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HSBC Platinum Credit Card – 0% Balance Transfer Offer
HSBC Platinum Credit Card – 0% Balance Transfer Offer

HSBC Credit Cards

HSBC Platinum Credit Card – 0% Balance Transfer Offer

Updated 1 January 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 31 March 2020

Purchase Rate (p.a)

19.99%

Balance Transfer (p.a)

0% for 22 months No BT fee. reverts to 21.99% p.a.

Annual Fee (p.a)

$129

$0 over 22 months

My transfer amount

Balance transfer from:

My annual fee

My interest rate

Pros and cons

  • 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
  • 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.

  • 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. 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 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

HSBC Platinum Credit Card – 0% Balance Transfer Offer ( based on 5 Creditcard.com.au user reviews )

83% rating based on 5 reviews

Rates
Fees
Rewards
Customer Service
Value

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 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

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
  • 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

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.

Recently Asked Questions

Something you need to know about this card? Ask a our credit card expert a question.

35 questions (showing the latest 10 Q&As)

Leah

Leah

19 January 2020
Hi there I am looking at doing a bank transfer and am curious if you can merge more than one balance and if you can transfer a balance from NZ? Thank you Leah
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    20 January 2020
    Hi Leah, same answer really, you can do multiple, though has to be from different banks. You cannot do overseas debt with any Australian balance transfer.
Ammy

Ammy

18 January 2020
Hi had 44000 credit card And m self employer as a m getting wages from my company 1,25,000
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    20 January 2020
    Hi Ammy, sounds like you would be eligible for this offer. What is your question?
Julie

Julie

14 January 2020
Hi there I am interested in applying for this card to do a balance transfer to my other cards however they total $44k in total. I do not want to go through the bother of applying if this bank does not do this limit. Please advise
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    15 January 2020
    Hi Julie, its very tough to get that type of balance transfer, to nearly impossible. If you are in a very strong financial position is could be possible. With this HSBC offer it is not possible as the max credit limit is $25,000 (max transfer amount of $23,750) . If you are paying high interest. Then switching even 20k to 0% will reduce it greatly. You would do this with the highest interest bearing amounts first. Then you could look at another balance transfer down the track for the rest. For approval, they will max out all your current credit cards. Then max our you new balance transfer card. Then look at what the repayments would be to pay off all the debt in 3 years for your ability to pay off. This can make it difficult for approval with high credit limits. A balance transfer must be between different banks. So where you are transferring the debt from has a big impact on what balance transfer offers you can apply for. Maybe a low rate unsecured personal loan could be the solution. To wrap all the debt into a lower rate. This will depend what you are currently paying.
Jane

Jane

13 January 2020
HI my link expired to upload bank statements can you please resend the link thank you
winston

winston

9 January 2020
Does this card have any age limitation with respect to insurance coverage (travel/medical}
Judy

Judy

7 January 2020
Thanks Roland, if I’m not a Qantas Frequent Flyer, will this card still be good to get? Thank you
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    8 January 2020
    Hi Judy, this card does not earn Qantas Frequent Flyer points, but custom HSBC Plus points. Therefore this card can still be suitable. This offer is focused on the 0% balance transfer. Therefore is best used by people looking to transfer over current non-HSBC credit card debt.
Jess

Jess

6 January 2020
Can you tell me if the HSBC Platinum, Coles No Annual Fee Mastercard, or any other 0% balance transfer cards will transfer debt from 3 credit cards?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    7 January 2020
    Hi Jess, a balance transfer must be between different banks. You should be able to transfer 3 to the HSBC offer. Definitely with the Citi Rewards Platinum you can transfer up to 3 non-citi issued store, credit card or personal loans. Choosing the right balance transfer will depend on where you are transferring your debt from.
Amar

Amar

6 January 2020
I have personal loan @16.90% & credit card @18.99%. Total debt is around $18,000. My credit score is 737 atm. Is there any chance that I can balance transfer both my personal loan and credit card to another new credit card with 0% balance transfer offer? What is the better solution for someone like me. I also have a new car financed @9.75% for $26k which I think the interest rate is high for brand new car. Is there any option to consolidate all three loans in one? What would be the best solution to minimise interest? TIA
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    7 January 2020
    Hi Amar, Citi are the only issuer in Australia that will accept non-Citi loan debt as part or all of the transfer. I would focus on the highest interest bearing debts first. Just the first 2 in your case. Then look at the 3rd one at a later date. Its very tough to get approval for 40k+ balance transfers. Have a look at the Citi Rewards Platinum. As long as your debt is non-citi this should be the go. Yes that rate on a car loan is high.
Judy

Judy

6 January 2020
Hi Roland, thank you for your reply. Is there any credit cards for the reward points earning that worth to signup? My monthly spending is around 2k (sometimes more). Thank you
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    7 January 2020
    Hi Judy, there are 2 big factors; rewards points earning and bonus points. Bonus points can be massive and they are a great incentive to get a card. On that spend level, then the HSBC Platinum Qantas is the best. It earns 1 Qantas point per $1 spend and has a low annual fee plus other features. Though it comes with no bonus points. Have a look at our bonus points section. With 100k+ bonus points available. It may make sense to go for one of these deals as it would take ages to earn that amount. If the card doesn't work for you. Then you can look to cancel before the 2nd year annual fee comes into play.
Judy

Judy

4 January 2020
Hi Roland, I’m looking for signing up a credit card which I could use reward points for cash back or gift card, ideally it has the travel insurance and complimentary airport lounge access . Is this card the good choice? I m also bit confused about the eligible purchase, as it mentioned that excludes some “other promotions” and charges&fees , do they have some examples for what do those mean? Thank you very much
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    6 January 2020
    Hi Judy, this is not the best card for this purpose. It is more of a low end rewards card which is focused on its great balance transfer offer right now. The bottom line is you need to pay a higher annual fee to get increased rewards points earning and to have good access to lounges. How much will you spend on the card a month? then I can look to suggest some options. Eligible purchases are nothing to worry about and are generally the same across all cards. Non-eligible purchases are things like bank fees, interest, balance transfers and cash advances. Generally any government spend is not eligible.
Sandy

Sandy

3 January 2020
Hi Roland, what is the highest possible limit allowed on this card?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    6 January 2020
    Hi Sandy, the maximum credit limit on the HSBC Platinum is $25,000.
Januka

Januka

27 December 2019
Hi Roland, I am interested in buying a car with a purchase price of $17k and have $10k at hand. Is it possible to source the $7k I need from your interest free balance transfer promotion? Thanks!
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    30 December 2019
    Hi Januka, no you cannot use the balance transfer for the other amount. A balance transfer would need current debt to transfer. If you can pay with credit card at the dealer. Have a look at the Vertigo Platinum with 0% for 15 months on purchases. You could use this card for the extra 7k. Then pay off the amount interest free over that period. If at the end of the 15 months you don't pay the full amount off you could look to balance transfer the debt at that time.
Mike.S

Mike.S

21 December 2019
Does this offer come with an amount of QFF points?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    27 December 2019
    Hi Mike, this card is focused for people looking to balance transfer. It has no bonus points and does not earn any QFF points on spend. Have a look at our bonus points sections if that is what you are keen for - https://www.creditcard.com.au/bonus-points-credit-cards/
Grace

Grace

16 December 2019
I am now residing in Australia permanently and I would like to consolidate the remaining debt on a NZ credit card. Can I apply to balance transfer internationally?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    18 December 2019
    Hi Grace, you can only transfer Australian credit card debt. I suggest you look at a low rate personal loan. This will consolidate and reduce your interest payments. Then you can look at down the track (at least 6 months later) applying for a Citi balance transfer offer for the loan. Citi are the only bank that will accept loan debt as part or all of the transfer.
Jeff

Jeff

13 December 2019
Can you tell me which credit cards have 6 months and 12 months free international travel insurance please
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    18 December 2019
    Hi Jeff, no cards have 12 months free international travel insurance. The highest is 6 months with more premium cards.

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