HSBC Platinum Credit Card

My monthly spend: 
card features
rewards program
earn rate
sign up bonus
your earnings
Earn 1 Rewards Point per $1 spent.
0% p.a. on balances transferred for 15 months.
Annual fee refunded – (conditions apply)
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Rewards Plus
1 pt
per $1 spent

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.


Our review of the HSBC Platinum Credit Card

It’s not unusual to get a basic credit card with no annual fee. What is highly unusual is to get a platinum credit card without an annual fee, not just as an introductory offer for the first year, but every single year. Although the stated annual fee for the HSBC Platinum Credit Card is $149 p.a., it’s relatively easy to have the fee refunded every year. And remember that a platinum credit card comes with a lot of benefits, in this case a rewards scheme as well as a suite of useful insurance policies, all of which can be yours absolutely free of charge. But if you’d rather start the relationship with a zero interest balance transfer instead, that can be yours too.

Annual fee refunded for low $6,000 annual spend

It’s not difficult to spend $500 per month on your credit card: groceries, fuel for your car, a restaurant meal – goodbye $500 per month, hello free credit card. You don’t need to change your normal spending pattern to qualify for a free platinum credit card while this offer lasts. Once you have applied and been approved while the offer is still current, you can get a free card every year by meeting the undemanding spending target. Check the offer’s expiry date to make sure you don’t miss out.

Earn rewards on your everyday purchases

Spending expressly for the purpose of earning rewards is illogical and not cost-effective. But earning rewards for everyday, unavoidable spending is totally reasonable, and that’s exactly what this card allows you to do. For every dollar you spend using the card you’ll earn one HSBC Rewards Plus point.

What can you do with the points? All of this:

  • Choose from a range of merchandise in the online Rewards Plus catalogue – everything you would expect to find in an upmarket department store
  • Exchange points for retail gift cards, including national brands like Coles, Woolworths, Myer, Bunnings, JB Hi-Fi and Westfield – 5,000 points per $25
  • Get a cashback on your HSBC credit card account – 7,500 points per $25 cashback
  • Convert your HSBC Rewards Plus points to Virgin Australia Velocity frequent flyer points, Singapore Airlines Krisflyer Miles or Cathay Pacific Asia Miles, at the rate 2 HSBC points = 1 frequent flyer point or mile
  • Swap points for accommodation vouchers with hotel groups Fairmont, Choice and Swissôtel, starting at 5,000 points for a $25 voucher
  • Exchange your points for a gift voucher with Flight Centre, starting at 20,000 points for a $100 voucher

Complimentary insurance polices

Because you can have the annual fee refunded, these insurance polices really are free, unlike the similar policies accompanying high-fee cards. Here’s what you’ll get, without paying an extra cent if you meet the fee refund criterion:

  • Annual multi-trip international travel insurance for primary and supplementary cardholders and their families, covering emergency medical expenses, luggage, delays, unavoidable cancellation and even loss of income as a result of injury sustained while travelling. (Cover is activated by using the cards to pay at least 90 percent of each traveller’s fare.)
  • Transit accident insurance, providing cash compensation for loss of life, limb or eyesight sustained as the result of an accident while travelling as a passenger on a plane, train, bus or ferry, where the fare was paid with the card.
  • Purchase protection insurance, covering goods purchased with the card for 90 days against loss, theft or accidental damage – generous $125,000 annual claim limit.
  • Extended warranty insurance, doubling the manufacturer’s Australian warranty on items bought with the card, up to a maximum of 12 additional months.
  • Guaranteed pricing scheme, refunding the price difference if an item you purchased with the card in a store appears in a printed catalogue with a price more than $75 lower, up to 21 days after the purchase.

Platinum concierge service

You may know what facilities are available in your hometown, but what happens when you are travelling interstate or overseas? This card gives you access to a platinum-level concierge service anywhere in the world, to assist with advice and reservations for restaurants, travel, accommodation, entertainment and other lifestyle services. The platinum concierge staff are local experts, and may even know more than you do about the best places to eat, stay and be entertained on your own doorstep.

Balance transfer at 0% p.a. interest for 15 months

Transfer balances from your existing non-HSBC credit or store cards, up to a liberal 95 percent of your new approved credit limit, and pay no interest at all on the balance for 15 months.

Oddly, the phrases ‘platinum credit card’ and ‘zero interest balance transfer’ are rarely seen together. Presumably most banks think that anyone interested in, and prepared to pay for, a platinum card, must have their monetary affairs well under control. But balance transfers are not just for the financially challenged, and are indeed unlikely to be granted to anyone truly in economic difficulties.

In fact, a zero interest balance transfer is more likely to appeal to someone who has either just made a major purchase with the card, maxing out their credit limit, or to someone who can afford to repay their balance but would appreciate the opportunity to leave some funds on deposit and earn interest.

While the balance transfer remains on your card, you’ll forfeit other benefits

Unfortunately, having a balance transfer is an ‘either/or’ option. That is, for as long as there is an unpaid balance on your card, you won’t qualify for the normal monthly interest-free period of up to 55 days. This means that you’ll probably want to use another card, or cash, for your regular purchases until the balance is paid off.

As a result you’d probably have to pay the $149 p.a. annual fee in the first year because you wouldn’t meet the $6,000 spending target. By not using the HSBC card for purchases during the first 15 months, you’d also miss out on other benefits like insurance cover and rewards points. So you can have either a balance transfer or interest-free days on purchases and associated purchasing benefits, but not both at the same time.

High interest rates are avoidable

The balance transfer revert rate (the rate you’ll pay on any remaining balance when the 15-month interest holiday is over) is the cash advance rate of 21.99% p.a. The interest rate on purchases is 19.99% p.a. Both these rates are at the high end of credit card interest rates, and you can avoid paying them by diarising the offer expiry date and regular payment due dates, and by planning both your purchases and your finances so that funds are available for full repayments when required.

A good range of credit limits

The minimum income for this card is $40,000, so even the lowest available credit limit is a reasonably significant $6,000 But big spenders on high incomes can qualify for substantially higher limits to suit their needs.

One fee that even big spenders will want to avoid is the very disagreeable $200 overseas emergency card replacement fee. Hang on to the card carefully when travelling the world.

A card for those who want it all for nothing

The HSBC Platinum Credit Card proves that you can have it all and pay nothing. Enjoy loyalty points on your routine spending, benefit from complimentary insurance cover including the highly desirable overseas travel insurance policy, and pay no annual fee because the fee waiver spending target is extremely low. Even if you do decide on a balance transfer, all these benefits will still be waiting for you in the second year.

User reviews

How well does it rate with cardholders?

out of 5.0
based on 5 reviews
Rates and fees
Customer service
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.

Large number of hidden fees

Cardholder: Kevin posted this review on 12 Mar 2016
Recommend this card: no

Be careful, there are a large number of hidden fees. For example, the international transaction fee and paying for lotto tickets is considered as a cash advance. You also need more reward points to redeem items than other credit cards such as the David Jones American Express. HSBC customer service personnel are also difficult to understand.

$0 or low annual fee
Large number of hidden fees, customer service personnel difficult to understand

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

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
Card tier
Card type
Card use
Credit rating
Gambling transactions allowed
Joint application
Minimum age
18 years old
Minimum income
Minimum income for pensioners
Same as standard
Rewards program
Rewards Plus
Temporary residents


Additional cardholders
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
Maximum credit limit


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

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
Balance transfer fee payment due
First statement
Balance transfer from personal loan
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

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

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


Annual fee
$149 p.a.
Cash advance fee
Dishonour fee
Duplicate statement fee
Foreign exchange fee
Late payment fee
Over limit fee
Overseas ATM balance fee
Overseas ATM withdrawal fee
Overseas emergency card replacement fee
Transaction verification fee


Rewards program basics

Rewards program
Rewards Plus
Reward points expiry
Sign up bonus
Spend required for bonus points

Earning points with this card

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

Additional benefits

Airport lounge access
Complimentary flight voucher
Concierge service


This card comes with benefits worth an estimated $1,051

ShoppingEstimated value
Extended warranty
Valuation based on the assumption of making a $250 claim once every 5 years. There is no retail market for all-encompassing extended warranty insurance covering more than one item, so no premium saving.
Guaranteed pricing / price protection insurance
Valuation based on the assumption of making a $100 claim once every 10 years. Extensive conditions apply. There is no retail market for this type of insurance, so no premium saving.
Purchase protection
Valuation based on the assumption of making a $200 claim once every 5 years. There is no retail market for this type of insurance, so no premium saving.
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
Total estimated value$1,051
Annual fee$149
Net customer value$902
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. Accurate as of 31st October 2015.

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
Age Pension, Disability Pension, Overseas Pension, Veteran's Pension and Widower's Pension are acceptable.
Carer's Allowance, Child Support Payments, Family Tax Benefits and Parenting Payments and Foster Care Allowance are acceptable.
Austudy and Youth Allowance are not acceptable.
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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