Platinum Credit Card (Bonus Points Offer)

Bonus Points

84,000 Bonus Rewards Plus Points when you spend $3,000 on eligible purchases using your new card within 90 days from card approval. That’s enough for $350 in e-Gift Cards. New Rewards Plus customers only.1

To be eligible for the bonus Rewards Plus Points offer, you must apply and be approved for a new HSBC Platinum Credit Card. You will receive 84,000 bonus Rewards Plus Points if you spend $3,000 on eligible purchases within 90 days of card approval. Eligible purchases exclude interest free and other promotions, balance transfers, cash transfers, business expenses, cash advances, fees and charges, BPAY®, any disputed transactions and government fees and charges. The 84,000 bonus Rewards Plus Points will be credited to your Rewards Plus Account within 60 days of meeting the spend criteria, provided that your account is active and not in arrears. Offer is limited to new applicants only. Existing HSBC customers transferring from another HSBC credit card or customers who have held any Rewards Plus card types within the last 12 months are ineligible for this offer. Not available in conjunction with any other offer. Gift Card values correct as at 3 November 2020. Points values & stock levels subject to change. Check hsbc.com.au/rewards/

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Purchase Rate

Purchase Rate

19.99%

Balance Transfer Rate

Balance Transfer Rate

21.99%

Annual Fee

Annual Fee

$129

Max Free Days

Max Free Days

55

Late Payment Fee

$30

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Pros and Cons

Pros and Cons

  • Rewards Available through HSBC Rewards Plus Program
  • Bonus 84,000 points subject to eligibility conditions
  • Free domestic travel insurance
  • Free international travel insurance
  • Free supplementary cards
  • Purchase protection insurance
  • Price guarantee
  • Extended warranty
  • Rental car excess insurance
  • Concierge
  • Partner discounts
  • Airport lounge
  • Late payment fee

HSBC Features and Fees

HSBC Features and Fees

Details

Card Level

Platinum

Card Type

Visa

Interest Free Days

Interest Free Days

55

Minimum monthly repayment

3% or $20

Minimum credit limit

$6k

Maximum credit limit

No set max

Free supplementary cards

Number free supplementary

5

Instant Approval

Fees

Annual Fee

Annual Fee

$129

Annual Fee Spend Waiver

Supplementary card annual fee

$0

Late Payment Fee

$30

Over limit fee

$30

Duplicate statement fee

$8

Electronic Wallet Service

Important Rates

Rates

Purchase Rate

Purchase Rate

19.99%

Cash advance rate

21.99%

Cash advance fee

3% or $4

Balance Transfer

Balance Transfer Rate

Balance Transfer Rate

21.99%

Transfer Limit

90%

of the approved credit limit

Balance Transfer Fee

$0

Overseas spending

Foreign Exchange Fee

3% on Visa

Overseas charges

Overseas charges

$4

Estimated ATM Cost

$13

for AU $300 withdrawal

Rewards

Program name

HSBC Rewards Plus Program

Rewards Available

Gift Card, Cash Back

Eligibility

Minimum age

18

Minimum income

$40k

Eligibility conditions

Residency

Australia Citizen, Permanent Resident

Earn Rates

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

Perks

  • 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
  • CONCIERGE
  • PARTNER DISCOUNTS
  • AIRPORT LOUNGE 2 per year
Specials
  • Bonus Points 84,000 Bonus Rewards Plus Points when you spend $3,000 on eligible purchases using your new card within 90 days from card approval. That’s enough for $350 in e-Gift Cards. New Rewards Plus customers only.1
    To be eligible for the bonus Rewards Plus Points offer, you must apply and be approved for a new HSBC Platinum Credit Card. You will receive 84,000 bonus Rewards Plus Points if you spend $3,000 on eligible purchases within 90 days of card approval. Eligible purchases exclude interest free and other promotions, balance transfers, cash transfers, business expenses, cash advances, fees and charges, BPAY®, any disputed transactions and government fees and charges. The 84,000 bonus Rewards Plus Points will be credited to your Rewards Plus Account within 60 days of meeting the spend criteria, provided that your account is active and not in arrears. Offer is limited to new applicants only. Existing HSBC customers transferring from another HSBC credit card or customers who have held any Rewards Plus card types within the last 12 months are ineligible for this offer. Not available in conjunction with any other offer. Gift Card values correct as at 3 November 2020. Points values & stock levels subject to change. Check hsbc.com.au/rewards/

Other Benefits

84,000 Bonus Rewards Plus Points when you spend $3,000 on eligible purchases using your new card within 90 days from card approval. That’s enough for $350 in e-Gift Cards. New Rewards Plus customers only.

Other Restrictions

Eligible purchases exclude interest free promotions, balance transfers, business expenses, cash advances, fees or charges, any disputed transactions, and any government fee or charge.

Pros and Cons

  • Rewards Available through HSBC Rewards Plus Program
  • Bonus 84,000 points subject to eligibility conditions
  • Free domestic travel insurance
  • Free international travel insurance
  • Free supplementary cards
  • Purchase protection insurance
  • Price guarantee
  • Extended warranty
  • Rental car excess insurance
  • Concierge
  • Partner discounts
  • Airport lounge
  • Late payment fee

HSBC Features and Fees

Details

Card Level

Platinum

Card Type

Visa

Interest Free Days

Interest Free Days

55

Minimum monthly repayment

3% or $20

Minimum credit limit

$6k

Maximum credit limit

No set max

Free supplementary cards

Number free supplementary

5

Instant Approval

Fees

Annual Fee

Annual Fee

$129

Annual Fee Spend Waiver

Supplementary card annual fee

$0

Late Payment Fee

$30

Over limit fee

$30

Duplicate statement fee

$8

Electronic Wallet Service

Important Rates

Rates

Purchase Rate

Purchase Rate

19.99%

Cash advance rate

21.99%

Cash advance fee

3% or $4

Balance Transfer

Balance Transfer Rate

Balance Transfer Rate

21.99%

Transfer Limit

90%

of the approved credit limit

Balance Transfer Fee

$0

Overseas spending

Foreign Exchange Fee

3% on Visa

Overseas charges

Overseas charges

$4

Estimated ATM Cost

$13

for AU $300 withdrawal

Rewards

Program name

HSBC Rewards Plus Program

Rewards Available

Gift Card, Cash Back

Eligibility

Minimum age

18

Minimum income

$40k

Eligibility conditions

Residency

Australia Citizen, Permanent Resident

Earn Rates

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

Perks

  • 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
  • CONCIERGE
  • PARTNER DISCOUNTS
  • AIRPORT LOUNGE 2 per year
Specials
  • Bonus Points 84,000 Bonus Rewards Plus Points when you spend $3,000 on eligible purchases using your new card within 90 days from card approval. That’s enough for $350 in e-Gift Cards. New Rewards Plus customers only.1
    To be eligible for the bonus Rewards Plus Points offer, you must apply and be approved for a new HSBC Platinum Credit Card. You will receive 84,000 bonus Rewards Plus Points if you spend $3,000 on eligible purchases within 90 days of card approval. Eligible purchases exclude interest free and other promotions, balance transfers, cash transfers, business expenses, cash advances, fees and charges, BPAY®, any disputed transactions and government fees and charges. The 84,000 bonus Rewards Plus Points will be credited to your Rewards Plus Account within 60 days of meeting the spend criteria, provided that your account is active and not in arrears. Offer is limited to new applicants only. Existing HSBC customers transferring from another HSBC credit card or customers who have held any Rewards Plus card types within the last 12 months are ineligible for this offer. Not available in conjunction with any other offer. Gift Card values correct as at 3 November 2020. Points values & stock levels subject to change. Check hsbc.com.au/rewards/

Other Benefits

84,000 Bonus Rewards Plus Points when you spend $3,000 on eligible purchases using your new card within 90 days from card approval. That’s enough for $350 in e-Gift Cards. New Rewards Plus customers only.

Other Restrictions

Eligible purchases exclude interest free promotions, balance transfers, business expenses, cash advances, fees or charges, any disputed transactions, and any government fee or charge.

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FAQs

Should I get a credit card?

Once you've compared credit card interest rates and deals and found the right card for you, the actual process of getting a credit card is quite straightforward. You can apply for a credit card online, over the phone or in person at a bank branch. 

What does ANZ credit card insurance cover?

ANZ offers complimentary insurance on some of its credit cards, which can provide some protection against unforeseeable incidents, like the theft of your card. Depending on the type of credit card you own, you may be eligible for different insurances. For instance, most ANZ credit card customers may qualify for Purchase Protection Insurance and Extended Warranty Insurance. Customers who own premium credit cards may also be eligible for Guaranteed Pricing, Rental Vehicle Excess, International Travel, and so on.

Consider checking your ANZ credit card insurance features listed in the Insurance Policy Information booklet to know which items are covered. Also, while ANZ issued the credit card, they are not the insurer. For this reason, you may need to send your insurance claims - and get your ANZ credit card insurance refund - to the insurance provider.

Current Annual Fees

These are the current annual fees on your existing credit card.

Current Interest Rate

This is the current interest rate on your existing credit card.

Monthly repayment

This is how much you can afford to pay on a monthly basis off your credit card. You can enter any amount you wish; but to make the balance transfer worthwhile the default is $200.

How do I apply for a credit card online?

Can I get a credit card on part-time/casual work?

Yes, as credit card providers look at your annual income amount as well as your occupation. Minimum income requirements tend to be between $30,000 – $40,000 for standard and rewards credit cards, however low income credit cards can have minimum income requirements as low as $15,000 per year.

Why should I check my credit rating?

There are two reasons you should check your credit rating: so you have a better understanding of your financial position, and so you can take action (if necessary) to improve your credit rating.

Lenders use credit ratings or credit scores to assess loan applications. The higher your score, the more likely you are to get approved, and the more likely you are to be charged lower interest rates and lower fees. Conversely, the lower your credit score, the less likely you are to get approved, and the more likely you are to be charged higher interest rates and higher fees.

How to get a credit card for the first time

A credit card can be a useful financial tool, provided you understand the risks and can meet repayment obligations.

If you’re a credit card first-timer, review your options. Think about what kind of credit card would suit your lifestyle, and compare providers by fees, perks and repayments.

Once you’ve selected a card, it’s time to apply. Credit card applications can generally be completed in store, online or over the phone.

When you apply for a credit card for the first time, you must meet age, residency and income requirements. As proof, you must also provide documentation such as bank account statements.

What is a balance transfer credit card?

A balance transfer credit card lets you transfer your debt balance from one credit card to another. A balance transfer credit card generally has a 0 per cent interest rate for a set period of time. When you roll your debt balance over to a new credit card, you’ll be able to take advantage of the interest-free period to pay your credit card debt off faster without accruing additional interest charges. If your application is approved, the provider will pay out your old credit card and transfer your debt balance over to the new card. 

What's the best credit card for rewards?

There is no one-size-fits-all best rewards credit card. It's best you research what type of rewards program you'd like, as well as the fees, interest rate and conditions associated with those types of cards before making a choice. 

Rewards credit cards can also come with high annual fees that may end up nullifying the rewards, so think how often you use the card to decide whether the benefits outweigh the extra cost for you. A card with a lower annual fee might require a lot of spending to get any useful rewards, while another card with a higher annual fee might need fewer purchases to get a reward. 

How easy is it to get a credit card?

For most Australians, there are no great barriers to applying for and getting approved for a credit card. Here are some points that a lender will consider when assessing your credit card application.

Credit score: A bad credit score is not the be all and end all of your application, but it may stop you being approved for a higher credit limit. If your credit score is less than perfect, apply for the credit limit that you need, rather than the one you want.

Annual income: Most credit cards have minimum annual income requirements. Make sure you’re applying for a card where you meet the minimum.

Age & residency: You need to be at least 18 years old to apply for a credit card in Australia, and most require that you are an Australian citizen or permanent resident. However, there are some credit cards available to temporary residents.

How do credit cards work?

Think of credit cards as a short-term loan where you use the bank’s money to buy something up front and then pay for it later. Unlike a debit card which uses your own money to pay, a credit card essentially borrows the bank’s money to fund the purchase. When you apply for a credit card, the bank assesses your income and assigns you a credit limit based on what you can afford to pay back. At the end of each billing cycle, which is usually monthly, the bank will send you a statement showing the minimum amount you have to pay back, including any interest payable on the balance.

How to get money from a credit card

You can get money from a credit card, but generally it will cost you.

Withdrawing money from a credit card is called a cash advance, as it operates more as a loan than a simple cash withdrawal. Because it is a loan, you may be charged interest on your cash advance as soon as you make the withdrawal. Interest rates are also usually much higher for cash advances than standard credit card purchases.

In addition to the interest rate, you may also be charged a cash advance fee. This could be a flat rate, or a percentage of your total cash advance. If you are considering a cash advance, make sure to add up how much it will cost you before committing.

What should you do when you lose your credit card?

Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.

Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.

Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.

Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.

Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.

How long does it take to get a credit card?

There are a few stages you need to go through to get a credit card; each one takes a different length of time.

Applying for the card online, over the phone or in person is the fastest step. This usually takes around 15 minutes, provided you have all of your documents handy.

After submitting your application, it usually takes between one to 10 business days for the lender to assess your eligibility. Some lenders offer instant approval, although you will need to send supporting documents before it is official.

Once your application has been approved, expect to wait between one to 14 days to receive your card in the mail. Keep in mind that delays can happen during busy periods, such as if the lender has launched a special deal.

How many numbers are on a credit card?

The numbers on your credit card actually follow a universal standard which is used to identify specific functions. Each credit card has a different amount of numbers. Visa and Mastercard have 16, American Express has 15 and Diner’s Club has 14. 

The first number on a credit card always identifies what type of credit card it is. Visa cards start with a 4, whereas Mastercard starts with a 5 and American Express with a 3. The remainder of the digits represent the account number, including the last number which is used to verify that your credit card is actually valid. 

Credit cards also have additional verification numbers, which are mainly used when the card isn’t present for phone and online purchases. These are the three-digit numbers on the back of Visa and MasterCard or the four-digit numbers on the front of an American Express card.

What is a credit card?

A credit card is a payment method which lets you pay for goods and services without using your own money. It’s essentially a short-term loan which lets you borrow the bank’s money to pay for things which you can pay back – potentially with interest – at a later date. Credit cards can also be used to withdraw money from an ATM, which is known as a cash advance. Because you’re borrowing money from a bank, credit cards charge you interest on the money you use (unless you repay the entire debt during the interest-free period). When you apply for a credit card, the bank gives you a credit limit which sets the maximum amount you can borrow using your card. Credit cards are one of the most popular methods of payments and can be a convenient way of paying for goods and services in store, online and all around the globe.

How do you apply for a credit card?

You can apply for a credit card online, over the phone or in person at the bank. Once you’ve compared the current credit card offers, the application process is quick and easy. Before you get your application started, you’ll need to gather your personal information like proof of ID, payslips and bank statements, proof of employment and details of your income, assets and liabilities. To be eligible for a credit card, you’ll need to be an Australian citizen over 18 and earn a minimum of $15,000 each year. Once you’ve applied for a credit card, you should get a response fairly instantly. If your credit card application has been approved, you should receive a welcome pack with your new credit card within 10-15 days.

How to pay a credit card

There are a few ways to pay a credit card bill. These include:

  • BPAY - allows you to safely make credit card payments online.
  • Direct debits - set up an automatic payment from your bank account to pay your credit card bill each month. You can choose how much you want to pay of your credit card bill when you set up the auto payments.
  • In a branch.
  • Via your credit card provider's app.