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 36 Months

Offering 0% p.a. on balance transfers for an incredible 36 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 offers a reduced annual fee 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 36 months. You will also not pay a balance transfer fee on your transferred amount.

With a 36 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 36 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 first year discounted annual fee of $29. This reduces the card’s usual annual fee the first year only. An ongoing $129 p.a. applies. 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 eligible purchases and 1 Rewards Plus point per $1 for all other eligible 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 reduces its annual fee in the first year. New cardholders can benefit from an awesome 0% p.a. on balance transfers for 36 months with no balance transfer fee.

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