HSBC Watch News Release Forum Index
Forum Name: - Horror Stories
Topic Title: Can't transfer balance? Here's how to make it work!
Mon Aug 08, 2005 10:39 am
During research, I found information regarding payments by balance transfers. These may be in the form of checks issued by another credit card company written by the consumer to pay off existing accounts, payment with a credit card, or direct debit card.
“Balance transfers may not be used to make payments to any Beneficial or HSBC credit card including any GM Card, Corvette MasterCard, Union Plus Credit Card, Household Bank or Orchard Bank credit card, or to pay a loan made by any other HFC, Beneficial or HSBC company.”
https://www.unionpluscard.com/hcs/apup_TermsConditions.jsp?main=ap_DefaultTerms_en_US_UP.html
If your credit card company gives you a reasonable option for a cash advance to pay off other credit debts, that would be the most practical way to pay off any HSBC accounts and benefit from a balance transfer. There is an additional delay for the check to credit and the funds available in your checking or savings account. You then have the flexibility to write a check out of your checking account or withdraw from your savings account to purchase a money order, certified check, or cashiers check. Personal checks, money orders, certified checks, cashiers checks are not recognized by the software as balance transfers.
You should make a copy of whatever type of check you use and keep the receipt of the purchase. The face of the check should include the name of the payee (as shown on your statement), the name of the account holder, and account number. It should be mailed with the coupon voucher from your statement to the correct mailing address provided by HSBC. Mail your payment using the U.S. Postal Service, Delivery confirmation. You will have the means of proving when the payment was mailed and when it was delivered.
If you intend to pay off an account within an interest free promotion, start planning it two months to 6 weeks before the expiration. It takes 2 to 3 weeks for the transfer deposit check to be approved and funds available in your account. Allow at least 10 days for mail and handling for the check you mail to HSBC. Late payments during or payments credited after the IFP will result all deferred interest to be charged.
While interest is accruing, calculate and pay extra to cover the interest for the next month. The daily interest can be a significant amount on accounts with higher balances and high interest rates. Otherwise, daily interest will accrue from the date of the last billing cycle until the payment is received and posted to your account. Paying extra should prevent additional statements for the interest that accrues daily. Hopefully these precautions will keep you out of the loop of paying interest on interest and minimum billing charges. That plague may continue months after consumers think the account has been paid.
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.