Balance Transfer and Get Rs. 250/- Cash Back

If you actually have some money balance to pay in any credit cards other than HSBC and can actually pay that amount easily, wait don't pay it immediately, just balance transfer it to the HSBC Credit Card. If you do so, you don't have to pay interest for 3 months. In 3 months option, your interest rate will be 0% (which is really amazing) and for 6 months the interest rate is 1.5% (normal rate is 2.95% or more these days).


Here I am going to talk about the three months option and that is with 0% interest. Which considering the zooming interest rates for various loans and mortgages, is really an amazing offer. There is a service charge for each of these transfers. For three months, the service charge is Rs. 249/- Hence that Rs. 250/- cash back will be nullified with this and eventually you will end up with your amount transferred for three months with 0% interest.

Here is an evil or easy way to earn some extra bucks. For the amount you have transferred, consider it as Rs. 10,000/- (it can be even more too). You can actually invest the equivalent amount in mutual funds for three months and try earn interest from it, and yes there will be some 2.5% entry or exit load, but with the markets booming these days, you may get some return at the end of the three months and you can withdraw the whole amount from the fund and pay back the amount you had in the balance transferred card. You can earn at least Rs. 300/- for these three months for Rs. 10,000, from my calculations, and the rest you can calculate yourself for higher amounts if you are transferring. This is not a big amount but still an easy way to earn or should I say save from your credit card?

Here's a very important thing that you need to remember and that is you should know your date in which you balance transferred and should also calculate the exact three months of it and know the date and remember it and note it down. And you should pay it exactly before that date, else you will be charged the normal interest rate as applicable. So go ahead and save some money on your credit card, which were used to be termed as evil, but you can turn it into good.