HSBC Platinum Card becomes particularly convenient with its integration with Apple Pay and Google Pay, but it’s also a powerful tool for keeping your budget in check.
Those who value financial autonomy can explore My Card Controls, which gives you full control over spending, purchase limits, transactions, and even blocking and unblocking your card with just a few clicks whenever needed.
These features are appealing, but there’s much more to explore about the advantages this credit card offers. Keep reading to discover the pros, cons, and our final verdict on it.
Benefits of HSBC Platinum Card
- First-year annual fee waiver
- Rewards Plus: This is the card’s points program. Your everyday spending turns into rewards, from travel to cashback and special prizes like gift cards.
- Up to 55 days interest-free on purchases
- Complimentary airport lounge access: Enjoy up to 2 passes per year to selected airport lounges.
- Purchase Insurance: As an additional offering from Visa, purchases made with the card come with extended warranty and protection against accidental damage or theft.
- Extra travel benefits: The card includes complementary insurance, providing additional protection for both domestic and international trips.
What Makes the HSBC Platinum Card More Economical?
During the first year, you’re exempt from the annual fee, which already represents a good saving.
Moreover, with competitive interest rates on balance transfers, the HSBC Platinum can help you save by consolidating debt from other cards.
For 12 months, you’ll have a 0% p.a. interest rate on balance transfers, but there’s a one-off fee of 2% if you choose to use this service.
Lastly, bank customers can take advantage of the Home&Away Privilege Program, a platform with over 27,000 partner stores and establishments in Australia and abroad offering discounts and deals.
How the Rewards Plus Points Program Works
Your everyday expenses earn rewards whenever you use the HSBC Platinum to pay for them.
With it, you earn 1.5 HSBC Rewards Plus points for every US$1 spent on eligible purchases.
Once you’ve accumulated enough points, you can choose from travel, accommodation, cashback, and gift cards for electronics and products via the app.
However, not all transactions qualify for earning points. For example, interest-free promotions, balance transfers, cash advances, and business expenses don’t generate points.
Additionally, if there are refunds or reimbursements in your account, the points from these transactions will be deducted.
Limitations
Points are capped at annual spending of up to US$120,000, so if you have higher spending habits, you won’t earn extra points beyond that.
Another point to note is about balance transfers. Make sure to pay off the financing within 12 months to take advantage of the 0% p.a. interest rate; otherwise, the outstanding balance may incur interest charges, making it harder to pay off your account in full.
Also, don’t overlook the one-time 2% fee on the balance—factor this cost into your financial planning.
Fees to Know
- Interest rate on purchases: 19.99% p.a.
- Cash advances: 21.99% p.a.
- Annual fee after the first year: $149
- Foreign transaction fee: 3%
- Additional cardholder fee (the cardholder must be over 16): $0
- Late payment fee: $30
Conclusion on HSBC Platinum Card
The HSBC Platinum card offers significant advantages and services that add a lot of value, making it more than just a tool for paying for purchases.
While it offers conditions that waive some fees, it’s important to consider that it may have higher costs than other bank options regarding interest rates on purchases and international transactions, for instance.
But overall, if you appreciate everything it offers and have reviewed this analysis, you’ll be able to make the most of its benefits while enjoying a year without an annual fee.