• long running

HSBC Platinum Credit Card: Bonus 120,000 Pts ($3K Spend in 90d), 0% Int BT for 26 MOs, $0 Year 1 Annual Fee (Exist. Customer)


Received an email so can be targeted but from what I can understand it's for everyone with the link. Otherwise looks like a good deal for free $500 and no fees.

HSBC Platinum Credit Card
Treat yourself with $500 in e-Gift Cards when you spend $3,000 on eligible purchases within 90 days of card approval. Enjoy the gift of time with 0% p.a. interest on Balance Transfers for 26 months (1% balance transfer fee). And relax with $0 Annual Fee in the first year.

Available to new, approved customers who apply for the Platinum Credit Card Available only to existing HSBC customers who are approved. HSBC may change or end this offer at any time. Please see full terms and conditions. Other fees and charges may apply.

Mod: 120,000 Points can be redeemed for $600 Cashback, see here. Thanks to samehada.

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        • I had 200,000 in the bank and 0 loans and flawless credit history………

          • @hamwhisperer: they hate rich people, aka people with 0 loan
            on the basis their credit rating is low

      • +2

        They probably realised they were never going to make a cent off you.

        Credit card customers who pay off their balance on time and collect all the rewards are a bank's worst nightmare.

        • -1

          Well no they arent the Bank's worst nightmare. Instead bank's true worst nightmares are those who would refuse to pay a single cent back to Bank (and are Bankrupt).

          I got rejected by HSBC too, stupid bank, I am finding no reason they should have rejected me.

          annual salary of $40,000 but during application ask for income (after tax, hence not gross income, so someone making $40,000 gross a year is not eligible by this way of seeing only there after tax income).
          My experience with their Debit Card was not much good either thought to give them another shot, with Credit Card this time. Simple Rejection by email.

          Not a problem HSBC looses my business, many other banks whom I can choose.
          Feel bad only for that I closed my ANZ rewards platinum thinking that would improve my chances of getting approval (as like me not going over the maximum credit limit they deem available to me).

    • +3

      Anyone can be rejected by any bank/provider for no apparent reason. That's just the reality.

      Don't take it personally, just move on to the next offer.

  • Never done balance transfers before. Does it mean if I have $5k due soon on my ANZ card I can transfer that amount over to this card and only be charged 1% interest over 26 months? If I have the min credit limit of $6k that means I only have $1k more to spend each month?

    • +2

      It's a 1% balance transfer fee, you are charged 1% up front (so you'd have a balance of $5,050 on your credit card) and it's zero interest for 26 months from then on.

      You should focus on one or the other, BT or points, not both on the same card. Get the best card for a 0% BT with no fee (there's some 30 months around at the moment) and, if it fits in your budget, look at getting one with rewards too as a second card.

      If you already have debt, taking on a commitment to spend $3k in 90 days might not be the best idea unless you've got a clear way of how you're going to do that. Do you have $3k of stuff you're already going to buy in the next 90 days? Can you make the minimum repayments on your debt while also paying off that entire $3k to make sure you're not just hit with more interest?

  • Does anyone have good idea/ guidence whether to figure out banks' "internal lending criteria" is.
    I have applied for this and some ANZ cards, with no success, and do not want to go through same things anymore. My background, middle aged , self employed GP, decent income, credit score is neutral as no credit cards or loans before.

    • +4

      The reason these banks do these deals is to make money. As someone who worked in Business Intelligence in the credit industry for many years, I can tell you that it is possible to be 'too good' for these deals. In the early days the banks were just throwing these deals out and hoping they would stick and make money. They are now smarter and the deals are aimed at 'middle of the road' users - just enough wages, just good enough credit rating, and a good spender. I applied for one of these cards 12 months ago and, upon refusal, I rang them to enquire as to why because my CR is 980, my home loan is completely offset by cash and I haven't paid interest on a credit card for years. After much discussion about my application I was advised that I didn't 'qualify'- so I kept pushing and finally got an admission that I was 'too good' for the offer… I have never applied for another one.

      • Thanks for the info, Pete.
        Do you mean that there is no chance for me?
        I understand that, banks need spenders and who has got a good spending history as well as an employee who has got some reassurance than self employed people. Do you think whether someone can act as a guarantee person or some sort (I am just naive to all this and never had credit cards before)
        Or what is the best way for me, do you think?

        • +1

          Try applying for an Amex first - their approval process seems to be the most painless. Once you have one, it may actually become easier to get another one.

      • The savvy ones are never good for business. Although I haven't had an issue applying for any of these deals (lots) and I'm in a similar situation as you.

      • How would a bank like HSBC know that though? Don't they just see that I have other credit cards/have applied for other cards on my credit report and that's it (if I don't have any defaults)? Or can they actualy see how much interest I have paid, or see that the cards have lots of debt owing on them still?

        • They can only see what credit card you applied for on your credit file. Bank then ask you to provide credit card statement for all those credit cards. If you said you closed the card then you need to show them the final statement.

  • I can't think how I would spend 3k, 1 to 1.5, maybe - only if I remember to get my wife to use the card (she'd forget at the grocery store all the time!) I think I've bought all the gadgets I need right now sadly.

    • You could always buy gift cards of a place you frequently shop as they have long to no expiry.

      • I wonder if there's a way to buy a fuel card or something. If I had a $500 woolies and $500 BP gas card, I could see me using those in 6 months.

    • +1

      Shopping gift cards or pay private insurance in next 12 months advanced.

    • how can you not? $3k in 90 days, that's 1k a month, $250 per week. You don't buy groceries or fuel?

  • Does anyone know, when this offer expires?

    • Good question.

  • So grocery store gift cards then obviously count as eligible purchases?

    • Yes.

  • -3

    Buy a $3000 laptop, get your gift card whithin the month then return the laptop.

    Will this work?

    Also good if one has a dental appointment $$

    • +1

      or a surgery, you will feel better after recovery since you will have bonus points credited to your account

      • Hahaha 😅

    • +3

      This is probably the most annoying and dishonest thing to do.

      If you can't spend the cash, then don't sign up. Otherwise just buy gift cards and use them over the next year if you need to.

      • Boo hoo banks

    • Make sure you do it at HN

  • Tried signing up to HSBC before and never heard anything back

    • Similar thing, I rang a few times to ask if their investment loans allow display homes, took 2 weeks to get a answer.

  • +3

    One of the worst banks I've had to deal with, I signed up to the previously offered 3k spend 120k points and had nothing but issues. After a few days of applying I was conditionally approved and had to visit a branch and provide my license and bank statements because the online verification didn't work, after that got my card in the mail. Used it for a few days with no pin (pin comes in a separate letter). Card was suspended multiple times, when adding the card to google pay with a $0 pre auth card got suspended and had to ring to unsuspend, paid for parking at city, card suspended again, most new merchants resulted in the card being suspended, I spent a good few hours on the phone having to call up to unsuspend the card, by the end I told them to get rid of the whole fraud detection thing and if anything goes wrong I'll call to have it suspended, haven't had any issues since then. When attempting to set up with the mobile app, I couldn't get past the id verification again, I called, they said they couldn't help me and mentioned you have to go into a branch to get a banking number because they can't be issued over the phone, keeping in mind there's 2 branches in qld. So went into branch again with my ID to get set up no dramas, just an inconvenience. Now I have another issue, I've already met the min spend requirements back in March, I've called them up and they mentioned you are eligible for the offer but we're not sure why the annual fee is being charged and points aren't showing, good fun. They are now escalating it to see where the issue lies.

    • Thanks for the info.

    • That's awful! Sorry to hear you went through such pain.

    • Thanks for the heads up.

      Not worth the hassle TBH.

  • -1

    Might pay to be a little wary. We don't yet know who will buy their credit card operations once they close up shop in Australia and exit all retail banking here.

    • Are they doing it as well as Citibank ?

      • -1

        Yes, both Citibank and HSBC are exiting retail banking in Australia. HSBC have also just announced that they are exiting retail banking in the US.

        • HSBC are exiting retail banking in Australia


        • HSBC are exiting retail banking in Australia

          I haven't seen any evidence of that. Please provide sources.

          They're exiting mass market retail banking in USA (but apparently still going to maintain a small presence) and are on the way out of France, as part of a strategy to refocus on Asia. Haven't seen any mention of Australia.

          HSBC exits loss-making U.S. retail banking as part of Asia pivot

          • @the splingee: I am postive I read about HSBC in The Age, but blowed if I can find the article again now.

            As I cannot provide the proof, just ignore my comment. Time will prove me right or wrong I guess.

            I just read today that Citibank is providing the new PayPal credit card in Oz, so maybe Citi will maintain both their own Citibank credit cards and their white label card portfolio after they exit consumer banking.

  • +2

    Anyone getting an error when trying to manually upload a payslip?

    It says my session has timed out when I click the manual upload link. Happens on Chrome PC and Chrome and Edge on Android. Tried on and off wifi too.

    I'm a little concerned they give the option of entering your current bank login details to scrape your pay information. That would be against the TOS on almost all banks! A bank doing that is pretty dodgy imo.

    • Scraping payslips from internet banking is common within the industry. Almost all banks offer this now, usually through a provider such as bankstatements.com.au

      All above board and completely safe

  • Wouldn't the interest free offer be void if you spent 3000 plus and didn't pay the entire closing balance including the new spend and balance transfer back by the due date for statement for that new spend? I had that happen with a different credit card so asking.

  • Nice deal OP!

    Just wondering if anybody's used this card before and if the annual fee waiver still applies? I am actually looking for a credit card that I want to keep long term to rack up points. I did apply for this credit card a couple years ago as they had a fee waive on their annual fee for this credit card as long as you spent over 6K/year. It doesn't say anything about this on their website anymore so I'm assuming they removed it. Could anybody confirm/deny this?

    • Ah thanks for reminding me. I was thinking about keeping this card but it looks as if $129/year would apply in the second year so I will prob cancel now.

    • You are correct, they also gave free Entertainment Book membership as well on this card. Annual fee waived if you spend $6000 a year.

      Regarding rewards points, this card will give you rate of 0.5% cashback. Coles Rewards Mastercard is a good one for ~1% cashback for the first $3000 spend, ~0.5% after $3000 and it doesn't have cap on amount of points earn. It has $99 annual fee but it has no foreign exchange fee. The cashback is in Flybuys points which you can pretty much use at Coles/KMart/Target/ColesExpress. I only shop at Coles because of the Coles Flybuys offer so this is not a problem for me.

      This HSBC card has 3% foreign exchange fee. Another not so bad one is CBA Ultimate Awards credit card, annual fee is not cheap unless you spend $2500 per month. CBA card doesn't have fx fee but you only earn points for up to $10k spend per statement period. Rewards rate is tiered and quite good for spending in foreign currency (3pts) or supermarkets (2pts) or else 1pts which is ~1.5%, 1% and 0.5% cashback rate respectively

      So depends on your spending, you can consider these options.

      • I was going to keep this card for the 0.5% cashback but now I will cancel it.

        I will likely keep my kogan credit card as it gives 1% cashback in kogan credit, no annual fee, free kogan first membership.

        I use 28 degrees for all foreign currency transactions.

        • yeah, Kogan is also a good one to keep for Kogan First membership and no annual fee.

          You don't get rewards point for 28Degree card though.

      • Are you sure the annual fee is waived if you spend over $6,000 for the new card deal?

        Has anyone actually confirmed this?

        I remember this was a deal with the previous card and was included in the Key Fact Sheet.

        This time this has not been included in the Key Fact Sheet but you receive a sign up bonus.

        • Not this deal, that has been grandfathered. HSBC offers no fee waiving and no Entertainment Book membership now.

          You got the first year annual fee waived with this deal.

          • @samehada: thanks for this. I remember seeing this as the only card that had the fee waiving feature. I don't think I've seen another credit card with a fee waive. I'm always happy to spend and don't really care how much I need to spend/year to waive a fee.

  • +3

    OP should change post description, 120k points can be redeemed for $600 cashback instead of $500 giftcard.

    • Can the cashback be applied on the same statement you spent your initial 3k?

  • Excluding government fee or charge —- Is REGO considered government fee?

    • Yes. Your state government collecting your rego fee aren't they?

  • ive just done the online thing where they pull bank statements, how long after this for approval / it doesnt give me an eta etc?

  • +2

    Applied 1 am, got conditionally approved.
    Got a full approval 5pm, card is on the way

    • Any hiccups during online verification?

  • +1

    I cant see this offer on their website. Has anyone been able to get a confirmation from HSBC around this offer?

    • +2

      When I called hsbc customer care when I had trouble uploading verification id's, the customer care team intially said they are NOT aware of this offer.
      After giving them the link about the offer they said they get back after confirmation with their sales team.

      • did the HSBC guys get back to you?

        • Not yet
          They also said I might have to call them to check the status

  • Just applied so will see what happens. Uploaded pay slip, not a chance in hell I am giving them my bank logon details

    • Approved.

  • Great deal, thanks!

    I'm assuming that most people here will close the account before the one year mark when fees will apply?

    Are there any fees or penalties with closing account within the year?

    • No

  • I've just applied XD received conditional approval email. Does anyone know how long it'll take them to approve it? (express verified income online already)

    • 3 calendar days for me

  • +1

    I have applied. Their webite is not the greatest.

    • +6

      Wait till you use their app.

  • +1

    Applied at 6am today, completely approved at 10am today via text.
    - Licence scan took 3 attempts but was eventually successful. Landscape mode using iPad camera. Make sure you hold the licence with one hand! it didn't like it when I left the licence on the table. Also, get the angle right so the security artefacts don't over shine the details underneath.
    - Used the express retrieval of bank statements from ING.

  • Applied on the 29th May. Conditionally approved.Initially I didnt want to use their automated express retrieval of bank statements but after waiting with no progress, i decided to use the service and got an instant approval within minutes.

    I even got a high credit limit. quite surprise as I got rejected by anz last month on this deal https://www.ozbargain.com.au/node/610436

    • I always go for the lowest limit I can so I can open the most cards at once.

  • -1

    facial recognition required for the application, china based bank? Yeah nah.

    • can do it at auspost if you prefer. that's what I did

        • Wel.. you're an existing customer.. thats different.

          • @buckethat: I contacted the staff who helped me open the HSBC debit card, she advised this credit card offer is open to existing customer only.

            • @Garrettau: Not quite sure if thats the right info, I'm sure most people here aren't existing HSBC customers.

            • @Garrettau: The email I received included the following T&Cs:-

              Make the most of 120,000 Bonus Rewards Plus Points when you spend $3,000 on eligible purchases using your new card within 90 days from card approval3. That’s enough for $500 in e-Gift Cards. New Rewards Plus customers only.


              Offer is limited to new applicants only. Existing HSBC customers transferring from another HSBC credit card or customers who have held any Rewards Plus card types within the last 12 months are ineligible for this offer. Not available in conjunction with any other offer.

              • @the splingee: It doesn’t say only available for existing hsbc customer. Not sure …

                • @Garrettau:

                  It doesn’t say only available for existing hsbc customer.

                  Correct, it doesn't say that.

      • Only drivers license is enough?

        • Yea

  • +1

    Applied 28 May, Went to post office same day to verify the doc.
    Used the express retrieval of bank statements from ING on 31 May then received an approval in 1 min.
    Card on its way in few days. PS: only apply for $6000 credit.

    • tried many times on my phone. OCR recognition must be crap as it never picked up my licence number!

    • received my card on 8 June.

  • Anyone else having trouble with ID check via sms link

    • I'm having issues with this too. It doesn't recognise my driver's licence number

      • +1

        I got around this step by calling up and doing it manually over the phone

  • I also had issues with the manual bank statements upload saying the session timed out. Using firefox + ublock.
    I switched to chromium without adblocker and it worked there.

  • +1

    A bit of fluffing about to get their systems to work and a couple of phone calls later, it's all good. I suppose an hour of my (work) time for $600 is pretty good.

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