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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 0% p.a. introductory offers on purchases and balance transfers.

The HSBC Platinum gives you access to premium perks, including airport lounge passes, 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

Find out more Go to HSBC's site

Details

Product NameHSBC Platinum Credit Card
Rewards ProgramHSBC Rewards Plus
Balance Transfer Rate0% for 12 months
Balance Transfer Revert RateCash Advance Rate (21.99% p.a.)
Balance Transfer Limit90% of available balance
Purchase Rate0% for 12 months (reverts to 19.99% p.a.)
Annual Fee$129
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% p.a. interest rate for the first 12 months on purchases
  • Balance transfer offer of 0% p.a. for 12 months 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.
  • Access to the home&Away Privilege Program and HSBC Instant Savings.

Cons

  • After the promotional balance transfer period, any balances remaining will accrue interest at the variable cash advance rate (currently 21.99% p.a. p.a.)
Rewards ProgramHSBC Rewards Plus
Rewards Points per $ spent (Visa/Mastercard)1
Rewards Points per $ Cap (Visa/Mastercard)10,000
Annual Fee$129
Minimum Monthly Repayment3% of transaction value 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
Additional Cardholder Fee$0
Go to HSBC's siteMore info

Expert review

Amy Bradney-George

Review by

Amy is a senior 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 a rewards card that also has very competitive purchase and balance transfer offers: 0% p.a. interest for 12 months on purchases and balance transfers (with no balance transfer fee) until 31 December 2019. This gives you the opportunity to get your finances in order over the course of a year with no interest.

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. The application should take 10 minutes to complete and you should receive a response within minutes of submitting the complete application. 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 per year to apply for this card.
  • Residency. You must be an Australian citizen or permanent resident.
Go to HSBC's siteMore info

Card benefits

  • 0% interest on purchases. Apply by 31 December 2019 and you'll save with a 0% p.a. 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 0% p.a. on balance transfers for 12 months with no balance transfer fee. To be eligible for the offer, you need to elect to transfer the balance when you apply. 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

  • Balance transfer limits. You can transfer up to 90% of your 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 $9,000 from a number of other non-HSBC credit cards, charge cards or store cards.
  • Interest-free days. After the 12-month interest-free period ends, you will get up to 55 days interest-free on purchases when you pay your account in full each month.
Go to HSBC's siteMore info

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285 Comments

  1. 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
  2. Default Gravatar

    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
  3. 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
  4. 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
  5. 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
  6. 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
  7. 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
  8. 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
  9. 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
  10. Default Gravatar
    Julie
    April 12, 2017

    Hi,
    Do I pay the annual fee $149 on first year with no balance transfer fee for HSBC Platinum Credit Card?
    Cheers
    Julie

    Reply
    • AvatarStaff
      Lou
      April 12, 2017

      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

      Reply
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