Receive platinum cardholder benefits with 1 reward point per $1 spent, 0% p.a. on balance transfers for 22 months and an annual fee refund each year.
The HSBC Platinum Credit Card allows you to enjoy access to prestige services including a personal concierge service and the Visa Premium Rewards program. You'll also earn 1 reward point per $1 spent and can redeem your points for cashback rewards, travel and accommodation. Whether you're looking to repay your debt faster, cut down on annual credit card costs or earn points as you spend, you can compare the rates, fees and features of this card in further detail below.
|Product Name||HSBC Platinum Credit Card|
|Rewards Program||HSBC Rewards Plus|
|Balance transfer rate (p.a.)||0% p.a. for 22 months with 2% balance transfer fee|
|Balance Transfer Revert Rate|
The interest rate after the balance transfer ends.
|Cash Advance Rate (21.99% p.a.)|
|Balance Transfer Limit||100% of available credit limit|
|Purchase rate (p.a.)||19.99% p.a.|
|Offer end date||30 June 2018|
|Annual fee||$129 p.a.|
|Interest Free Period|
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
|Up to 55 days on purchases|
|Cash advance rate (p.a.)||21.99% p.a.|
|Min credit limit|
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
|Foreign Currency Conversion Fee (VISA)|
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
|3% of transaction value|
|Complimentary Travel Insurance||Yes|
|Minimum Age||18 years of age|
|Available To Temporary Residents||Yes - Conditions apply|
|Credit Rating Requirement||Good|
|Annual fee||$129 p.a.|
|Minimum Monthly Repayment||3% or $20 whichever is higher|
|Late Payment Fee||$30|
|Cash Advance Fee||the higher of $4 or 3% of the total transaction amount|
|Foreign Currency Conversion Fee|
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You'll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
|Gambling Transactions Allowed||Yes|
|Additional Cardholder Fee||$0|
- You can take advantage of a balance transfer offer of 0% p.a. for 22 months.
- The annual fee is also refunded if you apply by 30 June 2018 and spend $6,000 on eligible purchases each year.
- Includes complimentary travel and purchase protection insurances.
- Save money at participating merchants across Australia and New Zealand with the home&Away Privilege Program and HSBC Instant Savings.
- 20% boost to your point earn rate on everyday spend until 30 June 2018 when you register for HSBC Points Boost.
- A one-time 2% balance transfer fee applies.
|Rewards Program||HSBC Rewards Plus|
|Rewards Points per $ spent (VISA/MC)||1|
|Rewards Points per $ (VISA/MC) Cap||10,000|
HSBC Platinum Credit Card review
The HSBC Platinum Credit Card is equipped with premium features that can help you get more value from you card. If you’re struggling to repay a high interest debt, you can take advantage of a promotional balance transfer offer of 0% p.a. for 22 months and save on interest costs as you repay your debt.
If you’d prefer to use the card for purchases, you’ll collect reward points as you spend and enjoy up to 55 interest-free days when you pay your balance in full. Other premium perks include a personal concierge service and complimentary travel and purchase insurance packages.
This card comes at the cost of a $129 annual fee, but this annual fee will be waived if you apply by 30 June 2018 and meet the yearly spend of $6,000 on eligible purchases.
Benefits of using a HSBC Platinum Credit Card
- Transfer non-HSBC credit card debt. Apply for the HSBC Platinum Credit Card before 30 June 2018 to get 0% p.a. for 22 months on balance transfers. To be eligible for the offer, you need to elect to transfer the balance when you apply. This offer charges a one-time 2% balance transfer fee and any unpaid balance at the end of the promotional period will attract interest at the cash advance rate of 21.99% p.a.
- Balance transfer limits. You can transfer up to 100% of the available credit limit. For example, if you’re approved for a HSBC Platinum Credit Card with a $10,000 limit, you can transfer up to $10,000 from a number of other non-HSBC store cards, charge cards or credit cards.
- Annual fee refund for a limited time. Apply for the HSBC Platinum Credit Card between 5 May 2017 and 30 June 2018, meet the yearly spend of $6,000 on eligible purchases and receive an annual fee refund each year.
- Earn reward points on eligible purchases. Earn 1 reward point per dollar spent on eligible domestic purchases with your HSBC Platinum Credit Card, capped at 10,000 per statement period. If you're spending overseas, you can look forward to 2 HSBC Reward Points per $1 spent. Points can be redeemed for cashback on your card, merchandise and travel and accommodation through HSBC Travel Rewards. Alternatively, you can convert your reward points to Velocity frequent flyer points and 2 Reward Points equals 1 Velocity frequent flyer point.
- Points Boost. When you register for Points Boost via SMS, you get 20% bonus points on your regular rewards points earning on everyday spend until 30 June 2018. There are also special limited-time offers available through HSBC to boost your points balance even faster. Usually, on a $10 domestic purchase you would earn 10 HSBC Rewards Points, with Points Boost, you would earn 12. Bonus points are capped at 10,000 for the entire promotional period.
- Airport lounge passes. Travel comfortably with two airport lounge passes each year with a LoungeKey membership.
- Instant Savings. Included with your card is a free membership to Frequent Values by Entertainment Publications. Get access to over 4,500 offers from participating restaurants, supermarkets, hotels and more across Australia and New Zealand.
Features of the HSBC Platinum Credit Card
- Interest-free days. Receive up to 55 days interest-free when you make a purchase on the card and you pay your account in full each month.
- Complimentary insurance package. Get protection for the items you buy with the card through extended warranty insurance, purchase protection insurance and guaranteed pricing insurance. Protect yourself and your family with transit accident insurance and international travel and medical insurance. You will also receive international travel insurance cover when you pay for at least 90% of your overseas return travel ticket with your HSBC Platinum credit card.
- Additional cardholders. Add an additional cardholder to your account at no extra cost. When additional cardholders make an eligible purchase on their supplementary card, the primary cardholder earns points and is liable for these transactions.
- Fraud protection. You'll carry no liability if you’re the victim of card fraud. The Visa Zero Liability Policy gives you a money back guarantee if your account is compromised.
- Visa cardholder benefits. You can take advantage of Visa benefits including Visa Platinum concierge service and Visa Entertainment.
- Eligible to Apple Pay. A contactless payment technology which lets you make fast and secure purchases in stores, in apps and on the web with the use of your iPhone, Apple Watch and iPad. Learn more how it works.
- Access to Visa payWave. This card also comes with a Visa payWave technology, which lets you tap your credit card against a contactless terminal to pay for purchases under $100.
How to apply for the HSBC Platinum Credit Card
If you've compared your options and decided the HSBC Platinum Credit Card is right for you, you can complete a secure application online. The application should take 10 minutes to complete and you should receive a response within minutes of submitting the complete application. Before you apply, though, make sure you've met the eligibility requirements and have the necessary documents and information on hand.
- Earn at least $40,000 p.a.
- Have a good credit rating
- 18 years or older
- Be a permanent Australian resident
- Personal documents, like your drivers licence for identification purposes.
- Employment documents, like pay slips and tax returns to prove your taxable income.
- Employer details, like phone number and address in case HSBC needs to verify the information you provided with your employer.
- Details and about assets and liabilities, like mortgage repayments and child support.