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HSBC Platinum Credit Card

Amy Bradney-George
Amy Bradney-George
Last updated:  

Get platinum benefits, 1 reward point per $1 spent and introductory offers on purchases and balance transfers.

The HSBC Platinum gives you access to both savings and premium perks, including airport lounge passess, a personal concierge and the HSBC Rewards program.

0% p.a.

Balance transfer rate

for 12 months

0% p.a.

Purchase rate

for the first 12 months (reverts to 19.99% p.a.)

1

Reward point

Per $ spent (Visa/Mastercard)

$129 p.a.

Annual fee

Details

Product NameHSBC Platinum Credit Card
Rewards ProgramHSBC Rewards Plus
Balance transfer rate0% p.a. for 12 months
Balance Transfer Revert RateCash Advance Rate (21.99% p.a.)
Balance Transfer Limit90% of available balance
Purchase rate (p.a.)0% for 12 months, reverts to 19.99% p.a.
Annual fee$129 p.a.
Interest Free Period55 days
Cash Advance Rate21.99% p.a.
Minimum Credit Limit$6,000
Card TypeVisa
Foreign Currency Conversion Fee (Visa/Mastercard)3% of transaction value
Complimentary Travel InsuranceYes
Minimum Income$40,000
Minimum Age18 years of age
Available to Temporary ResidentsYes - Conditions apply
Joint ApplicationNo

Pros

  • 0% for the first 12 months on purchases
  • 0% p.a. for 12 months on balance transfers with no balance transfer fee
  • The $129 annual fee is refunded when you spend $6,000 on eligible purchases each year
  • Includes complimentary travel and purchase protection insurances as well as a rewards program

Cons

  • After the promotional balance transfer period, any balances remaining will accrue interest at the variable cash advance rate (currently 21.99% p.a.)
Rewards ProgramHSBC Rewards Plus
Rewards Points per $ spent (Visa/Mastercard)1
Rewards Points per $ Cap (Visa/Mastercard)10,000
Annual fee$129 p.a.
Minimum Monthly Repayment3% of the closing balance or $20, whichever is greater
Late Payment Fee$30
Foreign Currency Conversion Fee (Visa/Mastercard)3% of transaction value
Cash Advance Fee3% or $4, whichever is greater
Overseas Cash Advance Fee3% of transaction amount or $4 (whichever is greater)
Additional Cardholder Fee$0

Expert review

Amy Bradney-George

Review by

Amy is an editor and writer at finder.com.au with more than 10 years experience covering credit cards, personal finance and various lifestyle topics. When she’s not sharing her knowledge on money matters, Amy spends her time as an actress.

Expert review

The HSBC Platinum is one of few cards that offers an introductory interest-free offer on balance transfers and purchases. This can be a useful way to reduce your interest costs, but you’ll need to repay both your purchase and balance transfers in full before the revert rates apply to get full benefit from the offers.

The HSBC Platinum also gives you two complimentary airport lounge passes each year and reward points per $1 spent that you can redeem for Velocity Frequent Flyer points, travel bookings, merchandise and more through the HSBC Rewards program.

How to apply

If you've compared your options and decided the HSBC Platinum Credit Card is right for you, you can complete a secure application online. It will take around 10 minutes and you can receive a response within a few minutes. Before you apply, make sure you've met the eligibility requirements and have the necessary documents and information on hand.

Eligibility criteria

  • Minimum income. You must earn at least $40,000 to apply for this card.
  • Balance transfer debt. If you plan to take advantage of the balance transfer offer, you can transfer up to 90% of your available credit limit from Australian credit cards not issued by HSBC and you must request the balance transfer during the application.

Card benefits

  • Pay 0% interest on purchases for 12 months. Apply by 31 December 2019 and you'll save with a 0% interest rate on purchases for the first 12 months. Any remaining balance after the introductory period will be charged a standard purchase rate, currently at 19.99% p.a.
  • Pay off non-HSBC credit card debt. Apply for the HSBC Platinum Credit Card before 31 December 2019 to get a 0% p.a. balance transfer rate for 12 months with no balance transfer fee. Any unpaid balance at the end of the promotional period will attract interest at the cash advance rate of 21.99% p.a.

Rates & fees

  • Purchase interest rate. Outside of any promotions, the HSBC Platinum charges a on purchases. You will also get up to 55 days interest-free when you make a purchase on the card and you pay your account in full each month (excluding any balance transfer or instalment plan amounts).
  • Additional cardholders. Add an additional cardholder to your account for $0. When additional cardholders make an eligible purchase on their supplementary card, the primary cardholder earns points and is liable for these transactions.

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287 Comments

  1. Default Gravatar
    George
    July 30, 2019

    What is a loungeKey access? can you access Qantas lounge for example

    Reply
    • AvatarStaff
      Nikki
      July 30, 2019

      Hi George,

      Thanks for your question. The Loungekey is a membership that gives you access to more than 850 lounges in over 400 airports worldwide, as well as dining, spa and retail offer from select exclusive airport merchants. As per my search, Qantas doesn’t have a direct partnership with Loungkey. To check the list further, you can download the Loungkey app to search for the lounges partnered with Loungkey.

      Hope this helps!

      Best,
      Nikki

      Reply
  2. Default Gravatar
    Steve
    February 20, 2019

    Hi,

    “Please note that since this card offers a 22 months 0% balance transfer rate, the 55 days 0% free interest days is not applicable until the end of the balance transfer period.”

    My question is, how many days do you get to pay off any extra purchases on the card to prevent getting charged any interest if you have a balance transfer on the card?

    Reply
    • AvatarStaff
      Jeni
      February 21, 2019

      Hi Steve,

      Thank you for getting in touch with Finder.

      Please note that credit card repayments are allocated based on the portion of your balance that attracts the highest interest rate. As per this HSBC review page, you receive up to 55 days interest-free when you make a purchase on the card and you pay your account in full each month. Your purchases outside the balance transfer has up to 55 days interest-free provided that you satisfy the conditions of interest free based on rest of the balances. You may pay the purchases balance off once you got the statement or before its due date.

      You may also use this page as guide on managing your new purchases on your credit card with a promotional balance transfer.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

      Reply
  3. Default Gravatar
    geoff
    June 16, 2018

    what amount has to be spent on this credit card to validate travel insurance?

    Reply
    • Default Gravatar
      Arnold
      June 16, 2018

      Hi Geoff,

      Thanks for your inquiry

      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. The cover can be extended to your spouse and dependents if they also meet the 90% return ticket payment requirement. Please note that the spouse and dependents must be traveling with you for the entire journey to be eligible for the complimentary insurance

      Hope this information helps

      Cheers,
      Arnold

      Reply
  4. Default Gravatar
    LW
    May 10, 2018

    If I do a balance transfer on an amount am I right in saying I will only pay interest on anything else purchased on that card but not the balance transfer amount? (keeping in mind I must pay off the balance transfer amount before the end of the 0% free period)

    Reply
    • AvatarStaff
      Nikki
      May 11, 2018

      Hi LW,

      Thanks for your message and for visiting finder.

      Yes, you are correct. The interest rate of HSBC Platinum credit card is 19.99% and is applied to the purchases made on the card and not the balance transfer amount.

      Please note that since this card offers a 22 months 0% balance transfer rate, the 55 days 0% free interest days is not applicable until the end of the balance transfer period.

      Hope this clarifies.

      Cheers,
      Nikki

      Reply
  5. Default Gravatar
    Zak
    October 5, 2017

    Is there Master or Visa card with no capped award points and can I pay my business supplier accounts and earn points?

    Reply
    • Default Gravatar
      Liezl
      October 6, 2017

      Hi Zak,

      Thanks for your question.

      The credit cards listed on this page will earn you points when paying your business expenses. Some of these business cards offer uncapped points. You can find this information by clicking the “More Info” link and refer to Rewards Program section.

      I hope this helps.

      Cheers,
      Liezl

      Reply
  6. Default Gravatar
    Phil
    August 22, 2017

    For credit card application stating:

    Eligibility criteria
    Earn more than $40,000 p.a.

    Does the word ‘Earn’ include regular payments from a private pension, eg payments from an account based pension shown in an ATO PAYG payment summary form? Or is it restricted to regular payments for labour performed during a recent time period, ie the previous week or month shown in a payslip?

    Reply
    • AvatarStaff
      Rench
      August 22, 2017

      Hi Phil,

      Thanks for reaching out to us. Please note that we are not affiliated with HSBC or any company we feature on our site and so we can only offer you general advice.

      Yes, it also includes private pensions/payments. You may inquire this further with HSBC to confirm the information.

      Please click on the ‘Go to Site’ button to submit an online application and youmay contact HSBC Support from there.

      Best regards,
      Rench

      Reply
  7. Default Gravatar
    darren
    May 16, 2017

    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

    Reply
    • AvatarStaff
      May
      May 16, 2017

      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

      Reply
  8. Default Gravatar
    karina
    April 27, 2017

    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?

    Reply
    • AvatarStaff
      Harold
      May 1, 2017

      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

      Reply
  9. Default Gravatar
    Tom
    April 24, 2017

    Does bill paying of rates etc covered as eligible payments

    Reply
    • Default Gravatar
      Liezl
      April 25, 2017

      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

      Reply
  10. Default Gravatar
    Henry
    April 18, 2017

    Hi
    For the HSBC Platinum Visa Credit card, is there a fee to convert my reward points to Velocity frequent flyer points?
    Henry

    Reply
    • AvatarStaff
      Harold
      April 26, 2017

      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

      Reply
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