- Enjoy 0% p.a. on balance transfers for 12 months from non HSBC credit cards (reverts to the variable cash advance rate), with a 2% balance transfer fee
- $0 annual fee in the first year, $149 p.a. thereafter
- Earn 1.5 Rewards Plus points per $1 spent on eligible purchases. This is capped at $120,000 annually.
- Complimentary Domestic and International Travel Insurances (for trips up to 4 months) with rental vehicle excess insurance, Epidemics and Pandemics Cover, and Transit Accident Insurance
- Complimentary Purchase Protection, and Extended Warranty
- Two complimentary airport lounge passes every year with LoungeKey
- Access to HSBC Instant Savings with 20% off dining and Retail savings of up to 25% with free membership to Frequent Values™ by Entertainment Publications
- Access to exclusive offers and privileges from 27,000 selected partners at home and overseas with home&Away Privilege Program
- Free additional cardholders
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HSBC Credit Cards
HSBC Platinum Credit Card – 0% Balance Transfer Offer
Updated 31 August 2023
Transfer non-HSBC store or credit card debt. Enjoy 0% p.a. on balance transfers for 12 months with a 2% balance transfer fee. Pay no annual fee in the first year, $149 p.a. thereafter. Offer available when you apply for a new HSBC Platinum Credit Card. More insurance than you can poke a stick at. Domestic and International Travel Insurance, Purchase Protection, and Extended Warranty.
HSBC may change or end this offer at any time. Please see full terms and conditions.
Purchase Rate (p.a)
19.99%
Balance Transfer (p.a)
0% for 12 months
2% balance transfer fee applies.
Reverts to 21.99% p.a.
Annual Fee (p.a)
$0 first year. Then $149 p.a.
Pros and cons
- Points earn is capped at $120,000 per year
- 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
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 Platinum Credit Card: 0% p.a. Balance Transfer Offer for 12 Months
Offering 0% p.a. on balance transfers for 12 months with a 2% 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 offers $0 annual fee for the first year, 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, making this very competitive within the market. 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 12 months, 2% balance transfer fee applies.
With a 12-month introductory period, this gives you enough 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 organized and know what you need, it’s easy to make the request on the 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 problems.
- 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 12-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 a 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 $0 annual fee in the first year. This allows you to save money right from the start and at the same time, enjoy the benefits and features of the credit card. An ongoing $149 p.a. applies thereafter. To give you an idea of what features are on offer, here’s a quick rundown:
- Earn 1.5 Rewards Plus points per $1 spent on eligible purchases (capped at $120,000 per year, starting from account opening date).
- Travel in style with free LoungeKey membership.
- Receive two LoungeKey airport lounge passes every year.
- 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, Extended Warranty Insurance, and Purchase Protection Insurance.
Overall Rating
The HSBC Platinum Credit Card is a feature-packed rewards card with $0 annual fee in the first year. New cardholders can benefit from an awesome 0% p.a. on balance transfers for 12 months with a 2% balance transfer fee.
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. 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 12 months
Balance transfer revert rate 21.99% p.a.
Balance transfer from personal loan No
Balance transfer fee 2% one off
Balance transfer limit 90% of approved credit limit
Brands you can't balance transfer from HSBC
Credit limits
Minimum credit limit $6,000
Maximum credit limit N/A
Fees & repayments
Annual fee $149 p.a.
Additional cardholder fee $0 p.a.
Foreign transaction fee 3%
Minimum repayment 3% or $30 whichever is higher (Low Rate); 3% or $20 whichever is higher (Platinum, Premier, & Star Alliance cards)
Annual fee the first year $0
Cash advance fee 3% or $4 (whichever is greater)
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 1.5 points per $1 spent
Points cap per month N/A
Overseas earn rate same as standard earn rate
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
2 Airport lounge passes every year with LoungeKey
Overview
HSBC Platinum Credit Card – 0% Balance Transfer Offer
Key features
- Enjoy 0% p.a. on balance transfers for 12 months from non HSBC credit cards (reverts to the variable cash advance rate), with a 2% balance transfer fee
- $0 annual fee in the first year, $149 p.a. thereafter
- Earn 1.5 Rewards Plus points per $1 spent on eligible purchases. This is capped at $120,000 annually.
- Complimentary Domestic and International Travel Insurances (for trips up to 4 months) with rental vehicle excess insurance, Epidemics and Pandemics Cover, and Transit Accident Insurance
- Complimentary Purchase Protection, and Extended Warranty
- Two complimentary LoungeKey airport lounge passes every year
- Access to HSBC Instant Savings with 20% off dining and Retail savings of up to 25% with free membership to Frequent Values™ by Entertainment Publications
- Access to exclusive offers and privileges from 27,000 selected partners at home and overseas with home&Away Privilege Program
- Free additional cardholders
- Eligible with Apple Pay & Google Pay
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
-
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 question118 questions (showing the latest 10 Q&As)
I would like to choose best reward credit card.
Hi Jaymin, there are so many different rewards cards available each with their own rewards programs and conversion rates and requirements. There is no one “best” choice for everyone. The criteria varies based on your personal preferences such as desired rewards program, you card usage plans, additional features you’re looking to get, and much, much more. You can explore a variety of rewards credit cards here, read our reviews, compare side by side, and choose the one that aligns best with your requirements. Good luck Jaymin!
Hi Pauline, My wife and I are retired although I still work two days a week full time for my previous employer. $25k p.a. We own our own home $2m and have zero debts. Super and savings $1.8m plus other assets. We have not needed to use any of our super as we are just using our savings and my income. So as I don't have an income exceeding $40k currently am I still able to apply for a card with a $20k limit. Also what are your international transaction fees?
Hi Michael, unfortunately if you don't earn the minimum income requirement, you're far more likely to be declined (even if you have every other box ticked). Once you have other income sources like super, pension or rental income to show, you're likely to be in a better position to apply and be approved. You could look at cards for low income earners for other card ideas. And lastly, this card has a 3% international transaction fee. Thanks Michael!
I have an old HSBC Platinum credit card issued prior to 2017. I am confused because it is not clear if I am still eligible for cruise ship cover. Do you know if I am or not?
Hi Cheryl, the latest HSBC complimentary insurances cover terms and conditions were last updated and effective from 14 October 2022. If you’re in doubt and need clarification, you can contact Allianz Global Assistance (the insurance underwriter) on 1800 648 093 Monday to Friday 8:00 am to 5:00 pm AEST. Enjoy your cruising!
what airlines can you use the lounge key in.
Hi Ann, you can access the complete list by going to their official website page or downloading their app. When in the app you can search for a city and it will return the list of lounges in that city. Enjoy your travels!
is there an age limit on the internatinal insurance that you provide
Hi James, you’ve reached the top credit card comparison site in Australia and not specifically HSBC. Anyhow, I checked HSBC’s official complimentary insurance booklet PDS and it does not specify an age limit for international travel insurance coverage. For specific information, I recommend reaching out to Allianz Global Assistance (HSBC's insurance underwriter) at 1800 648 093.
hi
i wanted to find out about a credit card for travel, self employed and only have bank statements and invoices for proof of income
can you help me
Hi Michelle, the first step is to check our list and see the requirements for self-employed credit card applications. If you're interested in credit cards for travel, you can browse through our selection. Some of them have low interest rates or don't charge foreign fees. We've written reviews for each card and included their eligibility requirements to help you choose the right one for you. If you’re self-employed you may need to provide the details of your accountant as part of the application process. You can then cross reference the cards you’re interested in against the self employed requirements table. It’s a bit of extra work, but it will make sure you have as much information as possible. I hope this information is helpful!
With this card the travel insurance is only if you pay more than $950 on the card. Is this correct.
Hi Donna, I checked HSBC Platinum Balance Transfer card’s terms and it states that you should spend at least $500 on your prepaid travel costs to your primary card (or $250 for domestic travel), there is other T&C’s attached so make sure you check their official insurance terms PDF for further information.
Hi there,
I am a temporary resident awaiting my PR and I'm wondering what credit card options are available to me that include 0% transfer fee and 0% interest for at least 6 months on a balance transfer? Basically I am trying to find the best credit card offer in relation to a balance transfer so that I can effectively pay off my remaining credit card balance.
Thanks,
Jade
Hi Jade, there are several cards that you can select as a temporary resident. You can see them here to compare cards. Look for cards with balance transfer offers. Or, you can also look at the 0% and low rate balance transfer credit cards available. You can view the cards that you like and compare them side by side to choose the best card for you. Good luck!
Is it possible to move a car loan amount onto this credit card via the balance transfer option? Or would one have to pay off that loan in one chunk from another card then quickly apply for this one (and hope to get accepted) in order to be able to transfer the balance owing and have the interest free period for 3 years? Thank you in advance.
Will HSBC Platinum Credit Card – 0% Balance Transfer Offer cover NZ credit card?
Hi Sonny, unfortunately the terms of the HSBC credit card state that all balance transfers must be in Australian currency. Sorry about that!
Hi there, I am after a credit card that incl.travel insurance, preferably no annual fee and international transactions fees.
If there is a lounge membership
Hi Thelmarie, there are definitely a number of credit cards that offer both no annual fee, no foreign transaction fee, and travel insurance included. You can check some of the credit cards with loungekey, free travel insurance, and zero foreign fees to see what your options are. When you find a card you like the sound of, you can click the Heart emoji and add it to your short-list. From there you can view your short-list side by side and make an informed decision.
do you need a debt on another credit card for a balance transfer?
Hi David, the short answer is yes, you need to have an existing balance owed from another financial institution for a balance transfer. But, you can still apply for this card if you don’t want to use the balance transfer feature.
Hi! I’m looking for a low rate card with free lounge access and air miles rewards points.what is the best card for this
Hi Shani, you can compare some of the LoungeKey credit cards and Priority Pass credit cards that will get you access to airport lounges. You can read more about each card in our review and also see rates and fees attached.
Does it say two airport lounge access includes the priority pass for any international lounge or is it any specific lounge which I can access?
Hi Khoushal, this card features access to the LoungeKey program. Unfortunately, LoungeKey doesn’t publicise their list, but you can download the app to see the full list.
In order for the travel insurance to be valid, do we have to pay for the trip using the credit card? We have 2 domestic trips booked and paid for already-will we be covered with this travel insurance?
Hi there Janine, thanks for your question. On page 49 of the The HSBC Platinum Cards T&C’s is this line “to purchase their return domestic flight and their accomodation arrangements prior to leaving home,” So it seems as long as you’ve paid for flights and accommodation with your card, you should be covered. You can check with Allianz Global Assistance (who provide the coverage) to confirm. Have a great trip!
Does the complimentary travel insurance cover all who have booked flights using the card or only the policy holder and can you get additional cards
For other members of the family. Thanks
Hi Sandra, that’s a great question! According to HSBC’s complimentary insurance terms, it states that aside from the primary cardholder being covered (provided that the overseas return ticket is charged to the card), the cover extends to your spouse and dependents travelling with you. You can check their official complimentary insurance PDF for further information.
Hi there , Kindly explain about this
Two airport lounge passes every year (LoungeKey membership is avaiable at singapor .
Travelling with family(+2 adult +2 Kids : 6 9 will also have acess for this facilty .
awaiting for reply
Regards
Nick.
Hi NIck, that’s a great question you have! I checked the HSBC Platinum card’s terms. It does not state who can access the lounge however, it indicates that the complimentary lounge passes are allocated to the primary cardholder only. Guests can access the lounge but will be charged US$32 per person to your HSBC credit card plus any overseas transaction fees (if applicable). If you want to chat specifics with HSBC you can reach them on 132 152.
Hi, If I apply for the Credit card today and its approved how long it takes to recieve it and how quick the lounge pass can be activated on it so I can use it.
I am going overseas on 8 Sep 22. Can it be activated before 8 Sep
Thanks
Hi Saurabh, if your application for an HSBC Platinum card is approved, you’ll receive the card usually within 7-10 business days.
As for the LoungeKey membership, it states in HSBC’s terms to allow 30 days from account approval for membership to be activated and added to your card.
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Andy
21 March 2023Was looking forward to receiving free lounge key access only to be told at the airport it only applies for HSBC Hong Kong card holders. The benefits on this card are deceiving and I raised this with their complaints team which was another poor experience. It's been over 2 months and they don't reply to your emails. They say they will refund you but they never action it. Ended up cancelling the credit card as I was so disappointed in it.
Does not recommend this card