HSBC Platinum Qantas Credit Card

Choosing the best Qantas Frequent Flyer credit card to suit your circumstances can be difficult. There are so many variables to consider. How many points are earned per dollar spent? Are points capped? Are there any sign-up bonus points on offer? Is it an Amex card, therefore not accepted everywhere or possibly subject to a surcharge? And how much is the annual fee?

Best take a look, then, at the HSBC Platinum Qantas Credit Card, which comes with one of the best available non-Amex combinations of points earning rate and annual fee. Its points cap is high enough for it never to be a problem, and the package contains all the usual platinum card benefits.

Complimentary Qantas Frequent Flyer membership

You need to be a Qantas Frequent Flyer member to earn your bonus Qantas Points. If you are not one already, you get a complimentary membership, priced at $99.50 at no extra cost.

A solid Qantas Points earn rate

You can earn 1.5 Qantas Points for every $1 spent on eligible purchases up to $120,000 in the first 12 months. After this period, you will earn 1 Qantas Point per $1 spent on eligible purchases, capped at $120,000 annually. Additionally, when making purchases via the Qantas website, you will earn an extra 1 bonus Qantas Point per $1 spent.

This earning rate is competitive for a Visa or Mastercard, particularly compared to other Qantas Points-earning cards in the market.

The yearly $120,000 threshold is more annoying. Many cardholders will reach this limit and see their earning rate fall. However, many competing cards have similar restrictions.

Qantas Points can be used for Classic Flight Rewards, starting from 8,000 Qantas Points (plus taxes, fees, and carrier charges, subject to availability). They can also be redeemed for flight upgrades and various other rewards.

Annual fee

The HSBC Platinum Qantas Credit Card has a $399 annual fee, which may seem high compared to other options. However, the first-year fee waiver and the card’s benefits and rewards can help determine if it's worth it based on your spending and travel habits.

Insurance benefits

HSBC has covered most bases with the card’s complimentary insurance policies. Here’s what’s included:

1. Annual multi-trip international travel insurance for primary and supplementary cardholders and their families. It covers emergency medical expenses, unavoidable trip cancellation, flight delay, luggage and documents loss, damage or delay, rental vehicle insurance excess waiver, loss of income, and more.
2. Annual multi-trip domestic flight travel insurance, covering unavoidable trip cancellation, flight delay, luggage loss, damage and delay, and rental vehicle insurance excess waiver.
3. Transit accident insurance, providing cash compensation in the event of accidental injury on a plane or public transport, where the fare was paid with the card.
4. Extended warranty insurance, doubling the warranty period on goods purchased with the card, up to a maximum of 12 extra months.
5. Purchase protection insurance, providing 90 days of loss, theft and damage cover for goods purchased using the card.

The travel policies are activated by paying travel costs with the card. In the case of overseas travel, this means paying at least 90% of the return airfares of all travellers needing cover, and in the case of domestic travel, paying at least 90% of all fares plus accommodation.

Interest-free balance transfer for 12 months

Do you have an overdue balance on your current credit card? You might be paying interest at a rate of 20% per annum (or higher). With the new HSBC Platinum Qantas Credit Card, you can transfer that balance and enjoy 12 months of zero interest. This can save you a significant amount in interest charges. Please note, that a 2% Balance Transfer fee applies.

Up to 55 days interest-free

After you’ve repaid your transferred balance, or immediately if you don’t have one, there’s an accommodating 55-day billing cycle, 11 days longer than the 44 days applied by some cards. This means that you’ll get up to 55 days interest-free each month, depending on the timing of your purchases. You pay the ongoing purchase interest rate of 19.99% p.a. on any balances remaining beyond the interest-free period.

Visa Premium Benefits

Because it’s a Visa Platinum card, certain perks are automatic. They include the Visa Premium Concierge Service for worldwide lifestyle advice and assistance, just a phone call or mouse click away. The best seats in the house for concerts and the theatre are assured, even before they go on sale to the general public. Plus, you’ll have access to travel and accommodation discounts just for being a Visa Platinum cardholder.

HSBC Instant savings

There’s yet another built-in benefit. You’ll receive free membership of the Frequent Values program, giving you access to ongoing discounts for more than 4,500 offers from supermarkets, petrol stations, restaurants, department stores, entertainment and hotel accommodations.

Is the HSBC Platinum Qantas Credit Card worth it?

This card is best suited for frequent spenders who stay within the annual cap and new applicants who can take advantage of the introductory bonus. Overall, if you're looking for a steady way to grow your Qantas Points balance while making everyday purchases, this card is worth considering.