HSBC Platinum Credit Card | Review, Compare & Apply

HSBC Platinum Credit Card

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Card features
balance transfer
purchase rate
annual fee
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HSBC Platinum Credit Card
Apply by 30 sep 19
12 reviews
HSBC Platinum Credit Card
0% p.a. on balances transferred for 12 months, with 0% balance transfer fee.
0% p.a. for 12 months on purchases.
$129 p.a. annual fee which is refundable each year when you spend $6,000 on eligible purchases.*
Add to comparison
12 months
0% p.a.
then 21.99%
with a 0% fee
12 months
0% p.a.
then 19.99%

Pros & cons

What's good?

What's not so good?

0% p.a. on balances transferred for 12 months, with 0% balance transfer fee.
0% p.a. for 12 months on purchases.
$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.
High credit limits available for bigger spenders.
Insurance package available including extended warranty, purchase protection, guaranteed pricing, and transit accident insurance.
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.

$129 Annual Fee will be charged annually on the anniversary of the account opening date each year, this will be refunded for customers who spend $6,000 on eligible purchases within the following 12 months. Refunds will be posted automatically within 30 days of eligible spend criteria being met, if your account is current and in good state. Eligible purchases exclude interest free and other promotions, balance transfers, business expenses, cash advances, fees and charges and disputed transactions.

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 CardReviewed by Yvonne Taylor

It’s not unusual to get a basic credit card with no annual fee. What is highly unusual is to get a platinum credit card without an annual fee, not just as an introductory offer for the first year, but every single year. Although the stated annual fee for the HSBC Platinum Credit Card is an already reasonable $129, it’s relatively easy to have the fee refunded every year. And remember that a platinum credit card comes with a lot of benefits, in this case, a rewards scheme and airport lounge passes, as well as a suite of useful insurance policies, all of which can be yours absolutely free of charge.

But if you’d also like to start the relationship with a zero interest balance transfer, that can be yours too. And HSBC balance transfer offers come with a very special feature. You can still benefit from up to 55 interest-free days on purchases every month, even though you a balance transfer that you haven’t yet repaid.

Annual fee refunded for low $6,000 annual spend

Spending $6,000 annually on your credit card – just $500 per month – is not difficult: groceries, fuel for your car, a restaurant meal – goodbye $500 per month, hello free credit card. 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.

Earn rewards on your everyday purchases

Making purchases expressly for the purpose of earning rewards is illogical and not cost-effective. But earning rewards for everyday, unavoidable spending is totally reasonable, and that’s exactly what this card allows you to do. For every dollar you spend in Australia, using the card, you’ll earn one HSBC Rewards Plus point. For every dollar you spend with overseas merchants, including online purchases, you’ll earn two points.

Points are capped at 10,000 per monthly statement period, but that’s a fairly generous limit. You’d need to be spending at least $100,000 per year using your card in order to hit the cap on a regular basis.

What can you do with the points? All of this:

  • Choose from a range of merchandise in the online Rewards Plus catalogue – everything you would expect to find in an upmarket department store
  • Exchange points for retail gift cards, including national brands like Coles, Woolworths, Myer, Bunnings, JB Hi-Fi and Westfield – 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

Complimentary insurance policies

Because you can have the annual fee refunded, these insurance policies really are free, unlike the similar policies accompanying high-fee cards. Here’s what you’ll get, without paying an extra cent if you meet the fee refund criterion:

  • 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 an 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.

Big potential savings on selected dining, travel and retail purchases

Cardholders will be automatically enrolled in the Frequent Values dining and retail program. There is a long list of restaurants offering a 20% bill discount, hotels with a 20-50% reduction, plus additional discount offers on retail gift cards, car hire, travel, entertainment, health and beauty, and more.

Platinum concierge service

You may know what facilities are available in your hometown, but what happens when you are travelling interstate or overseas? This card gives you access to the Visa Platinum concierge service anywhere in the world, to assist with advice and reservations for restaurants, travel, accommodation, entertainment and other lifestyle services. The platinum concierge staff are local experts, and may even know more than you do about the best places to eat, stay and be entertained on your own doorstep.

Balance transfer at zero interest for 12 months

Transfer balances from your existing non-HSBC credit or store cards, up to a liberal 90% of your new approved credit limit, and pay no interest at all on the balance for 12 months, with no balance transfer fee to pay.

A zero-interest balance transfer to a platinum card is likely to appeal to someone who has either just made a major purchase with their existing card, maxing out their credit limit, or to someone who can afford to repay their balance but would appreciate the opportunity to leave some funds on deposit and earn interest.

Unlike nearly every other credit card balance transfer offer, with this one you won’t forfeit interest-free days on purchases

HSBC zero-interest balance transfers comes with a remarkable feature that makes this card stand out from its competitors.

With most credit cards, having a balance transfer is an ‘either/or’ option. That is, for as long as there is an unpaid balance transfer on your card, you won’t qualify for the normal monthly interest-free period of up to 55 days on purchases. This means that you’d probably not use the card for purchases while the balance transfer was unpaid, thus missing out on rewards points and other benefits that require purchases to be made.

But HSBC does things differently. Provided you repay your purchases balance in full every month, plus any amounts taken as a cash advance, you will still continue to qualify for 55 interest-free days on purchases, in spite of the presence of an unpaid balance transfer.

High interest rates are avoidable

The balance transfer revert rate (the rate you’ll pay on any remaining balance when the 12-month interest holiday is over) is the cash advance rate of 21.99% p.a. The interest rate on purchases is 19.99% p.a. Both these rates are at the high end of credit card interest rates, and you can avoid paying them by diarising the offer expiry date and regular payment due dates, and by planning both your purchases and your finances so that funds are available for full repayments when required.

Pay with your smartphone

The card is enabled for both Apple Pay and Google Pay. So if you have a compatible mobile device, you can enjoy the convenience of using it for fast, secure payments.

A good range of credit limits

The minimum income for this card is $40,000, so even the lowest available credit limit is a reasonably significant $6,000. But big spenders on high incomes can qualify for substantially higher limits to suit their needs.

One fee that even big spenders will want to avoid is the very disagreeable $200 overseas emergency card replacement fee. Hang on to the card carefully when travelling the world.

Other platinum rewards cards with no or low annual fee

Although the HSBC Platinum Credit Card is not strictly speaking a ‘no annual fee’ card, it effectively becomes one in any year where you use it to spend $6,000, which is likely to be most years for most cardholders.

While there’s no shortage of prestige cards offering an annual fee rebate in the first year, the opportunity to avoid a fee thereafter is extremely rare. Perhaps the strongest competitor is the American Express Essential Credit Card, which has no annual fee and, while not a platinum card, nevertheless has rewards points and some insurance cover (though not travel insurance).

You can compare other cards with no annual fee, or a first year fee rebate, on our ’No annual fee’ page in our Features section.

A card for those who want it all for nothing

The HSBC Platinum Credit Card proves that you can have it all and pay nothing. Enjoy loyalty points on your routine spending plus two airport lounge passes every year, benefit from complimentary insurance cover including the highly desirable overseas travel insurance policy, and pay no annual fee because the fee waiver spending target is extremely low. And have your cake and eat it too, with a zero-interest balance transfer offer that allows you to retain your interest-free days on purchases.

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.

User reviews

3.7 out of 5.0 based on 12 reviews83% of reviewers would recommend this card

Rates and fees
Customer service

Reviews from users

Poor website and phone app

Reviewed and not recommended by Elissa on 09 Oct 2017

The website, security and phone app were all clunky and difficult to use. They didn’t even have the ability to use Android Pay. We were sent password generators, but there was absolutely no information on how to activate them on the website.

Customer service over the phone was generally good but their hold music was painful. The card served its purpose for a interest-free credit transfer, but as soon as that is paid out I will be cancelling the cards and would not use them again.

Zero annual fee, decent rewards and offers

Reviewed and recommended by Jatin on 04 Dec 2016

I like this card because it has a zero annual fee, and decent rewards and offers. It’s also very convenient. You get an extra card at no extra cost.

I also get new offers every now and then. There’s easy access online, and emailed statements.

Great fee-free card with rewards

Reviewed and recommended by Andrew on 22 Sep 2016

The HSBC Platinum credit card has no annual fee but includes a rewards program, so you can’t really lose. As a Visa card, it is accepted pretty much everywhere, and while the rewards range is not very big, it doesn’t cost anything.

I’m not sure of the interest rate charged as I pay it off in full every month.

Great card for everyday use

Reviewed and recommended by Koshita on 21 Sep 2016

I get paid fortnightly and travel frequently and so a credit card was much required. I highly recommend the HSBC Platinum Visa card. It has complimentary travel insurance, no annual fee (got on a promotion), low interest rates and a rewards points program. It has a lengthy interest-free period which makes it very competitive.

The only downfall is that the rewards points are slow to accumulate and rewards are very costly in points.

Customer service is very friendly and knowledgeable on the phone and the online credit card login site is very secure.

No annual fee

Reviewed and recommended by Geoff on 20 Sep 2016

Great 'no annual fee’ credit card with a reasonable rewards program attached. HSBC partners with Visa to offer this fully-featured credit card that can be an excellent funding source, whether it be for local or international transactions, whether they are online or offline and whether they are large or small, HSBC and Visa have all the bases covered.

Saved money

Reviewed and recommended by Sandra on 10 Jul 2016

The balance transfer and the fees associated with the card are minimal. When using the card, the fees are small and when you are in contact with the customer service staff, they are great. Always willing to help and happy to offer opportunities, whether it be ways to pay your card off or putting together payment plans.


Reviewed and recommended by Kelly on 03 Jul 2016

I’ve only ever done gift cards but am pretty sure there are options to buy things too. There’s no annual fee at all, which is awesome. The HSBC website leaves a little to be desired and it took me a while to figure out to find the login to view my balance. I also don’t think there’s the option to schedule payments, but otherwise an awesome card.

Large number of hidden fees

Reviewed and not recommended by Kevin on 12 Mar 2016

Be careful, there are a large number of hidden fees. For example, the international transaction fee and paying for lotto tickets is considered as a cash advance. You also need more reward points to redeem items than other credit cards such as the David Jones American Express. HSBC customer service personnel are also difficult to understand.

Still in the technological stone ages

Reviewed and recommended by Kimberly on 21 Oct 2014

For such a worldwide, well known and trusted brand, HSBC is still in the technological dark ages – no mobile app, banking or credit card access. No Paypass available.

Pros are that it is tied to the Qantas Frequent Flyer scheme and when I signed up it came with 20,000 bonus points.

Have to bring it everywhere I go

Reviewed and recommended by Shiany on 02 Oct 2014

Easy to communicate with the costumer service. They have a good customer service team available to help if there is something wrong during your transaction/s. Very secure credit card against fraud, scammers etc. They notify or contact you if there is something suspicious transactions. There is good points redemption options, especially for airlines transfer points. It is easy to earn points, particularly when there are some offers to double or triple up the points on certain transactions.

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Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

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.12 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 at the promotional balance transfer rate from:

  • HSBC

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.12 months0%90% of credit limit 21.99% p.a.
Purchases0% p.a.12 monthsN/AN/A 19.99% p.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
1 pt per $1 spent
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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