Today it is time to talk about the HSBC Platinum Credit Card. HSBC Australia is a part of HSBC Group, one of the world’s largest financial service providers. With branches all over the world, HSBC bank provides transparent, efficient. And also credible services to its customers. Whether you need a savings account, a home loan, credit card, or a personal loan, HSBC will not let you down.
It has been a tradition of HSBC Australia, to bring the best and unmatchable services to its customers. HSBC proudly presents the HSBC Platinum Credit card. This credit card is one of the best options to have if you want to organize your balances in one place. Or looking to pay off existing credit card debt and want some rewards on your spending. This card is a great option for big spenders, travel lovers, and for those who want to score big on reward points.
This card offers you 0% p.a interest on balance transfers for 36 months with a 0% balance transfer fee. You can earn 2 Rewards Plus Points on every dollar spent on entitled international purchases. And 1 Rewards Plus point per dollar for other eligible purchases. Let’s explore further to fully understand the potential this credit card holds.
HSBC Platinum card features
With the HSBC instant saving feature for this credit card, you can enjoy 20% off dining and up to 25% Retail savings. With your free membership to Frequent Values by Entertainment Publications. There are more than 4500 offers from different participating hotels, restaurants, and supermarkets. And different attractions spread across Australia and New Zealand.
My Card control feature provides you the options to control when and how to use your credit card. If you have purchased some goods (in Australia) and somehow you found the same products later at a cheaper price, just use the price guarantee feature and claim the difference if it exceeds $75.
This credit card can also be linked with Google Pay and Apple Pay for contactless payments online. Another great feature of this credit card is the Access to the home&Away privilege program. This program enables you to enjoy different offers and privileges from 27,000 partners in 40 different countries across the globe.
Reward points and other benefits
With this credit card, you can earn 2 HSBC Reward points per dollar spent internationally and 1 point of every dollar spent on the other eligible purchases (with a limit of 10,000 points in a single statement period). You can convert these points through HSBC Rewards Plus to cashback on the card, commodities, or travel and accommodation.
You also have an option to transfer these points to different airline programs that include some big names like Singapore Airlines, KrisFlyer, and many more. There is also an option to convert the reward points with this credit card into Velocity Frequent Flyer points, where 2 Reward points are equal to 1 Velocity point. You can earn bonus points as well.
There are 15 different partners including HSBC Travel plus and others. To provide you with ease of travel the HSBC Platinum Credit Card offers a LoungeKey membership through which you can enjoy 2 airport lounge passes (single use) per year. You can also benefit from the complimentary domestic and international travel insurance covers.
Get the most out of your international travel insurance policies by paying at least 90% of the total ticket cost through the card. To make your journey safer and secure, this credit card provides an option of rental vehicle insurance, transit accident insurance, purchase protection insurance, and extended warranty cover. To claim domestic travel insurance you have to pay an excess of $200 for each claim.
If you are willing to try a balance transfer promotion, you have to transfer up to 90% of your credit limit; from non-HSBC credit cards and then you have to request the transfer upon application. You can get this card if you are age 18 and above. You must be an Australian resident with a yearly income of $40,000 or more. Most importantly your credit history must be clean and good. Temporary residents can also apply but with some terms and conditions.
How to apply for your HSBC Platinum Credit Card?
If you are already affiliated with HSBC, you can easily apply through the HSBC Mobile App. You can also easily apply online for the HSBC Platinum Credit Card. It just takes 10 minutes to fill in all the information or just visit any branch near you. You will be asked to enter your full name, address, date of birth, email address, and marital status.
Also, you will have a driver’s license number, number of dependents, and contact number. If you want to transfer debt with this credit card, then you will have to enter the debt details which include account name, account number, and the BSB of your current provider. Going further, you have to fill in the employment details.
You will be asked to enter the job title, employment period, salary, payslips, and employer’s contact details. In the final step of the application for the credit card, you will be asked about the financial details. You have to enter information about the other assets like savings or shares. You will be asked to upload the information about the liabilities, loans, and debts. Then you will have to share your household expenses like groceries, rent, mortgage, and other bills.
Interest rates and fees
This credit card offers you to add a cardholder at no extra cost. The minimum credit limit is $6000. Apart from promotions, this credit card charges you $129 per year as a standard annual fee. This fee can be refunded, as the company claims if you spend $6000 on the eligible purchases within the next 12 months. The purchase interest rate is 19.99% p.a. You can avoid this by paying off your balance fully on a monthly basis. The cash advance rate is 21.99%. The currency conversion rate is 3%.
Overall the HSBC Platinum Credit Card is a good option when it comes to paying the existing credit card debt as it offers 3 years of 0% interest rate. The reward points and other features are quite attractive but points are capped at 10,000. The purchase interest rate and cash advance rates are slightly up but the domestic and international travel insurances are intriguing.