HSBC Advance Credit Card Review

HSBC Advance Credit Card Review: Best for Retail Shoppers

Earning an enormous 3.5% cashback and even just 1.5% cashback for spending below S $2,000 on all categories is a great benefit from HSBC Advance Credit Card. Plus, customers can earn 1 point for every S $1 you spend using it, which you can convert to vouchers or miles. 

However, the HSBC cashback credit card’s only shortfall is the need to become an HSBC Advance customer and own an HSBC advance banking account or HSBC Everyday Global Account, which is a requirement that is greatly dependent on the customer’s perspective about HSBC’s usefulness when it comes to services.

Key Features

  • First Annual Fee Waiver: During the first year, cardholders won’t need to pay anything at all. Only pay your S $192.60 annual fee by the next year.
  • Insurance Coverage: All HSBC Advance cardholders have eligible travel insurance with a face value of up to S $500,000 subject to the insurer’s evaluation.
  • Receive Up To S $200 Maximum Cashback: If cardholders meet the minimum spend required of S $2,000 per month, they can receive up to S $200 Cashback and 2,000 HSBC points
  • Miles System: Cardholders can get 1 point per S $1 that they spend using the card. They can then convert their HSBC points for vouchers or in blocks of 5,000 points for Asia Miles or KrisFlyer Miles.
  • Supplementaries: Cardholders can add more supplementary users to their cards at zero cost.
  • 20-Day Interest-Free Period: Cardholders who pay everything in full per month will have an interest-free 20 days afterward, helping them save from interest rates using their HSBC advance card.
  • Contactless Payment: The HSBC Advance Card can be used with ApplePay and Visa PayWave

 

Benefits

1. Enormous Shopping Cashback Benefits

It’s rare to see a card that offers a huge 3.5% cashback on all retail purchases and considers every category to be eligible purchases if you can meet its $2,000 requirement. Even if customers don’t go beyond the monthly spend requirement, they can still receive up to 2.5% cashback on all categories. Non-HSBC Advance customers can still enjoy up to 2.5% cashback for every qualifying transaction if they meet the HSBC Advance Card’s minimum spending and 1.5% cashback otherwise.

2. Petrol Discounts

You can get up to 21.15% petrol refilling discount at Caltex and 14% petrol discounts by using Shell stations. This bonus is available only until 31 Dec 2021.

3. Air Miles

You can exchange your HSBC Rewards Points for Asia Miles or KrisFlyer Miles in blocks of 5,000 points. Exchanging your points to miles has a corresponding transaction fee per exchange.

4. HSBC Rewards Points System

You can get 1 point per S $1 you spend on any category using your HSBC Advance Credit Card. You can use points to exchange vouchers, discounts, and other bonuses from the HSBC Rewards Shop.

5. Balance Transfer Promotional Rate

New cardholders will receive a 2.5% yearly interest rate using their HSBC Advance for 6-month balance transfers. Alternatively, they can receive a 4.88% yearly interest rate for 12-month balance transfers.

6. Cashback Promotional Rates

Make one qualifying transaction from the card account opening date and get an S $50 cashback.

If you spend a minimum of S $500 from the card account opening, you can get S $120 cashback.

By spending another S $500 from the card account opening date to the end of the consecutive month, you can get an additional S $30 cashback.

 

Pros and Cons

Here are the pros and cons customers need to know before applying for this credit card

Pros

  • High cashback on all spending categories
  • Travel insurance and first-year waiver
  • Accumulates points with other HSBC credit cards

Cons

  • Customers can only unlock its true benefits if you’re an HSBC Advance Customer
  • High minimum spending amount to enjoy bonuses
  • Very low bonuses for non-HSBC advance customers

 

HSBC Advance Credit Card vs. Other Cards in the Market

Here’s how this cashback card performs against other cards in the same market.

Credit Card Minimum Income Requirement Annual Interest Rate Cashback Cashback Cap Minimum Monthly Spending Rewards
HSBC Advance Credit Card  S $30,000 (S $40,000 for Foreigners) 25.90 1.5-3.5% S $70 for non-HSBC Advance customers None
  • 1.5%-3.5% cashback on all purchases
  • 1 HSBC point per S $1
  • First annual fee waived.
  • Exchange 15 points for 1 air mile in blocks of 5,000 points
  • Get exclusive perks as HSBC Advance customers
HSBC Premier Mastercard Credit Card S $30,000 (S $40,000 for foreigners) 25.90 5%  S $150 per month S $600
  • Earn 1 HSBC point per S $1
  • Get discounted rewards in the HSBC shop
  • Travel issue and personal accident insurance
  • 5% cashback on groceries, petrol, and travel spend
  • Exclusive Mastercard curated deals and offers.
  • Huge S $150 per month cashback cap
HSBC Visa Infinite Credit Card S $120,000 25.90% n/a n/a n/a
  • Earn 2.25miles per S $1.00 that you spend
  • HSBC personal concierge service  for travel arrangements, from hotel bookings to dinner reservations.
  • Unlimited airport lounge access for both main and supplementary cardholders at any of the 1,100 VIP airport lounges worldwide. 
  • Luxury travel arrangements and VIP in many partner establishments all over the world
DBS Woman’s World Card S $80,000 for both Singaporeans and Foreigners  26.80% n/a n/a n/a
  • Earn 10 DBS rewards points for every S $5 local and overseas online spend with a cap of S $2,000 per month.
  • Earn 3 DBS rewards points for every S $5 overseas spend
  • Shoppers earn 1 DBS rewards point for every S $5 spent on all other categories
DBS Black Card S $30,000 (S $ S $45,000 foreigners) 26.80% 10% n/a S $1 (Visa contactless spending)
  • 1.2 miles per S$1 spend on local Visa contactless purchases
  • 1 DBS point per S $5 spent
  • 10% cashback on selected travel and retail websites
  • 0.4 miles on other purchases
  • 0% Interest Payment Plans (3, 6, 12-month payment periods only)
  • 14% fuel savings at Esso
Standard Chartered Unlimited Cashback Credit Card S $30,000 (S $60,000 for foreigners) 26.90% 1.5% Unlimited None
  • The first two years annual fees waived
  • Unlimited cashback and caps
  • 1.5% cashback on all purchases with no caps
  • 22.61% Caltex Fuel Savings
HSBC Revolution Credit Card S $30,000 (S $40,000 for foreigners) 26.80% 2.5% Unlimited None
  • 4 miles or 10 points per S $1 spend online and via contactless payments (airlines, food delivery, and retail)
  • 0.4 miles (1 point) per S$1 on all other spend (non-contactless payment)
  • No minimum spend requirement and no annual fee
  • 16% off petrol at Caltex and 14% off at Shell

 

Credit Cards Reviews:

  1. HSBC Premier Mastercard Credit Review
  2. Card DBS Woman’s World Card Review

The Verdict: What We Think of The HSBC Advance Credit Card

In the chart above, other HSBC cards have benefits that appeal to their respective target customers. For example, HSBC Visa Infinite Card appeals to frequent travelers who can enjoy great personal benefits from HSBC as a preferred traveling customer. On the other hand, HSBC Revolution offers the highest honors for travel expenses by providing 4 miles per S $1 that customers spend.

The HSBC Advance Credit Card is greatly useful for HSBC Advance banking customers, which means to enjoy the 3.5% cashback, customers will need to go through hoops by using HSBC’s services extensively. Customers willing to go the extra mile by using the card for recurring bill payments and meeting the requirements can certainly enjoy this card. Otherwise, you can still find many cards out there offering the same or even better benefits.

 

Online Credit Card Payment

How to Apply For The HSBC Advance Credit Card

Here are the requirements to apply for the HSBC Advance.

Eligibility

  • 21 years old
  • Must be earning a minimum of S $30,000 yearly (S $40,000 for foreigners)
  • A Minimum Fixed Deposit Collateral of S $10,000 is required for those who don’t meet the minimum income criteria.

Requirements

Singaporeans/PRs:

  • A copy of NRIC (Front & Back)
  • Latest 3 months computerized payslips
  • Company letter certifying employment and salary in SGD (dated within last 3 months from date of card application)
  • Latest min 3 months CPF Contribution History Statement
  • Latest 1 year of Income Tax Notice Assessment with latest 3 months computerized payslips / 12 Months CPF Statement.
  • A copy of your telecommunication or utility bill

Foreign applicants:

  • A copy of valid Passport
  • A copy of your Work Pass (Front & Back, min. 6 months validity)
  • A copy of your In-Principal Approval (IPA) if your Work Pass has less than 6 months validity
  • Latest 1 year of Income Tax Notice Assessment with latest computerized payslips
  • A copy of your telecommunication or utility bill.

Fees

  • Annual Fee: S $192.60
  • Late Payment Fee: S $55

 

Other Things You Should Know

Here are some more details that customers should know about the HSBC Advance Credit Card.

1. Bank Fees

Customers can’t receive cashback bonuses for all bank fees. These include the following:

  • Cash advance
  • Balance transfers
  • Fees and charges, which include finance charges, late charges, interest charges, annual fees)
  • Tax payments via HSBC tax payment facility
  • Payments on installment Payment Plans
  • Any transactions made on brokerage/securities

2. Balance Transfers

Customers can’t receive cashback for any fees involving bank transfers, which include:

  • Payments on money payment/transfer websites
  • Money order transactions
  • AXS and ATM transactions
  • Prepaid card top-ups including EZ-Link and others

3. Institutional Payments

Customers can’t receive cashback for any fees involving donations and other spending on charitable institutions.

 

Our Final Thoughts

The HSBC Advance has many great advantages for any existing HSBC credit cardholder and HSBC advance banking customers. However, this HSBC credit card lacks any compelling bonuses for non-HSBC advance cardholders to use as a cashback card when better options exist in Singapore.

  • High 3.5% cashback and great perks if you’re an HSBC Advance Customer.
  • Zero annual fees during the first year and no added costs for supplementary cards.
  • High minimum monthly spending to achieve best cashback bonuses
  • Has many better alternatives if you prefer to get cashback by category or get better rewards points.

Need a loan but don’t have much time to compare numerous moneylenders? Let Instant Loan connect you with hundreds of licensed moneylenders in Singapore with the best loan deals tailored to your needs. Take advantage of the free loan quotes today! 

Instant Loan CTA Banners DesktopInstant Loan CTA Banner 2