Balance Transfer Credit Card | What Is a Balance Transfer?

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Balance transfer

What is a balance transfer?

If you have more than one credit card, a balance transfer could help consolidate what you owe, streamlining multiple monthly bills into one easy low-interest payment.

Move your outstanding balance from a UAE Credit Card (AED) with another selected UAE Bank to your HSBC Credit Card, and repay it in easy equal monthly instalments at a lower annual percentage rate starting from 0% to 29.88% and no processing fees.

Competitive interest rates
Quick and easy to apply
Manage your spending with repayment plans ranging from 3 months to 4 years
Have the money paid into your HSBC account or any UAE current or savings account in your name – whatever’s most convenient

Arrange a balance transfer

Apply for balance transfer

How does a balance transfer work?

You can apply to transfer a minimum amount of AED 1,000 up to 90% of your available limit and can choose to pay it off over 6, 12, 24, 36 or 48 months. Once your application is approved we’ll transfer your balance within 5 working days.

Things you should know

We'll evaluate your application based on your financial history, current circumstances and our internal policies.

If you're eligible, we'll let you know how much your monthly payment will be. This will be part of your monthly minimum credit card repayment.

Fixed Annual Percentage Rate - 0.00% to 29.88% on reducing balance. The interest rate offered will be dependent on the BT term you’ve selected, your individual circumstances and the promotional offers we make.

Balance Transfer Terms and Conditions and the Schedule of Services and Tariffs apply.

If you do not meet the repayments/payments on your loan/financing, your account will go into arrears. This may affect your credit rating, which may limit your ability to access financing in the future.

Who can apply?

You can apply for a balance transfer if you have both:

an HSBC credit card
a non-HSBC AED credit card that was issued in the UAE

Apply for a balance transfer

Apply by app

Applying by app is easy. Just select the credit card you want to transfer your balance to, select 'Balance transfer' and then 'Get started'.

Apply by app This link will open in a new window

Apply by phone

Request a callback and a member of our customer services team will call you back within an hour to get your balance transfer started.

Request a callback This link will open in a new window

Our customer service team is available Monday to Friday, 09:00 to 16:30. If you submit your request outside of these times, we'll aim to call you back the next working day.

You can also apply for a balance transfer by calling us directly.

Premier customers

Call 800 4320 (within the UAE) or +971 4 224 1000 (from outside the UAE).

Advance and Personal Banking customers

Call 600 554 722 (within the UAE) or +971 4 228 8007 (from outside the UAE).

Our lines are open Monday to Friday, 09:00 to 16:30. Calls may be recorded and/or monitored for security and to help us improve our service.

Frequently Asked Questions

Before you proceed with the Balance Transfer we’ll inform you of any interest or fees that may apply. Alternatively, please refer to the Terms and Conditions, Key Facts Statement and Schedule of Services and Tariffs for details of our latest fees and charges. Please contact your existing Bank to understand any fees they may charge when receiving funds.

If you miss a payment, we will ask you to pay it in the next statement cycle together with the upcoming monthly payment. If you fail to make a payment for two consecutive months, your outstanding BT balance will then be converted to a Cash Advance which means it will be added into the total outstanding of your card and will be due in the subsequent monthly statement. Your outstanding amount will be subject to the Cash Advance interest/fee and late payment fees and other charges may apply, which can be found on our Schedule of Services. Your Card Account may also go into arrears and we will report this to credit references agencies which may impact your credit rating and limit your ability to access financing in the future.

The balance transfer amount, any applicable fees and the total interest payable (whether or not this has been billed) as part of this plan will be deducted from your available credit limit.

This means that at any time during the term of the Balance Transfer plan your available credit limit must be enough to cover each of these. As each monthly instalment is paid, the respective amount will be restored to your available credit limit.

Cancelling during your cooling off period

You have a 5 Business Day cooling-off period starting on the Business Day after you enter into the BT Terms. This means that whilst we will immediately process your BT request (including the transfer of funds) as soon as we approve your application, you may cancel the BT during this period and without charge. Before exercising your right to cancel, you must repay your BT balance and any other amounts outstanding in connection with your BT. This means that you will not be able to cancel the BT if there is an outstanding balance. Should you wish to cancel your Balance Transfer, please call us on the number on the back of your card.

Early settlement after your cooling off period

You can fully repay the Balance Transfer amount before the end of your plan by calling the number on the back of your card and making full payment towards your plan’s outstanding balance. You may be subject to early settlement fees which can be found in the Key Facts Statement provided at the time of your application. We can only accept full repayments; any partial overpayments will be treated as a payment towards your credit card and not your BT.