- 0% p.a. interest on balance transfers for 22 months with no balance transfer fee
- No annual fee when you meet the spend criteria (reasonable $6,000 yearly spend required).
- Earn 2 points per dollar on overseas purchases and 1 point per dollar for all other purchases.
- Two airport lounge passes every year (LoungeKey membership)
- Free additional card holders
- Eligible with Apple Pay & Google Pay
- International travel insurance for trips up to 4 months
- Domestic travel insurance (inc rental car cover)
- Extended Warranty, Purchase Protection, Guaranteed Pricing insurance
- Instant savings at more than 4,500 stores, hotels and attractions.
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HSBC Credit Cards
HSBC Platinum Credit Card – 0% Balance Transfer Offer
Updated 10 September 2020
Transfer non-HSBC store or credit card debt. 0% p.a. on balance transfers for 22 months with no balance transfer fee. $129 annual fee that is refundable each year when you spend $6,000 on eligible purchases. More insurance than you can poke a stick at. Domestic and International Travel Insurance, Purchase Protection, Extended Warranty and Guaranteed Pricing Scheme.
T&Cs apply. Offer ends 30 September 2020
Purchase Rate (p.a)
19.99%
Balance Transfer (p.a)
0% for 22 months
No balance transfer fee.
Reverts to 21.99% p.a.
Annual Fee (p.a)
$129
Pros and cons
- Points earn is capped at 10,000 per statement period
- High standard purchase rate like all rewards credit cards
- 3% Foreign transaction fee
Creditcard.com.au review
Editor Review
HSBC Platinum Credit Card – 0% Balance Transfer Offer
Roland Bleyer
Credit Card Expert with over 15 years card experience and the founder of Creditcard.com.au. Ask Roland a Question about this card.
The HSBC Platinum Credit Card: 0% p.a. Balance Transfer Offer for 22 Months
Offering 0% p.a. on balance transfers for an incredible 22 months with no balance transfer fee, the HSBC Platinum Credit Card could be a great find for new cardholders looking to pay off existing credit card debt. Aside from offering a wide range of platinum extras and the opportunity to earn rewards, the card also waives its annual fee after a yearly spend of $6,000, making it a pretty sweet deal indeed.
What we love...
One of the biggest drawcards currently on the HSBC Platinum Credit Card is its amazingly long balance transfer offer. So, what do you need to know? If you apply and are approved for this card, you can take advantage of 0% p.a. on balance transfers for 22 months. You will also pay no balance transfer fee on your transferred amount, making this very competitive within the market.
With a 22 month introductory period, this gives you a good long time to pay off your transferred balance, paying down your debt as you pay nothing in interest. As with any introductory offer, however, there are important factors to take note of. Let’s cover the main points:
- You must make the request for the balance transfer when applying for the card. Unlike certain other offers that allow for balance transfer requests after application, this one does not. But, as long as you are organised and know what you need, it’s easy to make the request on application.
- Your total balance transfers must not exceed 90% of your approved credit limit. It’s quite common for card providers to place a limit on the amount transferred as it provides some leeway should you spend on the card, or fail to repay the transferred balance and interest starts to accrue. As long as you know how much you want to transfer and what your credit limit is likely to be, this shouldn’t cause any problem.
- The balance transfer must be from non-HSBC credit cards. Like most balance transfer cards, the HSBC Platinum Credit Card only allows transfers from other providers’ cards.
- Any transferred balance left unpaid after the intro period reverts to the card’s cash advance rate. To avoid this, create a repayment plan that allows you to clear your transferred balance within the intro period. Setting up automatic payments can help with this.
- Any payment made to the card will go towards paying off the balance attracting the highest interest first. That means payments will go towards paying off new spending or cash advances first. Make sure your payments cover all new transactions over and above the amount needed to pay off your transferred balance within the intro period. If you are unable to do this, avoid new transactions until the balance transfer has been paid off.
What’s not so great...
As with any credit card, you need to read the small print to make sure you understand everything that’s expected of you. Pay attention to the points mentioned above and make every effort to clear your transferred balance within that 22 month intro period. Having your unpaid balance revert to the card’s cash advance rate will make it much harder to pay off in the long term.
Why should you choose this card?
If you’re looking for a long balance transfer offer, this card could be an excellent option. As a platinum card, it has a higher minimum income requirement, at $40,000 per year, and it also requires applicants to have good credit history. If you meet the card’s eligibility, it could suit you if you’re interested in a card with heaps of platinum perks and rewards.
Another nice feature of the card is its annual fee waiver. This waives the card’s usual annual fee as long as you spend at least $6,000 on the card within the year. This essentially allows you access to all the card has to offer, while you pay nothing in annual fees. To give you an idea of what features are on offer, here’s a quick rundown:
- Earn 2 Rewards Plus points per $1 on overseas purchases and 1 Rewards Plus point per $1 for all other purchases (capped at 10,000 per statement period).
- Receive two airport lounge passes every year.
- Travel in style with LoungeKey membership.
- Enjoy Visa Premium Benefits (visit visapremium.com.au for more).
- Access the home&Away Privilege Program to enjoy exclusive offers and privileges from partners at home and overseas.
- Benefit from 20% off dining, and retail savings of up to 25% with your free membership to Frequent Values by Entertainment Publications.
- Get instant savings at more than 4,500 stores, hotels and attractions.
- Receive complimentary insurance, including Domestic and International Travel Insurances for trips up to 4 months with rental vehicle insurance excess cover, Transit Accident Insurance, Extended Warranty Insurance, Guaranteed Pricing Scheme and Purchase Protection Insurance.
Overall Rating
The HSBC Platinum Credit Card is a feature-packed rewards card that waives its annual fee after a $6,000 yearly spend. New cardholders can benefit from an awesome 0% p.a. on balance transfers for 22 months.
Disclaimer
The information, included card rates and fees, present in the review is accurate as of the date of the review. Please refer to issuer website and application for the most current information. Terms and Conditions for HSBC Credit Cards
User reviews
Rates and fees
Interest rates
Purchase rate 19.99% p.a.
Cash advance rate 21.99% p.a.
Interest free period on purchases up to 55 days
Balance transfer
Balance transfer rate 0% p.a. for 22 months
Balance transfer revert rate 21.99% p.a.
Balance transfer from personal loan No
Balance transfer fee No fee
Balance transfer limit 95% of approved credit limit
Banks you can't balance transfer from HSBC
Credit limits
Minimum credit limt $6,000
Maximum credit limit $25,000
Fees & repayments
Annual fee $129 p.a.
Additional card holder fee $0 p.a.
Foreign transaction fee 3%
Minimum repayment 3%
Cash advance fee 3%
Late payment fee $30
Rewards and points
Rewards program
Rewards Program
Rewards Plus
Bonus points N/A
Annual points cap 120,000
Bonus points spend criteria N/A
Earning points with this card
Rewards Plus Rewards points 1 point per $1 spent
Points cap per month Capped at 10,000
Overseas earn rate 2 points per $1 spent
Additional features
Complimentary insurance
International Travel Insurance Yes - up to 4 months
Flight Inconvenience Insurance No
Transit Accident Insurance Yes
Smartphone Screen Insurance No
Purchase Protection Insurance Yes
Extended Warranty Insurance Yes
Rental Vehicle Excess In Australia Insurance Yes
Extras
Eligible with Apple Pay and Google Pay
$129 annual fee is refunded with min. spend of $6,000 per year
2 Airport lounge passes every year with LoungeKey
Overview
HSBC Platinum Credit Card – 0% Balance Transfer Offer
Key features
- 0% p.a. on balance transfers for 22 months from non HSBC credit cards (reverts to the variable cash advance rate), with No Balance Transfer Fee
- Annual fee of $129 applies and is refunded each year for customers who spend $6,000 on eligible purchases in 12 months
- Free additional card holders
- Eligible with Apple Pay and Google Pay
- Earn 2 points per dollar on overseas purchases and 1 point per dollar for all other purchases. This is capped at 10,000 per statement period.
- Two complimentary airport lounge passes every year
- Complimentary Domestic (inc rental car cover) and International travel insurance for trips up to 4 months
- Complimentary Purchase Protection, Extended Warranty and Guaranteed Pricing Scheme
Minimum criteria to apply for this card
-
Be over 18 years old
-
Good Credit and have not applied for multiple credit cards recently
-
Resident or citizen of Australia. Temporary residents are eligible.
-
Minimum income of $40,000 p.a.
You have your personal details ready to complete the online application
Roland B Bleyer founded Creditcard.com.au in 2005 and has extensive knowledge about credit cards. He personally answers all questions and write the editor reviews for each card here. Always keen to share his passion to educate consumers and help you select better suited credit cards.
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