HSBC Platinum Credit Card Balance Transfer Offer | Review, Compare & Apply

HSBC Platinum Credit Card Balance Transfer Offer

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HSBC Platinum Credit Card Balance Transfer Offer
Apply by 30 sep 20
HSBC Platinum Credit Card Balance Transfer Offer
0% p.a. on balances transferred for 22 months, with no balance transfer fee.
$129 p.a. annual fee which is refundable each year when you spend $6,000 on eligible purchases.*
Earn 2 pts per $1 spent on overseas purchases.
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Pros & cons

What's good?

What's not so good?

0% p.a. on balances transferred for 22 months, with no balance transfer fee.
$129 p.a. annual fee which is refundable each year when you spend $6,000 on eligible purchases.*
Earn 2 pts per $1 spent on overseas purchases. Earn 1 Rewards Point per $1 spent on all other purchases.
High credit limits available for bigger spenders.
Insurance package available including extended warranty, purchase protection, guaranteed pricing, and transit accident insurance.
Indulge convenience with the complimentary two airport lounge passes every year at over 500 airports worldwide.
Get additional cardholders at no extra cost.
Visa payWave for faster contactless purchases.
Comes with Apple and Google Pay.
After the balance transfer period is over the interest rate on unpaid balances goes up to the cash advance rate.

Credit provided by HSBC Bank Australia Limited ABN 48 006 434 162 Australian Credit Licence 232595. Offers available to new, approved HSBC credit cardholders who apply by 30 September 2020. Fees, charges, terms, conditions and HSBC lending criteria apply to all credit cards issued by HSBC. Visit or call 1300 308 880. Interest rates are valid at the time of publication and are subject to change.
To be eligible for the introductory balance transfer rate, the balance transfer request must be made at the time of applying for the new HSBC credit card. Your total balance transfers must not exceed 90% of your approved credit limit. The interest rate on the balance transfer applies for 22 months for the HSBC Platinum Credit Card. The balance transfer must be from non-HSBC credit cards. After this period, any balance outstanding from the balance transfer will accrue interest at the cash advance rate (currently 21.99% p.a. and subject to change). HSBC will allocate payments we receive from you to pay off the portion of your balance which attracts the highest interest rate first and subsequently to portions of your balance attracting lower interest rates. This may mean applying any and all payments made to your HSBC credit card account to pay off other transactions such as purchases and cash advances before any balance transfer amount.

Disclaimer (2): Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

Our review

Our review of the HSBC Platinum Credit Card Balance Transfer OfferReviewed by Yvonne Taylor

If you thought the HSBC Platinum Credit Card looked good, wait until you get a load of the HSBC Platinum Credit Card Balance Transfer Offer. It has all the features of the standard HSBC platinum card, but with one important difference – a much longer 0% p.a. interest balance transfer offer.

A long 22 months balance transfer at 0%, with no upfront fee

There’s lots to love about this offer.

The first point to note is the length: 22 months, one of the longest offers around at the moment. That will give you heaps of time to get your finances sorted out if you are in temporary financial difficulties. Transfer your balance to your new HSBC card, pay no interest on it for 22 months, and make every possible effort to pay off the balance in monthly chunks.

Perhaps you have a $5,000 balance on your existing card, where you are paying interest at 20% p.a. That means you are being charged $83 in interest every month. Once you are no longer paying that $83 per month, direct $83 in cash towards paying off the transferred balance on your HSBC card, plus whatever other cash you can scrape together. During the term of the offer, you’re going to save $1,764 in interest charges on that $5,000 balance.

And there’s no upfront balance transfer fee to eat into your savings. Other cards may charge as much as 2.5% of the transferred balance (i.e. $125 for a $5,000 balance) as a credit establishment fee, but this one doesn’t.

Special feature of HSBC balance transfer offers

There’s something really important and beneficial that you need to know about HSBC balance transfer offers. Almost every other credit card provider in Australia will take away your interest-free days on purchases while you have an uncleared balance transfer sitting in your account. But HSBC will not do that. Provided you continue to pay off your purchases balance in full each month, as well as repaying any cash advances you may have taken and the 3% monthly minimum repayment of your balance transfer amount, you will retain your interest-free days (up to 55) on purchases. This is a stunning feature. It means that you can earn rewards points and also qualify for an annual fee rebate even though you haven’t repaid your balance transfer.

Earn rewards points on your purchases

Just use the card for your everyday purchases and see the points roll in. You’ll earn one HSBC Rewards Plus point for every dollar you spend in Australia, and two points for spending with overseas merchants, including online.

Points are capped at 10,000 per month, but that’s quite generous. It means that you can still earn full rewards points on major purchases, like household appliances, technology or an overseas holiday, as long as you keep your eye on the cap and try to spread your purchases over more than one month (e.g. by booking your airfares in month one, and your accommodation in month two).

Ways to redeem your HSBC Rewards Plus points

  • Choose from a range of merchandise in the online Rewards Plus catalogue – homewares, fashion, technology, jewellery, books and more
  • Exchange points for gift cards to spend at national retailers: 5,000 points per $25
  • Get a cashback on your HSBC credit card account – 7,500 points per $25 cashback
  • Convert your HSBC Rewards Plus points to Virgin Australia Velocity frequent flyer points at the rate 2 HSBC points = 1 frequent flyer point
  • Swap points for accommodation vouchers with hotel groups Fairmont, Choice and Swissôtel, starting at 5,000 points for a $25 voucher
  • Exchange your points for a gift voucher with Flight Centre, starting at 20,000 points for a $100 voucher

Annual fee refunded for low $6,000 annual spend

Because you can still use your card for interest-free purchases while taking up the balance transfer offer, you’ll potentially be able to recoup the annual fee every year, right from the start. It shouldn’t be too difficult to spend $6,000 per year on your credit card and qualify for a full refund of the $129 annual fee. Groceries, petrol, transport and a takeaway meal or two will soon chew through $500 a month. You don’t need to change your normal spending pattern to qualify for a free platinum credit card while this offer lasts.

Supplementary cards on the account (e.g. for your partner) are always free of charge.

The benefits keep on coming with complimentary insurance policies

Platinum card complimentary insurance policies aren’t usually truly free, because you make a contribution to the cost when you pay your annual fee. But this extensive insurance cover is really free of charge when you spend enough to get your annual fee rebate:

  • Annual multi-trip international travel insurance for primary and supplementary cardholders and their families, covering emergency medical expenses, luggage, delays, unavoidable cancellation and even loss of income as a result of injury sustained while travelling. (Cover is activated by using the cards to pay at least 90% of each traveller’s fare.)
  • Rental vehicle insurance excess waiver, worldwide.
  • Transit accident insurance, providing cash compensation for loss of life, limb or eyesight sustained as the result of an accident while travelling as a passenger on a plane, train, bus or ferry, where the fare was paid with the card.
  • Purchase protection insurance, covering goods purchased with the card for 90 days against loss, theft or accidental damage &ndash: generous $125,000 annual claim limit.
  • Extended warranty insurance, doubling the manufacturer’s Australian warranty on items bought with the card, up to a maximum of 12 additional months.
  • Guaranteed pricing scheme, refunding the price difference if an item you purchased with the card in a store appears in a printed catalogue with a price more than $75 lower, up to 21 days after the purchase.

Free airport lounge passes

The primary cardholder is entitled to receive two lounge passes every year, to Lounge Key airport lounges. One of the free passes may be used by a guest accompanying the primary cardholder, and additional visits are available at a cost of $US27 per person.

Lounge Key provides access to over 1,000 airport lounges worldwide, regardless of which airline you are flying with. There are Lounge Key lounges in Sydney, Melbourne, Brisbane, Perth, Adelaide, Cairns, Darwin and Coolangatta.

Standard platinum card interest rates

Don’t choose this card for any of its interest rates other than the introductory one on balance transfers. It’s a card designed for users who intend to repay their purchases balance in full every month and also avoid cash advances, and so charges 19.99% p.a. on unpaid purchase balances and 21.99% for cash advances (from the transaction date until repaid).

Compare other platinum cards with balance transfer offers

Before you make your final decision, it would be a good idea to take a look at other balance transfer offers on platinum cards, just to make sure you are getting the best possible deal. Visit the Balance Transfer page in our Features section, and look for the words ‘Platinum’ or ‘Premier’ in card names.

A card offering the best of many worlds

This card is all about benefits with no exclusions. You can take up the introductory balance transfer offer without sacrificing either interest-free days or the potential to earn rewards points and also turn it into a ‘no annual fee’ card. It’s a good card for both travellers (free insurance, airport lounge passes, extra points on overseas spending) and shoppers (shoppers’ insurance policies, extra points for online overseas spending), and it will continue to reward you for many years after the introductory offer has expired.

Disclaimer: Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

The basics

About this card

Card setup
Card tier
Card type
Card use
Credit rating
Gambling transactions allowed
Joint application
Minimum age
18 years old
Minimum income
Minimum income for pensioners
Same as standard
Rewards program
Rewards Plus
Temporary residents


Additional cardholders
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
Maximum credit limit


Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment
whichever is greater, $20 or 3%

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.22 months0%90% of credit limit21.99% p.a.

Balance transfers to this card

Balance transfer earns rewards
Balance transfer fee payment due
First statement
Balance transfer from personal loan
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
90% of credit limit
Available to existing customers

Banks you can't balance transfer from

You can't balance transfer to the HSBC Platinum Credit Card Balance Transfer Offer at the promotional balance transfer rate from:

  • HSBC

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.22 months0%90% of credit limit 21.99% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

Cash advances 1.83% 21.99% p.a.
Purchases 1.67% 19.99% p.a.


Annual fee
$129 p.a.
Cash advance fee
whichever is greater, $4 or 3%
Dishonour fee
Duplicate statement fee
Foreign exchange fee
Late payment fee
Over limit fee
Overseas ATM balance fee
Overseas ATM withdrawal fee
Overseas emergency card replacement fee
Transaction verification fee

Rewards & points

Rewards program basics

First purchase bonus
Reward points expiry
Rewards program
Rewards Plus
Sign up bonus
Spend required for bonus points

Earning points with this card

Frequent flyer points
Overseas earn rate
2 pts per $1 spent
Points cap per month
Points cap per year
Points earned on ATO payments
Reward points
1 pt per $1 spent

Additional benefits

Airport lounge access
2 passes every year
Complimentary flight voucher
Concierge service

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular income of more than $40,000 per year
Have a good credit history
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Temporary residents are eligible
Age Pension, Disability Pension, Overseas Pension, Veteran's Pension and Widower's Pension are acceptable.
Carer's Allowance, Child Support Payments, Family Tax Benefits and Parenting Payments and Foster Care Allowance are acceptable.
Joint applications are not allowed
Austudy and Youth Allowance are not acceptable.
Disclaimer: The minimum criteria are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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