Personal Finance Tips

Guide to Upcoming Increases in Annual Fees for HSBC Credit Cards in Australia

Aditya Shrivastava

07.02.25

Read time 2 minutes

HSBC Australia has announced significant increases in annual fees for most of their credit cards, effective 11 March 2025. If you're an HSBC cardholder or considering one, this guide will help you understand the upcoming changes and explore your options for both domestic and international spending.

This article breaks down the upcoming fee hikes, sheds light on other common HSBC credit card fees, and introduces a cost-effective alternative for managing your international spending - the Wise Debit Card, a card with no annual fee and transparent pricing.

Breaking Down the HSBC Credit Card Fee Increases

The following HSBC credit cards will see annual fee increases beginning March 11, 2025:¹

Credit Cards Type	Current Annual Fee (Until 10 March 2025)	New Annual Fee (From 11 March 2025)	Fee Increase
HSBC Platinum Credit Card	149 AUD (First year free)	199 AUD (First year free)	+50 AUD
HSBC Platinum Qantas Credit Card	299 AUD (First year free)	399 AUD (First year free)	+100 AUD
HSBC Star Alliance Credit Card	450 AUD (First year free)	499 AUD (First year free)	+49 AUD
HSBC Premier World Mastercard (Rewards Plus Program)	0 AUD	199 AUD (First year free)	+199 AUD
HSBC Premier World Mastercard (Qantas Rewards Program)	0 AUD	399 AUD (First year free)	+399 AUD

Note: The HSBC Low Rate Credit Card remains unchanged at 99 AUD annual fee.

Understanding Other HSBC Credit Card Charges

While the annual fee is a significant consideration, it's crucial to be aware of other potential charges associated with your HSBC credit card. These fees can quickly add up, impacting the overall value you receive.

Here's a summary of the common HSBC Credit Card fees:²

Balance Transfer Fee: 2% of the balance transferred.
Cash Advance Fee: 3% or 4 AUD, whichever is higher.
Late Payment Fee: 30 AUD.
Overlimit Fee: 30 AUD.

Overseas transaction fee on HSBC Credit Cards:

Using your credit card overseas can be convenient, but it often comes with hidden costs. Most HSBC credit cards (excluding the Low Rate card) charge a 3% overseas transaction fee on every purchase made in a foreign currency.²

HSBC Low Rate Credit Card: No overseas transaction fees
All other HSBC credit cards: 3% per international transaction

Currency Conversion Exchange Rate on HSBC Credit Cards

In addition to the overseas transaction fee, it's important to pay attention to the exchange rate used by HSBC. You can find HSBC's foreign currency exchange rates published on their site. However, these rates are typically different from the mid-market rates you would usually see on Google. This markup is essentially a hidden fee that can significantly increase the cost of your international purchases.

Looking for an alternative to high credit card fees for international transactions? We invite you to check out the Wise debit card as an alternative that offers a transparent, cost-effective solution for spending abroad.

A Smarter Way to Spend Abroad: Meet Wise Card

Wise offers a multi-currency account designed for individuals and businesses in supported countries who need to send, receive, or spend money internationally. The Wise debit card is linked to your account, allowing you to spend in 40+ currencies at the mid-market exchange rate and low, transparent fees.

Get your Wise Card

Why Consider Wise for International Transactions

No Annual Fee: Unlike many credit cards, the Wise debit card has no annual fee or ongoing subscription costs.
Free Digital Card: Wise virtual card is available for free, and can be used online or added to Google Wallet/Apply Pay. You can also order a physical card for a just one-time fee of 10 AUD.
Mid-Market Exchange Rate: Swipe like a local with mid-market exchange rates - same as the one you usually see on Google - with no hidden markups.
ATM Withdrawals: Withdraw up to 350 AUD per month (in 2 or fewer withdrawals) with no fees from Wise. Low fees apply above that. (See Wise card pricing)

Note: While Wise doesn't charge for these withdrawals, some additional charges may occur from independent ATM networks. Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

Sources:

Sources verified on 4 February 2025.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.