HSBC Platinum Qantas Credit Card: Earn 1.5 Qantas Points Per Dollar & No Annual Fee in The First Year (Ongoing Annual Fee $299)

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HSBC Platinum Qantas Credit Card: Earn 1.5 Qantas Points Per Dollar & No Annual Fee in The First Year (Ongoing Annual Fee $299)
Go to Deal
ucd12345 on 27/03/2024 - 15:34 hsbc.com.au (565 clicks)
Last edited 27/03/2024 - 15:36 by 1 other user

Key benefits:

  • Earn 1.5 Qantas Points per $1 spent on eligible purchases in the first year

  • $0 first year annual fee ($299 afterwards)

  • Does not require Premier status, unlike https://www.ozbargain.com.au/node/836146

  • Get domestic and international travel insurance with rental vehicle excess insurance in Australia, transit accident insurance, extended warranty insurance, and purchase protection insurance

Certain caveats from the fine print:

  • Overseas transaction fee: 3%

  • For newly issued HSBC Platinum Qantas credit cards, a promotional earn rate applies for the first 12 months from your account opening date. In addition to earning 1 Qantas Point per $1 spent on eligible purchases, you will earn an additional 0.5 Qantas Points per $1 spent on eligible purchases processed within the first 12 months of your account opening date. That is, you will earn 1.5 Qantas Points for every $1 spent on eligible purchases for the first 12 months from your account opening date.

  • After the first 12 months from account opening, you will earn 1 Qantas Point per $1 spent on eligible purchases.

  • Qantas Points will no longer accrue when the total value of your eligible purchases reaches $120,000 in each 12-month period starting from your account opening date.

  • Qantas Points previously earned are subsequently deducted if there are refunds, reimbursements or chargebacks on your account.

  • This promotional earn rate offer is limited to new applicants only. Existing HSBC customers transferring from another HSBC credit card or customers who have held a HSBC Qantas Points earning credit card within the previous 12 months from the application date are ineligible for this offer.

  • No points are earned on interest-free and other special promotions, balance transfers, business expenses, cash transfers, cash advances, fees and charges, any disputed transactions, BPAY® and any government fee or charge.

Special thanks to @bbargin0 for mentioning this deal in a comment.

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Comments

  • qq830821 on 27/03/2024 - 15:38
    +11

    unless you can actually spend $120k otherwise better stick with churning and get the bonus points.

    assuming you use sniip that will cost $1,800 to get 180k points

    • BargainBenno on 27/03/2024 - 15:45
      +4

      Can you please explain how to get 180k points through sniip for $1800?

    • cloudie9 on 27/03/2024 - 16:16
      -1

      I thought the churning will affect your credit score?!

      • ashumz on 27/03/2024 - 16:38

        not overly. if you do it over a 12 months period

        • cloudie9 on 27/03/2024 - 17:21
          -4

          Why the neg? I was just asking the question, so touché some guys in here.

          • ashumz on 27/03/2024 - 17:24
            +1

            @cloudie9: I didnt neg you, but I have now.

          • BatmanAU on 27/03/2024 - 19:15
            +2

            @cloudie9: @cloudie9 Some people have nothing better to do but neg, just ignore them

      • mahdoo on 27/03/2024 - 17:54
        +5

        Not financial advice - but I've been churning through 3-4 cards a year the past 5 years and I just got a mortgage no problem, and have never had an issue.

        1. Signup to a credit monitoring service that supports both Illion and Experian (I use clearscore)
        2. Decide on a number you don't want to drop below, and manage your churning according to that number (Mine is 600 with illion)
        3. Get familiar with what causes changes in credit scores (Credit card rejections/Buy now pay later/failure to pay on time etc) and minimise them. For instance, don't apply for a credit card you don't think you'll get approved for. Always pay your card off in time etc.

        And most importantly of all, don't spend outside your means.

        • BatmanAU on 27/03/2024 - 19:16

          @mahdoo
          I havent done it for quite a few years, but when i did it with Bank of Melbourne, i had question after question when applying for anything else.

          • mahdoo on 27/03/2024 - 19:44
            +1

            @BatmanAU: That's strange, I've probably gone through the majority of Australian lenders all without a single question about my churning habits haha. Wonder what was unique about yours.

            • BatmanAU on 27/03/2024 - 20:09

              @mahdoo: Tbh no idea, it was even raised when I got a mobile and plan through Telstra. The amount of times I had to juggle conversations and explain Qantas point credit cards was ridiculous, but again it was years ago

        • mk8 on 27/03/2024 - 20:19

          Do you wait after closing to verify the previous card has closed off your Clearscore report?

          • recession1 on 27/03/2024 - 20:25
            +1

            @mk8: You only need to wait for it to show on your report if you’re applying for an Amex. The banks will accept a closure letter but Amex relies entirely on the credit report.

          • BatmanAU on 28/03/2024 - 12:23

            @mk8: I literally spend the amount required, pay it off and as soon as the points are in my QFF I then shut down the account

    • ucd12345 on 29/03/2024 - 10:59

      assuming you use sniip that will cost $1,800 to get 180k points

      more realistically, if you spend $3k per month on this card (groceries, eneloops etc), then after a year you will have accumulated 54k QFF points for $0.

  • sillyhead on 27/03/2024 - 15:50
    +1

    I have been on this card for a couple of months. Its a pretty good card and the application process was super hassle free. The 1.5x Qantas points adds up very quickly in the current "Cost of Living Crisis" we are in.

    Though it seems like if you are creative with deposits you can get and hold premier status very easily. So that other deal might be better if you can find a way to comply. I can now comply with the requirements for premier and want to change over but its much easier for new customers to get premier than existing customers. From what I understand , for existing customers you have to have deposits in of $9000 into your saving account for 6 continuous months then their computers update you to premier status. For new customers you just have to pinky swear you will.

  • sydneybargainer on 27/03/2024 - 15:52
    -1

    I am really curious what %% of credit applications get approved these days.
    There is high risk of rejection & it affect on credit score, m forced to say pass on these good cc deals.

    • Flintz on 27/03/2024 - 15:55
      +1

      credit score doesn't really matter as much either these days. The defaults and credit limits in your report is more important

    • nightelves on 27/03/2024 - 16:28
      +1

      Got 4 credit card approved within 3 weeks. So credit score has nothing to do with it.

    • recession1 on 27/03/2024 - 17:09

      Open credit limit and income is all that matters for credit cards. Credit scores are irrelevant.

      • sydneybargainer on 27/03/2024 - 19:34
        -1

        what I meant is - I believe credit card approval rate is low these days then rejection on application affect credit score.
        just my thoughts.

        • recession1 on 27/03/2024 - 20:22

          I get through 8 a year so I’m not so sure about that.

        • UrMumsOnlyFan on 27/03/2024 - 23:55
          -1

          This belief is incorrect. Credit enquiries are recorded, regardless of whether there is subsequent approval or rejection.

  • OZBMate8911 on 27/03/2024 - 16:03

    FYI, I'm currently at 4 weeks and counting just to open up this transaction account with HSBC.

    Would not recommend for the impatient

  • yht on 27/03/2024 - 16:22

    No bonus points ?

  • Dollar General on 27/03/2024 - 16:33
    +2

    I have a HSBC credit card. I want to do direct debit of the statement amount but have to post the completed form to them or fax it to them.

    If i was a money laundering, they would come to my house and pick up the form

    • Mosali on 28/03/2024 - 06:56

      Not totally true
      You can call them and they will email you a PDF form that you can fill online and submit. They are very supportive. Direct debit is approved in less than 24hrs

      • Dollar General on 28/03/2024 - 09:39

        It’s 2024. Why should I have to call them for a form? Why don’t they just provide an email address on the form to send it to?

  • running on empty on 27/03/2024 - 19:02

    I have an everyday global account with hardly any balance, but maybe i will start transferring 9k in and out each month and prepare for a premier account.

    EDIT: actually probably not worth it when travelling with family as I would be doing, so standard non premier card might be the way for me

    • tunzafun001 on 27/03/2024 - 23:17

      Premier doesn't have an annual fee, $10k minimum credit limit.

      Platinum is free in the first year, but a fee there after. $6k minimum credit limit.

      Both give 2 lounge entries (Priority Pass) and a watered down version of the Ent Book..used to have 2:1 KFC on it (that was excellent paired with a survey). But a few goodies on there still.

      Lastly, non qantas point versions can claim cash back for points at the same (was a better rate) than gift cards. That is different.

      • hambogan on 28/03/2024 - 00:00

        I don't think the Platinum Qantas card gives you lounges. Only the Platinum non Qantas card or the Premier Qantas card.

        • tunzafun001 on 28/03/2024 - 01:05

          Maybe….I had a non qantas platinum, now getting a premier Qantas. So must have fluked the combo…

  • TheGuru on 27/03/2024 - 20:48

    No bonus points is a killer. But good earn rate

  • vetopower on 28/03/2024 - 02:17
    +2

    Not a bad deal for someone who has churned through every bonus and is serving their waiting period.

  • tedchan0728 on 28/03/2024 - 09:37
    +1

    when will this deal end?

    • timhn on 01/04/2024 - 14:22
      +1

      Nobody knew if HSBC not telling!!!

      That why the expiry of this deal is marked as "Unknown".

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