The HSBC Visa Platinum Card focuses on giving the best benefits for families with its 5% cashback on groceries, dining, petrol refills and special family-oriented promotions and discounts. One big challenge to using this card is meeting its minimum monthly spending of S $600 to enjoy a huge cash rebate on virtually any category.
Key Features
- Two-Year Annual Fee Waiver: Cardholders won’t need to pay anything at all during the first two years. Only pay your S $192.60 annual fee by the next year.
- Receive Up To S $250 Maximum Cashback: If cardholders meet the minimum spend required of S $600 per month, they can receive up to S $250 cashback.
- Miles System: Cardholders can get 1 HSBC reward point per S $1 spent 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: Paying everything in full each month grants a 20-day interest-free period.
- Contactless Payment: The HSBC Advance Card can be used with ApplePay and Visa PayWave
Benefits
1. Grocery Spending
Get 5% cashback on all supermarket purchases online and offline.
2. Transportation
You can get 5% cashback for refilling your vehicle in Caltex and Shell. Plus, you get a 16% instant discount by refilling at the same gas stations, too.
3. Dining
You can get 5% cashback for eating everywhere using your HSBC Visa Platinum Credit Card, except for hotel dining.
4. Family Activities
Activities you may typically do with your family, including movies and shopping for clothes, can receive bonus rebates or discounts on a promotional basis.
5. Promotions (Until 31 December 2021)
- New cardholders who make one qualifying transaction by the end of the second month after the card account opening date can receive S $50 cash rebates.
- New HSBC cardmembers who spend S $500 during the same time period on eligible purchases can enjoy an additional S $120 cashback.
- Existing HSBC cardmembers who spend S $500 from the card issuance date until the end of the second month can receive a S $30 cashback.
Pros and Cons
Here are the pros and cons customers need to know before applying for this credit card
Pros
- Get great local shopping, grocery, and dining rewards
- Great for families looking to spend less and enjoy more
- Convenient for median incomes at S $1,600 and above
Cons
- Underperforms in both miles and points rewards
- No rewards for online shopping and retail
HSBC Visa Platinum Credit Card vs. Other Cards in the Market
Here’s how the HSBC Visa Platinum Credit performs against other cards in the market.
| Credit Card | Minimum Income Requirement | Annual Interest Rate | Cashback | Cashback Cap | Minimum Monthly Spending | Rewards |
| HSBC Visa Platinum Credit Card | S $30,000 (S $40,000 for Foreigners) | 25.90 | 5% | S $250 per month | S $600 |
|
| 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 |
|
| HSBC Premier Mastercard Credit Card | S $30,000 (S $40,000 for foreigners) | 25.90 | 5% | S $150 per month | S $600 |
|
| Maybank Family and Friends Card | S $30,000 (S $60,000) | 25.90% | 8% | S $125 (Monthly) | S $800 |
|
| DBS Woman’s World Card | S $80,000 for both Singaporeans and Foreigners | 26.80% | n/a | n/a | n/a |
|
| Standard Chartered Unlimited Cashback Credit Card | S $30,000 (S $60,000 for foreigners) | 26.90% | 1.5% | Unlimited | None |
|
| HSBC Revolution Credit Card | S $30,000 (S $40,000 for foreigners) | 26.80% | 2.5% | Unlimited | None |
|
Credit Cards Reviews:
The Verdict: What We Think of The HSBC Platinum Credit Card
Anyone looking closely at HSBC Platinum Credit Card’s cashbacks and promotions will see HSBC’s attempts to reach families with children. Offering 5% cash rebates on local dinners and groceries gives away HSBC’s intent easily — along with the huge petrol and exclusive promotions targeted at family group activities.
Unfortunately, HSBC’s Platinum Credit Card isn’t the best card for families out there, even if it gives some great deals and bonus cashback on local grocery stores. Maybank Family and Friends and other grocery and mall-oriented shopping cards do a much better job providing excellent bonuses for family-oriented spending and activities.
The HSBC Platinum is a great supplement to any family pooling HSBC points from their other existing cards if any. Otherwise, there are other highly-commendable family-oriented cards out there.
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
Steps to Apply
- Head to HSBC’s website and click on the Apply Now button on the credit card application page.
- You can choose to fill out your information using Singpass MyInfo, upload your ID, or upload your ID and fill out all information by yourself.
- The bank will ask you to upload or present to a selected branch supporting documents that we’ve listed above.
- Wait for your credit card application approval.
Final Thoughts
The HSBC Visa Platinum Credit Card is a great help for families compared to its other credit cards that offer exclusive privileges like airport lounge access and preferred rates. However, many other cards out there can save so much money and offer huge benefits for families than this card.
- Platinum gives you 5% cash rebates on grocery shopping, local dining, and petrol.
- Cardholders can receive exclusive family activity promotions exclusively from HSBC.
- You can earn 1 HSBC Reward Point per S $1 you spend using this credit card.
- Limited rewards for travel, miles, and online shopping
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