HSBC Platinum Credit Card

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HSBC Platinum Credit Card
Apply by 31 jul 18
14 reviews
0% p.a. on balances transferred for 22 months, with a 2% balance transfer fee.
No annual fee for the first year. Annual fee refunded for each subsequent year. (Conditions Apply)
Earn 2 pts per $1 spent on overseas purchases.
Add to comparison
Rewards Plus
Rewards Plus
1 pt
per $1 spent capped

Pros & cons

What's good?

What's not so good?

0% p.a. on balances transferred for 22 months, with a 2% balance transfer fee.
No annual fee for the first year. $129 p.a. annual fee will be refunded for each subsequent year when you spend $6,000 annually on eligible purchases.
Earn 2 pts per $1 spent on overseas purchases.
Earn 1 Rewards Point per $1 spent.
High credit limits available for bigger spenders.
Insurance package available including extended warranty, purchase protection, guaranteed pricing, transit accident and international travel insurance.
Get additional cardholders at no extra cost.
Visa payWave for faster contactless purchases.
Comes with Apple Pay.
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

Our review of the HSBC Platinum Credit CardReviewed by Yvonne Taylor

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 an already moderate $0 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 l-o-n-g zero interest balance transfer instead, that can be yours too.

Earn rewards on your everyday purchases

Making purchases 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 Swiss™tel, 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 policies

Because you can have the annual fee refunded, these insurance policies 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% 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 a long 22 months

Transfer balances from your existing non-HSBC credit or store cards, up to a liberal 95% of your new approved credit limit, and pay no interest at all on the balance for 22 months. There is, however, a 2% upfront balance transfer fee to pay. This works out as the equivalent of paying about 1.1% p.a. in interest charges.

Oddly, the phrases 'platinum credit card’ and 'zero interest balance transfer’ are not often 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 on purchases. 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 $0 p.a. annual fee in the first two years because you wouldn’t meet the $6,000 spending target. By not using the HSBC card for purchases during the first 22 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 22 months 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.

Other platinum rewards cards with no or low annual fee

Although the HSBC Platinum Credit Card is not strictly speaking a 'no annual fee’ card, it effectively becomes one in any year where you use it to spend $6,000, which is likely to be most years for most cardholders.

While there’s no shortage of prestige cards offering an annual fee rebate in the first year, the opportunity to avoid a fee thereafter is extremely rare. Perhaps the strongest competitor is the American Express Essential Credit Card, which has no annual fee and, while not a platinum card, nevertheless has rewards points and some insurance cover (though not international travel insurance).

Otherwise, consider the Westpac 55 Day Platinum Credit Card (no fee first year, no fee in subsequent years after meeting $10,000 spending target, otherwise $90). The spending target is even higher ($20,000) to qualify for an $87 annual fee waiver with the ANZ Platinum Credit Card. Both the Westpac and the ANZ cards come with overseas travel insurance but no rewards points.

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

3.6 out of 5.0 based on 14 reviews79% of reviewers would recommend this card

Rates and fees
Customer service

Reviews from users

HSBC Platinum Credit Card

Reviewed and recommended by Libby on 20 Aug 2013

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.


Reviewed and recommended by Kelly on 03 Jul 2016

I’ve only ever done gift cards but am pretty sure there are options to buy things too. There’s no annual fee at all, which is awesome. The HSBC website leaves a little to be desired and it took me a while to figure out to find the login to view my balance. I also don’t think there’s the option to schedule payments, but otherwise an awesome card.

Great card for everyday use

Reviewed and recommended by Koshita on 21 Sep 2016

I get paid fortnightly and travel frequently and so a credit card was much required. I highly recommend the HSBC Platinum Visa card. It has complimentary travel insurance, no annual fee (got on a promotion), low interest rates and a rewards points program. It has a lengthy interest-free period which makes it very competitive.

The only downfall is that the rewards points are slow to accumulate and rewards are very costly in points.

Customer service is very friendly and knowledgeable on the phone and the online credit card login site is very secure.

Poor website and phone app

Reviewed and not recommended by Elissa on 09 Oct 2017

The website, security and phone app were all clunky and difficult to use. They didn’t even have the ability to use Android Pay. We were sent password generators, but there was absolutely no information on how to activate them on the website.

Customer service over the phone was generally good but their hold music was painful. The card served its purpose for a interest-free credit transfer, but as soon as that is paid out I will be cancelling the cards and would not use them again.

Large number of hidden fees

Reviewed and not recommended by Kevin on 12 Mar 2016

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.

The best credit card I have seen

Reviewed and recommended by Mark on 02 Aug 2013

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.

Great rewards card

Reviewed and recommended by Vicki on 18 Jul 2016

I got this card for a balance transfer a few years ago. I have kept it because of the rewards. It’s a great card. The rewards are easily earned, and the fees are low. Customer service is good too. The only negative thing I could say is logging onto the website is a bit of a pain. I would recommend this card.

Disappointing, not platinum service

Reviewed and not recommended by Mark on 17 Jul 2016

I was excited to get this card – platinum service, rewards, balance transfer and no annual fee. Alas, it was too good to be true. The balance transfer was a good deal, but this is not a Platinum card. The customer service is terrible. I waited over three months to have a purchase protection claim rejected. I had to call multiple times to move the process along, and customer service staff were incompetent.

The online portal is hideous and unintuitive. I cancelled the card as I had no faith in them backing me up in any situation. Beware!

Zero annual fee, decent rewards and offers

Reviewed and recommended by Jatin on 04 Dec 2016

I like this card because it has a zero annual fee, and decent rewards and offers. It’s also very convenient. You get an extra card at no extra cost.

I also get new offers every now and then. There’s easy access online, and emailed statements.

Have to bring it everywhere I go

Reviewed and recommended by Shiany on 02 Oct 2014

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.

Show 4 more reviews
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.

The basics

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 transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.22 months2%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

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.22 months2%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
$0 p.a.
Annual fee 2nd year
$129 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 & points

Rewards program basics

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

Earning points with this card

Frequent flyer points
1 pt per $1 spent
Overseas earn rate
2 pts per $1 spent
Points cap per month
Points cap per year
Points earned on ATO payments
Reward points
1 pt per $1 spent

Additional benefits

Airport lounge access
2 passes every year
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$0
Net customer value$1,051
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 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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