HSBC Platinum Qantas Credit Card

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 Qantas Credit Card

Globetrotters will appreciate the HSBC Platinum Qantas card as for its travel perks and Qantas points. For a limited time, you can earn bonus points when you spend and save $299 on the first year's annual fee. You'll also get complimentary overseas and domestic travel insurance, free Qantas Frequent Flyer membership and other nifty card extras like 0% on balance transfers for 12 months.

Let’s look a little closer to find out more about the introductory offer, points earning potential, as well as the features you could enjoy with access to this pretty piece of plastic. Is it the card for you? Read on to find out.

What we love...

HSBC's new offer is about rewarding you on your spending. You can earn a bonus 0.5 Qantas Points on eligible transactions for the first year. So, that means you'll earn 1.5 points per $1 for 12 months (or when you've spent $120,000 on the card, whichever comes first) and then 1 point per $1, which is still a great earn rate for Qantas points. You'll also save $299 the first year as part of the annual-fee-free introductory offer. Just note this offer is available to new applicants only.

But this card is about more than just bonus points. If you’ve got debt you want to pay off on any other non-HSBC credit cards, you could transfer the balance onto this card to enjoy 0% p.a. for 12 months. Then you’d have a year to pay down your debt, without worrying about interest.

What’s not so great...

Looking past the introductory offers on any credit card, there’s always more to uncover. Here’s where we look at the features that some cardholders may not be all that enthused about.

If you do choose to use the balance transfer feature, just be aware that a 2% fee applies on the transferred amount.

If you want to earn big on points, you may not feel you’re getting the value you need from this card, especially with that points cap in place (although $120k per year is a generous cap!). There is also the relatively high purchase rate to consider, but this can be kept in check as long as you pay off the balance in full each month.

Why should you choose this card?

Deciding whether or not to choose this card simply comes down to value. You need to make sure you will get your money’s worth on your annual fee, either in the points you get in return, or the features you use on a regular basis.

More about those features? The HSBC Platinum Qantas Credit Card has plenty to offer in the way of features, including complimentary Qantas Frequent Flyer membership, and complimentary international travel insurance, purchase protection and, extended warranty.

Cardholders can also enjoy up to 55 days interest-free on purchases, a 24/7 Personal Concierge, free multiple additional cardholders (other charges may apply), and access to HSBC Instant Savings, to benefit from more than 4,500 offers at participating outlets across Australia and New Zealand, every time you use your credit card.

Overall Rating

A nice rewards card that gives you the opportunity to earn a very good rate of Qantas Points plus no annual fee the first year. The combination of extra points and savings on fees helps you maximise the value of your points. You'll also get 12 months 0% p.a. on balance transfers, alongside a decent ongoing earn rate and raft of desirable extras for travellers.

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.