HSBC Platinum Credit Card - finder.com.au

HSBC Platinum Credit Card

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Our verdict: HSBC's Platinum card has the longest 0% balance transfer period in Australia right now, giving you 36 months to pay off your debt interest-free.

The HSBC Platinum Credit Card can save you thousands of dollars in interest when you’re paying off credit card debt. The 3-year, 0% interest period gives you at least 6 extra months on your balance transfer compared to other cards, which offer 0% balance transfer rates for 6 to 30 months. Plus, there is no balance transfer fee and a super-low $29 annual fee for the first year.

0% p.a.

Balance transfer rate

for 36 months

19.99% p.a.

Purchase rate

1

Reward point

Per $ spent

$29 p.a.

Annual fee

for the first year ($129 p.a. thereafter)

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Details

Product NameHSBC Platinum Credit Card
Rewards programHSBC Rewards Plus
Balance transfer rate0% p.a. for 36 months
Balance transfer revert rateCash Advance Rate (21.99% p.a.)
Balance transfer limit90% of available limit
Purchase rate19.99% p.a.
Annual fee$29 annual fee for the first year ($129 p.a. thereafter)
Interest-free periodUp to 55 days on purchases
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 36 months (with no BT fee)
  • 2 airport lounge passes every year
  • Includes complimentary travel and purchase protection insurances

Cons

  • Balance transfer reverts to a relatively high 21.99% p.a. cash advance rate
  • Charges a 3% foreign transaction fee
  • Points are capped at 10,000 per statement period.
Rewards programHSBC Rewards Plus
Bonus pointsN/A
Rewards points per $ spent1
Rewards points cap10,000
Annual fee$29 annual fee for the first year ($129 p.a. thereafter)
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

Expert review

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Review by


Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.

Expert review

Currently the market-leading balance transfer offer, this card helps you save on debt with 0% p.a. on balance transfers for 36 months, no balance transfer fee and a $29 annual fee for the first year. To give you an idea of the potential savings, if you wanted to transfer $5,000 and are currently being charged 19.99% p.a. interest, you could save over $2,000.

How to apply

To get started, make sure you've met the eligibility requirements and have the necessary documents and information on hand.

Eligibility criteria

  • 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.
  • Minimum income. You must earn at least $40,000 per year to apply for this card.

Card benefits

  • Balance transfer offer. Save on interest charges with 0% p.a. on balance transfers for the first 36 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. To take advantage of this offer, you must request a balance transfer at the time of application.
  • Discounted first-year annual fee. This card charges a $29 annual fee for the first year, which reverts to $129 p.a. thereafter.

Rates & fees

  • Annual fee. Outside of any promotions, this card charges a standard annual fee of $129 p.a. You can also add an additional cardholder at no extra cost.
  • Purchase rate. The variable purchase interest rate for this card is 19.99% p.a.

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