HSBC Platinum Qantas Credit Card | Review & Apply Online

HSBC Platinum Qantas Credit Card

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Save money
Earn points
My monthly spend: 
$5,000
 
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Card features
Rewards program
Earn rate
Sign up bonus
Points earned
HSBC Platinum Qantas Credit Card
Apply by 31 dec 19
5 reviews
HSBC Platinum Qantas Credit Card
Earn 1 Qantas Point per $1 spent, up to $2,500 every month. Every $1 spent thereafter will earn 0.5 Qantas Point. (Capped at 7,500 per statement period)
0% p.a. for 12 months on balance transfers with no balance transfer fee.
No annual fee for the first year. ($79 p.a. thereafter)
Add to comparison
Qantas Frequent Flyer
Qantas Frequent Flyer
1 pt
per $1 spent capped
-

Pros & cons

What's good?

What's not so good?

Earn 1 Qantas Point per $1 spent, up to $2,500 every month. Every $1 spent thereafter will earn 0.5 Qantas Point. (Capped at 7,500 per statement period)
0% p.a. for 12 months on balance transfers with no balance transfer fee.
No annual fee for the first year. ($79 p.a. thereafter)
Because it’s a Visa card you’ll not have to worry about avoiding American Express surcharges.
Complimentary membership to Qantas Frequent Flyer if you need it, saving you $99.50.
Cardholders get comprehensive travel insurance for Australia and overseas.
Visa payWave for faster contactless purchases.
Comes with Apple Pay.
Points earning rate drops back to 0.5 Qantas point per $1 spent after $2,500 threshold spend per statement period effectively making this card unsuitable for big spenders.
If you’re using this card overseas there’s a 3% foreign transaction fee to pay.
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.

Our review

Our review of the HSBC Platinum Qantas Credit CardReviewed by Yvonne Taylor

Choosing the best Qantas Frequent Flyer credit card to suit your circumstances can be a difficult process because there are so many variables to consider. How many points are earned per dollar spent? Are points capped? Are there any sign-up bonus points on offer? Is it an Amex card, therefore not accepted everywhere or possibly subject to a surcharge? And how much is the annual fee?

Best take a look, then, at the HSBC Platinum Qantas Credit Card, which comes with possibly the best available non-Amex combination of points earning rate, and annual fee. Its points cap is high enough for it to never be a problem, and the package contains all the usual platinum card benefits.

No sign-up bonus points right now

Although HSBC has offered sign-up bonus points in the past, there are none currently on offer. But all its other rewarding features will keep on going, year after year, so the card will appeal to anyone looking for a long-term credit card rather than a one-off points boost.

QFF points earning rate as good as it gets without Amex problems

There’s no getting away from the fact that American Express cards, whether issued by Amex itself or as a bank’s companion card, offer the highest earning rate for Qantas Frequent Flyer points. The rate can be as high as 1.5 or even two points per dollar spent, in some circumstances.

However, there is a serious downside with Amex cards: many retailers attach a surcharge of up to 3% on Amex credit card transactions, while some decline Amex cards altogether. You can avoid this problem by using the HSBC Platinum Qantas Credit Card, which is a Visa card.

Qantas itself issues non-Amex cards with a higher QFF points earning rate, but also with much higher annual fees.

Earn one QFF point per dollar with this card

Although HSBC’s 1.0 points per dollar spent is certainly not as good as 1.5 or 2.0 points, it’s difficult to find a better rate attached to a Visa card or Mastercard (with the already noted exception of the very expensive cards issued by Qantas itself). ANZ, NAB, Macquarie and Woolworths all issue cards with a one-point-per-dollar rate and a higher annual fee, but no issuer can surpass this rate and most are offering far less – often as low as 0.5 points per dollar.

Generous points cap, but restrictive threshold

There’s a monthly cap of 7,500 points ($12,500 of spending) with this card. This means that after spending $12,500 in any one month, no further points can be earned in that month. That’s unlikely to trouble most cardholders.

More annoying is the monthly $2,500 threshold, beyond which the earning rate drops to 0.5 points per dollar. Many cardholders will reach this limit every month, and see their points earning rate fall in the last part of the statement period. However, many competing cards have similar restrictions.

Waived QFF joining fee

If you’re not already a Qantas Frequent Flyer, HSBC will make it easy and save you money by paying the $99.50 joining fee.

Lots of ways to spend Qantas points

There are plenty of ways to spend your Qantas points:

  • Use them for award flights on either Qantas (e.g. 16,000 points for a return economy flight between Sydney and Melbourne) or Jetstar (usually fewer points, e.g. 12,800 points for a Sydney/Melbourne return).
  • Exchange them for merchandise at the Qantas online store.
  • Swap them for gift cards to use at major Australian retailers, starting at 3,970 points for a $25 eCard.
  • Donate points to a worthwhile charity – 2,900 points buys a $25 donation.
  • Buy Hoyts movie vouchers or gift cards.
  • Use points for accommodation at Accor and Crown hotels, starting at 16,530 points for a $100 voucher.
  • Treat yourself to some time at a Hunter Valley health retreat, starting at 40,400 points for a $250 voucher.
  • Book car hire with gift cards (Avis and Budget). Uber gift cards and Qantas valet parking vouchers are also available.

A Points + Pay option is available for most redemptions.

Insurance benefits

HSBC have covered most bases with the card’s complimentary insurance policies. Here’s what’s included:

  • Annual multi-trip international travel insurance for primary and supplementary cardholders and their families. It covers emergency medical expenses, unavoidable trip cancellation, flight delay, luggage and documents loss, damage or delay, rental vehicle insurance excess waiver, loss of income, and more.
  • Annual multi-trip domestic flight travel insurance, covering unavoidable trip cancellation, flight delay, luggage loss, damage and delay, and rental vehicle insurance excess waiver.
  • Transit accident insurance, providing cash compensation in the event of accidental injury on a plane or public transport, where the fare was paid with the card.
  • Extended warranty insurance, doubling the warranty period on goods purchased with the card, up to a maximum of 12 extra months.
  • Purchase protection insurance, providing 90 days of loss, theft and damage cover for goods purchased using the card.
  • Guaranteed pricing scheme, meaning you don’t have to worry whether you scored the lowest price. Under certain conditions, HSBC will refund the price difference if you see something advertised for less after you purchased it with the card.

The travel policies are activated by paying travel costs with the card. In the case of overseas travel this means paying at least 90% of the return airfares of all travellers needing cover, and in the case of domestic travel, pay at least 90% of all fares plus accommodation.

0% interest balance transfer if you need it

Do you have an overdue balance on your current credit card, where you may be paying interest of 20% p.a. or more? You can transfer that balance to your new HSBC Platinum Qantas Credit Card and pay no interest for 12 months, as well as paying no upfront fee. This will save you heaps in interest charges.

And, unlike most competing balance transfer offers, the presence on your new card of an uncleared balance transfer does not mean that you will forfeit the normal monthly interest-free days on purchases. Provided you repay your purchases amount plus any cash advance amounts every month, in full and on time, you will retain your monthly interest-free days on purchases.

If you do not repay all balances (except the balance transfer) in full every month, you will be charged 19.99% p.a. from each purchase transaction state, until fully repaid. The cash advance rate is 21.99% p.a., also charged from the transaction date until repaid.

Up to 55 days interest free

The card has an accommodating 55-day billing cycle, 11 days longer than the 44 days applied by some cards. This means that, provided you have balances for purchases or cash advances left unpaid beyond the due date, you’ll get up to 55 days interest free each month, depending on the timing of your purchases.

Visa Premium Benefits

Because it’s a Visa Platinum card, certain perks are automatic. They include the Visa Premium Concierge Service, for worldwide lifestyle advice and assistance just a phone call or mouse click away. The best seats in the house for concerts and the theatre are assured, even before they go on sale to the general public. Plus you’ll have access to travel and accommodation discounts, just for being a Visa Platinum cardholder.

Instant savings

There’s yet another built-in benefit. You’ll receive free membership of the Frequent Values program, giving you access to ongoing discounts at supermarkets, petrol stations, restaurants, department stores, entertainment and hotel accommodation.

Annual fee $79, free for the first year

This is the point at which it all comes together. For an annual fee of $79 (with no further charge for up to 99 supplementary cardholders) you can have the most cost-effective compromise between the most favourable QFF points earning rate, points capping, points earning rate threshold and complimentary benefits.

$79 is already very cheap for a card earning Qantas points at a satisfactory rate, plus platinum complimentary benefits. But in the first 12 months, it’s yours to try out without paying an annual fee.

Competitor comparison

It would be a good idea to visit the Qantas page in our Features section before you make up your mind. You can compare this card’s points earning rate, benefits and cost with its competitors, to make sure that you are getting the best deal for your circumstances.

A card for the judicious QFF points collector

Serious Qantas Frequent Flyers will want the HSBC card if they find an American Express card too frustrating (or expensive in terms of surcharges) in spite of its possible higher points earning rate. However, because the earning rate drops after the first $2,500 spent each month, it’s not going to appeal to big spenders. If you are happy to see your QFF points balance climb steadily as a result of your moderate spending, this may be the most convenient and cost-effective card for you.

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

3.4 out of 5.0 based on 5 reviews80% of reviewers would recommend this card

Rates and fees
Rewards
Customer service
Convenience
Trust

Reviews from users

HSBC = Paranoia!

Reviewed and not recommended by J on 17 Oct 2017

Having recently applied online for this card I have to say that HSBC paranoia is perhaps the most extreme that I’ve ever experienced.

Having dutifully completed every question on the online application and then uploaded a recent salary slip as they requested, I thought that my application should proceed quite easily as I earn over $250K pa, own about $6 million in unencumbered property, have substantial savings and have no debt. One would assume that HSBC would come knocking on my door begging for my business. But alas it was not to be.

A few days after completing my application I received a call from an 'HSBC application consultant’ to advise me that HSBC require the following evidence in support of my application:

1. Three additional salary statements to the one I already provided
2. Proof that I have no mortgages on any properties I own
3. Bank statements showing all my savings (must not be more than 1 month old)
4. All my current other credit card statements showing how much I have spent and currently owe
5. Three rental statements for each property I own showing how much rent i am getting, expenses etc

All this for a HSBC credit card? I must have been flagged as a potential fraudster by the HSBC fraud software.

After the 'HSBC application consultant’ was finished with his requests, I politely cancelled my application and told him I’ll go elsewhere for my credit card requirements.

What a joke!

No fuss to join, excellent personalised service.

Reviewed and recommended by Graham on 27 Jun 2017

Having endured 18 days being messed around by another bank, it was refreshing to be accepted by HSBC in less than 24 hours.

The $199 annual fee with 60,000 bonus points and 1 point per dollar sure beats my current provider raising their annual fee to $295.

Some banks do not value existing customers!

OK if you can use QFF points

Reviewed and recommended by Chris on 12 Dec 2016

There are decent QFF reward points. The interest rate is high though. I would recommend it if you have a use for QFF points. Otherwise, opt for a low rate card instead.

Service is pretty good. Their online banking is secure, but a bit annoying with the two passwords you need to log in.

Overall, the card is okay.

Great rewards and security

Reviewed and recommended by Paul on 16 Sep 2016

This HSBC card is a highly valuable and useful card. I enjoy using this card for online shopping and groceries. Payment is easy.

Also, the security of using the card is great. It has the feature of primary and secondary passwords.

Visa payWave is very convenient when payment is made under $100.

Perfect for Qantas points

Reviewed and recommended by R on 24 Jun 2016

I love this card. I just need a new chip on it so I can do payWave easily. It’s a great way to accumulate Qantas Frequent Flyer points by spending on everyday items.

I would pick this card any day, but it does have high annual fees, so beware of the sting. Great card otherwise and would recommend.

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
Single
Card tier
Platinum
Card type
Visa
Card use
Personal
Credit rating
Good
Gambling transactions allowed
No
Joint application
No
Minimum age
18 years old
Minimum income
$40,000
Minimum income for pensioners
Same as standard
Pensioners
Yes
Rewards program
Qantas Frequent Flyer
Temporary residents
Yes

Cardholders

Additional cardholders
99
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
$6,000
Maximum credit limit
$60,000

Repayments

Interest charged from
Statement 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
No
Balance transfer fee payment due
First statement
Balance transfer from personal loan
No
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
No

Banks you can't balance transfer from

You can't balance transfer to the HSBC Platinum Qantas 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.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

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

Fees

Annual fee
$0 p.a.
Annual fee 2nd year
$79 p.a.
Cash advance fee
whichever is greater, $4 or 3%
Dishonour fee
$30
Duplicate statement fee
$8
Foreign exchange fee
3%
Late payment fee
$30
Over limit fee
$30
Overseas ATM balance fee
$0
Overseas ATM withdrawal fee
$3
Overseas emergency card replacement fee
$0
Transaction verification fee
$0

Rewards & points

Cool stuff you can get with your points

Disclaimer: Points required accurate as of the 31st March 2018.

Rewards program basics

First purchase bonus
N/A
Reward points expiry
Never as long as you keep your account active
Rewards program
Qantas Frequent Flyer
Sign up bonus
N/A
Spend required for bonus points
N/A

Earning points with this card

Frequent flyer points
1 pt per $1 spent
Overseas earn rate
Same as standard earn rate
Points cap per month
7,500
Points cap per year
90,000
Points earned on ATO payments
0 pts per $1 spent
Reward points
1 pt per $1 spent

Additional benefits

Airport lounge access
No
Complimentary flight voucher
No
Concierge service
Yes

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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