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HSBC Platinum Credit Card $0 Annual Fee for Life. 0% BT for 8 Months

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HSBC Platinum Credit Card $0 Annual Fee for Life. 0% BT for 8 Months
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cheapass88 on 09/05/2015 - 23:11 hsbc.com.au (3340 clicks)
Last edited 03/08/2015 - 18:06 by 2 other users

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 months1 from non-HSBC credit cards on application (reverting to the variable cash advance rate). You'll also have access to Visa Platinum Privileges, powerful credit limits, comprehensive insurance4 (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 31 July 2015. Other fees and charges apply.

$0 Annual Fee for Life7 (so you could save $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)
Free additional cardholders
Earn 1 Rewards Point on every dollar you spend on eligible purchases3 and choose your own rewards
Insurance package available4 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 purchases5 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

Financial Credit Card

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closed Comments

  • YellowKnight on 09/05/2015 - 23:22
    +6

    It looks like Citibank and Bankwest are still the cards to go with for international travel.

    • rdrooster on 10/05/2015 - 00:54

      Why? HSBC has international travel insurance as well.

      • Keeegs on 11/05/2015 - 11:23
        +1

        I believe that's because Citibank and Bankwest cards do not charge overseas transaction fees, which is mainly X% of amount of transaction.

        • robhung on 06/06/2015 - 18:30
          +1

          Only Citibank Transaction Account, their credit card still charges OS fees.

          Bankwest doesn't have rewards however, so depends which one you prefer.

    • illumination on 10/05/2015 - 01:30
      +3

      This card is not geared towards international/foreign transactions.

  • cheapass88 on 09/05/2015 - 23:27
    +1

    Yep, but this one is currently free and has a rewards program!

    • ksama0079 on 10/05/2015 - 00:13
      +1

      so does citibank.

      • forumninja on 10/05/2015 - 00:34

        For those chasing for Asia Miles:
        HSBC has Asia Miles, whereas Citibank does not. However, points are 2 rewards to 1 Asia Miles - so you're better off with Westpac Altitude or AMEX for points (it'll still be 2 points per Asia Miles, but you can earn 3 points per dollar with AMEX).

        • Makaroni on 22/06/2015 - 16:39

          FYI Asia Miles is not available on HSBC Platinum Credit Cards.

          In order for you to have Asia Miles, you need to register for Premier Rewards*

      • cheapass88 on 10/05/2015 - 00:44

        But currently not available

      • illumination on 10/05/2015 - 01:23
        +169

        Sorry. I should have made this its own comment. I was initally replying to something but I realised I had misinterpreted it.

        Get ready for this one… I should probably make this a forum/wiki post soon.

        For consistency-sake, the percentage used to show "rate of return" is based on gift cards, NOT premium class airfares/upgrades which arguably provides greater value for your points. All rate of returns are calculated per dollar spent.

        My summary for Australian Credit Cards:

        • AMEX: American Express Platinum Edge
        • Mastercard/Visa where AMEX is not accepted/ridiculous surcharge: Citibank Signature, HSBC Platinum, Coles Mastercard
        • Travel Card: 28 Degrees, Bankwest Zero/More/Qantas Platinum Mastercard
        • Other
        AMEX
        American Express Platinum Edge ($195 annual fee):
        • One free domestic return flight per (anniversary?) year on Virgin Australia incl. baggage - this is worth more than the annual fee in itself and "can" be resold as it does not need to be in your name. You could almost argue this makes the card free, ignoring the effort of having to resell the ticket.
        • Great bonus points in certain spend categories (3 points/$1 at supermarkets, 2 points/$1 at petrol stations)
        • Membership Rewards - arguably the best credit card rewards program out there. Known for its flexibility in being able to transfer points to multiple loyalty programs (e.g. Asia Miles, KrisFlyer, Enrich Miles, Emirates Skywards, AirPoints (Air NZ), Starwood Preferred Guest) and no points expiry. Good to take advantage of promotional point transfers which come up every now and then.
        • Complimentary Travel Insurance (apparently it is crappy, but as a general rule of thumb you shouldn't rely on credit card travel insurance if you're after "serious" travel insurance)
        • Rate of Return: At 3 points/$1 at supermarkets, ~2.61%
        • [Require confirmation] Purchasing supermarket gift cards yields 3 points/$1, which is hugely important given the 5% eGift Cards we can regularly purchase
        • Access to many of the AMEX statement credit deals posted here - often times you could make savings worth ~$100 annually with these offers
        Mastercard/Visa:
        Citibank Signature (with free for life promo):
        • Free for life with Rewards program, travel insurance
        • 2x PriorityPass lounge access per year
        • Complimentary Travel Insurance
        • Free wine at certain restaurants when you pay with the card
        • Rate of Return: ~0.85%
        HSBC Platinum Credit Card (this deal):
        • Free for life with Rewards program, travel insurance
        • Extended Warranty
        • Other potentially useful warranties (Purchase Protection, Guaranteed Pricing Scheme)
        • Complimentary Travel Insurance
        • Rate of Return: ~0.50%
        Coles Mastercard ($49 annual fee can actually be quite worth it):
        • Shopper's Protection: 2 years price protection on purchases, Merchandise Protection (1% of closing balance, avoidable if you pay the balance prior to statement being generated)
        • Rate of Return: 1% (0.25% on the $0 annual fee card)
        • If you choose to try and avoid the 1% premium for Shopper's Protection, you are reducing your effective interest-free days to 28-31 calendar days as opposed to the advertised "up to 62 days". I believe it is definitely worth avoiding.
        Travel Cards:
        28 Degrees:
        • 6 months price protection (costs 0.5% of closing balance. As above, avoidable if you plan correctly)
        • $0 Annual Fee
        • No Rewards
        • No currency conversion fee, no international transaction fees (rates are very good/reasonable)
        Bankwest Zero/More/Qantas Platinum Mastercards:
        • $0/$130/$160
        • Rate of Return: 0%/~0.74%/~0.50%
        • Complimentary Travel Insurance, Purchase Security Cover, Extended Warranty, Price Guarantee
        • No currency conversion fee, no international transaction fees
        • Minimum Credit Limit: $6000

        The Bankwest Zero Mastercard is comprehensively better than the 28 Degrees in almost all aspects. The only reason you would go for Bankwest More/Bankwest Qantas are if you make a significant amount of international transactions and wish to earn points on them.

        The 28 Degrees is much easier to get than the Bankwest Platinum Cards (salary requirements).

        Other
        Any card currently being offered with:
        • First year annual fee waived
        • Several tens of thousands of bonus points upon first purchase of $X within X months
        • Combination of many of the features above

        These first year promotional cards will usually be better than a lot of the cards mentioned above. The unfortunate thing is they're usually only available for free for the first year and usually aren't worth the annual fee going forward. Having said that, the tens of thousands of bonus points usually offered is unbeatable and is usually worth at least $200+. A recent example of a really good offer was the Westpac Altitude Black card.

        I did not include either the Citibank Plus Transaction, or MEBank/ING Direct because they are not Credit Cards.
        Citibank Plus Transaction account should definitely be part of your portfolio alongside your travel credit card, and MEBank or any other 5% cashback you may be able to obtain is far better than any credit card rewards you will ever be able to achieve.

        Highest Returns on Credit Cards:

        Wrapping it all up/TLDR:

        • It is important to have different cards for different purposes: Price Protection, Points Earn, Extended Warranty, 0% Purchase Rates, Lounge Access, AMEX Statement Credits, 0% Balance Transfer Promos, Complimentary Travel Insurances, Concierge (do people actually use that?!)
        • Generally a very solid Credit Card Portfolio will consist of an AMEX, a Mastercard/Visa as backup, and a Travel Card purely for overseas/international expenses
        • Currently a very solid portfolio would roughly be: AMEX Platinum Edge, Coles Mastercard/Citibank Signature/HSBC Platinum, 28 Degrees/Bankwest Platinum Mastercard
        • The ridiculous annual fees on the Mastercards/Visas with good ROR lead me to believe the Coles Mastercard $49/year is one of the best of its category, considering the consistent 1% ROR and its 2 years Price Protection
        • Given the frequency of offers on Credit Cards of a similar calibre to Westpac Altitude Black of late, it is very possible that the Coles Mastercard might end up being relegated to just being your Price Protection card (which is still amazing)
        • It is virtually impossible to find credit card rewards that can beat 5% cashback offered by MEBank on PayPass purchases
        • At the end of the day, you will always have to consider the credit limit you currently have + any income requirements of any credit card
        • shao on 10/05/2015 - 03:34
          +6

          absolutely amazeballs read sir.
          should sticky this somewhere!

        • tonester on 10/05/2015 - 03:41
          +1

          nice post :)

          It is important to have different cards for different purposes

          +1 westpac > citibank in a few areas

          Concierge (do people actually use that?!)

          https://www.ozbargain.com.au/node/131968#comment-1818463 :)

        • areustillpretty on 10/05/2015 - 08:00

          Wow! I was about to get 28degrees but will try Bankwest Zero instead. Yes, please stick this somewhere!

        • dave on 10/05/2015 - 08:12
          +3

          The Citibank signature site is showing reduced annual fee of $299 instead of free. Looks like they must have ended it?

        • marka on 10/05/2015 - 09:31
          +2

          Citibank Signature includes Guaranteed pricing, purchase cover and extended warranty.

        • varunynr on 10/05/2015 - 09:45
          +1

          Amazing research. You are a rock star. Dont understand the price protection (2 years????). WOuld they refund you back if price drops within 2 years (Which certainly would). Also I think you pointed that already but ANZ Black and like cards are good for first year or so, or may be try negotiating a second year fee free. They did that for me for citi platinum. It works some times.

        • voldemort on 10/05/2015 - 11:07
          +1

          I need to reply to this so I can save for future reference! Awesome work sir!

        • akula on 10/05/2015 - 11:13

          If only there was something similar to reddit gold.

        • illumination on 10/05/2015 - 13:06

          Whoops. Forgot to comment on this card/deal itself.

          This card is a good, solid card and would be a long-term. If you can be bothered though, you're much better off churning through credit cards which offer the first year for free and cancelling before the next year's annual fee kicks in. If you are a churner, you need to be careful of applying for too many cards at once, so don't apply for this + the CBA Platinum Awards + the ANZ Rewards/Qantas Frequent Flyer all in one go.

        • illumination on 10/05/2015 - 13:06
          +1

          @marka: I'll see if I can get a wiki page for this and edit it in there.

        • illumination on 10/05/2015 - 13:09
          +2

          @varunynr: It requires you to be proactive because you need to submit the claim. They won't just credit you if the price drops and you don't submit a claim.

          The main conditions of Price Protection are:

          • Price must drop be $10>
          • Maximum claim on one item is $600
          • Maximum claim amount per year is $2000
          • Maximum over the lifetime of the card is $10000
          • The store selling it does not have to be located in the same place but must be the same name. For example: you could buy a Nexus 7 from Dick Smith online, then see someone post a Dick Smith deal for in Darwin and claim the difference
          • Must not be conditional on a price beat/cash payment only/clearance sale
          • Certain items excluded (like wristwatches/jewellery)
        • illumination on 10/05/2015 - 13:10

          @tonester: I forgot about that Westpac card. It is indeed quite good. Like a beefed up version of this card.

          Will read that Concierge link in a sec thanks.

        • jmzcray on 10/05/2015 - 13:54

          Wow, amazing

        • nuchalis on 10/05/2015 - 14:27

          as a general rule of thumb you shouldn't rely on credit card travel insurance if you're after "serious" travel insurance

          Can you elaborate? I've never had to claim but it seems OK in theory…

        • Titus Afishes on 10/05/2015 - 15:20
          +4

          @nuchalis: I can't speak highly enough of Bankwest Platinum's Free Travel Insurance. Last year we got back over $13000 for an overseas trip cancelled @ last minute - health issue. All it cost was the excess, around $500 as I recall. Zurich staff were very helpful and there was very little delay in processing our claim. Will never bother with paid travel insurance again!

        • Holysmoke on 10/05/2015 - 18:02
          +1

          Don't forget AMEX referral bonuses: https://www.ozbargain.com.au/wiki/american_express_referrals

        • NightFlight on 10/05/2015 - 18:10

          Absolutely brilliant summary! Only addition I would make: Amex Discovery Card as the 2nd Amex option for those who aren't interest in the free flight and don't want to pay any annual fee.

        • adante on 10/05/2015 - 18:38
          +1

          +9999 great summary. Formatted and used bullet points and everything

        • varunynr on 10/05/2015 - 18:50

          @illumination:

          Thankyou very much. Learnt something new today.

        • IsTops on 10/05/2015 - 19:11

          fantastic work

        • leiiv on 10/05/2015 - 20:32

          Is there any of them that does not charge the cash advance fee?

        • illumination on 10/05/2015 - 23:08
          +1

          @nuchalis: I have to admit I am not overly familiar with travel insurance, but have always read that you're much better off having independent travel insurance rather than relying on the one offered by the cards. I guess it's similar in theory to having an additional 2 years manufacturer's warranty vs 2 years extended warranty offered by your card.

        • illumination on 10/05/2015 - 23:09

          @Honest John: Sounds like an awesome experience! Have to admit I am not overly familiar with travel insurance so I can't comment much further.

        • illumination on 10/05/2015 - 23:10

          @NightFlight: That is definitely one that I should have added. Will add it to the wiki.

          I've got a wiki page set aside for it so I will integrate this summary into the wiki when I get a chance, along with all the other corrections/additions necessary.

        • illumination on 10/05/2015 - 23:11

          @leiiv: Don't think any card would not charge a cash advance fee.. I think they all do. Not something I've looked into much to be honest. Let me know if you find one!

        • tvsharsha on 11/05/2015 - 06:32

          Great info indeed

        • Keeegs on 11/05/2015 - 11:28

          Awesome posts, thanks!

          The Platinum Edge by AmEx sounds like a stellar deal but a lot of merchants do not accept AmEx or have a surcharge to use it right?

        • Paul Atreides on 11/05/2015 - 17:29
          +1

          @illumination: IMO, for plat edge, if you are collecting FF points, it is better to pay the difference for a higher tier card for the signing bonus, then changing to the plat edge for the 2nd year before the annual fee is due.

          IE. sign up atm for velocity plat for 80k velocity points (vs 15k for plat edge).

          $154 price difference, gets you 65k extra points and the extra lounge passes etc etc.

        • WhatWouldBiggieDo on 11/05/2015 - 22:15

          @madmouse58:
          Hi - how is the velocity platinum worth 80k points? Their site says 50 - I'm guessing there's a trick to get the other 30?

        • Paul Atreides on 11/05/2015 - 22:20
          +1

          @antt: hey dude, i dont wanna give the impression that im referral spamming, but if you navigate to the below page, then click of any of the referral links under velocity platinum, you'll find it.

          https://www.ozbargain.com.au/wiki/american_express_referrals

        • [Deactivated] on 06/06/2015 - 00:27

          With all the cards that give you a Master/Visa with an Amex, I believe for high spenders ANZ Rewards Black gives the best return at ~0.96% for giftcard redemptions with Visa and approx ~1.45% for Amex, and unlike the Platinum Edge it's not limited to supermarket purchases either. This will only benefit people that run through a lot through their CC as the ANZ Rewards Black has a hefty $325 annual fee.

          I believe for supermarket purchases you're better off purchasing 5% off giftcards using your Visa/Mastercard (not sure if you can use Plat Edge? It's usually purchased via another merchant anyway) for maximum cashback.

        • robhung on 09/06/2015 - 00:10

          Has the Coles Mastercard been updated since your post? I can't find anything on their website in regards to the 2 year price protection on purchases. However, they don't seem to charge you 1% of the closing balance for Merchandise Protection, you get this benefit complimentarily - but for those approved above the Platinum limit.

  • frewer on 10/05/2015 - 04:36
    +2

    Could someone please explain to me what does it means by "0% p.a. balance transfer for 8 months1 from non-HSBC credit cards on application" ?

    I never have had any CC

    • phamid on 10/05/2015 - 06:19
      +4

      For anyone having a credit balance (money left to pay off) from another credit card (e.g Citibank, AMEX, other bank than HSBC) you can request to have it taken over to this credit card with no interest attached for 8 months.

      Typically, if you pay off your balance or have a charge card, this wouldn't appeal to you, for those who pay interest of 18-22%, this gives them 8 months to pay this balance (or minimum repayment) without incurring an interest fee.

      For your own benefit, please read the key summary pages for any card to consider applying for. This includes fees, interest rate, benefits, etc.

      • frewer on 10/05/2015 - 19:54

        Thank you for that.

  • seanbaussie on 10/05/2015 - 09:14
    -8

    This is important to note:

    Block-quote Up to 55 days interest-free on purchases5 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

    If you transfer a balance, although you're getting 0% on it, you're losing your interest free period on any purchases.

    • stockastics on 10/05/2015 - 10:53
      +5

      That's for every BT card..

  • Skrambled on 10/05/2015 - 09:31

    when signing up for MEbank I'm getting asked the following "Yes, open an Online Savings Account in the same name(s) as my EveryDay Transaction Account and make the nominated account my new EveryDay Transaction Account."
    If I say Yes will the Online Savings account still be eligible for the 5%?

    • illumination on 10/05/2015 - 23:12
      +1

      This is not related to the deal at all, but..

      The Online Savings Account is not the account that gets the 5% cashback. That account is like your online high-interest savings account that is LINKED to an Everyday Transaction Account (ETA). It is the ETA that is eligible for 5% cashback. You will get a card in the mail which is linked to the ETA so you just need to make sure your ETA has money.

  • coolsteps on 10/05/2015 - 18:28

    has any existing card holders got a promo code that they wish to share for the 0% p.a. balance transfer for 8 months?

  • cisco on 10/05/2015 - 18:52

    Any of these credit card cover for rental car insurance.
    I know citi signature doesnt.

    • nickdunn on 11/05/2015 - 19:03

      Don't waste your time for car rental insurance. Its not worth it. You have to take insurance from car rental company to reduce excess and then you can claim from your credit card. Its cheaper to get proper travel insurance for car rental.

  • aks on 10/05/2015 - 21:37

    will they approve my application if i already have anz card and used as balance transfer. asking it because i dont need actually but its life time fee free so wanted to keep as safe never had any card before apply once as i have anz saving account so did got approve but fee is around 58$ so and interest is 13.49% so is this better then anz card for new and minimum cc user!

  • cheesecactus on 10/05/2015 - 22:43

    Could someone explain the 'Minimum Income Requirement' of $40,000pa?

    How do they check that? Are you required to show your bank statements from your current bank or something?

    • rarelyscene on 10/05/2015 - 22:58
      +1

      I've previously been asked for copies of payslips to prove income.

    • DealzEddy123 on 11/05/2015 - 16:31

      two most recent payslips generally the requirement

  • JakDac on 11/05/2015 - 12:39

    What is the best coverage overseas travel insurance coverage card ?

  • afterabargain on 07/06/2015 - 15:32

    good post thanks

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