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HSBC Platinum Credit Card - 0% for 36 Months on Balance Transfers, No BT Fee | $29 First Year Annual Fee

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HSBC Platinum Credit Card - 0% for 36 Months on Balance Transfers, No BT Fee | $29 First Year Annual Fee
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Store Repfindercomau on 02/03/2021 - 15:00 finder.com.au (257 clicks)

Hey Savers!

Sharing an exclusive deal for the HSBC Platinum Credit Card, which is offering a 0% balance transfer rate for up to 36 months, with no balance transfer fee, when you apply through Finder by 16 March 2021. It’s the longest balance transfer available on the market right now.

This is an ideal offer for people with existing debt who want to save on interest, as you'll get THREE YEARS of breathing room. The HSBC Platinum offers other perks, too. Including HSBC Reward Points, airport lounge passes and complimentary insurance covers.

Please note:

This offer is only available to eligible applicants who apply through Finder via: https://www.finder.com.au/hsbc-platinum-credit-card-exclusiv…

Features of this card
  • Long-term balance transfer offer. Save on interest charges with 0% p.a. on balance transfers for up to 36 months (with no balance transfer fee) when you apply through Finder by 16 March 2021. Any unpaid balance at the end of the introductory period will revert to the cash advance interest rate of 21.99% p.a.
  • Discounted first year annual fee. You'll save $100 in the first year with an annual fee of only $29. This goes up to $129 in subsequent years.
  • Rewards points. Earn 2 HSBC Reward Points per $1 spent overseas and 1 point per $1 on all other eligible purchases (capped at 10,000 points per statement period). Points can be redeemed for cashback on your card, merchandise and travel and accommodation through HSBC Rewards Plus. Alternatively, you can convert your reward points to Velocity Frequent Flyer points, with 2 Reward Points equal to 1 Velocity Point.
  • Complimentary insurance. When we can travel again, and you use your card to pay for at least 90% of the total cost of your overseas travel return ticket, you'll get complimentary international travel insurance. You can also make use of rental vehicle insurance excess cover, transit accident insurance, purchase protection insurance, extended warranty cover and a guaranteed pricing scheme.
  • Mobile payment technology. You can easily make payments from your smart device via Apple Pay and Google Pay.
  • Interest rate. This card charges a purchase interest rate of 19.99% p.a. and offers up to 55 days interest-free on purchases.
Eligibility criteria
  • At least 18 years of age
  • Annual income of at least $40,000
  • Good credit rating
  • New Platinum Credit Card application
  • Australian resident
  • Balance transfer must be requested upon application and you can transfer up to 90% of your available credit limit from credit and store cards not issued by HSBC.
  • Must apply via Finder
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closed Comments

    • bradenpd on 02/03/2021 - 15:10
      +7

      And will that give me 36 months interest free on balance transfers…?

        • bradenpd on 02/03/2021 - 15:12
          +2

          I didn't say need. Perhaps you're unaware of the positive ways of using credit cards and balance transfers?

          • [Deactivated] on 02/03/2021 - 15:16
            -6

            @bradenpd: Don't advocate for people to get into long-term debt.

        • The-Kremlin on 02/03/2021 - 15:19
          +1

          I think you got little to no idea what you're on about…how about that?

        • cr4sh0verride on 02/03/2021 - 15:32

          How short sighted.

          Let's see what a good reason could be
          Maybe I have a loan with an 100% offset account and I use 36 months of interest free purchases

          That's 36 months of reduced interest fees to the bank and then just pay it off at the end

          But I wouldn't recommend HSBC

          Their app is outdated and run like it's from the 90's
          It's not intuitive at all

          Also they happily finance terrorist organisations and have deceptive banking practices

      • Simbooo on 02/03/2021 - 15:12
        +1

        Probably a rhetorical question but no it only offers 2.99% on balance transfers for the first 9 months snd then I assume it’s back at full rate.

        • bradenpd on 02/03/2021 - 15:13

          It was, but thank you for answering anyway.

    • fab boy on 02/03/2021 - 15:20
      +2

      the point of this deal is "0% for 36 Months on Balance Transfers, No BT Fee" which OP mentioned on the title.

  • Cheapass1995 on 02/03/2021 - 15:20
    +1

    HSBC is the only bank to reject my rewards card application due to "not meeting the credit criteria" be careful with applying for these guys

    • Heaps for Cheaps on 02/03/2021 - 15:22
      +2

      Even worse is that it lowers your credit score and you get punished for future applications. I am thinking of applying but will cancel an unused card first.

  • Ryk on 02/03/2021 - 15:22
    +1

    annual fees are a killer, $287 ($29+$129+$129). IMHO you'd want to be transferring >15k+ for 36 months before considering this.

    • enigma48 on 02/03/2021 - 15:30
      +3

      The fees aren’t too bad, even against a smaller loan. No loan setup fees, no need to secure it, no penalty of paying back faster etc

      15k loan
      2% loan over 36 months = 15827
      5% loan over 36 months = 16508.

      This card: 15287

      • Ryk on 02/03/2021 - 19:07

        correct. that's why i wouldn't do it for a lot less than 15k. The setup costs of a fixed annual fee make it too expensive, subject to what you're transferring it from, ie. home loan.

    • KangaDrew on 02/03/2021 - 22:22

      Considering the interest you'd be saving overall, $287 in fees (while it still sucks) will inevitably beat the monthly compound interest on a sizeable debt.

  • countmein on 02/03/2021 - 18:01

    Only if they can do balance transfer via check pleaseee

  • wrx5 on 02/03/2021 - 18:46
    +5

    Things are getting tougher day by day. I asked for a car loan and learnt surprising new things: (please don't shoot me. below info is given to me by 2 different finance guys. I am just sharing it)

    Finance companies have set minimum monthly expenses:

    Couple with 2 kids: $3700 - $3900
    Couple with 1 kids: $3300 - $3400
    Couple with no kids: $2900 - $3100
    Single: $1700

    They ignore what you write on the application form for monthly expenses if the number is less than above numbers. Monthly expensive is excluding mortgage, rent, child care fees and private health insurance costs.

    So simple calculation here:

    Couple with 2 kids (which I am): $3700 monthly expenses + $2400 for mortgage = $6100 per month

    Plus new car payments on top: $150 per week = $600 per month so new total is $6700 per month

    You should be on $110k + super annual salary to be able to get $6700 net per month into your account.

    However, just earning this much doesn't get you approved for the loan. There has to be some breathing space so maybe you should be on $120k salary

    Look, no debt apart from mortgage payments. No credit card payment, no other loan. Still I couldn't get the approval. My credit score is in "Very good" bracket.

    Unbelievable.

  • Aussiecash on 02/03/2021 - 21:47

    is there a cap for the balance transfer? can I transfer $50k?

    • wrx5 on 03/03/2021 - 08:56

      The cap is you can only transfer %90 of the card limit. So to be able to transfer $50k you need a credit card with $55k limit minimum.

  • Spaniard84 on 03/03/2021 - 09:35

    Are you able to transfer personal loans to the card is this allowed ?

    • wrx5 on 03/03/2021 - 10:17

      I have done this few times in the past with ANZ but last attempt with ANZ failed.

      It really depends on the bank.

    • Store Repfindercomau @ Finder on 04/03/2021 - 20:17

      No, HSBC only accepts debt from non-HSBC credit cards.

  • bar6gain on 04/03/2021 - 17:53

    What's the highest limit that they would usually grant on this card ?

    • Store Repfindercomau @ Finder on 04/03/2021 - 20:19

      Unfortunately I don't have access to that information. Credit limits are assigned on an individual basis based on creditworthiness. The minimum available credit limit for this card is $6,000. I hope that helps.

  • PipSqueakables on 13/03/2021 - 11:54

    If I apply for this credit card with an expectation of $xx,000 limit… and if the bank doesn’t agree with the limit will they reject immediately or will they call me to ask whether I agree to a lower limit?

    • Ryk on 13/03/2021 - 15:18

      typically they would approve at the lower limit they assessed.

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