HSBC Platinum Credit Card – Balance Transfer Offer
Save money with 0% interest on balance transfers for 22 months and an ongoing annual fee refund with the HSBC Platinum Credit Card.
Winner of the 2020 Finder Award for Best Balance Transfer Credit Card, the HSBC Platinum gives you access to premium perks, including airport lounge passes, a personal concierge, complimentary insurance & rewards.
When you apply, get approved for this card and request a balance transfer at the time of your application, you can consolidate and pay down existing debt with a 0% p.a. balance transfer rate for the first 22 months (reverts to 21.99% p.a.) with no balance transfer fee. Plus, the $129 annual fee will be refunded when you spend $6,000 on eligible purchases each year.
Balance transfer rate
for 22 months
Per $ spent
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|Product Name||HSBC Platinum Credit Card - Balance Transfer Offer|
|Rewards program||HSBC Rewards Plus|
|Balance transfer rate||0% p.a. for 22 months|
|Balance transfer revert rate||Cash Advance Rate (21.99% p.a.)|
|Balance transfer limit||90% of available limit|
|Purchase rate||19.99% p.a.|
|Interest-free period||55 days|
|Cash advance rate||21.99% p.a.|
|Min credit limit||$6,000|
|Foreign currency conversion fee||3%|
|Available to temporary residents||Yes - Conditions apply|
- 0% p.a. on balance transfers for 22 months, with no balance transfer fee
- The $129 annual fee is refunded when you spend $6,000 on eligible purchases each year.
- 2 airport lounge passes every year
- Includes complimentary travel and purchase protection insurances
- Balance transfer reverts to the 21.99% p.a. cash advance rate after the promotional period
- Charges a 3% foreign transaction fee
- Points are capped at 10,000 per statement period.
|Rewards program||HSBC Rewards Plus|
|Rewards points per $ spent||1|
|Rewards points cap||10,000|
|Minimum monthly repayment||3% of the closing balance or $20, whichever is greater|
|Late payment fee||$30|
|Foreign currency conversion fee||3%|
|Cash advance fee||3% or $4, whichever is greater|
|Overseas cash advance fee||3% of transaction amount or $4 (whichever is greater)|
|Additional cardholder fee||$0|
Sally McMullen is a creative content producer at Finder, co-hosts our Pocket Money podcast and wrote about credit cards for almost five years. Her byline can be spotted on Yahoo Finance, Dynamic Business, Financy and Mamamia as well as Music Feeds and Rolling Stone. She has a Bachelor of Communication and Media Studies majoring in Journalism (Hons) from the University of Wollongong.
If you have existing credit or store card debt and are planning to take advantage of the balance transfer offer, be careful not to overspend and accrue more debt just for the sake of rewards.
How to applyIf you've compared your options and decided the HSBC Platinum Credit Card is right for you, you can complete a secure application online. It should take 10 minutes to complete and you'll receive a response in 60 seconds. Before you apply, make sure you've met the eligibility requirements and have the necessary documents and information on hand.
- Minimum income. You must earn at least $40,000 per year to apply for this card.
- Balance transfer. If you're planning to take advantage of the balance transfer promotion, you can transfer up to 90% of your available credit limit from non-HSBC credit and store cards and you must request the transfer upon application.
- Residency. You must be an Australian resident. If you are not a permanent resident, you must hold a current 457 long-stay business visa.
- Credit history. You must have a good credit rating. You can check your credit score and get your comprehensive credit report for free through Finder.
- Age. You must be at least 18 years old to apply.
- Personal details. This includes your full name, email address, residential address, date of birth, driver's licence number, marital status, number of dependents and contact number.
- Balance transfer details. You'll need to provide details of the debt you want to transfer, if applicable. This includes your account name, number and the BSB for your current provider.
- Employment details. This includes your job title, salary, length of employment, your employer's contact details and recent payslips.
- Financial details. This covers any other assets, such as shares or savings, as well as existing debts, loans and liabilities. You'll also need to share details of your household expenses such as rent, mortgage payments, bills and groceries.
- 0% balance transfer offer. Apply and get approved to get a 0% p.a. interest rate on balance transfers for the first 22 months, with no balance transfer fee. Any remaining balance at the end of the promotional period will attract interest at the cash advance rate (currently 21.99% p.a.). There's no specified expiry date for this offer, but HSBC may change or end it at any time.
- Ongoing annual fee refund. This card charges a standard $129 annual fee on the anniversary of the account opening date each year. When you spend $6,000 on eligible purchases in the following 12 months, the annual fee will be refunded.
- Airport lounge passes. Travel comfortably with a LoungeKey membership that gives you two, single-use airport lounge passes each year.
- Earn reward points on eligible purchases. Earn 1 reward point per dollar spent on eligible domestic purchases and 2 HSBC Reward Points per $1 spent overseas with your HSBC Platinum Credit Card. 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 Point.
- Complimentary insurance package. Enjoy complimentary international travel insurance when you pay for at least 90% of your overseas return travel ticket with your HSBC Platinum credit card. You can also make use of complimentary transit accident insurance, purchase protection insurance, extended warranty cover and guaranteed pricing insurance.
- Instant Savings. This card includes 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.
- Mobile payments. The HSBC Platinum is compatible with Apple Pay and Google Pay, so you can make contactless payments with your smart device.
Rates & fees
- Annual fee. Outside of any promotions, this card charges a standard annual fee of $129 p.a. You can add additional cards for family or friends for $0.
- Purchase rate. The HSBC Platinum card charges a variable interest rate of 19.99% p.a. on purchases.
- Cash advance rate. If you make a cash withdrawal, cash-equivalent transaction or have debt remaining at the end of the balance transfer period, you will be charged interest at 21.99% p.a.
- Interest-free days. Get up to 55 days interest-free on purchases when you pay your account in full (excluding any balance transfer, cash transfer and promotional purchases) each statement period.
- Currency conversion rate. If you use the card overseas or with an international online retailer, you will be charged 3% of the Australian dollar transaction value.