Platinum Credit Card

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Pros:
  • No Annual Fee
Cons:

    Basic

    Card Level
    Card Level
    Platinum
    Interest Free Days
    Interest Free Days
    55
    Maximum credit limit
    Maximum credit limit
    No set max
    Minimum credit limit
    Minimum credit limit
    $6,000
    Minimum repayment dollars
    Minimum repayment dollars
    $20
    Minimum repayment percent
    Minimum repayment percent
    3
    Number free supplementary
    Number free supplementary
    5
    Annual Fee
    Annual Fee
    $0
    Late Payment Fee
    Late Payment Fee
    $30
    Over limit fee
    Over limit fee
    $30
    Duplicate statement fee
    Duplicate statement fee
    $8
    Supplementary card annual fee
    Supplementary card annual fee
    $0
    Apple Pay available
    Apple Pay available
    Google Pay available
    Google Pay available
    Samsung Pay available
    Samsung Pay available
    Card Level
    Card Level
    Platinum
    Interest Free Days
    Interest Free Days
    55
    Maximum credit limit
    Maximum credit limit
    No set max
    Minimum credit limit
    Minimum credit limit
    $6,000
    Minimum repayment dollars
    Minimum repayment dollars
    $20
    Minimum repayment percent
    Minimum repayment percent
    3
    Number free supplementary
    Number free supplementary
    5
    Annual Fee
    Annual Fee
    $0
    Late Payment Fee
    Late Payment Fee
    $30
    Over limit fee
    Over limit fee
    $30
    Duplicate statement fee
    Duplicate statement fee
    $8
    Supplementary card annual fee
    Supplementary card annual fee
    $0
    Apple Pay available
    Apple Pay available
    Google Pay available
    Google Pay available
    Samsung Pay available
    Samsung Pay available

    Rates

    Purchase Rate
    Purchase Rate
    19.99%
    Cash advance rate
    Cash advance rate
    21.99%
    Purchase Rate
    Purchase Rate
    19.99%
    Cash advance rate
    Cash advance rate
    21.99%

    Balance Transfer

    Balance Transfer Rate
    Balance Transfer Rate
    0%
    for 22 months then 21.99%
    Transfer Limit
    Transfer Limit
    95%
    of the chosen credit limit
    Balance Transfer Fee
    Balance Transfer Fee
    $100
    Balance Transfer Rate
    Balance Transfer Rate
    0%
    for 22 months then 21.99%
    Transfer Limit
    Transfer Limit
    95%
    of the chosen credit limit
    Balance Transfer Fee
    Balance Transfer Fee
    $100

    Overseas spending

    Foreign Exchange Fee
    Foreign Exchange Fee
    3% on Visa
    Overseas charges
    Overseas charges
    $4
    Estimated ATM Cost
    Estimated ATM Cost
    $13
    for AU $300 withdrawal
    Foreign Exchange Fee
    Foreign Exchange Fee
    3% on Visa
    Overseas charges
    Overseas charges
    $4
    Estimated ATM Cost
    Estimated ATM Cost
    $13
    for AU $300 withdrawal

    Rewards

    Program name
    Program name
    HSBC Rewards Plus Program
    Rewards Available
    Rewards Available
    Gift Card, Cash Back
    Program name
    Program name
    HSBC Rewards Plus Program
    Rewards Available
    Rewards Available
    Gift Card, Cash Back

    Eligibility

    Minimum age
    Minimum age
    18
    Minimum income
    Minimum income
    $40,000
    Eligibility conditions
    Eligibility conditions
    Minimum age
    Minimum age
    18
    Minimum income
    Minimum income
    $40,000
    Eligibility conditions
    Eligibility conditions

    Earn Rates

    RateCard TypeEarnsCondition
    2 points for $1 spentVisaUp to $10,000 monthlyeligible international purchases
    1 point for $1 spentVisaUp to $10,000 monthlyeligible domestic purchases

    Perks

    • Concierge
    • Extended WarrantyWarranty is extended for the same duration as the original warranty up to 1 year.
    • Free Domestic Travel InsuranceYou must pay an excess of A$200 for each claim
    • Free International Travel InsuranceYou must pay an excess of A$200 for each claim other than the replacement of travel necessities. If you make more than one claim from a single event, the excess only applies once.
    • Partner Discounts
    • Free Travel Insurance Days
    • Price GuaranteeIf you purchase personal goods in Australia and then find the same product advertised later at a cheaper price, you can claim back the difference if it is more than $75.
    • Purchase ProtectionCovers with a $100 excess
    • Rental Car Excess Insurance
    • Free Supplementary Cards
    • Airport Lounge2 per year

    Features

    The HSBC Platinum Credit Card has a moderately high interest rate, a moderate interest-free period and a moderately high annual fee (refunded if yearly spending thresholds are met). It also comes with a moderate minimum credit limit and a high late payment fee.

    Cardholders can earn points for every dollar spent on eligible domestic and international purchases as part of the HSBC Rewards Plus program. Points can be redeemed for a range of gift card and merchandise rewards, or for Virgin Velocity frequent flyer points.

    Customers wishing to transfer and pay off existing debt can also take advantage of this card’s 0 per cent introductory balance transfer deal (a balance transfer fee applies).

    Complimentary insurance benefits include domestic and international travel insurances with rental car cover, transit accident insurance, extended warranty insurance, guaranteed pricing and purchase protection insurance.

    Five supplementary cardholders are also allowed at no additional cost.

    Pros
    • HSBC Rewards Plus program
    • Five free additional cardholders
    • Complimentary insurances
    Cons
    • Moderately high interest rate
    • Moderately high annual fee
    • Overseas spending fee charged

    Who is it good for?

    The HSBC Platinum Credit Card may be a good option for people who typically spend regularly on their credit card and pay off their balance every month.

    For these customers, this card offers solid rewards-earning potential and the ability to earn points quickly through multiple cardholders spending on the one account.

    While it might also be suitable for frequent travellers due to the complimentary travel insurance and frequent flyer program compatibility, this is not the best card to use due to high international transaction fees.

    This card might also suit people looking to switch lenders and pay off existing debt thanks to its introductory balance transfer offer.

    On the other hand, the HSBC Platinum Credit Card’s moderately high interest rate and fees mean it’s not especially suited to people on a tight budget or those who don’t always manage to clear their debt on a monthly basis.

    What RateCity says

    This card comes with plenty of advantages to suit a relatively wide customer base – the ability to earn rewards and frequent flyer points, a balance transfer deal, complimentary insurances and a variety of other perks.

    The allowance for five free additional cardholders is also a drawcard as it cuts down on costs and makes it possible to earn rewards points faster.

    While the card comes with a moderately high interest rate and annual fee, it’s hypothetically possible to avoid the annual fee by meeting the yearly spending requirements and avoid paying interest by clearing debt before interest accrues.

    However, as with most platinum cards, the potential for acquiring debt is increased – so it’s important to weigh up the advantages against the risks. If you’re not confident you can always pay your bill on time, you may want to look for a card that offers better value for money.

    Applying/eligibility

    To be eligible for the HSBC Platinum Credit Card, you must be at least 18 years of age, have a good credit rating and earn at least $40,000 a year. To apply, you will need to provide proof of ID, employment details and proof of reliable income such as bank statements or payslips. Applications can be completed in around 10 minutes online or by visiting an HSBC branch in person. You will usually receive a response within 60 seconds.

    About HSBC Bank

    HSBC Bank Australia, a subsidiary of HSBC Group, is one of the largest banking and financial services organisations in the world, and is based London. HSBC’s finance products include savings accounts, credit cards, home loans and personal loans, among other personal, business and corporate services. Banking services are available through the online banking portal, mobile banking app and in-branch. Customer support is available by phone, email, on Twitter or by visiting a branch.

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