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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 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

$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 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.

  • 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 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

HSBC Platinum Credit Card – 0% Balance Transfer Offer ( based on 4 Creditcard.com.au user reviews )

84% rating based on 4 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 - 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

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.

63 questions (showing the latest 10 Q&As)

Tyler

Tyler

1 September 2020
Hi, I was looking at your balance transfer credit card offer and wondered if this could be used to transfer the balance of a personal loan or if it is just for transferring the balance of credit cards?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    1 September 2020
    Hi Tyler, with HSBC, you can only balance transfer credit or store cards. Have a look at the Citi Rewards Balance Transfer Offer. Citi are the only issuer in Australia that will accept non-Citi personal loan debt as part or all of the transfer.
Shaike

Shaike

31 August 2020
I have a credit card with HSBC ($9500). May I transfer 95% of this limit to another Non HSBC Credit card, please?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    1 September 2020
    Hi Shaike, you can transfer 100% of the HSBC card, subject to credit approval. When you see a card and it says up to 95% of your credit limit for a balance transfer. This relates to your new credit limit. If you get a $10,000 limit. Then you can transfer $9,500. It all depends on your new cards credit limit to what you can transfer. Have a look at non-HSBC balance transfer offers.
Shaike

Shaike

29 August 2020
I have existing HSBC credit card (limit $9500). May I transfer 95% of this limit to non HSBC credit card? Is it possible to transfer to non HSBC saving A/C instead of Non HSBC credit card as well?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    31 August 2020
    Hi Shaike, no it is not possible to do a HSBC balance transfer to a bank account. Citi are the only issuer that can deliver a cheque to self in the balance transfer process. Though you need to be transfers current personal loan debt for this option.

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