- 0% on balance transfers for 20 months with a 2% balance transfer fee. Reverts to cash advance rate.
- No overseas transaction fees
- Up to 55 days interest-free on purchases
- Complimentary domestic travel insurance
- Eligible with Apple Pay & Google Pay
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HSBC Platinum Credit Card
0% Balance Transfer Offer for 12 months
Request at card application. Reduced annual fee first year.
HSBC Credit Cards
HSBC Low Rate Credit Card
Updated 5 February 2024
Save money with HSBC Low Rate Credit Card's 0% p.a. on balance transfers for the first 20 months (a 2% one-off balance transfer fee applies), low ongoing purchase rate of 12.99% p.a., and $0 overseas transaction fees. Plus, enjoy complimentary domestic travel insurance.
T&Cs apply.
Purchase Rate (p.a)
12.99%
Balance Transfer (p.a)
0% for 20 months 2% balance transfer fee applies.
Reverts to 25.99% p.a.
Annual Fee (p.a)
$99
Pros and cons
- 2% one off fee applies to balance transfers
- $30 late payment fee
- $99 annual fee
Creditcard.com.au review
Editor Review
HSBC Low Rate Credit Card
Pauline Hatch
Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this card.
The HSBC Low Rate Credit Card
Providing a seriously long 20 months interest-free on balance transfers, the HSBC Low Rate Credit Card is one very appealing money-saver. A great option if you want to pay down existing credit card debt, this card also offers a low ongoing rate on purchases and a selection of very enticing extras, making it seem well worth its low annual fee.
What we love...
While we certainly wish it would, credit card debt doesn’t simply disappear overnight. It takes time to pay it down. Luckily, that’s exactly what the HSBC Low Rate Credit Card offers: time. As a new cardholder, you could benefit from 0% p.a. on balance transfers for 20 months, as long as you apply and are approved.
As one of the longer balance transfer offers currently available, this could be the perfect option if you have non-HSBC card debt that you want to pay down, but you need extra time to do so. Just be aware that your total balance transfer cannot exceed 90% of your approved credit limit, and you must make the balance transfer request when you apply for the card.
Aside from its balance transfer offer, the HSBC Low Rate Credit Card can also help you save money with its low ongoing purchase rate. If you tend to carry a balance, this could certainly help keep costs lower, however, it’s always best to clear your balance each statement period when possible.
But that’s not all. While many low rate credit cards tend to be low on features, the HSBC Low Rate Credit Card has features a-plenty. For a nice low annual fee – and no charge for additional cardholders – this card provides access to the home&Away Privilege Program and complimentary insurance cover.
What’s not so great...
Where there are ups, there are also downs. With the HSBC Low Rate Credit Card, you need to read the small print before utilising the balance transfer offer. You will pay a 2% balance transfer fee, calculated as a percentage of the balance being transferred to your HSBC credit card account. HSBC will apply this fee at the point of transfer, so it forms part of your total outstanding balance.
Another important factor to be aware of is the offer’s reversion rate. Any transferred balance left unpaid at the end of the introductory period will revert not to the purchase rate, but instead, to the card’s much higher cash advance rate. To avoid this, be sure to pay off your transferred balance before that 20 months is up.
Why should you choose this card?
If you are 18 or over, have a good credit rating and you earn at least $40,000 per year, you could apply for the HSBC Low Rate Credit Card. By applying, you could benefit from a long 0% p.a. balance transfer offer, a low ongoing purchase rate and an affordable annual fee. Plus, you get some very nice extras on top.
In addition, you can benefit from added peace of mind when travelling within Australia, with the card’s complimentary Domestic Travel Insurance, as well as mobile payments technology, including Apple Pay and Google Pay. A more recent added feature to this card is no overseas transaction fees.
Overall Rating
Providing 0% p.a. on balance transfers for 20 months, this low rate credit card offers an awesome way to pay down credit card debt, while enjoying a low annual fee and extras such as Instant Savings, interest-free finance and complimentary domestic travel insurance.
Disclaimer
The information, including card rates and fees, present in the review is accurate as of the date of the review. Please refer to the issuer's website and application for the most current information.
User reviews
Rates and fees
Interest rates
Purchase rate 12.99% p.a.
Cash advance rate 25.99% p.a.
Interest free period on purchases up to 55 days
Balance transfer
Balance transfer rate 0% p.a. for 20 months
Balance transfer revert rate 25.99% p.a.
Balance transfer from personal loan No
Balance transfer fee 2% one off
Balance transfer limit 100% of approved credit limit
Brands you can't balance transfer from HSBC
Credit limits
Minimum credit limit $1,000
Maximum credit limit N/A
Fees & repayments
Annual fee $99 p.a.
Additional cardholder fee $0 p.a.
Foreign transaction fee 0%
Minimum repayment 3% or $30 whichever is higher (Low Rate); 3% or $20 whichever is higher (Platinum, Premier, & Star Alliance cards)
Cash advance fee 3% or $4 (whichever is greater)
Late payment fee $30
Additional features
Complimentary insurance
International Travel Insurance No
Flight Inconvenience Insurance No
Transit Accident Insurance No
Smartphone Screen Insurance No
Purchase Protection Insurance No
Extended Warranty Insurance No
Rental Vehicle Excess In Australia Insurance Yes
Extras
Eligible with Apple Pay & Google Pay
Overview
HSBC Low Rate Credit Card
HSBC Low Rate cardholders can benefit from complimentary domestic travel insurance and no overseas transaction fees. Perfect for those wanting to be covered locally when they travel. Cardholders can also benefit from competitive interest rates, up to 55 days interest-free on purchases, and access to numerous offers and discounts worldwide with HSBC’s home&Away program.
Key features
- 0% p.a. on balance transfers for 20 months from non HSBC credit cards (reverts to the variable cash advance rate, with a 2% Balance Transfer Fee)
- No overseas transaction fees
- $99 annual fee
- 12.99% p.a. on purchases
- Free additional cardholder
- Complimentary domestic travel insurance
- Up to 55 days interest-free on purchases when you pay the full balance (including any balance transfer, promotional purchases, and balance transfer) by the due date each month
- Eligible with Apple Pay & Google Pay
Minimum criteria to apply for this card
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Be over 18 years old
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Good Credit and have not applied for multiple credit cards recently
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Australian resident
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Minimum income of $40,000 p.a.
You have your personal details ready to complete the online application
Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Pauline is passionate about seeing Aussies win by making their money – and their credit cards – work smarter, harder and bigger
Recently Asked Questions
Something you need to know about this card? Ask our credit card expert a question.
Ask a question155 questions (showing the latest 10 Q&As)
I am a aged pensioner owner of my house no other credits can I apply
Hi Ian, thanks for your question. Each bank sets their own lending criteria and we broke down the bigger banks criteria in this post on pensioner credit cards. Best of luck!
Thanks, Roland. HSBC refused me 9 months ago, I suspect because I only started my new job then, but now it's been over a year since I changed jobs. Also back then I couldn't close my Citi card, because the max limit on HSBC Platinum was (and still is) $25k - not enough to transfer entire balance. But if I understand correctly from what you're saying, they would still account for my Citi card regardless whether I ticked "I will close this credit facility"? Also my Citi card credit limit is $45k - is it worth bringing it down to $30k (actual debt) before applying for new cards?
Hi Andrew, makes sense then on why you were declined if just starting a new job. It always makes sense to reduce your credit limits (as much as you can) before applying for new credit. Though make sure you debt is never higher than 85% of your credit limit. Negative credit reporting comes into play after this. Yes they will still take the old card into play, even though you tick you are paying it off. You could pay it off. Then just rack it up again as no forcing to close. I just think at this time its going to be hard to get approved for the whole amount. Even if higher limits are possible. The actual limit you will be given to start will be lower. On the HSBC Low Rate limit, this has now changed on the HSBC to unpublished and they decide the maximum. Bottom line, even if you can move say 20k onto 1 balance transfer card. Then look to apply for another balance transfer for the rest.
Hi Roland, I'm looking at transferring $30k from Citi and deciding between this card and ANZ Platinum. I prefer HSBC because it gives 20 months, but I'm wondering where the chances of approval are higher? I have excellent credit score now, but I did get refused by HSBC 9 months ago.
Hi Andrew, do you know why you were not approved 9 months ago? I would be concerned with HSBC if they have declined you so recently. This is likely to be on file still and may affect your approval. A 30k transfer is huge. The bank will max out your Citi card and your new card (even though you plan to pay off your Citi card). Then see if you can afford to pay off both over 3 years. This can heavily affect eligibility on say 70k of credit card limits. In saying that the Low Rate (if they would give you high enough limit) would be better as 2 months longer a 0%.
can you apply if you only have international income from nz by way of invest properties? Thanks
Hi Scarlett, I assume then that you do not complete an Australian tax return? If you are still only doing returns in NZ. I think this could be an issue. If you are now a resident of Australia for tax purposes. Then they should be able to see this revenue as income. I would reach out to HSBC directly. They are quite a flexible international bank.
Any credit card will be approved with no bank staymemf
Hi Dongdong, these days they all seem to want to connect with your statements. The new laws that came into play from 1st Jan allow the banks to view the last 2 years of transactions. You need good credit to get approved for a new card. Bank statements on their own should not be a deal breaker. Have a look at the ANZ Low Rate. This is one of the easier cards to get approved with low minimum requirements.
I am a Carer on Centrelink payments but have a “good” credit rating & car as security. Do you think I would be approved for C/Card
Hi Erica, it could be possible depending on your personal situation. I would stick with one of the big 4 banks. They are usual more flexible with income requirements. Have a look at the ANZ low rate.
I have just taken ownership of a large house in Wisconsin USA and although ( I have a debt of $50000) I am looking for a credit card that will get me to the USA to finalise the take over and sell the property. All my money was invested in this property.
Hi Cheryl, I would suggest the ANZ Rewards Travel Adventure card. This is if you can pay the balance off the card each month. It comes with overseas travel insurance plus no foreign fees (typically 3%) on purchases. Also you can cash advance overseas with no additional fees.
Can I get a credit card with bad credit and can I apply with my partner as a joint income For one card
Hi Rhys, its nearly impossible to get approved for a new credit card with bad credit. There are some providers that have joint cards but not HSBC. St George are a bank that allow joint credit cards still. What I suggest, if your partner has good credit. That they apply for a credit card. Then you become a secondary card holder. That means you will not be part of the application process nor be liable for the debt.
Hi, If I'm on maternity leave, is I'm eligible for apply a credit card.
Hi Mani, I would suggest you wait until you are back at work. Banks may be concerned about your ability to pay if you do not go back to work.
can I get credit card
Hi Faresa, you need to meet the minimum requirements to apply for a credit card. If you do, then you can apply. You can apply for the HSBC Low Rate directly on the HSBC site - https://www.hsbc.com.au/credit-cards/products/low-rate/. Who can apply: Must be over 18 and be an Australian resident. Earn at least $20,000 p.a. Have a good credit rating
do you have a list of the interest free retailers for HSBC???
Hi Josh, if you go to this page on the HSBC website - https://www.hsbc.com.au/credit-cards/products/classic/. You can get a list of major participating retailers.
Hi . I'm uber driver my income is 22000 and my rate Credit is average now I wanna know can I apply for 5000 credit card? Thanks
Hi Mehdi, the ANZ Low Rate could be an option for you. It has a minimum income requirement of $15,000. It could be possible to get a $5,000 limit, subject to credit approval.
What is classified as a good credit rating?
Hi Catnip, it is the bank you are applying with that really makes this call. For me, good credit is no paid or unpaid defaults or any other negative marks on your credit file. A good income v expense ratio. A good asset v liability ratio. Additionally I suggest that you only apply for one piece of credit every 6 months.
Hi what would the chances be of getting a $10000 credit card with one default that was paid once notified within 10 days
Hi Andrew, a paid default will still be a problem for being approved. It will have a great negative impact on your application. Though approval will depend on a range of factors. When I had a paid default on my credit file I was unable to get further unsecured credit. I waited the long 5 years until it came off my file. It also depends on what the default was for. If it was for a telco or something like that for a small amount. Then this is not as great as if it related to a credit card. Bottom line you could have a go if you have not applied for some time. Though approval may be very difficult.
Which credit card does not require credit check?
Hi Marcelo, all credit card issuers do a credit check as part of the application process. Only people with good credit can be approved for a new credit card.
Creditcard.com.au Visitor
28 May 2013I always clear my balance every month and cleared my balance prior to heading to Europe for a month holiday. I also cleared the balance as soon as I returned, total period between balance being cleared was 34 days. However as I made a couple of purchases prior to the end of my statement period i was slugged with two interest charges of approx $20 each and a later payment reminder fee of $30 even though no late payment reminder was received. When I rang up to inquire all their customer service representatives were difficult to understand through their accents and were rather dismissive. Be very careful of their fine print for interest free days as they will gouge you on fees and charges. I would not recommend them and have moved my accounts form HSBC
Does not recommend this cardMolly Devlin
28 January 2013Chose it for no annual fee and is good cheap card. Kind of exey on interest rates but just need to make sure they are paid off at end of month. Will be using it soon for 5 years interest free offer. Better than store finance.
Recommends this cardtomm
28 January 2013the rate is a little high, but the 0 annual fee cancels this out. i pay my balance off regularly and also use the 55 days - so pretty happy with it
Recommends this card