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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HSBC Low Rate Credit Card

Highlights

0% p.a. for 12 months on balance transfers with a 2% fee.
A low ongoing 12.99% p.a. purchase rate.
No overseas transaction fees and complimentary domestic travel insurance.

Pros

0% p.a. for 12 months on balances transferred.
Low ongoing rate on purchases at just 12.99% p.a.
Enjoy complimentary domestic travel insurance.

Cons

Balance transfers revert to the high cash advance rate.
25.99% p.a. charged on cash advances.
There is a 2% balance transfer fee.
No rewards program.

HSBC Platinum Credit Card

Highlights

Avail of the 0% p.a. on balance transfers for 12 months with a 2% balance transfer fee.
Enjoy the first year with no annual fee, then it's $149 per year afterward.
Earn 2 Reward Plus points per $1 spent on overseas eligible purchases and 1 Reward Plus point per $1 spent for all other eligible purchases.
$6,000 minimum credit limit.

Pros

0% p.a. on balance transfers for 12 months.
$0 annual fee for the first year.
Enjoy 2 airport lounge passes every year.
Benefit from HSBC Instant Savings with exclusive dining and shopping discounts.
Includes complimentary travel and purchase protection insurance.
Choice of points transfer partners (Asia Miles, KrisFlyer, Velocity Frequent Flyer).

Cons

The balance transfer rate reverts to 21.99% p.a. after 12 months.
2% balance transfer fee.
The 10,000 points cap per statement period.

HSBC Platinum Qantas Credit Card

Highlights

Earn 1 Qantas Point per $1 spent up to $1,000 each month, then 0.5 Qantas Points. Capped at 7,500 per statement period).
0% p.a. for 12 months on balance transfers with no balance transfer fee. (Reverts to cash advance rate is 21.99% p.a.)
Comes with complimentary travel insurance and purchase insurance.

Pros

Earn up to 1 Qantas Point per $1 spent.
Comes with complimentary travel insurance and purchase insurance.
You get complimentary Qantas Frequent Flyer membership for free.
Add additional cardholders for free.
Up to 55 interest-free days.

Cons

Qantas Points are capped at 7,500 per statement period.
Ongoing annual fee of $299 p.a.
Ongoing interest rates are high.

HSBC Premier World Mastercard (Reward Plus)

Highlights

Convert earned HSBC Premier Rewards Plus points to three airline programs: Velocity, Asia Miles, and KrisFlyer at the rate of 2 HSBC points to 1 air mile point.
Complimentary membership to Qantas Frequent Flyer if you aren't already a member.
Enjoy Complimentary insurance benefits: Domestic and International Travel Insurance, Transport Accident Insurance, Extended Warranty Insurance, and Price Protection Insurance.

Pros

$0 annual credit card fee if you go with HSBC Rewards Plus.
$10,000 minimum credit limit.
Two rewards programs — HSBC Rewards Plus or HSBC Qantas Rewards — to choose from.
Earn HSBC Rewards Points on eligible local and international purchases.
Home & Away Privilege program.
Extensive complimentary insurance benefits for domestic and international travel.
Multiple additional cards.

Cons

To be eligible, you need a minimum of $500,000 in loans, $200,000 in savings and investments, or $500,000 combined of loans, savings and investments with HSBC in Australia.
Rewards Points capped at 10,000 per statement.

HSBC Star Alliance Credit Card

Highlights

Fast track to Star Alliance Gold Status when you spend $4,000 or more on eligible purchases in the first 90 days from account opening. Terms and Conditions apply.
$0 annual fee for the first year ( $450 p.a. thereafter).
Earn 1 point per $1 spent up to $3,000 per statement period and 0.5 points thereafter.

Pros

$0 annual fee for the first year.
Enjoy 0% p.a. on balance transfers for 12 months with a 2% balance transfer fee.
Convert your Star Alliance points to frequent flyer points with 7 alliance member airlines.
Includes complimentary travel insurance and purchase protection insurance.

Cons

The annual fee reverts to $450 after the initial year.
You have to spend at least $60,000 annually to maintain Gold member status after the first year.

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.