- Enjoy 0% p.a. on balance transfers for 12 months from non HSBC credit cards (reverts to the variable cash advance rate), with a 2% balance transfer fee
- $0 annual fee in the first year, $149 p.a. thereafter
- Earn 1.5 Rewards Plus points per $1 spent on eligible purchases. This is capped at $120,000 annually.
- Complimentary Domestic and International Travel Insurances (for trips up to 4 months) with rental vehicle excess insurance, Epidemics and Pandemics Cover, and Transit Accident Insurance
- Complimentary Purchase Protection, and Extended Warranty
- Two complimentary airport lounge passes every year with LoungeKey
- Access to HSBC Instant Savings including 20% off dining and retail savings of up to 10% with free membership to Frequent Values™ by Entertainment Publications
- Access to exclusive offers and privileges from 27,000 selected partners at home and overseas with home&Away Privilege Program
- Free additional cardholders
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HSBC Credit Cards
HSBC Platinum Credit Card – 0% Balance Transfer Offer
Updated 1 November 2024
Transfer non-HSBC store or credit card debt. Enjoy 0% p.a. on balance transfers for 12 months with a 2% balance transfer fee. Pay no annual fee in the first year, $149 p.a. thereafter. Offer available when you apply for a new HSBC Platinum Credit Card. More insurance than you can poke a stick at. Domestic and International Travel Insurance, Purchase Protection, and Extended Warranty.
HSBC may change or end this offer at any time. Please see full terms and conditions.
Purchase Rate (p.a)
19.99%
Balance Transfer (p.a)
0% for 12 months
2% balance transfer fee applies.
Reverts to 21.99% p.a.
Annual Fee (p.a)
$0 first year. Then $149 p.a.
Pros and cons
- Points earn is capped at $120,000 per year
- High standard purchase rate like all rewards credit cards
- 3% Foreign transaction fee
Creditcard.com.au review
Editor Review
HSBC Platinum Credit Card – 0% Balance Transfer Offer
Pauline Hatch
Pauline is a personal finance expert at CreditCard.com.au, with 9 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this card.
The HSBC Platinum Credit Card: 0% p.a. Balance Transfer Offer for 12 Months
Offering 0% p.a. on balance transfers for 12 months with a 2% balance transfer fee, the HSBC Platinum Credit Card could be a great find for new cardholders looking to pay off existing credit card debt. Aside from offering a wide range of platinum extras and the opportunity to earn rewards, the card also offers $0 annual fee for the first year, making it a pretty sweet deal indeed.
What we love...
One of the biggest drawcards currently on the HSBC Platinum Credit Card is its amazingly long balance transfer offer, making this very competitive within the market. So, what do you need to know? If you apply and are approved for this card, you can take advantage of 0% p.a. on balance transfers for 12 months, 2% balance transfer fee applies.
With a 12-month introductory period, this gives you enough time to pay off your transferred balance, paying down your debt as you pay nothing in interest. As with any introductory offer, however, there are important factors to take note of. Let’s cover the main points:
- You must make the request for the balance transfer when applying for the card. Unlike certain other offers that allow for balance transfer requests after application, this one does not. But, as long as you are organized and know what you need, it’s easy to make the request on the application.
- Your total balance transfers must not exceed 90% of your approved credit limit. It’s quite common for card providers to place a limit on the amount transferred as it provides some leeway should you spend on the card, or fail to repay the transferred balance and interest starts to accrue. As long as you know how much you want to transfer and what your credit limit is likely to be, this shouldn’t cause any problems.
- The balance transfer must be from non-HSBC credit cards. Like most balance transfer cards, the HSBC Platinum Credit Card only allows transfers from other providers’ cards.
- Any transferred balance left unpaid after the intro period reverts to the card’s cash advance rate. To avoid this, create a repayment plan that allows you to clear your transferred balance within the intro period. Setting up automatic payments can help with this.
- Any payment made to the card will go towards paying off the balance attracting the highest interest first. That means payments will go towards paying off new spending or cash advances first. Make sure your payments cover all new transactions over and above the amount needed to pay off your transferred balance within the intro period. If you are unable to do this, avoid new transactions until the balance transfer has been paid off.
What’s not so great...
As with any credit card, you need to read the small print to make sure you understand everything that’s expected of you. Pay attention to the points mentioned above and make every effort to clear your transferred balance within that 12-month intro period. Having your unpaid balance revert to the card’s cash advance rate will make it much harder to pay off in the long term.
Why should you choose this card?
If you’re looking for a long balance transfer offer, this card could be an excellent option. As a platinum card, it has a higher minimum income requirement, at $40,000 per year, and it also requires applicants to have a good credit history. If you meet the card’s eligibility, it could suit you if you’re interested in a card with heaps of platinum perks and rewards.
Another nice feature of the card is its $0 annual fee in the first year. This allows you to save money right from the start and at the same time, enjoy the benefits and features of the credit card. An ongoing $149 p.a. applies thereafter. To give you an idea of what features are on offer, here’s a quick rundown:
- Earn 1.5 Rewards Plus points per $1 spent on eligible purchases (capped at $120,000 per year, starting from account opening date).
- Travel in style with free LoungeKey membership.
- Receive two LoungeKey airport lounge passes every year.
- Enjoy Visa Premium Benefits (visit visapremium.com.au for more).
- Access the home&Away Privilege Program to enjoy exclusive offers and privileges from partners at home and overseas.
- Access to more than 4,500 exciting offers and discounts across restaurants, hotels, groceries, petrol, and much more, with HSBC Instant Savings app
- Receive complimentary insurance, including Domestic and International Travel Insurances for trips up to 4 months with rental vehicle insurance excess cover, Extended Warranty Insurance, and Purchase Protection Insurance.
Overall Rating
The HSBC Platinum Credit Card is a feature-packed rewards card with $0 annual fee in the first year. New cardholders can benefit from an awesome 0% p.a. on balance transfers for 12 months with a 2% balance transfer fee.
Disclaimer
The information, including card rates and fees, present in the review is accurate as of the date of the review. Please refer to the issuer's website and application for the most current information. Terms and Conditions for HSBC Credit Cards
User reviews
Rates and fees
Interest rates
Purchase rate 19.99% p.a.
Cash advance rate 21.99% p.a.
Interest free period on purchases up to 55 days
Balance transfer
Balance transfer rate 0% p.a. for 12 months
Balance transfer revert rate 21.99% p.a.
Balance transfer from personal loan No
Balance transfer fee 2% one off
Balance transfer limit 90% of approved credit limit
Brands you can't balance transfer from HSBC
Credit limits
Minimum credit limit $6,000
Maximum credit limit N/A
Fees & repayments
Annual fee $149 p.a.
Additional cardholder fee $0 p.a.
Foreign transaction fee 3%
Minimum repayment 3% or $30 whichever is higher (Low Rate); 3% or $20 whichever is higher (Platinum, Premier, & Star Alliance cards)
Annual fee the first year $0
Cash advance fee 3% or $4 (whichever is greater)
Late payment fee $30
Rewards and points
Rewards program
Rewards Program
Rewards Plus
Bonus points N/A
Annual points cap $120,000
Bonus points spend criteria N/A
Earning points with this card
Rewards Plus Rewards points 1.5 points per $1 spent
Points cap per month N/A
Overseas earn rate same as standard earn rate
Additional features
Complimentary insurance
International Travel Insurance Yes - up to 4 months
Flight Inconvenience Insurance No
Transit Accident Insurance Yes
Smartphone Screen Insurance No
Purchase Protection Insurance Yes
Extended Warranty Insurance Yes
Rental Vehicle Excess In Australia Insurance Yes
Extras
Travel insurance underwritten by Allianz Global Assistance
2 Airport lounge passes every year with LoungeKey
Eligible with Apple Pay and Google Pay
Overview
HSBC Platinum Credit Card – 0% Balance Transfer Offer
Key features
- Enjoy 0% p.a. on balance transfers for 12 months from non HSBC credit cards (reverts to the variable cash advance rate), with a 2% balance transfer fee
- $0 annual fee in the first year, $149 p.a. thereafter
- Earn 1.5 Rewards Plus points per $1 spent on eligible purchases. This is capped at $120,000 annually.
- Complimentary Domestic and International Travel Insurances (for trips up to 4 months) with rental vehicle excess insurance, Epidemics and Pandemics Cover, and Transit Accident Insurance
- Complimentary Purchase Protection, and Extended Warranty
- Two complimentary LoungeKey airport lounge passes every year
- Access to HSBC Instant Savings including 20% off dining and retail savings of up to 10% with free membership to Frequent Values™ by Entertainment Publications
- Access to exclusive offers and privileges from 27,000 selected partners at home and overseas with home&Away Privilege Program
- Free additional cardholders
- Eligible with Apple Pay & Google Pay
Minimum criteria to apply for this card
-
Be over 18 years old
-
Good Credit and have not applied for multiple credit cards recently
-
Australian citizen, permanent resident, or hold a long-term visa
-
Minimum income of $40,000 p.a.
You have your personal details ready to complete the online application
Pauline is a personal finance expert at CreditCard.com.au, with 9 years in money, budgeting and property reporting under her belt. Pauline is passionate about seeing Aussies win by making their money – and their credit cards – work smarter, harder and bigger
Recently Asked Questions
Something you need to know about this card? Ask our credit card expert a question.
Ask a question123 questions (showing the latest 10 Q&As)
Hi, the following test is from a Broome to Darwin cruise:
"Due to the remote nature of our expeditions at sea, we highly recommend that you include remote area evacuation coverage in your policy. If you encounter difficulties obtaining remote area evacuation insurance, you may provide us with a signed authorization indicating that you acknowledge responsibility for all expenses associated with an emergency evacuation."
Covers things like a flying doctor evacuation from a remote beach.
Would this be covered ?
Thanks, Charles
Hi Charles, the HSBC travel insurance terms do cover pre-paid cruises, but it’s not specific about whether that includes evacuation. It’s more likely it covers cancelled or delayed trips. I’d suggest calling Allianz, who provides HSBC’s insurance cover, to ask specifically. You might need to look at standalone insurance to cover specific cruise cover. I hope that helps!
What documents required for Balance transfer credit card application
Hi Gina, you'll usually need your card number, the amount to transfer and possibly a BPAY reference number from your current credit card. Thanks!
Does the balance transfer offer available for Latitude Credit Cards?
Hi Jess, if you’re asking about the availability of balance transfers on a Latitude card, unfortunately, it’s not available. However, if you’re asking whether you can transfer a balance from Latitude to HSBC, or vice versa, yes, you can do that.
Andy
21 March 2023Was looking forward to receiving free lounge key access only to be told at the airport it only applies for HSBC Hong Kong card holders. The benefits on this card are deceiving and I raised this with their complaints team which was another poor experience. It's been over 2 months and they don't reply to your emails. They say they will refund you but they never action it. Ended up cancelling the credit card as I was so disappointed in it.
Does not recommend this card