HSBC Platinum Credit Card

19.99% p.a.

0% p.a. for 22 months and then 21.99% p.a. (2.00% balance transfer fee)

$129 Refunded when you spend over $6,000 p.a

Rewards Plus

HSBC Platinum Credit Card

19.99% p.a.

0% p.a. for 22 months and then 21.99% p.a. (2.00% balance transfer fee)

$129 Refunded when you spend over $6,000 p.a

Rewards Plus

Mozo Review   HSBC Platinum Credit Card Review

Last updated: 16 August 2018.

What's hot:
  • 0% balance transfer rate for 22 months

  • Visa Platinum Concierge service

  • Mozo Experts Choice Award 2017

What's not:
  • 19.99% purchase rate

  • 2% balance transfer fee

Mozo snapshot:

HSBC's Platinum Credit Card is a great option for those looking to spend up and score big on rewards points. It's also ideal if you've got some debt you're looking to blast, as it comes with a generous 0% balance transfer offer for 22 months (with a one-off 2% balance transfer fee). There is a $129 annual fee but it's refunded if you spend over $6,000 annually. The HSBC Platinum card is one of the best rewards cards in the market for retail rewards according to our experts, winning a 2017 Mozo Experts Choice Award in the Premium Retail Rewards Credit Card category. 

Key features:

The HSBC Platinum offers excellent reward point earning capacity with one point for every dollar spent. Helpfully, points aren't capped, although they do expire after 36 months.

HSBC Platinum Credit Card customers also gain access to the exclusive HSBC home&away privilege program, which offers discounts on shopping, travel and fine dining in 40 countries across the world.

If you have pre-existing debt with another provider, the HSBC Platinum offers a great 0% balance transfer rate for 22 months. However when the honeymoon is over any outstanding balance reverts to the 21.99% cash advance rate, so make sure you have your balance down to zero before the 22 months is up.

The card comes with a $129 annual fee which is charged each year on the anniversary of the account opening date. But the good news is that if you spend $6,000 on eligible purchases within the following 12 months, this fee will be refunded to you. Make sure you check out the fine print on this offer over at HSBC's website.

Also, if you're looking for a low purchase rate, the HSBC Platinum probably isn't for you. Sitting at a mediocre 19.99%, this card's purchase rate is certainly worth flagging as a danger to credit card debt accumulators.

Who it's good for:

The HSBC Platinum Credit Card is perfect for rewards points junkies and big spenders who love to travel and are meticulous about paying their outstanding balance off in full each month.

Any catches?

Be organised with your repayments. If you still have any remaining transferred debt after the balance transfer term is up, the 0% will revert to the astronomically high cash advance rate of 21.99%.

Rewards program details

Rates and fees information correct as at 22 August 2018.

What your points get you

Fly Sydney to London

239,200 points

Fly Sydney to Melbourne

15,600 points

$100 Giftcard

20,000 points

$100 Cash

30,000 points

Points earning

1 point per dollar on Visa, uncapped

Rewards scheme

Redeem your points for travel, gift cards, retail rewards and shopping gift cards.

You can choose to transfer points to airline programs including AsiaMiles, Singapore Airlines KrisFlyer and Velocity Points.

Earn bonus points at 15 bonus partners including HSBC Travel Plus.

HSBC home&away program offers discounts on shopping, travel and more, in over 40 countries. Complimentary LoungeKey membership and 2 lounge passes per annum.

Value of rewards points

Spend $30,000 (Visa)

Spend $20,000 (Visa)

Spend $15,600 (Visa)

Spend $239,200 (Visa)

Uncapped

36 months

How do we calculate the rewards?

To work out the "Rewards value minus fees" in our Rewards Revealer we:

  • calculate how many points you'd get each year,

  • figure out how many flights or gift cards or cashback credits you could get for those points,

  • work out what that's actually worth to you,

  • take off the annual fee you'd pay.

More details:

  • Our calculations are designed to help you compare the value of different rewards schemes. To do this, we've looked at earning a one-way Sydney-Melbourne flight excluding taxes and charges, a return Sydney-London flight excluding taxes and charges, a $100 shopping Gift Card and $100 cashback. Most cards will also offer other rewards, which may be worth more or less than the ones we've shown.

  • We have made no allowance for bonus points for using your card at specific merchants, introductory offers or special offers. We have not assigned any value to instant discounts, insurances, ticketing and concierge services or other such benefits.

  • Rewards value calculations do not take credit card interest into account. If you do not pay off your card each month you may be better off looking for a card based on interest rates than on the value of rewards.

  • In products that have more than one card, a different mix of spend between American Express / Visa / Mastercard will give different results. Mozo's Rewards Revealer lets you choose the mix based on the way you would use such a product, and gives you tailored results.

  • We assume flights purchased with airline points are 'classic' or 'reward' economy seats with restricted seat availability. 'Any seat' rewards will probably cost more.

  • To compare the value of flight rewards, we sample online retail flight prices once a quarter based on the average price on a Wednesday 3 months in advance but outside NSW school holidays. For domestic flights we take the lowest available fare from each flight on that day from Qantas Red e-deal, Virgin Australia Saver including baggage and Jetstar Starter including baggage. We calculate the average price excluding taxes and surcharges for each airline, and also the average across all airlines (which we use when rewards are travel agent vouchers). For international flights, we take the lowest available fares on that same Wednesday from each of Qantas, Emirates, Malaysian, Etihad, Singapore, Cathay Pacific and Thai, assuming a return flight 2 weeks later, calculate the average price before taxes and surcharges and use this as our assumed cost of a flight on any airline.

  • Shopping rewards are based on $100 gift cards from a major national department store.

  • We make every effort to ensure our calculations are correct and up to date but make no guarantees.

Close

Rate and fee details

Rates
  • 19.99% p.a.

  • none

  • 0% p.a. for 22 months and then 21.99% p.a. (2.00% balance transfer fee)

  • yes

  • 21.99% p.a.

  • 55

Fees
  • $129.00

  • none

  • 6000

  • $0.00

  • $30.00

  • 3%, min $4.00

  • 3.00%

  • $8.00

  • $0.00

  • $0.00

Features
  • $20.00

  • 3.0

  • yes

  • none

Payment options

Apple Pay
Google Pay

Rewards privileges

Concierge,
Travel Insurance,
Extended Warranty,
Purchase Protection,
Guaranteed Pricing

Other benefits

Access to the Home&Away Privilege Program to receive discounts and benefits.

Customer Reviews

How are HSBC credit cards rated by the Mozo community?

Overall customer rating
5.5/10
Price
5.4/10
Features
5.6/10
Customer service
5.6/10
Convenience
5.4/10
Trust
5.8/10

Latest reviews of HSBC Platinum Credit Card

  • Overall
    3/10
    Great customer service

    Terrible interest rates

    Terrible interest rates

    Price
    3/10
    Features
    3/10
    Customer service
    10/10
    Convenience
    1/10
    Trust
    5/10

    Ellen | NSW

    12 Apr 2016

  • Overall
    7/10
    Great rewards program

    Rewards program

    Rewards program

    Price
    9/10
    Features
    9/10
    Customer service
    5/10
    Convenience
    5/10
    Trust
    4/10

    Christin | NSW

    07 Mar 2016

  • Overall
    9/10
    Seamless. Canberra branch best bank I've used.

    The branch staff are really good, always help out if the credit card call centre hits a hurdle....

    The branch staff are really good, always help out if the credit card call centre hits a hurdle. Great personal service, feel like a valued client.

    Price
    8/10
    Features
    8/10
    Customer service
    9/10
    Convenience
    9/10
    Trust
    9/10

    Shawn | ACT

    17 Dec 2015

  • Overall
    7/10
    Great Customer Service

    Customer service is great!!

    Customer service is great!!

    Price
    6/10
    Features
    6/10
    Customer service
    8/10
    Convenience
    8/10
    Trust
    6/10

    Alan | WA

    22 Oct 2015

  • Overall
    2/10
    Go local

    Most useless bank I have ever had the misfortune to be with.

    Most useless bank I have ever had the misfortune to be with.

    Price
    3/10
    Features
    2/10
    Customer service
    1/10
    Convenience
    1/10
    Trust
    1/10

    Edward | WA

    15 Oct 2015

HSBC

About HSBC

HSBC in Australia is part of the HSBC Group, one of the world's largest banking and financial services organisations. HSBC has products for every money need you can think of, including savings accounts and term deposits for your day-to-day money management, a suite of home loans to finance your dream home, plus credit card and personal loan options. With branches all over the world, HSBC is the world's local bank!

See HSBC credit cards