HSBC Platinum Qantas Credit Card

My monthly spend: 
$5,000
 
Offer
Card features
Rewards program
Earn rate
Sign up bonus
Points earned
HSBC Platinum Qantas Credit Card
Apply by 31 dec 17
5 reviews
Bonus 60,000 points with Qantas (spend criteria applies).
Earn Qantas points at participating retailers.
Useful package of travel insurances for international travel.
Add to comparison
Qantas Frequent Flyer
Qantas Frequent Flyer
1 pt
per $1 spent capped
60,000
points
after spend criteria

Pros & cons

What's good?

What's not so good?

60,000 points when you spend $3,000 on eligible purchases within 3 months of account opening.
0% p.a. balance transfers for 12 months from non-HSBC credit cards on application.
Because it’s a Visa card you’ll not have to worry about avoiding American Express surcharges.
The basic rate of earning Qantas points is 1 point per $1 up to a threshold of a spend of $2,500 per statement period.
Complimentary membership to Qantas Frequent Flyer if you need it, saving you $89.50.
Cardholders get comprehensive travel insurance for Australia and overseas.
Visa payWave for faster contactless purchases.
Comes with Apple Pay.
Points earning rate drops back to 0.5 Qantas point per $1 spent after $2,500 threshold spend per statement period effectively making this card unsuitable for big spenders.
The only big pain point could be the $199 annual fee.
If you’re using this card overseas there’s a 3% foreign transaction fee to pay.

Our review

Our review of the HSBC Platinum Qantas Credit CardReviewed by Yvonne Taylor

Choosing the best Qantas Frequent Flyer credit card to suit your circumstances can be a difficult process because there are so many variables to consider. How many points are earned per dollar spent? Are points capped? Are there any sign-up bonus points on offer? Is it an AmEx card, therefore not accepted everywhere or possibly subject to a surcharge? And how much is the annual fee?

Best take a look, then, at the HSBC Platinum Qantas Credit Card, which comes with possibly the best available non-AmEx combination of points earning rate, sign-up bonus points and annual fee. Its points cap is so high it will never be a problem, and the package contains all the usual platinum card benefits.

QFF points earning rate as good as it gets without AmEx problems

There’s no getting away from the fact that American Express cards, whether issued by AmEx itself or through a bank, offer the highest earning rate for Qantas Frequent Flyer points. The rate can be as high as 1.5 or even two points per dollar spent, in some circumstances.

However, there is a serious downside with AmEx cards: many retailers attach a surcharge of up to 3% on AmEx credit card transactions, while some decline AmEx cards altogether. You can avoid this problem by using the HSBC Platinum Qantas Credit Card, which is a Visa card.

Earn 1 pt per $1 spent with this card

Although HSBC’s one point per dollar is certainly not as good as 1.5 or two points, you won’t find a better rate attached to a Visa card or MasterCard. Jetstar, Macquarie, Citi and Woolworths all issue Qantas Visa or MasterCards with a 1 pt per $1 spent, but no issuer can surpass this rate and most are offering far less and often as low as 0.5 points per dollar.

Generous annual points cap, but restrictive monthly ceiling

There’s an annual cap of 90,000 with this card. That’s unlikely to trouble anybody, and it’s just there to discourage you from channelling the purchase of your new Lamborghini through the card. (Rather difficult, given the $60,000 maximum credit limit.)

More annoying is the monthly $2,500 threshold, beyond which the earning rate drops to 0.5 points per dollar. Many cardholders will reach this limit every month, and see their points earning rate fall in the last part of the statement period. However, the competing cards have similar restrictions: either a $2,500 or $3,000 monthly limit before the rate drops to 0.5 points per dollar, or a much lower 100,000 annual points cap. So the HSBC card still remains competitive.

60,000 points first purchase bonus

Get a massive 60,000 QFF points to boost your points account, just by spending an achievable $3,000 in the first three months. Many people can hit $1,000 per month just buying groceries and petrol, so it’s an attainable target.

Those 60,000 bonus points provide a huge lift in your points balance if you’re saving for an overseas trip, such as the 90,000 points required for a return economy flight to Los Angeles or the 120,000 points needed for trips to Europe or New York.

What bonus points do the competitors offer? These offers change frequently, but at the time of writing Macquarie is offering an identical 40,000 bonus QFF points, while Citibank is handing out 70,000, Woolworths only 10,000 and Jetstar none.

Waived QFF joining fee

If you’re not already a Qantas Frequent Flyer, HSBC will make it easy and save you money by paying the $89.50 joining fee.

Lots of ways to spend Qantas points

Even if you’re not planning an overseas trip, there are still plenty of other ways to spend both your bonus and regularly-earned points:

  • Use them for award flights within Australia, on either Qantas (e.g. 16,000 points for a return economy flight between Sydney and Melbourne) or Jetstar (usually fewer points – 12,800 points for a Sydney/Melbourne return).
  • Exchange them for merchandise at the Qantas online store, starting at 2,560 points for a Lonely Planet guidebook.
  • Apply them against the cost of Qantas Health Insurance or Qantas Travel Insurance. (You can use Points + Pay if you don’t have enough points.)
  • Swap them for gift cards to use at major Australian retailers, starting at 4,040 points for a $25 eCard.
  • Donate points to a worthwhile charity – 2,900 points buys a $25 donation.
  • Buy movie vouchers – 4,620 points for two adult passes to a Hoyts cinema.
  • Use points for accommodation at leading hotel groups, including Accor, Sofitel, Novotel, Mercure, Crown and Ibis, starting at 16,530 points for a $100 voucher.
  • Book car hire worldwide: Avis, Budget, Hertz and Thrifty.
  • Redeem points for Qantas Club membership: 140,000 points to join including first year membership, 75,000 points for annual renewal.

Platinum benefits

Since this is a platinum card, you will expect more built-in benefits, and you won’t be disappointed. You’ll be showered with advantages and perks, including complimentary insurance, Visa Premium services and HSBC’s own home&Away Privilege Program.

Insurance benefits

HSBC have covered all bases, except for the interstate flight inconvenience cover which comes with some other platinum cards. Here’s what’s included:

  • Annual multi-trip international travel insurance for primary and supplementary cardholders and their families, activated by paying at least 90% of the trip fares with the card.
  • Transit accident insurance providing cash compensation in the event of accidental injury on a plane or public transport, where the fare was paid with the card.
  • Extended warranty insurance, doubling the warranty period on goods purchased with the card, up to a maximum of 12 extra months.
  • Purchase protection insurance, providing 90 days of loss, theft and damage cover for goods purchased using the card.
  • Price protection insurance, meaning you don’t have to worry whether you scored the lowest price. Under certain conditions, HSBC will refund the price difference if you see something advertised for less after you purchased it.

Visa Premium Benefits

Because it’s a Visa Platinum card, certain perks are automatic. They include the Visa Premium Concierge Service, for worldwide lifestyle advice and assistance just a phone call or mouse click away. The best seats in the house for concerts and the theatre are assured, even before they go on sale to the general public. Plus you’ll have access to travel and accommodation discounts, just for being a Visa Platinum cardholder.

HSBC home&Away Privilege Program

HSBC add an extra layer of privilege for their cardholders with their home&Away Privilege Program. Current offers include discounts or free extras with Expedia hotel bookings, fashion label shopping, dining and gym membership.

Up to 55 days on purchases

There’s an accommodating 55-day billing cycle, 11 days longer than the 44 days applied by some cards, which means that you’ll get Up to 55 days on purchases free each month, depending on the timing of your purchases.

Annual fee $199 p.a.

This is the point at which it all comes together. For an annual fee of $199 p.a. (with no further charge for up to 10 supplementary cardholders) you can have the most cost-effective compromise between the most favourable QFF points earning rate, bonus points, points capping, points earning rate limitation and complimentary benefits. Take a look at the competitor comparison below for a clearer picture.

A card for the judicious QFF points collector

Serious Qantas Frequent Flyers will want the HSBC card if they find an American Express card too frustrating (or expensive in terms of surcharges) in spite of its possible higher points earning rate. However, because the earning rate drops after the first $2,500 spent each month, it’s not going to appeal to big spenders. If you are happy to see your QFF points balance climb steadily as a result of your moderate spending, this may be the most convenient and cost-effective card for you.

User reviews

3.4 out of 5.0 based on 5 reviews80% of reviewers would recommend this card

Rates and fees
Rewards
Customer service
Convenience
Trust

Reviews from users

No fuss to join, excellent personalised service.

Reviewed and recommended by Graham on 27 Jun 2017

Having endured 18 days being messed around by another bank, it was refreshing to be accepted by HSBC in less than 24 hours.

The $199 annual fee with 60,000 bonus points and 1 point per dollar sure beats my current provider raising their annual fee to $295.

Some banks do not value existing customers!

Perfect for Qantas points

Reviewed and recommended by R on 24 Jun 2016

I love this card. I just need a new chip on it so I can do payWave easily. It’s a great way to accumulate Qantas Frequent Flyer points by spending on everyday items.

I would pick this card any day, but it does have high annual fees, so beware of the sting. Great card otherwise and would recommend.

HSBC = Paranoia!

Reviewed and not recommended by J on 17 Oct 2017

Having recently applied online for this card I have to say that HSBC paranoia is perhaps the most extreme that I’ve ever experienced.

Having dutifully completed every question on the online application and then uploaded a recent salary slip as they requested, I thought that my application should proceed quite easily as I earn over $250K pa, own about $6 million in unencumbered property, have substantial savings and have no debt. One would assume that HSBC would come knocking on my door begging for my business. But alas it was not to be.

A few days after completing my application I received a call from an 'HSBC application consultant’ to advise me that HSBC require the following evidence in support of my application:

1. Three additional salary statements to the one I already provided
2. Proof that I have no mortgages on any properties I own
3. Bank statements showing all my savings (must not be more than 1 month old)
4. All my current other credit card statements showing how much I have spent and currently owe
5. Three rental statements for each property I own showing how much rent i am getting, expenses etc

All this for a HSBC credit card? I must have been flagged as a potential fraudster by the HSBC fraud software.

After the 'HSBC application consultant’ was finished with his requests, I politely cancelled my application and told him I’ll go elsewhere for my credit card requirements.

What a joke!

Great rewards and security

Reviewed and recommended by Paul on 16 Sep 2016

This HSBC card is a highly valuable and useful card. I enjoy using this card for online shopping and groceries. Payment is easy.

Also, the security of using the card is great. It has the feature of primary and secondary passwords.

Visa payWave is very convenient when payment is made under $100.

OK if you can use QFF points

Reviewed and recommended by Chris on 12 Dec 2016

There are decent QFF reward points. The interest rate is high though. I would recommend it if you have a use for QFF points. Otherwise, opt for a low rate card instead.

Service is pretty good. Their online banking is secure, but a bit annoying with the two passwords you need to log in.

Overall, the card is okay.

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
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
Minimum income for pensioners
$Same as standard
Pensioners
Rewards program
Qantas Frequent Flyer
Temporary residents
Yes

Cardholders

Additional cardholders
99
Additional card fee
$0 p.a.

Credit limits

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

Repayments

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

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.12 monthsN/A95% 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 Qantas Credit Card at the promotional balance transfer rate from:

  • HSBC

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.12 monthsN/A95% 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
$199 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
$3
Overseas emergency card replacement fee
$0
Transaction verification fee
$0

Rewards & points

Cool stuff you can get with your points

Disclaimer: Does not include taxes, fees, or charges. Accurate as of 25th January 2016.

Rewards program basics

First purchase bonus
60,000 points
Reward points expiry
Never as long as you keep your account active
Rewards program
Qantas Frequent Flyer
Spend required for bonus points
$3,000 in 3 months

Earning points with this card

Frequent flyer points
1 pt per $1 spent
Overseas earn rate
Same as standard earn rate
Points cap per month
7,500
Points cap per year
90,000
Points earned on ATO payments
N/A
Reward points
1 pt per $1 spent

Additional benefits

Airport lounge access
No
Complimentary flight voucher
No
Concierge service
Yes

Benefits

This card comes with benefits worth an estimated $1,069

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.
$50
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.
$10
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.
$40
Travel
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.
$801
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
$150
Waived Qantas Frequent Flyer joining fee
Valuation based on $89.50 Qantas Frequent Flyer joining fee spread over 5 years.
$18
Total estimated value$1,069
Annual fee$199
Net customer value$870
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.

Similar cards

More cards like this one

This card is listed in these comparisons

as seen in
Compare these cards: