HSBC Platinum Credit Card

Name: HSBC Platinum Credit Card
Rating: 1.0

A strong platinum card offer with one of the longest 0% balance transfer periods in Australia right now.

The HSBC Platinum Credit Card could save you thousands of dollars in interest if you’re paying off existing credit card debt. The 3-year, 0% interest period gives you at least 6 extra months on your balance transfer compared to most other cards, which offer 0% rates for 6 to 30 months. Plus, there is no balance transfer fee and a super-low $29 annual fee for the first year. That said, as with any balance transfer offer, you'll want to make sure you can pay off the full balance before the 21.99% p.a. revert rate kicks in.

1.0 ★★★★★ (2 reviews) Write a review

Amy Bradney-George

Last Updated Apr 13, 2021

0% p.a.

Balance transfer rate

for 36 months

19.99% p.a.

Purchase rate

Reward point

Per $ spent

$29 p.a.

Annual fee

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

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Details

Product Name	HSBC Platinum Credit Card
Rewards program	HSBC Rewards Plus
Balance transfer rate p.a.	0% for 36 months
Balance transfer revert rate	Cash Advance Rate (21.99% p.a.)
Balance transfer limit	90% of available limit
Purchase rate p.a.	19.99%
Annual fee	$29 for the first year ($129 thereafter)
Interest-free period	Up to 55 days on purchases
Cash advance rate	21.99% p.a.
Min credit limit	$6,000
Card type	Visa
Foreign currency conversion fee	3%

Minimum income	$40,000
Available to temporary residents	Yes - Conditions apply
Joint application	No

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 program	HSBC Rewards Plus
Bonus points	N/A
Rewards points per $ spent	1
Rewards points cap	10,000

Annual fee	$29 for the first year ($129 thereafter)
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

Go to HSBC's site More info

Review by

Amy Bradney-George

amy.bradney-george@finder.com

Amy has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. She is also the editorial lead for Finder Green, covering sustainability across different industries. Her work has appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy also 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. interest on balance transfers for 36 months with no balance transfer fee. Plus, a $29 annual fee for the first year designed to help you save even more. 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. Just make sure that the standard $129 p.a. annual fee doesn't eat into your savings too much.

If you’re looking for a card you can use for spending, the HSBC Platinum also has a rewards program that earns up to 2 points per $1 spent on eligible purchases. 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).

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.

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.

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'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.

Go to HSBC's site More info

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 get 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.

Airport lounge passes. Travel comfortably with a LoungeKey membership that gives you two, single-use airport lounge passes each year.
Rewards points. Earn 2 HSBC Reward Points per $1 spent overseas and 1 point per $1 on all other eligible purchases (capped at 10,000 points per statement period). Points can be redeemed for cashback on your card, merchandise and travel and accommodation through HSBC Rewards Plus. Alternatively, you can convert your reward points to Velocity Frequent Flyer points, with 2 Reward Points equal to 1 Velocity Point.
Complimentary insurance covers. When you use your card to pay for at least 90% of the total cost of your overseas travel return ticket, you can travel with peace of mind thanks to complimentary international travel insurance. You can also make use of rental vehicle insurance excess cover, transit accident insurance, purchase protection insurance, extended warranty cover and guaranteed pricing scheme.
HSBC 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 payment technology. You can link your HSBC card with Apple Pay and Google Pay to make contactless payments with your eligible device at the checkout.

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.

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. Receive 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 will attract a fee worth 3% of the Australian dollar transaction value.

Go to HSBC's site More info

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HSBC Platinum Credit Card