HSBC Platinum Credit Card

There’s much to like about this card.

12 months interest-free on balance transfers gives you time to sort out your finances. Transfer your credit or store card's balance to your new HSBC card, pay no interest on it for 12 months, and use the freed-up cash 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. After transferring your debt to this card, you can direct that $83 per month — or nearly $1.000 over the course of a year — towards paying off your balance.

A special feature of 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. HSBC does not.

Provided you continue to pay off the balance of your purchases 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 means you can earn rewards points and qualify for an annual fee rebate even though you haven’t repaid your balance transfer.

Earn rewards points on your purchases

There is no sign up bonus for new customers, which is disappointing.

You’ll earn 2 HSBC Rewards Plus points for eligible international purchases, including spending with overseas merchants and online. You earn 1 Rewards Plus point for every dollar you spend in Australia.

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
• Transfer your HSBC Rewards Plus points to Cathay Asia Miles, Singapore Airlines KrisFlyer, or Velocity Frequent Flyer. Having a choice provides flexibility when it comes to actually booking a points ticket, which is easier said than done these days.
• 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.

Free annual fee in the first year and free additional cards

In the first year, there is no annual fee, with the subsequent annual fee set at $149 p.a.

Supplementary cards on the account (e.g. for your partner or kids over 16) are free of charge. Note that any points accrue under the primary cardholder's account.

The benefits keep on coming with complimentary insurance policies

Platinum card complimentary insurance policies aren’t truly free because you contribute 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, provides 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 –: 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.

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 an extra cost.

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

Enjoy dining and shopping with HSBC Instant Savings

You get 20% off dining and up to 25% in retail savings with your free membership to Frequent Values by Entertainment Publications.

Standard platinum card interest rates

Don’t choose this card for any of its interest rates other than the introductory one on balance transfers. This is a card designed for users who intend to repay their purchase balance in full every month and also avoid cash advances.

The ongoing rate for purchases is 19.99% p.a. and it's 21.99% for cash advances (from the transaction date until repaid). These are average for a platinum credit card such as this.

Is the HSBC Platinum Credit Card worth it?

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 at a discounted annual fee in the first year.

It is 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 balance transfer offer has expired.