Moneymax Reviews: Is HSBC Platinum Visa the Most Rewarding Travel Credit Card?

Published: September 23, 2020 | Updated: October 12, 2020 | Posted by: Venus Zoleta | Credit Card


Moneymax Reviews: HSBC Platinum Visa Review

Welcome to the latest edition of Moneymax Reviews! In our previous HSBC Red Mastercard review, we noted how rewarding this credit card is. While it’s an awesome card overall, you might want your credit card rewards leveled up if, say, you’ll travel a lot when the pandemic is over. Which brings us to an HSBC Platinum Visa review.

Among HSBC’s credit card offerings, the Platinum Visa is touted as the “ultimate travel card.” Is this travel rewards card really worth considering? This HSBC Platinum Visa review will find that out and more.

HSBC Platinum Visa Review: Credit Card Key Features

hsbc platinum visa review - key features

First, let’s check the basic features to see if you qualify for the HSBC Platinum Visa credit card.

  • Annual fee: PHP 5,000 (free for the first year)
  • Interest rate: 3.50%
  • Minimum monthly income requirement: PHP 41,666.67
  • Cash advance fee: 3% of the withdrawn amount or PHP 500, whichever is higher
  • Late payment fee: PHP 700 or the unpaid minimum amount due, whichever is lower
  • Overlimit fee: PHP 500
  • Foreign transaction fee: 2.5% of the converted sum plus 1% assessment fee by Visa
  • Card replacement fee: PHP 400

Why Should I Get an HSBC Platinum Visa Credit Card?

Enjoy Free Flights

hsbc platinum visa review - hsbc platinum credit card promos and benefits

Save on your next flights with PAL, Cathay Pacific, or Singapore Airlines when you convert your bonus points to air miles.

With the HSBC Platinum Visa, you can earn 1 mile for as low as PHP 25 spend.

  • 1 Asia Mile = PHP 25 spend
  • 1 KrisFlyer Mile = PHP 100 spend
  • 1 Mabuhay Mile = PHP 120 spend

Earn Travel, Shopping, and Dining Rewards Fast

hsbc platinum visa review - hsbc platinum credit card promos and benefits

HSBC credit cards are among those with the highest rewards earning rates in the Philippines. The Platinum Visa is no exception. You earn points fast with every purchase charged to your HSBC credit card—and earn faster for certain spending categories.

Here’s how to collect rewards using your HSBC Platinum Visa credit card:

  • Travel rewards: 4x bonus points* per PHP 20 overseas spend when you travel abroad or shop online
  • Shopping rewards: 3x bonus points* per PHP 20 spend at department stores, clothing/apparel/accessories stores, and similar establishments in the Philippines
  • Dining rewards: 3x bonus points* per PHP 20 spend at restaurants, bistros, bars, and similar establishments in the Philippines
  • Regular rewards: 1 bonus point per PHP 20 spend elsewhere

*There’s no required minimum monthly spend to earn accelerated rewards, so you can purchase as little or much as needed using your HSBC credit card.

Points earned through the HSBC Platinum Visa can be redeemed for any of the following exclusive rewards[1]:

  • Travel discounts (in the form of lower bonus point-to-mile conversion rate)
  • Waived annual fee
  • Shopping gift certificates that can be used at The SM Store, Rustan’s Department Store, Lazada, ZALORA, etc.
  • Free items such as gadgets and home appliances
  • Charity donation

Pay for Big-Ticket Purchases at 0% Interest on Up to 36 Monthly Installments

HSBC credit cards, including the Platinum Visa, allow cardholders to convert straight purchases into more affordable installments of up to 36 months at zero interest. Installment transactions also earn 3x bonus points. This installment plan[2] applies to appliances, gadgets, furniture, and other big-ticket items.

Read more: HSBC Credit Card Application: A Guide for First Timers

What Perks Can I Enjoy with My HSBC Platinum Visa?

hsbc platinum visa review - hsbc platinum credit card perks

Travel Privileges

The HSBC Platinum credit card comes with free travel insurance coverage[3] of up to PHP 10 million. This covers injuries, accidental death, and travel inconveniences (such as baggage loss/delay and trip cancellation delay) during a domestic or international trip.

Caltex Fuel Rebates and Rewards

Like other HSBC credit cards, the Platinum Visa lets you earn a 3% rebate on your fuel purchases at participating Caltex stations nationwide all year round. Your first Caltex transaction will earn a 6% rebate.

On top of rebates, your Caltex fuel purchases using the HSBC Platinum Visa also earns rewards points.

Exciting Welcome Gift for New Cardholders

New HSBC cardholders are in for a treat! A welcome gift awaits those who submit an online credit card application and spend at least PHP 5,000 with the card.

For 2020, HSBC offers a PHP 2,500 cash rebate to those who apply for the HSBC Platinum Visa online.

Did this HSBC Platinum Visa review convince you yet? Check out this quick rundown of features.

hsbc platinum visa review - hsbc platinum credit card features

Read more: HSBC Credit Card Promo 2020: 10 Offers You Should Not Miss

HSBC Platinum Visa Alternatives

hsbc platinum visa review - hsbc platinum credit card alternatives

To determine the best travel credit card for you, it’s important to shop around and compare the available options first. Now that you know what you’ll get from HSBC with this HSBC Platinum Visa review, you might want to check out other travel credit cards that could match your needs and preferences.

Travel cards that earn air miles fast and offer free airport lounge access:

The Metrobank Travel Platinum Visa lets you earn 1 mile per only PHP 17 spent abroad and on flights and hotel stays. It also provides free access to over 950 airport lounges worldwide.

Another travel card worth considering is the Citi PremierMiles Mastercard. For every PHP 30 spend, you earn 1 mile that never expires. You can use your earned miles to avail of lounge access at domestic and international airports. If you apply for this Citibank credit card through Moneymax until September 30, 2020, you’ll receive GrabPay Credits worth PHP 2,000 upon approval.

With the RCBC Bankard Visa Platinum, you can earn 1 mile for as low as PHP 25 spent abroad or PHP 48 spent locally. You also enjoy free access to 1,300+ VIP airport lounges worldwide, as well as unlimited access to the Skyview Airport Lounge and The Club Manila Lounge.

No annual fee travel cards:

If saving money on credit card fees is your priority, the AUB Platinum Mastercard is the ideal choice. No need to pay an annual fee for life. You can even set your own credit card payment due date to ensure you pay your bills consistently on time.

The EastWest Priority Visa Infinite also offers no annual fee for life and great travel perks, like access to over 1,300 VIP airport lounges worldwide, a low foreign currency conversion fee of 1.70%, and free travel insurance coverage of up to PHP 20 million.

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Final Thoughts

With its slew of travel rewards and privileges, the HSBC Platinum credit card ticks all the boxes for budget-conscious millennials who travel frequently. It’s even more rewarding for those who love to shop and dine.

May this HSBC Platinum Visa review help you decide on the right travel credit card for you. Stay tuned for the next edition of Moneymax Reviews!

Find the right credit card for you with Moneymax.

Sources:

DISCLAIMER: Moneymax strives to keep its article information accurate and up to date. The information you read may be different from what you see when you visit a partner, provider, or financial institution’s website. All information we publish is presented without warranty and may change overtime. If you find discrepancies or outdated information, please contact Moneymax directly.

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