Compare HSBC Credit Cards

Compare HSBC credit cards for balance transfers to save money and manage finances or earn points for free flights and upgrades.

By   |   Updated 12 Mar 2024

As seen on

Media - The Sydney Morning Herald
Media - Yahoo Finance
Media - News.com.au
Media - Daily Mail Australia
Media - Australian Fintech
Media - Dynamic Business

Comparing HSBC credit cards

HSBC Platinum Credit Card

On website

Highlights

  • Utilize the 0% p.a. offer on balance transfers for 12 months alongside a 2% balance transfer fee.
  • Experience the inaugural year with no annual fee, followed by $149 annually thereafter.
  • Accrue 2 Reward Plus points per $1 spent on qualifying overseas purchases and 1 Reward Plus point per $1 spent on other eligible purchases.
  • Maintain a minimum credit limit of $6,000.

Pros

  • 0% p.a. on balance transfers for 12 months.
  • $0 annual fee for the first year.
  • Enjoy 2 airport lounge passes every year.
  • Benefit from HSBC Instant Savings with exclusive dining and shopping discounts.
  • Includes complimentary travel and purchase protection insurance.
  • Choice of points transfer partners (Asia Miles, KrisFlyer, Velocity Frequent Flyer).

Cons

  • The balance transfer rate reverts to 21.99% p.a. after 12 months.
  • 2% balance transfer fee.
  • The 10,000 points cap per statement period.
HSBC Platinum Qantas Credit Card

On website

Highlights

  • Accrue 1 Qantas Point per $1 spent, up to $1,000 monthly; thereafter, earn 0.5 Qantas Points. Point accumulation capped at 7,500 per statement period.
  • Enjoy 0% p.a. for 12 months on balance transfers, with no balance transfer fee. (Reverts to cash advance rate of 21.99% p.a.)
  • Includes complimentary travel insurance and purchase insurance.

Pros

  • Earn up to 1 Qantas Point per $1 spent.
  • Comes with complimentary travel insurance and purchase insurance.
  • You get complimentary Qantas Frequent Flyer membership for free.
  • Add additional cardholders for free.
  • Up to 55 interest-free days.

Cons

  • Qantas Points are capped at 7,500 per statement period.
  • Ongoing annual fee of $299 p.a.
  • Ongoing interest rates are high.
HSBC Star Alliance Credit Card

On website

Highlights

  • Accelerate your journey to Star Alliance Gold Status by spending $4,000 or more on qualifying purchases within the initial 90 days of account opening. Terms and Conditions apply.
  • Pay no annual fee in the inaugural year ($450 p.a. thereafter).
  • Gain 1 point per $1 spent, up to $3,000 per statement period; thereafter, earn 0.5 points.

Pros

  • $0 annual fee for the first year.
  • Enjoy 0% p.a. on balance transfers for 12 months with a 2% balance transfer fee.
  • Convert your Star Alliance points to frequent flyer points with 7 alliance member airlines.
  • Includes complimentary travel insurance and purchase protection insurance.

Cons

  • The annual fee reverts to $450 after the initial year.
  • You have to spend at least $60,000 annually to maintain Gold member status after the first year.
HSBC Premier World Mastercard (Reward Plus)

On website

Highlights

  • Exchange accumulated HSBC Premier Rewards Plus points into three airline programs: Velocity, Asia Miles, and KrisFlyer, at a conversion rate of 2 HSBC points to 1 air mile point.
  • Receive complimentary membership to Qantas Frequent Flyer if not already enrolled.
  • Benefit from complimentary insurance coverage, including Domestic and International Travel Insurance, Transport Accident Insurance, Extended Warranty Insurance, and Price Protection Insurance.

Pros

  • $0 annual credit card fee if you go with HSBC Rewards Plus.
  • $10,000 minimum credit limit.
  • Two rewards programs — HSBC Rewards Plus or HSBC Qantas Rewards — to choose from.
  • Earn HSBC Rewards Points on eligible local and international purchases.
  • Home & Away Privilege program.
  • Extensive complimentary insurance benefits for domestic and international travel.
  • Multiple additional cards.

Cons

  • To be eligible, you need a minimum of $500,000 in loans, $200,000 in savings and investments, or $500,000 combined of loans, savings and investments with HSBC in Australia.
  • Rewards Points capped at 10,000 per statement.
HSBC Low Rate Credit Card

On website

Highlights

  • Enjoy 0% p.a. for 20 months on balance transfers with a 2% fee.
  • Benefit from a low ongoing purchase rate of 12.99% p.a.
  • Pay no overseas transaction fees and receive complimentary domestic travel insurance.

Pros

  • 0% p.a. for 20 months on balances transferred.
  • Low ongoing rate on purchases at just 12.99% p.a.
  • Enjoy complimentary domestic travel insurance.

Cons

  • Balance transfers revert to the high cash advance rate.
  • 25.99% p.a. charged on cash advances.
  • There is a 2% balance transfer fee.
  • No rewards program.

HSBC, established in Australia in the 1980s, offers various credit cards, including low-cost options, platinum benefits, rewards, and a corporate choice. It is Australia's sole credit card brand providing gold frequent flyer status within the Star Alliance airline network.

Types of HSBC credit cards

HSBC offers a variety of credit cards to cater to different lifestyles and preferences, such as:

  • Cashback credit cards: Earn cashback rewards on your everyday purchases, allowing you to save money as you spend.
  • Rewards credit cards: Accumulate points on your card purchases and redeem them for various rewards, including gift vouchers and travel benefits.
  • Frequent flyer credit cards: These cards offer travel insurance, airport lounge access, and other perks to enhance your travel experience.
  • Low rate credit cards: If you carry a balance on your credit card, a low-interest card from HSBC could help you save on interest charges.
  • Premium cards: Designed for high spenders, premium credit cards offer exclusive benefits such as concierge services, priority pass memberships, and more.

Benefits of HSBC credit cards

Explore the myriad benefits that come with using HSBC credit cards, including:

  • Reward programs: Earn points on your everyday spending and redeem them for travel rewards, cashback, merchandise, and more.
  • Travel benefits: Enjoy travel insurance coverage, airport lounge access, and other perks that make your journeys more convenient and rewarding.
  • Security features: Benefit from advanced security measures such as fraud protection, zero liability for unauthorised transactions, and secure online banking.
  • Interest free periods: Take advantage of interest-free days on purchases when you pay your full balance by the due date.
  • Financial flexibility: Access to credit when you need it, with the option to choose from a range of credit limits based on your financial situation.

How to apply for an HSBC credit card

Applying for an HSBC credit card is a straightforward process. Here's a step-by-step guide:

  1. Compare cards: Visit the HSBC website to compare the features and benefits of the available credit cards.
  2. Check eligibility: Ensure you meet the eligibility criteria, which typically include age, income requirements, and residency status.
  3. Submit application: Complete the online application form with your personal details, financial information, and preferred credit limit.
  4. Verification: HSBC will assess your application and may request additional documents for verification.
  5. Approval: Upon approval, you will receive your new HSBC credit card and the terms and conditions.

Managing your HSBC credit card

Once you have your HSBC credit card, it's essential to manage it responsibly. Here are some tips:

  • Payment: Always pay your credit card bill on time to avoid late fees and interest charges.
  • Budgeting: Create a monthly budget to track your expenses and ensure you can afford your credit card payments.
  • Security: Keep your card details secure and immediately report any unauthorised transactions to HSBC.
  • Rewards: Maximise your rewards by understanding the benefits of your card and using it for eligible purchases.

Help choosing an HSBC credit card

Navigate your options and find the perfect HSBC credit card with expert assistance.

  • FAQs

  • Pros & cons

What security features do HSBC credit cards offer?

HSBC credit cards come with advanced security features such as fraud protection, zero liability for unauthorized transactions, and secure online banking to ensure your financial information is safe.

How can I redeem rewards earned on my HSBC credit card?

You can redeem the rewards points you earn on your HSBC credit card for a variety of options, including travel rewards, cashback, merchandise, gift vouchers, and more. Check the HSBC rewards program for details on how to redeem your points.

Are there any fees associated with HSBC credit cards?

HSBC credit cards may come with annual fees, late payment fees, cash advance fees, and foreign transaction fees. Check the terms and conditions of your specific card to understand the fees that may apply.

What should I do if I notice suspicious activity on my HSBC credit card?

If you notice any unauthorized or suspicious activity on your HSBC credit card, contact HSBC customer service immediately to report it. HSBC will investigate the issue and take appropriate action to protect your account.

Pros

Global acceptance

HSBC credit cards are widely accepted globally, thanks to their affiliation with major international payment networks like Visa and Mastercard, providing users with convenience and flexibility when traveling or making purchases abroad.

Extensive rewards programs

HSBC offers extensive rewards programs with their credit cards, allowing users to earn points or cashback on their purchases, which can be redeemed for a variety of rewards including travel, merchandise, gift cards, or statement credits.

Travel benefits

Many HSBC credit cards come with travel-related benefits such as complimentary travel insurance, airport lounge access, travel credits, and concierge services, making them attractive options for frequent travelers.

Introductory offers

HSBC frequently provides attractive introductory offers for new cardholders, such as bonus points upon sign-up, waived annual fees for the first year, or promotional interest rates on balance transfers or purchases, enhancing the value proposition of their credit cards.

Enhanced security features

HSBC employs advanced security features on its credit cards, including chip technology, fraud detection systems, real-time transaction monitoring, and zero liability for unauthorized transactions, offering peace of mind to cardholders.

Cons

High annual fees

Some HSBC credit cards may come with high annual fees, particularly premium or rewards cards with extensive benefits, which may not be justified for users who do not fully utilize the card's features.

Foreign transaction fees

HSBC credit cards typically charge foreign transaction fees for purchases made in a foreign currency, which can add up to significant costs for users who frequently travel internationally or shop from overseas merchants.

Complex rewards programs

While rewarding, HSBC's rewards programs can be complex to navigate, with varying redemption options, points valuation, and restrictions, requiring users to carefully manage their rewards to maximize their value.

Limited acceptance of some cards

Certain HSBC credit cards may have limited acceptance compared to cards from larger banks, especially internationally, which could be inconvenient for users who frequently travel or shop online from overseas merchants.

Limited customer service accessibility

While HSBC offers customer service support for credit card-related inquiries, accessing assistance may sometimes be challenging due to long wait times or limited availability, especially during peak hours or weekends