HSBC

HSBC is one of the world’s largest banking and financial services organisations serving more than 40 million customers through four global businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. HSBC’s network covers 65 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. The HSBC Bank Australia offers a range of accounts, online banking, credit cards, home loans, term deposits, foreign currency accounts and more.

HSBC credit cards

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Not available for application via this website

HSBC Low Rate Credit Card

Highlights

The low ongoing purchase rate of 12.99% p.a. helps you save on interest costs.
0% p.a. for 12 months on balance transfers with a 2% fee.
With no foreign transaction fees, this card is a great choice for online and international purchases.
Includes complimentary domestic travel insurance.

Pros

Get a free Frequent Values™ membership, which gives you access to 4,500 promos at select stores, restaurants, hotels, and family attractions.
Gives you access to offers from 27,000 local and global retail partners through HSBC’s home&Away Privilege Program.
The credit limit starts at $1,000.
Get up to Up to 55 interest-free days.
This card is compatible with Apple Pay and Google Pay.
Take control of your card with the HSBC Australia app

Cons

As a low-rate card, this option doesn’t include a rewards program.
There’s no first-year waiver on the $99 annual fee.
Complimentary international travel insurance is not included, which is typical for a low-rate card.
There is a 2% balance transfer fee.
Plus, balance transfers revert to the high cash advance rate of 25.99% p.a.

Not available for application via this website

HSBC Platinum Credit Card

Highlights

0% p.a. balance transfer offer for 12 months, with a 2% transfer fee.
No annual fee for the first year, then $199 p.a. after that.
Earn 1.5 Reward Plus points per $1 spent on eligible purchases.
Redeem your points into cashback or various e-gift cards from Bunnings, Coles, Woolworths, Amazon, JB Hi-Fi, Uber, and more.

Pros

The complimentary LoungeKey membership gives you access to 2 airport lounge passes every year.
Check out the exclusive dining and shopping discounts from time to time.
Includes complimentary travel insurance with Rental Vehicle Excess Insurance in Australia and Transit Accident Insurance.
Plus Extended Warranty and Purchase Protection insurance.
Additional cardholders at no extra cost.
Offers points transfer options with partners like Asia Miles, KrisFlyer, and Velocity Frequent Flyer.
Get a minimum credit limit of $6,000.
This card accepts Apple Pay and Google Pay.

Cons

High overseas transaction fee at 3%.
The balance transfer rate reverts to 21.99% p.a. after 12 months.
A cap of 10,000 points per statement period, or 120,000 points annually.

Not available for application via this website

HSBC Platinum Qantas Credit Card

Highlights

Earn 1.5 Qantas Points per $1 on eligible purchases in your first 12 months, then 1 Qantas Point per $1 spent after that.
0% p.a. balance transfer offer for 12 months, with a 2% transfer fee.
Save $299 in the first year with no annual fee, then $399 p.a. after that.

Pros

Includes complimentary travel insurance with Rental Vehicle Excess Insurance in Australia and Transit Accident Insurance.
Plus Extended Warranty and Purchase Protection insurance.
Save $99.50 with the Qantas Frequent Flyer program complimentary membership.
Get a free Frequent Values™ membership, which gives you access to 4,500 promos at select stores, restaurants, hotels, and family attractions.
Enrol family members as additional cardholders at no extra cost.
Up to 55 interest-free days.
This card is compatible with Apple Pay and Google Pay.
Take control of your card with the HSBC Australia app.

Cons

The balance transfer rate reverts to the cash advance rate of 21.99% p.a. after the introductory period.
There is a 2% BT fee.
After the first year, the annual fee increases to $399 p.a.
Qantas Points are capped at 120,000 per year.
Does not include complimentary lounge access.
A 3% foreign transaction fee applies to purchases made overseas.

Not available for application via this website

HSBC Premier World Mastercard (Reward Plus)

Highlights

Choose between the HSBC Rewards Plus or HSBC Qantas Rewards programs, offering the flexibility to suit your needs.
No annual fee on the first year, $199 p.a. afterwards.
0% p.a. balance transfer offer for 12 months, with a 2% transfer fee.

Pros

With Rewards Plus, earn 1.5 points per $1 spent on eligible purchases, which you can redeem for cashback, gift cards, or travel.
With Qantas Rewards, earn 1.5 Qantas Points per $1 on eligible purchases in your first year, then 1 Qantas Point per $1 after that. Plus, enjoy offers from 27,000 local and global retail partners through HSBC’s home&Away Privilege Program.
The complimentary insurance coverage includes Domestic and International Travel Insurance, Transport Accident Insurance, Extended Warranty Insurance, and Price Protection Insurance, offering peace of mind for your travels and purchases.
With a starting credit limit of $10,000, you’ll have added flexibility for larger purchases.
Offers 10% off when you book with Agoda or Expedia.
Get access to over 1,000 airport lounges worldwide for a relaxing travel experience.
There are no fees when you get additional cards for your family members.
This card is compatible with Apple Pay and Google Pay.
Take control of your card with the HSBC Australia app.

Cons

No sign-up bonus offer at the moment.
There's a 3% foreign transaction fee.
Rewards Points are capped at 10,000 per statement or 120,000 per year.

Not available for application via this website

HSBC Star Alliance Credit Card

Highlights

Earn 1 Star Alliance Point per $1 on eligible purchases (capped at $3,000 per statement period), then 0.5 points per $1 thereafter.
Pay no annual fee in the first year ($499 p.a. thereafter).
Reach Star Alliance Gold Status by spending $4,000 or more on eligible purchases within the first 90 days of account opening.
Gold Status grants you benefits like Priority Airport Check-in, Priority Baggage Handling, Priority Boarding, Airport Lounge Access, Extra Baggage Allowance, and more.

Pros

0% p.a. on balance transfers for 12 months with a 2% balance transfer fee.
Offers 0% interest for 6 months on flight bookings.
Use or convert your Star Alliance points with major frequent flyer programs from participating airlines.
Includes complimentary travel insurance with Rental Vehicle Excess Insurance in Australia and Transit Accident Insurance.
Plus Extended Warranty and Purchase Protection insurance.
Get a free Frequent Values™ membership, which gives you access to 4,500 promos at select stores, restaurants, hotels, and family attractions.
Enrol family members as additional cardholders at no extra cost.
Up to 55 interest-free days.
This card is compatible with Apple Pay and Google Pay.
Take control of your card with the HSBC Australia app.

Cons

The $3,000 monthly spend threshold can feel restrictive, even though there’s no cap on earning potential.
The annual fee reverts to $499 after the initial year.
To maintain Gold member status after the first year, you’ll need to spend at least $60,000 annually. This can be ideal for frequent travelers and high spenders.
A 3% foreign transaction fee applies to purchases made overseas.

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Q&As

Why should I choose HSBC?

HSBC 'Hongkong and Shanghai Banking Corporation’ currently has more than 3 million customers worldwide that are served through a network of branches and Internet banking facilities. HSBC is currently headquartered in Canary Wharf, London, United Kingdom even though the bank was originally founded in 1865 by Scotsman Sir Thomas Sutherland when he was living in the former British colony Hong Kong.

What products and services do HSBC offer in Australia?

HSBC offers a wide range of products and services in Australia including personal, business, commercial, corporate and institutional banking, financial planning and advice, consumer finances, trade and export finances, payments and cash management, treasury and financial markets, and securities custody.

Individual customers can choose from a full range of personal banking services including accounts, personal loans, home loans, insurance, investment, financial planning and credit cards. HSBC business banking services include accounts, business credit cards, finances, trade and supply, insurance and international services. Personal and business customers can access and manage their accounts 24 hours a day, seven days a week, via internet and telephone banking services.

How long have HSBC been in Australia?

The Hongkong and Shanghai Banking Corporation Limited was established in Hong Kong at the time when the region was a colony of the British Empire. The bank was created with the aim of financing the growing trade between China and Europe in the aftermath of the First Opium War. The first branch opened for business in Hong Kong in March 1865, and in Shanghai one month later. The British Treasury awarded the bank a special dispensation to become incorporated in 1866, and the bank opened a new branch in Japan during the same year.

Under the leadership of Sir Thomas Jackson, who was chief manager from 1876 to 1902, The Hongkong and Shanghai Banking Corporation helped finance the development of Colonial Hong Kong and became a leader in Asian banking, managing British colonial accounts in China, Japan, Penang and Singapore. In the early 20th century, the bank expanded with new branches in Thailand and the Philippines. In 1935, a new head office building was constructed in Hong Kong.

The bank’s head office operations moved to London during the second world war, returning to Hong Kong in 1946. The 1950s and ’60s was a period of diversification for the bank – its first Australian operations began in 1965 with the establishment of HSBC Finance Company Limited. By this time, the bank was already working in the USA, the Middle East and India.

In 1986, HSBC Bank Australia was granted a full banking license. HSBC was one of the first foreign banks to enter Australia’s business banking sector, and one of the leading foreign institutions working in the country’s financial market. In the 1990s, HSBC Australia launched commercial and personal financial services, discount home loans and telephone banking. In 1997, HSBC credit cards were introduced to the Australian market.

In 2001, HSBC launched an internet banking service for its personal customers. In the same year the bank acquired NRMA Building Society Limited, and continued to expand in the Australian banking market. In 2010, HSBC started a major expansion of its retail operations, with plans including the opening of as many as 100 new branches in coming years.