credit limit in your HSBC Credit Card.
4. A Balance Transfer Perpetual transaction will first utilize the available cash limit before blocking the purchase limit. For example, if the credit card account has a total available limit of 100,000 and available cash limit of 40,000. In case of a Balance Transfer transaction of 60,000, the entire cash limit of 40,000 will be utilized first and Cardholder will not be able to make any cash advance transactions till the corresponding Balance Transfer outstanding is paid off. Purchase limit will be blocked for the balance 20,000.
5. The maximum amount that can be transferred from other bank credit cards to the HSBC Credit Card is subject to 95% of the available credit limit on the HSBC Credit Card as on the date of approval of the Cardholder’s application. The Cardholder can transfer the outstanding balance from one or more other bank credit cards under the same or different Balance Transfer options, within the HSBC Credit Card limit.
   a.To preclose the Balance Transfer facility Cardholder should contact HSBC Phone Banking. Effective 2 October 2013 prepayment charges on foreclosure of Balance Transfer perpetual facility will not apply. The same will be valid for existing Cardholders who had already availed of Balance Transfer facility;
   b.No request for change in the billing cycle shall be entertained during the entire loan period; No request for changes in card franchisee (Visa/Master) will be entertained during the entire loan period;
   c.Balance Transfer Proceeds will be credited to other Bank’s credit card account through National Electronic Funds Transfer (NEFT) only. Only on Cardholder’s specific request HSBC will send Demand Draft favouring the other Bank credit card account for the approved Balance Transfer amount to the Cardholder’s registered mailing address. However, in absence of any specific request, NEFT would be a preferred way for all Balance transfer proceeds;
   d.Balance Transfer processed through NEFT cannot be reversed once the request has been processed and the amount has been credited to the other Bank credit card account.
   
6. The balance transferred will also be included for computing the minimum payment due, as mentioned on the credit card statement from HSBC.
7. To avail of the Balance Transfer Perpetual facility, HSBC may request the Cardholder to submit a copy of your latest other bank credit card statement.
8. The other bank credit card from which the balance is to be transferred to the HSBC Credit Card must be non-delinquent and current. HSBC will conduct a 'dummy authorisation for ₹1,000' on the other bank credit card. If the authorisation is successful, Balance Transfer transaction will be approved subject to regular Balance Transfer approval conditions.
9. If the amount (as mentioned in the verbal or written application form) to be transferred to the HSBC Credit Card exceeds the maximum eligibility of the available credit limit on the date of acceptance by HSBC, HSBC will only transfer the amount which is equal to the customer’s eligibility, this policy is informed to the Cardholder at the time of application.
10. The Cardholder should continue to make payments on the other bank credit card until the Cardholder receives confirmation in a subsequent HSBC Credit Card statement that the Balance Transfer amount from the other bank credit card has been transferred to the HSBC Credit Card.
11. If the Cardholder has subscribed for ‘Standing Instructions’ to automatically pay the credit card outstanding’s by a debit to the Cardholder’s HSBC Current/ Savings account, there will be a 5% minimum payment deducted from the outstanding instead of 100% outstanding.
12. Finance charges will be applicable from the date Balance Transfer Perpetual is approved until the entire amount along with charges are paid in full. Since it is not tenor based, a minimum of 5% (subject to min of 100) of the Balance Transfer perpetual outstanding amount should be paid every month.
13. Kindly note that according to the new payment hierarchy effective 5 August 2013, the payments will first be apportioned to the extent of minimum payment due, first by the following ‘plans’ in other words, EMI, Cash advances, Purchase outstanding and Balance Transfer in descending order of interest rates, and within a given ‘plan’, the payment will be allocated in a predefined order of (1) Service charges, (2) Finance charges, (3) Late payment charges, (4) Annual fee and (5) Other fees.
14. In the event a Cardholder transfers different amounts under different Balance Transfer options, the repayment will be allocated to the Balance Transfers in increasing order of the interest rates, in other words, the repayment will be apportioned first to the highest interest Balance Transfer for the Cardholder.
15. In case a Cardholder has availed of two or more separate Balance Transfers of the same tenure, the repayment will be allocated in the same sequence that the Balance Transfers have been applied for.
16. Any outstanding balance at the end of the Balance Transfer term, if applicable, cannot be transferred to another Balance Transfer option being offered by HSBC at that time.
17. HSBC will not be held liable for the service charges or late payment charges debited to your other bank credit card account until the execution of your Balance Transfer request.
18. This facility cannot be availed of to transfer balance from another HSBC Credit Card.
19. Per extant Reserve Bank of India (RBI) guideline, no advances should be granted by banks for purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of gold Exchange Traded Funds (ETF) and units of gold Mutual Funds. Accordingly, conversion of such transaction into an Equated Monthly Instalment (EMI) scheme is prohibited.
20. HSBC reserves the right to decline any Balance Transfer request with intimation to the Cardholder.
21. In case the Cardholder wants to apply for two Balance Transfers on the same other bank credit card, the subsequent request will be processed only 8 days after the previous Balance Transfer request.
22. The entire balance outstanding on the credit card (including any balances transferred) will become payable immediately upon the closure of the HSBC Credit Card whether such closure is initiated by the Bank or by the Cardholder.
23. HSBC reserves the right at any time without previous notice to add, alter, modify, change or vary all or any of these terms and conditions or to replace, wholly or in part, this scheme by another scheme, whether similar to this scheme or not, or to withdraw it altogether. HSBC may at its discretion discontinue the Balance Transfer facility at any time during the pendency of the facility, foreclose the loan and debit the entire outstanding amount to the credit card.
24. HSBC reserves the right to foreclose the loan and debit the entire outstanding amount if the earlier payments are overdue.
25. This Balance Transfer Perpetual offer is subject to force majeure events.
26. Tax liability, if any, will be borne by the Customer.
27. Disputes, if any, arising out of or in connection with or as a result of the above offer or otherwise, shall be subject to the exclusive jurisdiction of the competent courts/tribunals in Mumbai only. Nothing contained in this scheme shall be constructed as an obligation on HSBC to continue the scheme after the scheme termination.
28. Please note that basis Goods Service Tax (GST) regulations and notified GST rates, Central GST and State/Union Territory GST or Inter-State GST, as applicable, would apply on our fees and charges with effect from 01 July 2017.
29. By participating in this offer, the Customers shall be deemed to have accepted all the aforementioned terms and conditions in totality.