HSBC Platinum Credit Card

My typical monthly spend: 
card features
balance transfer
purchase rate
annual fee
your earnings
HSBC Platinum Credit Card
APPLY BY 30 apr 15
Rated by 4 people
Earn 1 Rewards Point per $1 spent.
0% p.a. on balances transferred for 8 months.
Includes international travel insurance, transit accident cover, extended warranty, purchase protection and guaranteed pricing.
8 months
0% p.a.
then 21.99%
19.99% p.a.
over 12 mths (up to)
Pros & Cons
Our Review
User Reviews
Rates & Fees
Rewards & Points
What You'll Need
Similar Cards

The Pros

Earn 1 Rewards Point per $1 spent.
Excellent balance transfer offer for a platinum credit card.
No annual fee for life, saving you $129 a year.
High credit limits available for bigger spender.
No balance transfer fee charged for transferring balances over to this card.
Get an additional cardholder for no extra cost.

The Cons

Cheaper ongoing purchase rates are available on other cards.
After the balance transfer period is over the interest rate on unpaid balances goes up to the cash advance rate.
No Visa payWave.

Our review of the HSBC Platinum Credit Card

For people who want the best, it does not get much better than the HSBC Platinum credit card. As the most prestigious card offered by HSBC, it attracts many consumers. From platinum privileges to high credit limits and much more, when you carry this card you know that you are going to get the attention you deserve – not to mention many financial benefits.

Features, features, and more features. This is what the HSBC Platinum credit card is all about. If you are tired of credit cards that don’t have much to offer, you should take a closer look at what HSBC has in store for you.


One of the most important benefits of the HSBC Platinum credit card is the 0% p.a. balance transfer for 8 months. If you have a balance on another card and are looking to save money on interest, this is an offer that you don’t want to pass by.

Moving on, the card does come with many benefits that help to justify the annual fee, as we will come on to below.

Are you the type of person who is interested in earning rewards points? With the HSBC Platinum credit card you will earn points for every dollar you spend on purchases. Making things even better, you can use your points for everything from travel to charitable donations to shopping.

You might as well take advantage of complimentary insurance anytime it is offered. This credit card includes an insurance package complete with: purchase protection insurance, extended warranty insurance, and international travel insurance. This range of insurance is formidable, but it is comparable with the complimentary insurance cover that is on offer with many other platinum level credit cards.

When you carry a platinum credit card from HSBC you can expect the best of the best in terms of customer service. In fact, you have access to 24 hour customer service. No matter if you need to book a trip on short notice or have a question about your account, getting in touch with a customer service representative is a simple process.

There is nothing better than carrying a Visa Platinum card. With this, you have access to experiences that money cannot buy. From a personal concierge service to backstage passes and sold out tickets, you have special privileges that others don’t. The concierge service alone is well worth carrying this card, especially if you lead a very busy lifestyle. Wherever in the world you may be, with this service you can get the help necessary to make all your dreams come true. Better yet, your personal concierge is available 24 hours a day, 7 days a week.


On the downside, there is a $0 p.a. annual fee for the right to carry and use the HSBC Platinum credit card. As noted above, this is still less than what many other cards charge, but you still need to weigh up whether it is worthwhile for you.

The balance transfer offer on this card is great, but there is one caveat. Unlike most banks operating in Australia, HSBC charge a 0% admin charge on balance transfers. If you are moving a large amount of debt over, this fee could add up very quickly and actually impede your ability to get out of debt. Other cards are available with similar or better balance transfer deals, but without the admin fee. Shop around if a balance transfer is of top priority for you.

There are many cards on the market offering a lower ongoing interest rate on purchases. This card’s ongoing rate is 19.99% p.a., so it’s easier to find a competing offer with a much lower ongoing rate. Some will even have no interest for an introductory period. If you do plan on spending on the card a lot, and perhaps won’t be able to pay your balance off every month, then this purchase rate could be a point of contention.

Are you eligible for this credit card? With a minimum income requirement of $60,000, you may not earn enough money in order to qualify. This can be frustrating for consumers interested in this card and all the benefits that it offers. if it is the case though, there are plenty more platinum cards on offer, some of which do have a lower minimum income requirement.


When you begin to compare the pros and cons of the HSBC Platinum credit card it is easy to see that the benefits far outweigh any drawbacks. As long as you earn enough money and are willing to pay a comparatively reasonably annual fee, there is little reason to overlook this credit card. Once you go platinum you will never go back!

How well does it rate with reviewers?

out of 5.0
based on 4 reviews
Rates and fees
Customer service
Still in the technological stone ages
- Okay
Reviewer: Kimberly posted this review on 21 Oct 2014
Recommend this card: yes

For such a worldwide, well known and trusted brand, HSBC is still in the technological dark ages – no mobile app, banking or credit card access. No Paypass available.

Pros are that it is tied to the Qantas Frequent Flyer scheme and when I signed up it came with 20,000 bonus points.

Bonus Qantas Frequent Flyer points, Qantas lounge entry, included travel insurance
No Paypass, no mobile banking, horrible website / navigation

Have to bring it everywhere I go
- Good
Reviewer: Shiany posted this review on 02 Oct 2014
Recommend this card: yes

Easy to communicate with the costumer service. They have a good customer service team available to help if there is something wrong during your transaction/s. Very secure credit card against fraud, scammers etc. They notify or contact you if there is something suspicious transactions. There is good points redemption options, especially for airlines transfer points. It is easy to earn points, particularly when there are some offers to double or triple up the points on certain transactions.

Easy to earn and redeem points
Nothing to say

HSBC Platinum Credit Card
- Good
Reviewer: Libby posted this review on 20 Aug 2013
Recommend this card: yes

I have been an HSBC Platinum credit card holder for a number of years now. On a recent holiday to Scandinavia I made use of the included travel insurance allowing the money saved to be used on more enjoyable aspects of our holiday. The rewards program has provided us with movie tickets used throughout the year. We have never had a problem with the operation of our credit card however whenever we have had queries of any kind with HSBC the staff are always knowledgeable, friendly and ready to assist. We look forward to continuing our banking with HSBC.

Readily acceptable, travel insurance and rewards program

The best credit card I have seen
- Good
Reviewer: Mark posted this review on 02 Aug 2013
Recommend this card: yes

I have had this card for many years. The fees are moderate, and the rewards program is by way of card credit based on your spend – the best I have seen. The operators contact me if they believe transactions are “out of character” – a great security feature. I have always received good support when contacting the service, and the card limit is negotiable to suit needs.

Rewards scheme, security, ease of operation.
Annual fee - while moderate, I don't believe it is necessary.

Rates & Fees

Additional Card Fee
$0 p.a.
Additional Cardholders
Annual Fee
$0 p.a.
Balance Transfer Fee
Balance Transfer Period
8 months
Balance Transfer Rate
0% p.a.
Card Type
Cash Advance Fee
Cash Advance Rate
21.99% p.a.
Dishonour Fee
Duplicate Statement Fee
Foreign Exchange Fee
Gambling Transactions Allowed
Interest Charged From
Purchase date
Interest Free Period
Up to 55 days on purchases
Intro Purchase Period
Intro Purchase Rate
Late Payment Fee
Maximum Credit Limit
Minimum Credit Limit
Minimum Repayment
Over Limit Fee
Overseas ATM Balance Fee
Overseas ATM Withdrawal Fee
Overseas Emergency Card Replacement Fee
Purchase Rate
19.99% p.a.
Transaction Verification Fee

Rewards & Points

Airport Lounge Access
Complimentary Flight Voucher
Frequent Flyer Points (AmEx)
Frequent Flyer Points (MC/VISA)
1 pt per $1 spent
Overseas Earn Rate (AmEx)
Overseas Earn Rate (MC/VISA)
Points Cap Per Month (AmEx)
Points Cap Per Month (MC/VISA)
Points Cap Per Year (AmEx)
Points Cap Per Year (MC/VISA)
Reward Points (AmEx)
Reward Points (MC/VISA)
1 pt per $1 spent
Rewards Program
Rewards Plus
Spend for SYD/MEL return


Extended Warranty Insurance
International Travel Insurance
Interstate Flight Inconvenience
Personal Item Theft Cover
Price Protection Insurance
Purchase Protection Insurance
Transport Accident Insurance
Disclaimer: Details of who, what, and where coverage applies to, as well as its duration and any coverage limitations will be listed in the credit card insurance product disclosure statement (PDS) on the card issuer's website. The names/labels of complimentary insurance products may differ from one issuer to another. Terms and conditions apply. Always check the insurance PDS when considering a financial product.

Minimum criteria for this card

Be over 18 years old
Earn a regular income of more than $60,000 per year
You are a resident or citizen of Australia
Have a good credit history
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Joint Applications are not allowed
Disclaimer: The minimum criteria pointers are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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