Get the Finder app 🥳

Track your credit score

Free

Install
finder.com.au

HSBC Platinum Credit Card – Balance Transfer Offer

Finder Award
Sally McMullen
Sally McMullen
Last updated:  

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.

0% p.a.

Balance transfer rate

for 22 months

19.99% p.a.

Purchase rate

1

Reward point

Per $ spent

$129 p.a.

Annual fee

We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder.

Details

Product NameHSBC Platinum Credit Card - Balance Transfer Offer
Rewards programHSBC Rewards Plus
Balance transfer rate0% p.a. for 22 months
Balance transfer revert rateCash Advance Rate (21.99% p.a.)
Balance transfer limit90% of available limit
Purchase rate19.99% p.a.
Annual fee$129
Interest-free period55 days
Cash advance rate21.99% p.a.
Min credit limit$6,000
Card typeVisa
Foreign currency conversion fee3%
Minimum income$40,000
Available to temporary residentsYes - Conditions apply
Joint applicationNo

Pros

  • 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

Cons

  • 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 programHSBC Rewards Plus
Rewards points per $ spent1
Rewards points cap10,000
Annual fee$129
Minimum monthly repayment3% of the closing balance or $20, whichever is greater
Late payment fee$30
Foreign currency conversion fee3%
Cash advance fee3% or $4, whichever is greater
Overseas cash advance fee3% of transaction amount or $4 (whichever is greater)
Additional cardholder fee$0
Go to HSBC's siteMore info

Expert review

Sally McMullen

Review by

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.

Expert review

The HSBC Platinum is a rewards card currently offering an interest-free balance transfer period of 22 months (with no balance transfer fee), which is one of the longest introductory periods on the market. HSBC allows you to transfer up to 90% of your approved credit limit, which is quite generous and the minimum credit limit available is $6,000.

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 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.

Eligibility criteria

  • 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.
Go to HSBC's siteMore info

Card benefits

  • 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.

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.
Go to HSBC's siteMore info

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

12 Comments

  1. Default Gravatar
    Addie
    March 4, 2020

    Does this card allow for balance transfer from a car loan?

    Reply
    • Default Gravatar
      Nikki
      March 5, 2020

      Hi Addie,

      Thanks for your comment.

      I understand you want to know if the HSBC Platinum credit card allows balance transfers from a car loan.

      No, the card only allows balance transfers from other non-HSBC credit cards. As car loans are considered personal loans for vehicle financing, there are other credit cards that allow this and you can find your options HERE.. On the page, you will find credit cards from Virgin, Citi, Coles, and Qantas. To help you compare, card features such as balance transfer rate, purchase rate are indicated in the table. When you’ve decided which card to go for, click the green GO TO SITE button to go straight to HSBC’s webpage. Tips on how to compare cards are also available for you on the page.

      Also, check with your car loan provider and your loan policy for guidelines on balance transfers. To add, check the Product Disclosure statement and Terms and Conditions of the credit card before you lodge your application.

      Hope this helps and feel free to reach out to us again anytime.

      Best regards,
      Nikki

      Reply
  2. Default Gravatar
    Kristin
    October 7, 2019

    Hi, Will I get the airport passes and travel insurance if I don’t pay my trip/flights with this card?

    Reply
    • Avatarfinder Customer Care
      Jhez
      October 8, 2019

      Hi Kristin,

      Thank you for your comment.

      Unfortunately, you will become ineligible for the complimentary travel insurance and airport lounge pass if you do not use the participating card to purchase your return ticket.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.

      Regards,
      Jhezelyn

      Reply
  3. Default Gravatar
    Dan
    September 24, 2019

    If I transfer my current credit card debt and say I don’t use the card at all for 22 months, but just pay the minimum (or 22 equal instalments to cover the amount owing), am I correct to assume that I will pay no additional interest at all and only the annual fee? However, if/when I use the card, I will only pay interest on the new purchases, unless I pay off the full amount of any new purchases within 55 days. Is that correct?

    Reply
    • Default Gravatar
      Ash
      September 26, 2019

      Hi Dan,

      Thank you for contacting Finder.

      Yes, you are correct. If you will not be using the HSBC Platinum Credit Card for other transactions other than the Balance Transfer, then you will not be accruing any other interests and will be paying the Annual Fee on your anniversary date.

      For you to take advantage of the 55 days interest-free, you do not necessarily need to pay the whole amount of the purchase but at least the closing balance on the last billing statement on/ before the due date.

      I hope this helps.

      Please do not hesitate to reach out again if you have additional questions.

      Cheers,
      Ash

      Reply
  4. Default Gravatar
    Muhammad
    August 21, 2019

    When they say annual fee of $129 will be refunded if we use $6000 each year, how is that even possible? If I do balance transfer, any purchase that I make will attract interest from day 1. There is no 55 days interest free period. This is a big catch here. Please correct me if I am wrong.

    Reply
    • Default Gravatar
      Nikki
      August 22, 2019

      Hi Muhammad,

      Thanks for your question! You’re correct. 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.

      Note that eligible purchases exclude interest-free and other promotions, balance transfers, cash transfers, business expenses, cash advances, fees and charges, any disputed transactions and government fees and charges.

      Depending on when you make your purchases, or when your statement is issued, the 55 days interest-free period only applies if you pay off the outstanding balance on your next statement of account on or before the due date. There are no interest free days for cash advances. You will not gain the benefit of the interest free period unless you pay the full balance (excluding any balance transfer, cash transfer and promotional purchases) by the due date.

      Hope this helps!

      Best,
      Nikki

      Reply
  5. Default Gravatar
    Krish
    August 4, 2019

    Can the balance transfer be done to personal savings account or cheque be issued on personal name?

    Reply
    • Default Gravatar
      Ash
      August 6, 2019

      Hi Krish,

      Thank you for contacting Finder.

      No, Balance Transfer can only be between a Personal Loan/ Credit Card to Credit Card. You may read this page to know more on how Balance Transfer works.

      I hope this helps.

      Please do not hesitate to reach out again if you have additional questions.

      Cheers,
      Ash

      Reply
  6. Default Gravatar
    Julie
    July 23, 2019

    Is there the ability to add an additional card holder. If so, does this cover them for travel insurance

    Reply
    • Default Gravatar
      Nikki
      July 24, 2019

      Hi Julie!

      Thanks for your message. Yes, the HSBC Platinum Credit Card allows for additional cards for family or friends for $0. Also, as per the terms and conditions of the HSBC Platinum Visa Credit Card cardholders are eligible for Travel Insurance Program provided that the entire fare of the travel ticket is charged on the customer’s HSBC Platinum Visa Credit Card.

      The insured person/s are:
      • All Primary or Supplementary Cardholders below 75 years old.
      • Legally married spouse below 75 years old
      • Dependent child under age 24 of any eligible person described.

      Hope this was helpful. Don’t hesitate to message us back if you have more questions.

      Best,
      Nikki

      Reply
Go to site