HSBC Platinum Credit Card

My typical monthly spend: 
$5000
 
 
card features
balance transfer
purchase rate
annual fee
your earnings
HSBC Platinum Credit Card
APPLY BY 30 apr 16
Rated by 4 people
Earn 1 Rewards Point per $1 spent.
0% p.a. on balances transferred for 15 months.
Annual fee refunded – (conditions apply)
Add to comparison
15 months
0% p.a.
then 21.99%
19.99% p.a.
ongoing
$149
ongoing
 
over 12 mths (up to)
Application

Pros & cons

What's good?

What's not so good?

An Annual Fee of $149, but this will be credited back each year for customers applying between 4 January and 30 April 2016 and who spend $6000 on eligible purchases in 12 months.
Earn 1 Rewards Point per $1 spent.
Excellent balance transfer offer for a platinum credit card.
No balance transfer fee charged for transferring balances over to this card.
High credit limits available for bigger spenders.
Insurance package available including extended warranty, purchase protection, guaranteed pricing, transit accident and international travel insurance.
Get an additional cardholders for no extra cost.
Visa payWave for faster contactless purchases.
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.

Review

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.

Pros

One of the most important benefits of the HSBC Platinum credit card is the 0% p.a. balance transfer for 15 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.

Cons

On the downside, there is a $149 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 $40,000, 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.

Conclusion

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!

User reviews

How well does it rate with cardholders?

4.2
out of 5.0
based on 4 reviews
Rates and fees
Rewards
Customer service
Convenience
Trust
Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

Still in the technological stone ages

Cardholder: 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

Cardholder: 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

Cardholder: 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
Nil

The best credit card I have seen

Cardholder: 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.

Basic details

About this card

Card setup
Single
Card tier
Platinum
Card type
Visa
Card use
Personal
Credit rating
Good
Gambling transactions allowed
No
Joint application
No
Minimum age
18 years old
Minimum income
$40,000
Pensioners
N/A
Rewards program
Rewards Plus
Temporary residents
Yes

Cardholders

Additional cardholders
Unlimited
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
$6,000
Maximum credit limit
$60,000

Repayments

Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment
3%

Balance transfer

The offer

Interest ratePeriodFeeLimitRevert Rate
Balance transfers0% p.a.15 months0%95% of credit limit21.99% p.a.

Balance transfers to this card

Balance transfer earns rewards
No
Balance transfer fee payment due
First statement
Balance transfer from personal loan
No
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
95% of credit limit
Available to existing customers
No

Banks you can't balance transfer from

You can't balance transfer to the HSBC Platinum Credit Card at the promotional balance transfer rate from:

  • HSBC
  • Woolworths

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert Rate
Balance transfers0% p.a.15 months0%95% of credit limit 21.99% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

MonthlyAnnually
Cash advances 1.83% 21.99% p.a.
Purchases 1.67% 19.99% p.a.

Fees

Annual fee
$149 p.a.
Cash advance fee
3%
Dishonour fee
$30
Duplicate statement fee
$8
Foreign exchange fee
3%
Late payment fee
$30
Over limit fee
$30
Overseas ATM balance fee
$0
Overseas ATM withdrawal fee
$0
Overseas emergency card replacement fee
$200
Transaction verification fee
$10

Rewards

Rewards program basics

Rewards program
Rewards Plus
Reward points expiry
Never
Sign up bonus
N/A
Spend required for bonus points
N/A

Earning points with this card

Overseas earn rate (MC/VISA)
Same as standard earn rate
Points cap per month (MC/VISA)
Unlimited
Points cap per year (MC/VISA)
Unlimited
Reward points (MC/VISA)
1 pt per $1 spent

Additional benefits

Airport lounge access
No
Complimentary flight voucher
No
Concierge service
Yes

Benefits

Insurance

Extended warranty insurance
Yes
International travel insurance
Yes
Interstate flight inconvenience
No
Personal item theft cover
Yes
Price protection insurance
Yes
Purchase protection insurance
Yes
Transport accident insurance
Yes
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

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular income of more than $40,000 per year
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
Temporary residents are eligible
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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