HSBC Advance Credit Card – MoneySmart Review 2022
The HSBC Advance Credit Card doles out up to 3.5% cashback on everything, which is a real godsend for people who simply can’t keep track of 7 different credit cards for different purposes. It’s one of the best cashback credit cards in Singapore for high spenders, especially those who spend over $2,000 a month.
Let’s see if it’s as good as it sounds:
HSBC Advance Credit Card terms & conditions
HSBC Advance Credit Card | |
Annual fee & waiver | $192.60 (waived for the first year), unless a min. of $12,500 is charged to the card in each subsequent year. Free for HSBC Advance banking customers. |
Supplementary annual fee | – |
Interest free period | 20 days |
Annual interest rate | 25.90% |
Late payment fee | $55 |
Minimum monthly repayment | 3% or $50, whichever is higher |
Foreign currency transaction fee | 2.8% |
Cash advance transaction fee | 6% or $15, whichever is higher |
Overlimit fee | $40 |
Minimum income | $30,000 (Singaporean) / $40,000 (non-Singaporean) |
Card association | Visa |
Wireless payment | Visa payWave, Apple Pay, Google Pay, SimplyGo |
How the HSBC Advance Credit Card works
The HSBC Advance Credit Card has a simple cashback system that is based on the amount you spend that month (not on the specific categories you spend on). It offers preferential rates for HSBC Everyday Global bank account holders:
Monthly spending | Cashback for HSBC Everyday Global bank account holders | Cashback for non-holders |
$2,000 and above | 3.5% (capped at $125) | 2.5% (capped at $70) |
Below $2,000 | 2.5% (capped at $125) | 1.5% (capped at $70) |
To take full advantage of the HSBC Advance Credit Card, you will need to have a HSBC Everyday Global account. The 3.5% cashback, in our opinion, is generous enough to justify opening an HSBC Everyday Global account if you’re going to make this one of your main cards. Do note that you need to deposit fresh funds to that account via salary crediting, or inward bank transfers from non-HSBC bank accounts (min. $2,000 for HSBC Personal Banking customers, and $5,000 for HSBC Premier and Jade customers).
If opening an HSBC Everyday Global account makes sense for you, this is a very good card to have on hand because there’s no minimum spending requirement.
Unfortunately, for those who aren’t HSBC Everyday Global account holders and don’t intend to sign up anytime soon, the card isn’t that great due to the high $2,000 minimum spending requirement in order to get 2.5% rebates. If you don’t meet it, you get a rather measly 1.5% cashback.
Online Promo
Cashback on Big Expenses
HSBC Advance Credit Card
Online Promo:
Get up to $200 cashback for new HSBC cardmembers. Existing HSBC cardmembers receive $60 cashback. T&Cs apply.
Valid until 31 Dec 2021
More Details
Key Features
Up to 2.5% Cash Back on all purchases
Get additional 1% Cash Back for HSBC Advance Banking customers
No minimum spend required
1 year card annual fee waiver / Perpetual card annual fee waiver for HSBC Advance banking customers
Who should use the HSBC Advance Credit Card?
The HSBC Advance Credit Card is ideal for newlyweds and married couples who now have to face the harsh reality of running a household in Singapore.
Honestly, it’s no joke. Not only do you need to make sure everyone gets fed and clothed, you also have to pay for an insane number of things you probably never thought about back when you were still living with your parents.
From the mundane like phone and utility bills to big ticket items like household appliances, you soon realise you were saving on much more than rent before you moved out.
That’s why married couples who own homes need a good credit card that rewards them for all that spending. As a single still living at home, you might have been able to get away with a card for dining, another for online shopping and so on.
But if you’re running a household, you’ll need a card that rewards you for all those miscellaneous expenses, from washing machine purchases to that sleek new sound system.
Your expenditure is also likely to be higher than a single person’s as you can charge the entire household’s expenses to the card. That means you’re more likely to be able to meet a $2,000 minimum spending requirement each month.
The fact that you don’t need to track your expenses down to the very cent is a bonus, because you’ll probably be busy enough as it is trying to get your life together.
Alternatives to the HSBC Advance Credit Card
Here are a couple of cards which offer cashback on all spending. Let’s see how they compare to the HSBC Advance.
Online Promo
Unlimited Cashback
American Express True Cashback Card
Online Promo:
Receive up to S$200 CapitaVouchers on S$500 spend and S$80 CapitaVouchers on initial S$1 spend within the first month of Card approval. T&Cs Apply.
Valid until 23 Dec 2021
More Details
Key Features
Unlimited Cashback - No min spend & no cap
3% Cashback for the first 6 months up to S$5,000 spend, 1.5% Cashback on any purchase you make thereafter
Additional 1% Cashback on foreign currency spend. Valid from 4 August 2020 to 30 June 2021
Eligible for use with Apple Pay, Google Pay, Samsung Pay
American Express True Cashback Card – 3% cashback in the first 6 months on up to $5,000, and thereafter 1.5% cashback on everything with no limits and no minimum spending. Basically, if you are an HSBC Advance account holder stick with the HSBC Advance Credit Card. If you’re not, go for the AMEX True Cashback Card instead.
Maybank Platinum Visa Card
More Details
Key Features
Up to 3.33% cash rebates on all local spend
0.3% cash rebates on overseas spend
S$3 off movie tickets at Shaw Theatres
3 years annual fee waived
Maybank Platinum Visa Card – Up to 3.33% cashback on all local spending provided you meet the minimum spending requirement of $300 for every month in a quarter. The HSBC Advance Credit Card is better only if you are an HSBC Advance account holder AND can meet the card’s much higher minimum spending of $2,000 a month.
UOB One Card
More Details
Key Features
Up to 10% rebate at Dairy Farm Group merchants (Cold Storage, Giant, 7-Eleven, Guardian and more)
Up to 10% rebate on Grab, SP utilities bills and UOB Travel spend
Up to 5% cash rebate on all retail spend for spend such as home furnishings, electronics & bill payment
Up to 24% savings on fuel purchases at SPC and 20.8% at Shell Stations
1 year annual fee waiver of S$192.60 (First year annual fee waiver)
UOB One Card – The minimum spending requirements are complicated, but the card is generous if you can figure them out and fulfil them. Spend at least $2,000 on at least 5 transactions a month in all 3 months in a quarter, and you can get a flat quarterly rebate of $300, which works out to be 5%. Yeah, it’s complicated.
All in all, if you are able to consistently spend more than $2,000 a month, you might want to go for this card instead of the HSBC Advance, whether or not you are an HSBC Advance Credit Card member.
That said, the HSBC Advance credit card is one of the best low-effort cashback cards for big spenders and people who are too busy running a household to track their every expense.
Online Promo
Cashback on Big Expenses
HSBC Advance Credit Card
Online Promo:
Get up to $200 cashback for new HSBC cardmembers. Existing HSBC cardmembers receive $60 cashback. T&Cs apply.
Valid until 31 Dec 2021
More Details
Key Features
Up to 2.5% Cash Back on all purchases
Get additional 1% Cash Back for HSBC Advance Banking customers
No minimum spend required
1 year card annual fee waiver / Perpetual card annual fee waiver for HSBC Advance banking customers
What is your go-to credit card for your household expenses? Share your recommendations in the comments!
The post HSBC Advance Credit Card - MoneySmart Review 2022 appeared first on the MoneySmart blog.
MoneySmart.sg helps you maximize your money. Like us on Facebook to keep up to date with our latest news and articles.
Compare and shop for the best deals on Loans, Insurance and Credit Cards on our site now!
The post HSBC Advance Credit Card – MoneySmart Review 2022 appeared first on MoneySmart.sg.
Original article: HSBC Advance Credit Card – MoneySmart Review 2022.
© 2009-2018 Catapult Ventures Pte Ltd. All rights reserved.
