Despite some of HSBC’s credit cards not really being that hard to top, it’s easy to see that HSBC really brings out the big guns with the Platinum credit card. With so many features in one card it’s hard to know where to start, so how about we just start with the basics?

The purchase rate on HSBC’s Platinum credit card. This is great for a premium card and is topped off with p.a. for any cash advances you get.

There are however a few downsides, but they don’t deter too much from the other benefits which says a lot for the card itself. For example, balance transfers are pretty average for the first six months, increasing after that six months is up. Nevertheless, if you are smart this balance transfer rate is manageable and acceptable considering all the other benefits on offer.

For starters, there are a number of special privileges just for Platinum card holders including back stage passes at concerts, 24/7 concierge service, reserved seating for theatre shows (not to mention free drinks on arrival), exclusive events, and travel experiences.

You’ll also get instant rewards thanks to HSBC’s home&Away privilege program, not to mention the Rewards Plus program where you earn one point for every dollar spent, and double and triple points at selected bonus partners.

Points can be redeemed at what is a pretty good redemption rate compared to some, with a $100 voucher (depending on where it is from) requiring around 16,000 points. Yes, we know it’s not the cheapest rate out there, but are a lot that are worse too!

The Platinum card also includes insurance benefits such as purchase protection (90 days from purchase), a guaranteed pricing scheme (so you can avoid getting ripped off), extended warranty insurance (12 months), transit accident insurance and the big one – international travel insurance when you buy a return ticket on your Platinum credit card.

All this comes at a reasonable price for the annual fee (which is more comparable to that of a gold credit card which is always a bonus!) and has a minimum income requirement of $75,000 attached. As usual there are terms and conditions which unfortunately can’t be accessed until you apply.

So if you feel like you probably won’t use the more valuable features like travel insurance etc, keep an eye out for cheaper cards that omit these features and cater more to your needs (such as the ANZ Rewards Visa Gold).

On the other hand, if these benefits are all of use to you then it is definitely a credit card worth getting thanks to its great value for money.

See our top credit card picks in the Editors Choice category