Credit cards have become an integral part of everyday life for many people. They provide a convenient way to make purchases and allow cardholders to earn rewards, get purchase protection, build credit, and more. With so many credit cards on the market, it can be tricky to determine which one is right for your needs and lifestyle. One popular premium travel rewards card is the HSBC Visa Platinum Select credit card.
In this comprehensive guide, we’ll provide an overview of the HSBC Visa Platinum Select card, its top benefits, and features, how it compares to other travel rewards cards, frequently asked questions and a final verdict on who this card is best suited for. Whether you’re an avid traveler looking to maximize rewards or someone interested in premium card perks, read on to see if the HSBC Platinum Select card deserves a spot in your wallet.
Overview of the HSBC Visa Platinum Select Credit Card
The HSBC Visa Platinum Select Credit Card is a premium travel rewards credit card issued by HSBC Bank. As a Visa Signature card, it offers robust rewards on travel and dining purchases and provides top-tier benefits and perks. Its annual fee is $395, so it’s designed for frequent travelers who can maximize the card’s value.
Key benefits of the HSBC Platinum Select card include:
- Earn 3X points on travel and dining purchases
- $750 annual travel credit
- Airline lounge access – Priority Pass Select
- No foreign transaction fees
- Primary car rental insurance
- Trip cancellation/interruption insurance
- Visa Signature Luxury Hotel Collection benefits
This card competes directly with other premium travel cards like the Chase Sapphire Reserve and American Express Platinum. Keep reading to learn more about the Platinum Select’s stand-out benefits and features.
Benefits and Features of the HSBC Platinum Select Credit Card
The HSBC Platinum Select card packs a punch when it comes to benefits, covering everything from earning rewards to travel perks and purchase protections. Here’s a closer look at some of its top features:
Earn Unlimited 3X Points on Travel and Dining
The HSBC Platinum Select offers a very generous 3X points per $1 spent on all travel and dining purchases. There are no foreign transaction fees, so this elevated earning rate also applies to international travel expenses. This is one of the highest earning rates available for these common spending categories.
$750 Annual Travel Credit
Each account anniversary year, cardholders get up to a $750 annual travel credit. This credit is automatically applied to the first $750 in travel purchases made each year, including airfare, hotels, car rentals, taxis, parking, and more. This benefit helps offset the annual fee.
Airline Lounge Access with Priority Pass Select
Gain access to over 1,300 airport lounges worldwide through the included Priority Pass Select membership. This provides entry for you and up to two travel companions into participating lounges at no extra charge. Lounge visits can make travel more comfortable by offering free food, drinks, Wi-Fi, and relaxed seating.
Visa Signature Luxury Hotel Collection
When booking stays at over 900 high-end hotels and resorts through the Visa Signature Luxury Hotel Collection, you’ll enjoy premium on-property benefits like room upgrades, dining/spa credits, free Wi-Fi, and late checkouts. Minimum stay requirements apply.
No Foreign Transaction Fees
There are no foreign transaction fees when using this card overseas, so you can freely make purchases internationally without extra charges. This makes the HSBC Platinum Select a great travel companion.
Strong Travel and Purchase Protections
To protect your trips and purchases, the card includes auto rental collision damage waiver, baggage delay and lost luggage coverage, and trip cancellation/interruption insurance. You also get extended warranty protection, purchase protection, and return protection when making eligible purchases with the card.
How It Compares to Other Premium Travel Credit Cards
The HSBC Platinum Select credit card is a Visa Signature card competing directly with other premium travel rewards cards like the Chase Sapphire Reserve and American Express Platinum. Here’s how it stacks up against these popular alternatives:
Annual Fee:
- HSBC Platinum Select: $395
- Chase Sapphire Reserve: $550
- Amex Platinum: $695
The Platinum Select offers strong benefits and a lower annual fee than the Sapphire Reserve and Platinum cards.
Earning Rates:
- HSBC Platinum Select: 3X on travel/dining, 1X on other purchases
- Chase Sapphire Reserve: 3X on travel/dining, 1X on other purchases
- Amex Platinum: 5X on flights and hotels booked through Amex Travel, 1X on other purchases
The HSBC card matches the 3X earn rate of the Sapphire Reserve but can’t beat the elevated airfare/hotel points with the Amex Platinum.
Annual Credits:
- HSBC Platinum Select: $750 travel credit
- Chase Sapphire Reserve: $300 travel credit
- Amex Platinum: Up to $200 airline fee credit, up to $200 Uber Cash annually, up to $240 digital entertainment credit annually, up to $179 CLEAR credit annually
The HSBC card provides a much higher annual travel credit but doesn’t offer the various statement credits you’ll find with the Amex Platinum.
Lounge Access:
- HSBC Platinum Select: Priority Pass Select
- Chase Sapphire Reserve: Priority Pass Select
- Amex Platinum: Centurion, Priority Pass Select, Delta Sky Clubs (when flying Delta)
The HSBC and Sapphire Reserve cards offer the same lounge access through Priority Pass Select, while the Platinum card provides access to Amex’s exclusive Centurion Lounges and Delta SkyClubs.
As you can see, the HSBC Visa Platinum Select card can compete heavily with other premium travel cards when it comes to rewards, credits, and perks. The right card for you depends on your spending and travel priorities.
Frequently Asked Questions About the HSBC Platinum Select Credit Card
If you’re considering applying for the HSBC Platinum Select credit card, here are answers to some common questions:
Who is this card best for?
The HSBC Platinum Select card is best suited for frequent travelers who can maximize the $750 annual travel credit and 3X points on travel/dining. It’s also a strong option for those who value premium Visa Signature benefits, purchase protections, no foreign transaction fees, and good travel insurance coverage.
What is the credit limit on this card?
Credit limits for the Platinum Select card typically start at $25,000 for new cardholders, though approved limits can be higher or lower depending on your creditworthiness. There is no pre-set spending limit.
Does it have a sign-up bonus?
Currently, there is no sign-up bonus or intro APR offer associated with this card. The main rewards attraction is the ongoing 3X points earned on travel/dining purchases.
What is the APR on purchases and balance transfers?
This card has a 16.74%-23.74% variable APR on purchases and balance transfers, based on your creditworthiness. This APR will fluctuate with the Prime Rate.
What are the best ways to redeem reward points?
While HSBC points don’t transfer to airline/hotel partners, there are still good redemption options like cash back, gift cards, travel, merchandise, and more. Each point is worth 1 cent when redeemed for cash back or statement credits.
Are there any foreign transaction fees?
No, the HSBC Visa Platinum Select card has no foreign transaction fees on international purchases. This makes it a great card for travel abroad.
Does it offer rental car insurance?
Yes, when renting cars this card provides primary auto rental collision damage waiver coverage. So you can avoid paying for the rental company’s collision insurance.
Conclusion
For frequent travelers who want premium benefits and the ability to rack up rewards on dining and travel spending, the HSBC Visa Platinum Select credit card should be strongly considered. Key perks like the $750 annual travel credit, 3X points on travel/dining, extensive Visa Signature benefits, and no foreign transaction fees make this an attractive option in the crowded travel rewards category.
Compared to the Chase Sapphire Reserve and Amex Platinum cards, the HSBC Platinum Select holds its own with a lower annual fee, strong earning rates, and valuable protections. Just keep in mind there is no sign-up bonus or ability to transfer points to loyalty programs. But if you spend heavily on travel and dining and can use the $750 annual credit, the HSBC Platinum Select card can be extremely rewarding.
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