HSBC Platinum Credit Card
- 0% p.a. for 22 months on balance transfers
First year annual fee refund
Offer ends 31 December 2018
Eligibility criteria, terms and conditions, fees and charges apply
Receive platinum cardholder benefits with 1 reward point per $1 spent, 0% p.a. on balance transfers for 22 months and a yearly annual fee refund.
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.
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What you'll get with this credit card.
- Interest-free balance transfer for 22 months
- Transfer up to 90% of your credit limit
- Travel in style with LoungeKey membership passes
- Earn and redeem points with HSBC Travel Rewards
| 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 | 90% of available credit limit |
| Purchase rate (p.a.) | 19.99% p.a. |
| Offer end date | 31 December 2018 |
| Annual fee | $129 p.a. |
| Interest Free Period The interest-free period is the maximum number of days during which interest is not charged on new purchases. This only applies if you pay your closing balance in full by the statement due date. | 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 |
| Card Type | Visa |
| 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 Income | $40,000 |
|---|---|
| Minimum Age | 18 years of age |
| Available To Temporary Residents | Yes - Conditions apply |
| Joint Application | No |
| Annual fee | $129 p.a. |
|---|---|
| Minimum Monthly Repayment | 3% or $20 whichever is higher |
| 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 |
| Cash Advance Fee | the higher of $4 or 3% of the total transaction amount |
| Gambling Transactions Allowed | Yes |
| Additional Cardholder Fee | $0 |
Pros
- You can take advantage of a balance transfer offer of 0% p.a. for 22 months.
- The $129 annual fee is refunded if you apply by 31 December 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.
Cons
- 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 |
Benefits of using a HSBC Platinum Credit Card
- Transfer non-HSBC credit card debt. Apply for the HSBC Platinum Credit Card before 31 December 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 90% 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.
- Ongoing annual fee refund. This card charges a standard $129 p.a. annual fee on the anniversary of the account opening date each year. If you spend $6,000 on eligible purchases within the following 12 months, the annual fee will be refunded.
- 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.
- 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.
Eligibility criteria
- Earn at least $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.
what amount has to be spent on this credit card to validate travel insurance?
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
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)
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
Is there Master or Visa card with no capped award points and can I pay my business supplier accounts and earn points?
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
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?
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
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