HSBC Visa Platinum Credit Card Revie

HSBC Visa Platinum Credit Card Review: Best for Frequent Diners and Petrol Consumers

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
  • 5% cashback on Groceries
  • 5% cashback on dining, except hotel dining)
  • 5% cashback plus 16% instant discount on gas refills at Caltex and Shell.
  • No annual fee for the first two years 
  • Exclusive family offers Earn 1 Reward point for every dollar spent 
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
Maybank Family and Friends Card S $30,000 (S $60,000) 25.90% 8% S $125 (Monthly) S $800
  • 8% cashback on groceries, dining, food delivery, transportation, TV streaming services, and pet and vet services
  • 8% cashback capped at S $125 per month and S $25 per category.
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
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 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.

 

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

Steps to Apply

  1. Head to HSBC’s website and click on the Apply Now button on the credit card application page.
  2. 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.
  3. The bank will ask you to upload or present to a selected branch supporting documents that we’ve listed above.
  4. 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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