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HSBC Platinum Credit Card

HSBC Platinum Credit Card Find out more Go to site

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  • Once approved, you will typically receive your credit card within 1-2 weeks
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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 NameHSBC Platinum Credit Card
Rewards ProgramHSBC 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 Limit100% of available credit limit
Purchase rate (p.a.)19.99% p.a.
Offer end date31 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 Repayment3% or $20 whichever is higher
Minimum Income$40,000
Card TypeVisa
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 InsuranceYes
Available To Temporary ResidentsYes - Conditions apply
Joint ApplicationNo
Minimum Income$40,000
Minimum Age18 years of age
Available to Temporary ResidentsYes - 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 Repayment3% or $20 whichever is higher
Late Payment Fee$30
Over Limit Fee$30
Cash Advance Feethe 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 AllowedYes
Gambling Transactions Interest RateCash Advance Rate
Additional Cardholder Fee$0 p.a.
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

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 ProgramHSBC Rewards Plus
Rewards Points per $ (VISA/MC)1
Rewards Points per $ (AMEX)0
Rewards Points per $ (VISA/MC) CapUncapped
Rewards Points per $ (AMEX) CapN/A
Points Expiry36 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.
    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.
    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.
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275 Responses

  1. Default Gravatar
    darrenMay 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

    • Staff
      MayMay 16, 2017Staff

      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

  2. Default Gravatar
    karinaApril 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?

    • Staff
      HaroldMay 1, 2017Staff

      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

  3. Default Gravatar
    TomApril 24, 2017

    Does bill paying of rates etc covered as eligible payments

    • Staff
      LiezlApril 25, 2017Staff

      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

  4. Default Gravatar
    HenryApril 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

    • Staff
      HaroldApril 26, 2017Staff

      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

  5. Default Gravatar
    JulieApril 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

    • Staff
      AnndyApril 12, 2017Staff

      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

  6. Default Gravatar
    SamApril 11, 2017

    With HSBC Platinum Credit Card, is there any age limit to qualify for the complimentary travel insurance?

    • Staff
      HaroldApril 12, 2017Staff

      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

  7. Default Gravatar
    April 4, 2017

    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

    • Staff
      HaroldApril 4, 2017Staff

      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

  8. Default Gravatar
    glFebruary 3, 2017

    Is there a balance transfer fee for this card?

    • Staff
      AnndyFebruary 3, 2017Staff

      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

  9. Default Gravatar
    DAVIDJanuary 29, 2017

    Can you explain the cover of travel insurance and is the cover from Australia?

    • Staff
      JasonJanuary 29, 2017Staff

      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

  10. Default Gravatar
    abcdJanuary 16, 2017

    Are school fees, childcare fees considered eligible purchases for HSBC Platinum Credit Card?

    • Staff
      MayJanuary 17, 2017Staff

      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

Credit Cards Comparison

Rates last updated July 28th, 2017
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
NAB Premium Card - Exclusive Offer
Exclusive to finder.com.au, enjoy a no BT fee, long-term balance transfer offer with platinum privileges, including travel insurance.
19.74% p.a. 0% p.a. for 24 months $90 p.a. Go to site More info
Qantas American Express Ultimate Card - Online Offer
Apply by 31 July 2017 to earn 100,000 bonus Qantas Points and get 2 American Express Airport Lounge entries each calendar year.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $450 p.a. Go to site More info
St.George Vertigo Platinum
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.
12.74% p.a. 0% p.a. for 20 months $99 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - Exclusive Offer
Apply by 31 July 2017 to receive a long-term, no fee balance transfer and a $129 Virgin Australia Gift Voucher each year.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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