HSBC Platinum Visa
Where is HSBC Platinum Visa best used?
In this case, it’s a matter of who and when.
This credit card is pretty generous when it comes to its reward points as long as you follow its conditions.
The real deal-maker (or breaker) is the PHP60,000 cap at their accelerated rewards. For the meticulous reward point collector, the ceiling is a clear stopping point for using the card.
To get the best value out of this credit card, you must only spend within the limit. Anything more than that will be inefficient.
Think of it this way. Through the accelerated rewards program, you can get a maximum of 12,000 bonus points once you’ve reached PHP60,000 of qualified expenses (that’s 60,000 / 5. We simplified the 4 bonus points for every PHP20.00).
If you spend another PHP60,000 within the same month, you’ll only be able to accumulate 3,000 bonus points. Meaning you’ll only get 1/4th of the value that the accelerated rewards give.
Using that logic, we can say that HSBC Platinum Visa is best used by people who spend at most PHP60,000 when traveling abroad or shopping online. Anyone that has a larger expenditure will not get the maximum value that they can from the credit card.
That being said, we can recommend the HSBC Platinum Visa for frequent travelers that cap their budget at around PHP60,000.
Bear in mind that this cap resets every month, so being able to reach the cap consistently, will bring out the best value out of the credit card,
Perks and Benefits
- Accelerated Rewards
- Free Travel Accident Insurance and Travel Inconvenience Coverage
- Exclusive HSBC Privilege Programs
- Fuel Rebates
- Contactless Credit Card
- Card Installment Plan
- Cash Installment Plan
- Card Balance Transfer
- Card Balance Conversion Plan
- Cash Advance
How to Apply
- Visit the HSBC website.
- Click the Apply Now button beside the HSBC Platinum Visa.
- Fill out the application form, then click the submit button.
- Wait until you receive an email from HSBC requesting for the submission of supporting documents via mail to this address:
HSBC Credit Card Processing Unit
HTS Credit Approval Operations
5th Floor, 3058 5th Avenue, West Bonifacio Global City, Taguig City, Philippines 1634
You can also use the HSBC Online File Upload Service. This option should be given to you during your online application process.
HSBC credit cards are most famous for their accelerated rewards which incentivize cardholders for using their credit card in daily expenses.
We have simplified their accelerated rewards in the table below:
|4 Bonus Points||PHP20.00 spent on overseas purchases when traveling abroad or shopping online.|
|3 Bonus Points||PHP20.00 spent on local shops and restaurants|
|1 Bonus Point||PHP20.00 spent on everything else|
Although attractive, as it says that you’ll earn 1 bonus point for ever PHP5.00 that you spend overseas, it’s not as efficient as it seems. The good thing is that they have no minimum spend limit to earn these bonus points.
But this does cap off at PHP60,000. Once you reach the limit, you’ll no longer be receiving rewards at an accelerated rate.
Bear in mind that these are only bonus points for their reward catalogs Their air mile earning uses a flat ratio of 1 air mile: PHP25.00.
To convert your points to air miles, cardholders should be enrolled in HSBC’s Mileage Program. Partnered with AsiaMiles and Krisflyer, cardholders can use their points to redeem flights in over 60 airlines.
Other notable features of the credit card include getting a 6% rebate on the first transaction and 3% rebate for the rest of the year when gassing up at participating Caltex stations, and HSBC Home & Away program that provides cardholders with freebies and discounts!
|Annual Fee (Supplementary)||PHP2,500|
|APR (Annual Percentage Rate)||3.50%|
|Min. Yearly Income||PHP500,000|
|Min. Age for Principal Holder||At least 21 yrs old|
|Min. Age for Supplementary Holder||15 – 65 yrs old|
|Do You Need a Postpaid Account?||YES|
|Identification Needed||Driver’s License, NBI Clearance, Passport, Postal ID, PRC ID, SSS, or Multipurpose ID|
|Card Replacement Fee||PHP400|
|Sales Slip Retrieval Fee||PHP275|
|Late Payment Charge||PHP700 or unpaid amount due|
|Cash Advance Amount||30% of credit limit|
|Cash Advance Charge||PHP500 or 3% of CA amount|
|Cash Advance Interest Charge||3.75%|
|Rewards Points Expiry||no expiration|