Recently I used balance transfer facility in HSBC (37, 000.00), when I approached for balance transfer they said 0% balance transfer is available with a processing fee (1, 200), I paid the fee and opted for it. In my next billing I got financial charges. When I enquired I got a reply back that if I choose balance transfer then my spending will be applicable for an interest until I pay the balance transfer amount. Last month my spending was 20, 400, I paid 20, 400 by bill date but the bank considered it as for my balance transfer and they charged 1, 400 as interest. Still the last month spending is carry forward to this month. As per my understanding if anybody choose the balance transfer for a 3 months period they need to pay the amount within 3 months by paying the nominal fees. But HSBC is indirectly putting charges. Kindly don’t go for HSBC Balance transfer..
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