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HSBC Platinum Visa: $0 Annual Fee for Life, Bonus 10,000 Points, 0%pa Balance Transfer for 8mths

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HSBC Platinum Credit Card

Welcome to our most prestigious card, for people who want the best. With the HSBC Platinum Credit Card you can take advantage of 0% p.a. balance transfer for 8 months from non-HSBC credit cards on application (reverting to the variable cash advance rate) as well as a bonus 10,000 Rewards Plus points when you apply, are approved and make an eligible purchase within 3 months of applying. You'll also have access to Visa Platinum Privileges, powerful credit limits, comprehensive insurance (eligibility and exclusions apply), your own concierge and so much more.

Available to new, approved customers who apply for the HSBC Platinum Credit Card by 30 September 2014. Other fees and charges apply.

An annual fee of $129 usually applies, however HSBC has arranged for this to be waived for HSBC Platinum Credit Card holders for life when they apply between 1 June 2014 and 31 August 2014 and are approved. Eligible purchases exclude interest free promotions, balance transfers, business expenses, cash advances, fees or charges, any disputed transactions, BPAY® and any government fee or charge.

*$0 Annual Fee for Life (a saving of $129 a year). Other fees and charges apply
0% p.a. balance transfer for 8 months1 from non-HSBC credit cards on application (reverting to the variable cash advance rate thereafter)
*10,000 Reward Points offer when you apply, are approved and make an eligible purchase within 3 months of applying. Choose your own rewards from travel to shopping from RewardsPlus
*Free additional cardholders
*Earn 1 Rewards Point on every dollar you spend on eligible purchases and choose your own rewards
*Insurance package available including Extended Warranty, Purchase Protection, Guaranteed Pricing, Transit Accident and International Travel Insurance (Eligibility and exclusions apply)
*Visa Platinum Concierge Service - Wherever in the world you may be, your own concierge can help you with a host of services, whether it be tickets to a show in Sydney or hiring a private yacht in Fiji
*Up to 55 days interest-free on purchases when you pay the full balance (including any balance transfer, promotional purchases and the 0% p.a. purchase offer above) by the due date each month
*Additional cardholder fee $0

Credit Card Fees and Charges
Annual Credit Card Fee
$0 Annual Fee for Life
Introductory Balance Transfer Rate
from non-HSBC credit cards on application
0% p.a. for 8 months
reverting to the variable cash advance rate
Interest Free Period on purchases
when you pay the full balance including any balance transfer, promotional purchases and the 0% p.a. balance transfer offer above by the due date each month
Up to 55 days
Minimum Income Requirement
$60,000 p.a.
Minimum Credit Limit Offered
$6,000
Interest Rate for Purchases
19.99% p.a
Interest Rate for Cash Advances
21.99% p.a
Rewards Program
Yes
home&Away Privilege Program
Yes
Multiple additional cards for family or friends over 16 years of age
Yes (no fee)
Additional Insurances
Yes

update: extended to 31st december

Related Stores

HSBC
HSBC

closed Comments

  • Not bad for life

  • +4

    is it a good one? i still think the previous CitiBank's one is better.

    • +8

      I have the citibank one and to tell you the truth their website shits me to tears. Ever since they upgraded the site it doesn't seem to work properly and even my partners card just stopped working one day.

      Then checking the balances is hard as some transactions are hidden and really seem to only be viewed when I download the activity in my financial programs.

      Just annoying all around in my opinion.

      • +1

        Not surprising when it's also known as shitty bank.

      • +1

        The Citibank website is appalling. I especially dislike the fact that they require an SMS confirmation every single time I log in to view my transactions. Suggests to me they don't really know what they're doing.

        I can only hope their backend code is better.

        • +1

          If you've got an iPhone or Android device, get the app and register for OTP. It sends you a 1 off SMS which hard codes the device with their system. You can then do all of your banking from the phone app (which is better than the website IMO) without having to receive an SMS every time.

          The app can also generate a One Time PIN if you do want to use the website. It will generate a OTP regardless of if you have phone coverage, or even for that matter, a SIM in your phone. So you can still generate OTP's when you're overseas and your phone is in airplane mode.

        • Thanks. I had a look at the Android app - there are so many reviews on the Play store that say that the OTP function has been broken since the recent website update. Further confirmation that Citibank really has no idea when it comes to their public-facing IT.

          Plus the app will probably be harder for me to use because I have no idea what my internet banking password is.

        • +1

          At least Citibank HAS an app. Don't get your hopes high with hsbc, there's no app and no mobile site for their credit cards.

        • +1

          I can handle a bad layout but to have transactions missing? Not sure if it is a bug with having multiple cards but my partners card I can't see all transactions whether or not I click on the card or select all transactions.

          The only time it shows is when I download the activity and put it in my financial software but to be honest how many people actually use financial software.

        • If you've got an iPhone or Android device, get the app and register for OTP.

          or ask for a physical hard token instead :)
          https://www.ozbargain.com.au/node/130991#comment-1805200

    • +1

      i am still waiting for citibank to ring my company account to confirm my income. i applied on the last day of Feb. wtf!

      • +1

        I submitted all my docs to citibank. Got called by them to say "all your docs are fine but no you cant have a $5000 limit, it has to be $15000". I reluctantly said fine. Next day I get an email asking to submit the same documents again. I email them saying I've already submitted them and had confirmation and to please advise what is missing. No response. I can't be bothered calling, the card is not that valuable to me.

      • Citibank were useless applying for credit with I found. They asked for one lots of docs, sent it through but someone didn't process it right until I called after waiting a week. Then after a few more days they requested a confirmation of employment letter. Even after sending that through it took a week to process. I think it was 3 weeks by the time the credit card arrived but the letter says cant activate until the TPIN and PIN arrive. By the time only 1 of those two arrived I rang up to just cancel the card as what I had wanted it for had now passed. Upon cancelling I was informed though they could activate without having received the PIN and TPIN, so why bloody write that in the letter in the first place?

        When I applied previously with Westpac and CBA they were extremely fast, less than a week from application to card in hand. St George were about a week and a bit tedious as their useless overseas call centre staff stuffed up the application and had no idea what they were doing (eg. telling me I had to go to a branch and when I went to the branch they were like wtf are you doing here).

        • +1

          Sadly thats the problem with dealing with a international bank vs a domestic bank.

          International Bank = You are just a customer number, they are slower and longer to respond.
          Domestic Bank = You are an actual person and they try to applease you with their speedy service.

  • +32

    Good deal for those who have been unsuccessful in getting approved for a Citibank Signature / Platinum. The HSBC card is not as good though. No Priority Pass, and points earn rate is lower. Redemption is also more expensive.

    For example, a $100 gift card will cost you:
    20,000 HSBC points, or a spend of $20,000 (1 point per dollar) or
    18,200 Citibank points, or a spend of $12,133 (Signature); $14,560 (Platinum)

    • Thanks for that.

      How does citi's transfers to airline programs compare?
      HSBC can be transferred to Asia miles and Singapore Krisflyer, both at 0.5 mile per 1 point

      • citi's is much better.

      • +1

        signature (1.5-4 pts/$ spend): 1.5 citi pts = 1 velocity/krisflyer
        platinum (1.25-3 pts/$ spend): 2 citi pts = 1 velocity/krisflyer

    • +1

      No Priority Pass, and points earn rate is lower.

      also no free wine (nor wine glass), interstate flight inconvenience insurance nor domestic rental vehicle excess insurance :(

  • plus for HSBC getting onboard

  • +1

    What card should i get for points if i spend $40k yearly and pay off every month?

    I have a 28deg and bankwest at the moment but no reward on them.

    Thanks

    • +7

      holy shit, 40k on your credit card and not on a rewards card?…. bro, get one soon, shudda got the citibank signature when the deal was on in december last year.

      • +13

        http://www.citibank.com.au/familyandfriends/

        The one on now is still valid until 31/07/2014

        • Thanks.

          Citi bank it is then

        • +5

          An Ozbargainer who hasn't applied for a Citibank credit card! Wasn't sure there were any left!

        • +6

          Plenty of us left. Each credit card limit affects your borrowing capacity for loans.
          Minimum credit limit of $6000? No thanks.

        • Wait is this the same as:
          http://www.citibank.com.au/aus/credit_cards/cards_signature.…

          I'm assuming the family and friends landing page doesn't give you the bonus 60k reward points ($300 worth of Myer cards). Can anyone confirm?

        • +1

          There's an annual fee on that one

        • +4

          "Get to where you want to be sooner with the card that takes you places. Apply for the Citibank Rewards Credit Card - Signature before 31 July 2014 and receive 60,000 points on your first spend1 plus enjoy a $299 annual fee for life." LOL for enjoy $299 for life :D :D

        • Signature.

        • wow a good one. It'll bring the enjoyment every year when the fee is due :D

    • +2

      I currently have Westpac Black (MasterCard = 1pt, Amex = 3pt), 19,650pt for $100 petrol voucher just to give you an idea, switching between the two cards I get around $200 in petrol/year.

      If you're spending that sort of cash and have a reputation of paying on time I can personally recommend them, first year = no annual fee, every subsequent year call them up and tell them the reward vs. fees = not worth it, with that sort of spending they'll waive it. Been doing that for 6 years now, though I've gone from peak of $76k to $12k spending for the last year (still got waived) so I'm not sure if the rock bottom of tolerance is near.

      I've claimed insurance, asked for more time to pay due to unexpected circumstances, emergency card replacements, overseas services, etc, etc, with excellent outcome time after time. Priority CS service is flawless every time.

      Got approved for Citibank Signature recently and not been happy straight off the bat with both "Signature Priority" CS enquiries sending me around the block (issue still outstanding), the professionalism is just not there. The phone app is near rubbish is also icing on the cake.

      My 2c.

  • +2

    A quick rundown on HSBC points:
    * can be transferred to Asia miles and Singapore Krisflyer, but both at 0.5 mile per 1 point.
    * Earn rate is 1 point per $1.
    * Giftcards are $50 for 10'000pts.
    * Cashback for $50 is 15'000pts (doesnt make any sense).

    Oh and:
    * HSBC Rewards Plus points on all HSBC Rewards Plus Programs expire 36 months after issue.

  • Seems to come with free 10,000 rewards points as well when you make eligible purchase within 3 months

  • Is the minimum income requirement based off gross or net income?

    • They'll ideally go on your gross…

  • So really only 5K points to airline and Sing/air asia but no Virgin?
    The kicker are points earned for Tax payments?

    Pity not the Premier card :(

    NAB reckon they are going to hit the CC market with a killer offer…WHEN/Comeon?

  • does this have international fee free cash advances? like what the 28degrees card had and Citibank has? (or if you are using it like a debit card -prepaid)?

    • negative

      Overseas transaction charge:
      3.0% of the total value amount of each such transaction

      Cash advance usage charge:
      The higher of $4 or 3.0% of the total transaction amount

      • bummer.

  • -2

    If you look at the gift cards you are getting back 0.005% (half of 1 percent) of your spend. This is not that great, except for the positive of no annual fee. There are better cards out there.

    • which credit cards are better?

    • +2

      you mean 0.5%

      • yes I mean 0.5%.
        Better cards? Coles Rewards MasterCard gives you 1% back for example.

        • Are you sure about that? The coles no annual fee card gives 1 point per $2 spent and 2000 points = $10. So $4000 gets you $10.

        • In my opinion, I reckon the $49 annual fee one is worth it. You earn 4 points per dollar spent. 2000 points get you $10 discount, so which is 2% discount. You breakeven at $1100. I'm sure it is very likely that one can spend more than that.

          Also, the annual fee is waived on the first year.

        • You only get 2 points per $ unless its at a place which takes flybuys then its 3 points per $.

  • +7

    Thanks OP, application was pretty easy.

    They want a payslip and only accept faxes what is this, 1975?!

    • +8

      You have to dialup to their BBS

    • +1

      It's their way of filtering out anyone in the embarassing failures we call Generation Y & Z.

    • Typical of banks.

  • +2

    hmmm
    should I try doing a balance transfer of the current interest free balance transfer on the Citibank Platinum card…..

    • Did you do it? How long will it take for the BT to appear in citibank Platinum?

  • +3

    Thanks OP.

    I called to upgrade my No-fee Standard HSBC credit card to a No-fee Platinum, and it was accepted even though my limit is $5k ($1k under the "minimum").

    Ozbargowned.

    • Interest Rate for Purchases 19.99% p.a is higher than standard no fee HSBC cc.

      • You're right 17.99% to 19.99%. I personally never pay interest by paying off my statement balance in full every month. The reasons I made the change are: Rewards program + Insurances.

    • Called just now and the operator came back with a no after consulting her supervisor.
      Was there any trick on that?

      • Sorry, no trick. I just asked, they made me wait, and then said yes.

    • I'm interested in this too.

    • They didn't let me change my woolworths hsbc issued card to this.

    • exactly what i am considering. thanks for confirming it does work. actually my standard hsbc credit card is not NO-Fee. HSBC waived the fee for me for life.

  • -3

    Good deal, but can you choose the the card colour? (there will be no convincing the Mrs unless it comes in pink!)

    • +6

      If this is a genuine concern, you may wish to reconsider the need for a credit card.

      • +5

        Or the need for a wife.

        • +1

          pics please phantom :)

  • I'm still to receive the 30,000 points from the previous offer…

  • Is this offer better than the Altitude rewards "Black Offer"? I currently pay $100 card fee and get 1.25 points o M/C and 3 on Amex black card. Plus the bonus of travel insurance and extended warranty not that I have used it.

  • This question is not related to the deal but with credit cards in general. Is it better for my partner to be my secondary card holder or her to get her own credit card? What are the pros and cons for each?

    • primary cardholders are liable for additional ones
      earn pts faster but single pts cap

  • Spend $10,000 to get 10,000 points = $50 voucher? Really that's 0.5% rebate. That's pathetic.

    • Not bad for 'free' though + 10k bonus points + travel insurance & low entry level requirements. The 8 month balance transfer @ 0% is the money shot.

  • I'm currently weighing this one up against Westpac Black. I am not a huge spender < $10K/year but go on at least 1 international trip annually. Was getting the Westpac Black annual fee waived a special offer, or did you call up and ask for them to do so?

    It sounds like this might be HSBC's response to the popular Citibank offer. I wonder if other banks will start matching as well. Kind of like how all the car dealers came out with 1% financing on new cars to match Toyota.

  • Anyone know if you can do a "cheque to self" as the balance transfer option (as was the case with the Citi offer)?

  • Can anyone estimate for what kind of a flight would these card points be enough for Air Asia? I am guessing just for a short flight such as KL - BKK one way? This would be the only reason why I would bother with getting it. Thanks.

    • hsbc points have nothing to do with air asia, they can be redeemed with asia miles which then can be used on a ton of airline partners, but air asia is not one of them

  • Minimum Income Requirement
    $60,000 p.a.

    I wish I earned that much :(

  • So whats the final verdict..which is the best credit card to go for?

    • ING / Me Bank 5% on paypass is best.
      Followed by citi
      Followed by this.

      • i'd say 3rd best would be Bankwest Zero Platinum - no international fees, no annual fees, and insurance is easier to activate than on this HSBC.

        • No rewards with bankwest. Are the rates with bankwest zero plat as good as 28 degrees mastercard?

        • rates are the same mastercard wholesale fx rates

          3% international fees that hsbc charge will never offset any points that they give you for that transaction, so if you make enough international transactions then give bankwest a thought.

        • Thanks, I wouldn't use a rewards card for international. I have the 28 degrees for that, my main bank is bankwest so it would be good to switch from 28 degrees to them.

  • thats what I wanted to konw.. m with Commbank as of now and $100 voucher is for 18600 points.. i earn 1 point per $1 on visa and 1.5 points per $ on my amex..

    Citibank is looking interesting as of now…but they are not offering any bonus points

  • +1

    JB Hifi quite often offers No Deposit Finance and Interest free with HSBC Card. So its an added value to HSBC Card.

  • Is it possible to take advantage of the balance transfer and the 10000 bonus points without getting charged interest on the purchases? For example, prepaying a few dollars right after getting qualified and then buying something immediately so it does not attract any interest. Or perhaps buying something for less than $1 within the three months to attract minimal amount of interest. Does that still qualify for the points? I don't see where it says that a minimum amount must be spent in order to qualify.

    • +1

      with hsbc the balance transfer is made as soon as you're approved, i remember my balance transfer has arrived to destination card within couple of days of approval, way before i received the hsbc card and even activated it.

      to minimise interest charges, make a small purchase just before your statement date, then as soon as the statement is generated make a bpay payment equal or more to your purchase amount

  • anyone with the previous hsbc platinum card offer (30k points first annaul fee waived) sucessfully transfer to this card offer of no annual fee for life or did you need to make a new application?

  • Too bad im a uni student and ineligible to apply

  • +1

    Welcome to our most prestigious card

    not - that's their premier world mastercard
    https://www.ozbargain.com.au/node/120734

    Visa Platinum Privileges

    https://www.ozbargain.com.au/node/123330?page=10#comment-180… :)

    comprehensive insurance

    no interstate flight inconvenience insurance nor domestic rental vehicle excess insurance, unlike citibank and westpac :(

    home&Away Privilege Program

    http://www.hsbc.com.au/homeandaway

  • +1

    if you are thinking to do a balance transfer to this card, make sure you dont make any purchases otherwise you will get interest on your purchase ifyou dont make a full payment on the closing balance in every your statement - this means ( balance transfer + purchases ) - its a stupid logic,I raised a complaint and they revert my interest charge on the purchase and advises me to not use it for any purchases on the card and just pay off the balance transfer.

    • +1

      I thought during the last credit card reforms they made it law that payments have to go to the highest interest balance first? Did you get this card recently or a while back?

    • Does the interest only on the purchases? Otherwise cannot get the 10000 bonus point without making a purchase.

      • yes the interest charges on the purchase only, i called them saying they have different way of business than other bank, as i have been doing balance transfer from CBA >> Citibank >> HSBC and never got sting with an interest charges on purchase, as long as i make my minimum payment + purchase.

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