HSBC Platinum Credit Card

• 0% p.a. balance transfer for 6 months from non-HSBC credit and store cards (a 2% handling fee will apply)
• No annual fee for the first year (a saving of $129)
• Visa Platinum Concierge Service
• Visa Platinum Airport Service
• Earn Rewards Points on every dollar you spend on purchases and choose your own rewards from travel to shopping to charity donations
• Comprehensive insurance package including International Travel Insurance, Extended Warranty insurance and Purchase Protection Insurance
• Priority 24-hour customer service
• Up to 55 days interest-free period when you pay the full balance by the due date
• Read the terms and conditions

• Excellent balance transfer offer.
• No annual fee for the first year.
• High credit limits available.
• HSBC charge a fee for doing the balance transfer.
• Cheaper ongoing purchase rates are available.

How does the HSBC Platinum Credit Card compare for rates and fees against an average credit card? Based on the data from our website this credit card comparison scorecard shows:

		Purchase Rate	Cash Adv Rate	Annual Fee	Bal. Transfer Rate	Bal. Transfer Rate Period
	HSBC Platinum Credit Card	19.99%	21.99%	$0	0%	6 months
	The Average Credit Card	17.17%	21.04%	$95	3.04%	7 months

You can transfer from:



• ANZ
• Aussie
• Bank of Melbourne
• Bank of Queensland
• Bank SA
• Bankwest
• Citibank
• Coles
• Commonwealth Bank
• NAB
• St.George
• Suncorp
• Virgin
• Westpac

You cannot transfer from:



• HSBC
• Woolworths

For people who want the best, it does not get much better than the HSBC Platinum credit card. As the most prestigious card offered by HSBC, it attracts many consumers. From platinum privileges to high credit limits and much more, when you carry this card you know that you are going to get the attention you deserve – not to mention many financial benefits.

Features, features, and more features. This is what the HSBC Platinum credit card is all about. If you are tired of credit cards that don’t have much to offer, you should take a closer look at what HSBC has in store for you.

Pros

One of the most important benefits of the HSBC Platinum credit card is the 0% p.a. balance transfer for 6 months. If you have a balance on another card and are looking to save money on interest, this is an offer that you don’t want to pass by.

Moving on, this credit card does not have an annual fee for the first year. This alone can go a long way in saving you money. After the first year, your annual fee is only $129 p.a. While nobody particularly enjoys having to pay this fee, it is much less than many competitors. And the card does come with many benefits that justify the annual fee, as we will come on to below.

Are you the type of person who is interested in earning rewards points? With the HSBC Platinum credit card you will earn points for every dollar you spend on purchases. Making things even better, you can use your points for everything from travel to charitable donations to shopping.

You might as well take advantage of complimentary insurance anytime it is offered. This credit card includes an insurance package complete with: purchase protection insurance, extended warranty insurance, and international travel insurance. This range of insurance is formidable, but it is comparable with the complimentary insurance cover that is on offer with many other platinum level credit cards.

When you carry a platinum credit card from HSBC you can expect the best of the best in terms of customer service. In fact, you have access to 24 hour customer service. No matter if you need to book a trip on short notice or have a question about your account, getting in touch with a customer service representative is a simple process.

There is nothing better than carrying a Visa Platinum card. With this, you have access to experiences that money cannot buy. From a personal concierge service to backstage passes and sold out tickets, you have special privileges that others don’t. The concierge service alone is well worth carrying this card, especially if you lead a very busy lifestyle. Wherever in the world you may be, with this service you can get the help necessary to make all your dreams come true. Better yet, your personal concierge is available 24 hours a day, 7 days a week.

Cons

On the downside, you only get one year’s annual fee paid for in full. After that, you are asked to pay $129 p.a. for the right to carry and use the HSBC Platinum credit card. As noted above, this is still less than what many other cards charge, but you still need to weigh up whether it is worthwhile for you.

The balance transfer offer on this card is great, but there is one caveat. Unlike most banks operating in Australia, HSBC charge a 2% admin charge on balance transfers. If you are moving a large amount of debt over, this fee could add up very quickly and actually impede your ability to get out of debt. Other cards are available with similar or better balance transfer deals, but without the admin fee. Shop around if a balance transfer is of top priority for you.

There are many cards on the market offering a lower ongoing interest rate on purchases. This card’s ongoing rate is 19.99% p.a., so it’s easier to find a competing offer with a much lower ongoing rate. Some will even have no interest for an introductory period. If you do plan on spending on the card a lot, and perhaps won’t be able to pay your balance off every month, then this purchase rate could be a point of contention.

Are you eligible for this credit card? With a minimum income requirement of $60,000, you may not earn enough money in order to qualify. This can be frustrating for consumers interested in this card and all the benefits that it offers. if it is the case though, there are plenty more platinum cards on offer, some of which do have a lower minimum income requirement.

Conclusion

When you begin to compare the pros and cons of the HSBC Platinum credit card it is easy to see that the benefits far outweigh any drawbacks. As long as you earn enough money and are willing to pay a comparatively reasonably annual fee, there is little reason to overlook this credit card. Once you go platinum you will never go back!