HSBC Platinum Credit Card

Do you want to experience the platinum side of your financial life? With the HSBC Platinum credit card you can do just that. This is the most prestigious card offered by HSBC – and that is saying quite a bit. With this credit card, you will receive platinum privileges, high credit limits, access to a personal concierge and much more. If that sounds interesting, read on.

Benefit of the Card’s Best Features?

Before we get into the finer details, let’s first take a closer look at the interest rate. To start, the HSBC Platinum credit card has a current offer of 0% p.a. on all balance transfers for an introductory period of 6 months.

The HSBC Platinum credit card does not charge an annual fee the first year, giving you the chance to get acquainted with this card before having to pay a dime. After year one, your annual fee will be $129 p.a. (more on this below).

Onto the platinum features. With the HSBC Platinum credit card you will earn reward points for every dollar you spend on qualified purchases. With these points, you can book travel arrangements, donate to your favourite charity, or shop online for a range of goods and services. It operates just like any other rewards program.

What about the personal concierge? This is one benefit of the HSBC Platinum credit card that most competitors can’t keep up with. No matter where you are in the world, you can call your personal concierge for assistance. From booking a hotel room on the fly to finding tickets to a sold out show, you know that you are going to get personal assistance along with the results that you deserve. For many, this service alone is worth the annual fee.

Finally, you don’t want to overlook the comprehensive insurance package which includes: extended warranty insurance, travel insurance, and purchase protection insurance. While it may not be as rounded as a dedicated insurance policy, this added layer of protection, particularly on purchases, is an extremely attractive feature.

Are There Any Drawbacks?

As noted above, there is an annual fee associated with the card. Although you will not have to pay this fee the first year, for subsequent years you will be charged $129 p.a.. Paying an annual fee is never fun, but this card’s is not outrageous for all the features you will receive. In fact, there are many other cards that charge higher fees.

While there is a very competitive balance transfer offer available, it is worth noting that HSBC are one of only a handful of banks operating in Australia that currently charge a balance transfer fee. If you have a large existing debt and want to save as much money as possible, then consider the effect this fee will have on your overall savings. It may be cheaper to apply for a different credit card with a lesser balance transfer that doesn’t charge a fee.

Purchase rates on this card are far from the best. At 19.99% p.a., there are several other cards on the market, and some also at platinum level, with lower ongoing interest rates on purchases.

This is not a card for frequent flyers as points may not be redeemed for flights. However, the HSBC Platinum Qantas credit card is linked with the Qantas Frequent Flyer program and has a very attractive earn rate. We would advise anyone looking to earn QFF points to check it out.

Who Would be Suited?

The HSBC Platinum credit card is not suited for every consumer. Instead, this card is best suited for people who like to live the high life. Additionally, if you don’t use your credit card often then this card is probably overkill. Frequent flyers are also not well suited as the rewards program does not let you earn points towards flights.

Generally speaking, the HSBC Platinum credit card is the right choice for people who use their card a lot – this is because they can earn points on every dollar spent. Along with this, if you enjoy travelling for business or leisure you will find this credit card to meet your every want and need.

Who is Eligible?

There are several eligibility requirements that you must meet if you are interested in carrying the HSBC Platinum credit card. To start, you have to be 18 years of age or older and a permanent resident of Australia. A good credit rating is also required of all applicants. Finally, you only qualify for this credit card if you earn more than $60,000 per annum before tax. Despite the income restriction, which is actually quite low for a card of its stature, most people still qualify.