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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 | 31 August 2017 |
| Annual fee | $99 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. | $6,000 |
| Minimum Monthly Repayment | 3% or $20 whichever is higher |
| Minimum Income | $40,000 |
| Card Type | Visa |
| Late Payment Fee | $30 |
| 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 |
| Available To Temporary Residents | Yes - Conditions apply |
| Joint Application | No |
| Minimum Income | $40,000 |
|---|---|
| Minimum Age | 18 years of age |
| Available to Temporary Residents | Yes - Conditions apply |
| Credit Rating Requirement Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here. | Good |
| 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. | $6,000 |
| Annual Fee | $99 p.a. |
|---|---|
| Minimum Repayment | 3% or $20 whichever is higher |
| Late Payment Fee | $30 |
| Over Limit Fee | $30 |
| Cash Advance Fee | the higher of $4 or 3% of the total transaction amount |
| Overseas Emergency Replacement | $200 |
| Overseas ATM Balance check | $0 |
| 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 |
| Gambling Transactions Allowed | Yes |
| Gambling Transactions Interest Rate | Cash Advance Rate |
| Additional Cardholder Fee | $0 p.a. |
| BPAY | Yes |
| Cheque | Yes |
| Direct Debit | Yes |
| Australia Post | Yes |
| Phone Banking | Yes |
| Internet Banking Transfers | Yes |
| In Branch | Yes |
| Yes |
Pros
- You can take advantage of a balance transfer offer of 0% p.a. for 22 months (with a 2% balance transfer fee).
- The annual fee is also refunded if you apply by 31 August 2017 and spend $6,000 on eligible purchases each year.
- You can get up to 55 interest-free days with this card.
- It comes with a complimentary travel insurance.
Cons
- Your yearly income needs to be $40,000 to be eligible to apply for this card.
| Rewards Program | HSBC Rewards Plus |
|---|---|
| Rewards Points per $ (VISA/MC) | 1 |
| Rewards Points per $ (AMEX) | 0 |
| Rewards Points per $ (VISA/MC) Cap | Uncapped |
| Rewards Points per $ (AMEX) Cap | N/A |
| Points Expiry | 36 months |
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 $99 annual fee, but this annual fee will be waived if you apply by 31 August 2017 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 31 August 2017 to get 0% p.a. for 22 months on non-HSBC credit card, store card or charge card debt you elect to transfer to this account. To be eligible for the offer, you need to elect to transfer the balance when you apply for the product. This offer comes with a 2% balance transfer fee.
- Revert rate. At the end of the balance transfer promotional period, any unpaid debt will start to collect the standard 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 31 August 2017, 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 purchases with your HSBC Platinum Credit Card. While no points caps apply, these reward points will expire 36 months after they're issued.
What is considered an eligible purchase?
You can only earn points on eligible purchases. This includes most everyday purchases but excludes interest-free promotions, interest-free merchant purchases, balance transfers and cash advances.How can I redeem my reward points?
Use your points for cash back on your Platinum Credit Card account. 30,000 HSBC reward points can be converted to $100 cash to pay off the balance of your card.You can use your points to pay for travel and accommodation through the HSBC Travel Rewards. Alternatively, you can convert your reward points to Velocity frequent flyer points. 2 reward points equals 1 Velocity frequent flyer point.
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, guaranteed pricing insurance. Protect yourself and your family with transit accident insurance and international travel and medical insurance.
You will receive international travel insurance cover when you pay for at least 90% of your overseas return travel ticket with your HSBC Platinum credit card. You can also extend this cover to your spouse and dependents if they also pay for at least 90% of their overseas return travel tickets using your HSBC Platinum credit card. The spouse and dependents must be travelling with you for the entire journey to be eligible for this cover. - 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.
Eligibility criteria
- Earn more than $40,000 p.a.
- Have a good credit rating
- 18 years or older
- Be a permanent Australian resident
Required documents
- 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.
Hi.
I have read most of the questions and answers regarding eligible purchases, and note that government bills are not included, but what about electricity, insurance etc. and fuel?
Thanks
Darren
Hi Darren,
Thanks for reaching out.
As stated in the fine prints of the HSBC Platinum Card, eligible purchases exclude interest-free promotions, balance transfers, business expenses, cash advances, fees or charges, any disputed transactions, BPAY and any government fee or charge.
So if you are paying your electricity, fuel and insurance (only personal and not as a business expense) directly through the provider, you may earn points for those transactions. Otherwise, if you pay these through BPAY, you won’t earn points.
Cheers,
May
Just wanting to clarify the 55 day interest free period if I make purchases before my balance transfer 0% period ends. If I pay the balance of my monthly purchases off at the end of the month, after the statement is issued, will I incur interest on my purchases?
Hi Karina,
Thank you for your inquiry.
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.
I hope this information has helped.
Cheers,
Harold
Does bill paying of rates etc covered as eligible payments
Hi Tom,
Thanks for your question.
Council rates, which are government fees or charges are not considered as eligible purchases. Other excluded purchases are interest-free promotions, balance transfers, business expenses, cash advances, fees or charges and any disputed transactions.
I hope this helps.
Kind regards,
Liezl
Hi
For the HSBC Platinum Visa Credit card, is there a fee to convert my reward points to Velocity frequent flyer points?
Henry
Hi Henry,
Thank you for your inquiry.
Should you need to know more on how to transfer your credit card rewards to your frequent flyer program please consider visiting this page.
I hope this information has helped.
Cheers,
Harold
Hi,
Do I pay the annual fee $149 on first year with no balance transfer fee for HSBC Platinum Credit Card?
Cheers
Julie
Hi Julie,
Thanks for your question.
Yes, you’ll have to pay the annual fee on the first year. The annual fee is normally billed on you first statement after card approval. This card has no balance transfer fee.
Cheers,
Anndy
With HSBC Platinum Credit Card, is there any age limit to qualify for the complimentary travel insurance?
Hi Sam,
Thank you for inquiry.
Basically, there is no age limit to qualify for the complimentary travel insurance. You will receive international travel insurance cover when you pay for at least 90% of your overseas return travel ticket with your HSBC Platinum credit card. You can also extend this cover to your spouse and dependents if they also pay for at least 90% of their overseas return travel tickets using your HSBC Platinum credit card. The spouse and dependents must be travelling with you for the entire journey to be eligible for this cover.
I hope this information has helped.
Cheers,
Harold
Hi,
May I know if the annual fee refund is valid for only for the first year or valid through out the life of card provided I spend $6000 every year?
Thanks
Raj
Hi Raj,
Thank you for your inquiry.
With HSBC Platinum Credit Card the annual fee is $149 p.a. Please note the annual Fee is refunded each year when you spend $6,000 on eligible purchases. Eligible purchases exclude interest free promotions, balance transfers, business expenses, cash advances, fees or charges, any disputed transactions, and any government fee or charge.
I hope this information has helped.
Cheers,
Harold
Is there a balance transfer fee for this card?
Hi Gl,
Thanks for your question.
There is no balance transfer fee for HSBC Platinum Credit Card.
Other cards with no balance transfer fee can be found on this page.
Cheers,
Anndy
Can you explain the cover of travel insurance and is the cover from Australia?
Hi David,
Thank you for your enquiry.
Please check out this link for the details of HSBC’s complimentary travel insurance. This insurance cover is underwritten by Allianz Group Australia (AGA).
Kind regards,
Jason
Are school fees, childcare fees considered eligible purchases for HSBC Platinum Credit Card?
Hi Abcd,
Thank you for your inquiry.
As stated in the fine print, eligible purchases exclude interest free promotions, balance transfers, business expenses, cash advances, fees or charges, any disputed transactions, BPAY® and any government fee or charge. So if you pay the school and childcare fees directly through the institution without going through BPay, then that will be considered as eligible purchases.
Cheers,
May