HSBC Platinum Credit Card
Canstar took a close look at the HSBC’s Platinum Credit Card’s main ins and outs, to help you compare it with other cards and consider whether it would make a suitable addition to your financial toolbox.
All the info on this card provided below is correct as of the time of writing (13/02/2020). Please contact HSBC to verify current product information. Alternatively, to consider a variety of other credit cards in the market vising Canstar’s comparison tables.
What you need to know about the HSBC Platinum Credit Card
HSBC Platinum Credit Card rates
- Purchase rate of 19.99% p.a.
- Cash advance rate of 21.99% p.a.
- Up to 55 days interest-free (T&Cs apply)
- 0% p.a. interest on balance transfers for 22 months with no fees (available on applications made by 30 June. Interest rate reverts to 21.99% p.a.)
HSBC Platinum Credit Card fees
- Annual fee: $129 (refunded when you spend $6,000 or more on purchases per year. Available on applications made by 30 June 2020 only.)
- Late payment fee: $30
- Overseas exchange fee: 3%
- Cash advance fee: Either 3% or $4, whichever is greater
- Fee for additional cards: n/a
HSBC Platinum Credit Card rewards details
HSBC Platinum Credit Card customers can access the bank’s Reward Plus Program, as well as additional offers. Some benefits to cardholders include:
- Two airport lounge passes every year
- Earn two HSBC Rewards Points per dollar on eligible overseas purchases and one point per dollar for all other eligible purchases. Points earned are limited to 10,000 per statement period (monthly) and expire after 36 months. Cardholders can use their points to get cash back, retail gift cards and vouchers, and on ‘travel offers’. You can also convert points into Velocity Points, Asia Miles and KrisFlyer Miles.
- Access HSBC’s Instant Savings program which offers discounts with HSBC’s dining, retail and other partners across Australia and New Zealand.
- Receive discounts at dining, retail and other partners around the world with HSBC’s home&Away Privilege program.
That’s all well and good, but what exactly might you be able to get? Here are some examples to give you an idea of what your HSBC Rewards Points could equal:
| Redemption purpose | Current redeem (burn) rate |
| Cashback | 20,000 points = $100 HSBC Credit Card cash back |
| Gift Cards | 24,000 points = $100 Gift Card (e.g. Coles, Myer, David Jones, BP) |
| Velocity Points | 5,000 points = 2,500 Velocity Points |
| Asia Miles | 5,000 points = 2,500 Asia Miles |
| KrisFlyer Miles | 5,000 points = 2,500 KrisFlyer Miles |
Source: HSBC as of 13 February 2020
HSBC Platinum Credit Card insurance
The card offers the following types of complimentary insurance at the time of writing:
- Domestic/international travel insurance with rental vehicle insurance excess cover.
- Transit accident insurance – this provides benefits in the event of accidental death or injury sustained while riding as a passenger in, or boarding a plane, tourist bus, train, or ferry.
- Extended warranty insurance – this provides an extension to a manufacturer’s Australian warranty on personal goods.
- Guaranteed pricing (aka price protection insurance) – this protects cardholders “against the loss of best price” according to HSBC, by reimbursing you in the event that you purchase a consumer good in-store, and later see it advertised at a lower price for a difference of more than $75.
- Purchase protection insurance – this provides 90 consecutive days of cover against loss, theft, or accidental damage to personal goods purchased worldwide.
HSBC says that exclusions, terms and conditions apply to the insurance that’s offered to cardholders. For example, if you book a holiday against medical advice, the travel insurance provided by the card may not cover you.
As with any insurance product, it’s important to understand the inclusions and limitations of a policy before committing to it. For a full list of exclusions and other important information, see HSBC’s Complimentary Insurance Terms and Conditions document.
HSBC Platinum Credit Card payment options and security
HSBC says its Platinum Credit Card offers the following payment options and security features:
- It can be used via Apple Pay and Google Pay
- For security and convenience, customers can use the ‘My Card Control’ feature to enable or disable contactless, online, over-the-phone, and international transactions.
HSBC Platinum Credit Card: Potential pros and cons
We’ve rounded up some features and conditions of the card you might find helpful, and some you might find less so, depending on your situation. But please note, we’re not making a recommendation one way or the other. When researching products, it’s important to think about your own circumstances and, if you do decide that a credit card is right for you, to choose one that suits your needs.
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What you might like |
What you might want to look out for |
| Interest-free offer: You might be drawn in by the tempting initial balance transfer offer. A 0% Balance Transfer rate applies for 22 months from the date of approval* (bear in mind a balance transfer may not be suited to all consumers). | Revert rates: After the initial interest-free balance transfer offer expires, the card reverts to a relatively high interest rate (see details above). This could become expensive if part or all of your balance transfer amount is still outstanding when the revert rate kicks in. |
| Annual fee refund: Your $129 annual fee will be refunded to your card if you spend at least $6,000 on eligible purchases during the 12 months after the fee is charged. | Minimum credit limit: Cardholders must sign up for a credit limit of at least $6,000 to be eligible for the card and must spend that amount in a 12-month period for the annual fee to be waived. This may not suit some people’s spending habits and require them to take on a credit limit that’s higher than they need. Customers should also watch out for types of purchases or activity that won’t count towards the $6,000 annual fee refund spend amount, such as amounts spent during interest-free periods and other promotions, or on balance transfers, cash transfers, business expenses, cash advances, fees and charges, any disputed transactions and government fees and charges. |
| No fee for additional cards: If you choose to share your credit card with your other half, a family member or friend (provided they are over 16 years of age) you won’t be charged a fee if you are issued with additional cards. | Limit on points you can earn: Cardholders are limited to earning 10,000 points per statement period (each month) and some spending, such as business expenses and BPAY transactions, won’t earn you any points. Points also expire 36 months after they are issued. |
| Information correct as of 13 February, 2020. *Applications must be received by 30 June 2020. | |
How to apply for a HSBC Platinum Credit Card
To be eligible to apply for the card, HSBC says you must:
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- Be over 18 years of age, an Australian resident, earn at least $40,000 p.a. and “have a good credit rating”
- Provide identification and address details, plus income and employment information
- Agree to a credit limit of at least $6,000
- HSBC may require you to meet additional criteria as part of the application process. Consider checking for any other criterial you might need to meet before applying.
Before applying for a particular product, consider comparing your options to ensure you’re getting a card which suits your situation and spending habits.
HSBC says customers can apply for its Platinum Credit Card online in around 10 minutes and can expect a response in 60 seconds, but may need to upload extra documentation as part of the application before receiving a final decision on their application.
