HSBC keeps the credit cards coming

HSBC Australia has been the leader in the credit card market over the past year, measured by growth, and this week launched a new card it hopes will help maintain that momentum.

The new card, the HSBC Platinum Qantas Visa Card, has been designed for the large number of HSBC customers who spend a lot of time travelling. Cardholders will earn two Qantas Frequent Flyer points for every dollar spent overseas and one point for every dollar spent in Australia.

HSBC has launched three cards over the past year: last October it launched the Woolworths Everyday Rewards Qantas Card; and in December it launched the HSBC Premier Qantas Card.

HSBC's credit card book grew by 20.7 per cent in the year to June - almost four times the rate of system growth.

HSBC's head of credit cards and retail alliances, David Walker, said the bank would use the Platinum card to take on the companion card offerings of the major banks.

Walker said: "Our research tells us people with companion cards are confused about which card to use because of different earn-rates and surcharges. There is no juggling act with our card."

The card has an annual fee of $199 and complimentary Qantas Frequent Flyer membership (worth $82.50).

The package includes a 12-month warranty on purchases and purchase protection insurance. Cardholders receive two complimentary invitations to the Qantas Club or Qantas international business class lounges each year.