Platinum Credit Card
Balance Transfer0% p.a. interest on balance transfers for 22 months (no BT Fee)
- Last updated on 12 Jul 2020
Balance Transfer Rate
for 22 months then 21.99%
Max Free Days
- Balance Transfers Available
- Free domestic travel insurance
- Free international travel insurance
- Free supplementary cards
- Purchase protection insurance
- Price guarantee
- Extended warranty
- Rental car excess insurance
- Partner discounts
- Airport lounge
Number free supplementary
Interest Free Days
Interest Free Days
Maximum credit limit
No set max
Late Payment Fee
Minimum credit limit
Over limit fee
Minimum repayment dollars
Duplicate statement fee
Minimum repayment percent
Supplementary card annual fee
Cash advance rate
Balance Transfer Rate
Balance Transfer Rate
for 22 months then 21.99%
of the approved credit limit
Balance Transfer Fee
Foreign Exchange Fee
3% on Visa
Estimated ATM Cost
for AU $300 withdrawal
HSBC Rewards Plus Program
Gift Card, Cash Back
|2 points for $1 spent||Visa||Up to $10k monthly||eligible international purchases|
|1 point for $1 spent||Visa||Up to $10k monthly||eligible domestic purchases|
- FREE DOMESTIC TRAVEL INSURANCE You must pay an excess of A$200 for each claim
- FREE INTERNATIONAL TRAVEL INSURANCE You 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.
- FREE SUPPLEMENTARY CARDS
- PURCHASE PROTECTION INSURANCE Covers with a $100 excess
- PRICE GUARANTEE If 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.
- EXTENDED WARRANTY Warranty is extended for the same duration as the original warranty up to 1 year.
- RENTAL CAR EXCESS INSURANCE
- PARTNER DISCOUNTS
- AIRPORT LOUNGE 2 per year
- Balance Transfer 0% p.a. interest on balance transfers for 22 months (no BT Fee)
- Other Annual Fee ($129) will be refunded when you spend $6,000 or more on purchases per yearAnnual Fee ($129) will be refunded when you spend $6,000 or more on purchases per year
$129 Annual Fee applies, this will be refunded for customers who spend $6,000 on eligible purchases with card within 12 months of account approval. Refunds will be posted automatically within 30 days of eligible spend criteria being met, if your account is current and in good state. Eligible purchases exclude interest free promotions, balance transfers, business expenses, cash advances, fees or charges, any disputed transactions, and any government fee or charge.
Compare and review credit cards with similar features
HSBC Bank Australia Ltd (HSBC) is part of the HSBC Group - one of the largest banking and financial services organisations in the world. The Australian arm is a subsidiary of The Hong Kong and Shanghai Banking Corporation Limited and also part of the HSBC Group.
Their offices and branches can be found on five continents. Operations in Australia include trade finance, electronic banking, investments, securities custodies and personal financial services.
Their full range of personal finance currently includes savings accounts, credit cards, investments, insurance, mortgages and personal lending.
HSBC customers can reach customer support by contacting them via:
- Customer service (phone, email, branch)
- Mobile app
- Online banking
- Mobile banking staff
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.
- HSBC Rewards Plus program
- Five free additional cardholders
- Complimentary insurances
- 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.
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.
Terms and Conditions
Credit provided by HSBC Bank Australia Limited ABN 48 006 434 162 Australian Credit Licence 232595. Offers available to new, approved HSBC credit cardholders who apply by 30 September 2020. Fees, charges, terms, conditions and HSBC lending criteria apply to all credit cards issued by HSBC. Visit hsbc.com.au or call 1300 308 880. Interest rates are valid at the time of publication and are subject to change.
- To be eligible for the introductory balance transfer rate, the balance transfer request must be made at the time of applying for the new HSBC credit card. Your total balance transfers must not exceed 90% of your approved credit limit. The interest rate on the balance transfer applies for 22 months for the HSBC Platinum Credit Card. The balance transfer must be from non-HSBC credit cards. After this period, any balance outstanding from the balance transfer will accrue interest at the cash advance rate (currently 21.99% p.a. and subject to change). HSBC will allocate payments we receive from you to pay off the portion of your balance which attracts the highest interest rate first and subsequently to portions of your balance attracting lower interest rates. This may mean applying any and all payments made to your HSBC credit card account to pay off other transactions such as purchases and cash advances before any balance transfer amount.
- HSBC’s Credit Card Rewards Terms and Conditions apply. Point capping limit of 10,000 points per statement period apply. Eligible purchases exclude interest free promotions, balance transfers, cash transfer, business expenses, cash advances, fees or charges, any disputed transactions, BPAY® and any government fee or charge. For full terms and conditions, visit Reward Program terms and conditions.
- $129 Annual Fee will be charged on the account within 2 months after the first debit transaction and every 12 months thereafter. The annual fee will be refunded for customers who spend $6,000 on eligible purchases within 12 months from the date the Annual Fee is charged. Refunds will be posted automatically within 30 days of eligible spend criteria being met, if your account is current and in good state. 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.
Property Personal Finance Writer
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.