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Our verdict

Offers 0% on balance transfers for 12 months, with a one-time 2% balance transfer fee.

The HSBC Platinum card helps you save with a $0 first-year annual fee and 0% p.a. interest on balance transfers for 12 months (with a one-time 2% balance transfer fee). To give you an idea of the potential savings, if you wanted to transfer $2,000 and were currently being charged 19.99% p.a. interest, you could save $221.73 in interest over a year – even with the balance transfer fee. But this isn't the longest balance transfer offer on the market, so if you need more time it's worth comparing others before you apply.

If you want a credit card for your spending, the HSBC Platinum also earns up to 1.5 points per $1 spent on eligible purchases through its rewards program. It also gives you 2 airport lounge passes each year and complimentary insurance benefits. While you can still get interest-free days on purchases when you have a balance transfer debt (and meet the repayment requirements), there is a bigger risk of ongoing debt and charges when you’re juggling both. If you can, stick to paying off your balance transfer first (when you have one). And make sure that the standard $149 p.a. annual fee is worth it based on the potential savings and other perks you get with this card.

Pros

0% p.a. on balance transfers for 12 months
$0 first-year annual 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 one-time 2% balance transfer fee
Charges a 3% foreign transaction fee

The HSBC Platinum Credit Card gives you a way to pay off existing credit card debt with no interest for 12 months. This offer has a 2% balance transfer fee, but does not charge an annual fee in the first year. Make sure you weigh up these potential costs and savings when you're comparing cards. Just as with any balance transfer offer, you should also aim to pay off the full balance before the 21.99% p.a. revert rate kicks in.

Details

Product details

Product Name	HSBC Platinum Credit Card
Balance transfer rate p.a.	0% for 12 months with 2% balance transfer fee, then 21.99%
Balance transfer limit	90% of available limit
Purchase rate p.a.	19.99%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	21.99%
Min credit limit	$6,000
Max credit limit	$25,000
Card type	Visa

Eligibility

Available to temporary residents	No
Minimum income	$40,000
Joint application	No

Rewards

Rewards program	HSBC Rewards Plus
Bonus points	N/A
Rewards points per $ spent	1.5
Rewards points cap	120,000

Fees

Annual fee	$0 first year ($149 after)
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

How to apply

It takes about 10 minutes to apply for the HSBC Platinum Credit Card online through the bank's secure application page. To get started, make sure you meet the eligibility requirements and have the key documents and details needed for the application.

Eligibility criteria

Balance transfer. If you want to take advantage of the balance transfer promotion, you can transfer up to 90% of your available credit limit from non-HSBC credit cards issued in Australia. You also need to request the balance transfer when you apply.
Minimum income. You must earn at least $40,000 per year to apply for this card.

Residency. Australian residents can apply for this card. But if you are not a permanent resident, you must hold a current 457 long-stay business visa.
Credit history. You should 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 of age to apply.

Required documents

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 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 covers your job title, salary, length of employment, your employer's contact details and recent payslips.
Financial details. Provide details of any other assets, such as shares or savings, as well as existing debts, loans and liabilities. You also need to include details of your household expenses such as rent, mortgage payments, bills and groceries.

Card benefits

Balance transfer offer. You'll get 0% p.a. on balance transfers for the first 12 months when you apply, get approved and have requested a balance transfer at the time of the application. There is a one-time 2% balance transfer fee with this offer. And any remaining balance at the end of the promotional period will attract interest at the cash advance rate, currently 21.99% p.a.
First-year annual fee waiver. You'll get a $0 annual fee for the first year, which reverts to $149 p.a. after that.

Airport lounge passes. This card offers LoungeKey membership with 2, single-use airport lounge passes each year.
Rewards points. You'll earn 1.5 HSBC Reward Points per $1 spent on eligible purchases, capped at 120,000 points in each 12-month period. You can redeem points for cashback on your card, merchandise, travel and accommodation through HSBC Rewards Plus. You can also transfer reward points to Velocity Frequent Flyer, with 2 Reward Points equal to 1 Velocity Point.
Complimentary insurances. The HSBC Platinum offers complimentary international travel insurance, domestic travel insurance, rental vehicle excess in Australia insurance, purchase protection insurance and extended warranty insurance when you meet the requirements for cover.
HSBC Instant Savings. This card includes free membership to Frequent Values by Entertainment Publications, with over 4,500 offers from participating restaurants, supermarkets, hotels and more across Australia and New Zealand.
Digital wallets. You can add your HSBC card to Apple Pay or Google Pay for mobile payments.

Rates & fees

Annual fee. Outside of any promotions, this card charges a standard annual fee of $149 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.

Cash advance rate. If you make a cash withdrawal, cash-equivalent transaction or have debt remaining at the end of the balance transfer period, a 21.99% p.a. interest rate applies.
Interest-free days. This card offers 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. Transactions made in foreign currencies attract a fee worth 3% of the Australian dollar transaction value.

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Amy Finder

Editor

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Tai

January 15, 2024

I have got a HSBC Platinum card for many years, with the complimentary international travel insurance included with this card, do I need to get extra insurance cover when I go for a holiday on a cruise ship please? I have paid 100% the cost of the cruise on this card.

Sarah Megginson Finder

February 14, 2024

Hi Tai,

After reviewing the PDS for this card, I can see a couple of things relating to cruises.

– There is a limit of A$3,000 of coverage for reasonable costs of arranging alternative public transport in order to attend a special event such as a pre-paid cruise.

– There may be some coverage if a special event (such as a cruise) has been cancelled or postponed for reasons beyond your expectations or control;

– If you sustain an injury, the included insurance does not cover treatment if the injury is sustained on a trip while on a cruise ship.

If you wish to clarify further with the insurers directly, you can contact Allianz Global Assistance (AGA) on 1800 648 093.

Best of luck!

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Ravindra

November 29, 2023

Hi, I had HSBC Platinum credit card few months back for last 5-6 years. Which has annual fee $99 but if i spend more than $6000 in a year, my annual fee will be return back to me. Can i get the same card with same facility please? Thanks

Amy Bradney-George Finder

December 05, 2023

Hi Ravindra,

The annual fee waiver you’re referring to may have been on a previous credit card that’s no longer on the market. Currently, the HSBC Platinum Credit Card has an annual fee (outside of promotions) regardless of how much you spend each year. If you have questions about the account you cancelled, you may want to contact HSBC directly on 132 152. Alternatively, Finder’s guide to no annual fee credit cards includes a comparison table and further details about different $0 annual fee options. I hope this helps.

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Jean West

May 20, 2023

The two complitmentary lounge passes, can they be used at any airport

Thank You

Amy Bradney-George Finder

May 23, 2023

Hi Jean,

These lounge passes can be used at airports around the world through the LoungeKey network of lounges. It’s more common to find lounges in the international terminals than domestic terminals but the LoungeKey website and app do have a search tool. For example, when I checked there were lounge options at Sydney (SYD), Melbourne (MEL), Singapore (SIN), Heathrow (LHR) and San Francisco (SFO). Finder also has a guide on LoungeKey and credit cards with more details. I hope that helps.

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Ann

February 21, 2023

I wish to apply for the HSBC Platinum Credit Card with an annual fee of $129. The combined income of my wife and myself is under $50K. I would like to chat with someone at HSBC but cannot find a phone number.

Amy Bradney-George Finder

February 24, 2023

Hi Ann,

HSBC’s contact number for new accounts is 1300 131 605.

Regards,

Amy

HSBC Platinum Credit Card

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