BestCreditCards.sg's Review of HSBC Advance Credit Card
|Highlights||Credit Card Feature|
|Things We Like||Up to 3.5% cash back on purchases|
|Our Least Favourite||Cap on monthly cash back|
|Our Verdict||Good card for earning cash back on all purchases.|
- Enjoy up to 3.5% Cash Back on all purchases, no minimum spend required (Total Cash Back capped at S$125 per month for HSBC Advance banking customers; S$70 for non-Advance banking customers).
- Card balance transfer: Exclusive one-time promotional rate of 1.68% p.a. for 6 months. Terms and conditions apply.
- Exciting promotions including 1-for-1 F&B, lifestyle and hotel offers, travel specials and more.
- Up to 16% instant discounts at all Caltex and Shell stations.
- Enjoy over 1,000 Entertainer 1-for-1 deals on HSBC Singapore Mobile Banking App
- Enjoy peace of mind with complimentary travel insurance coverage of up to S$500,000 when you charge your travel expenses to HSBC Advance credit card.
- To be eligible for an HSBC Advance banking, you must meet the following requirements: Have a salary crediting or re-occurring deposit of at least S$3,500 per month & have applied for or hold a HSBC credit card
- Intro Interest p.a.
1.68% p.a. for 6 months* on balance transfers
- Annual Fee
$192.60, Waived for HSBC Advance Customers
- Minimum Income
S$30,000 p.a. (Singapore Citizens and PR) S$40,000 p.a. (Foreigners and Self Employed)
- Standard Interest p.a.
The HSBC Advance Credit Card is a rebate card which gives you access to a long list of HSBC privileges and discounts in Singapore. If you have children you will probably benefit from some of the family friendly discounts you get with this card. If you have an Advance relationship with HSBC and are looking for a cash rebate card then the HSBC Advance Credit Card has a lot to recommend it.
Here we at GET.com review this card in detail, spelling out all of the small print.
Things We Like About HSBC Advance Credit Card
Up to 3.5% cashback on all purchases. If you are (or become) an HSBC Advance customer, you can enjoy up to 3.5% of cashback on all your purchases with no annual fee. If you don't qualify for the Advance status, you can still enjoy 1.5-2.5% of cashback but you will have to pay the monthly service charge of $10 (waived the first year). To break it down, you will earn 2.5% of flat rate cash back for monthly spendings over $2,000, 1.5% of flat rate cash back for monthly spendings of $2000 and below. If you are an HSBC Advance banking customer, you get to earn an additional 1% cashback for these spendings. There is a monthly cash back cap of $125 for Advance banking customers and $70 for others.
The perpetual annual fee waiver. The $192.60 (waived for HSBC Advance Customers), which means you should be able to use this card without paying an annual fee as long as you don't miss payments or spend above your credit limit. Not paying an annual fee can save you a lot of money in the long term (most cards cost $100 to $300 per year).
You save on petrol. As a cardholder you will benefit from a 16% instant discount at Shell stations islandwide and up to 16% instant discount at all Caltex service stations islandwide when you pay for your bill with your HSBC Advance Credit Card!
Low interest introductory period for balance transfers. You can take control of any outstanding balances that you might have on other credit cards by arranging a balance transfer to this card at a low interest rate. Enjoy a rate of 1.68% p.a. for 6 months on balance transfers, with 25.9% interest per annum after that. The service is subject to an $88 processing fee, but this is waived when you transfer $10,000 or more. I recommend you try to pay off the full balance during the intro period, as after that the prevailing (high) 25.9% interest per annum will apply to any remaining balance.
0% instalment plan. Making a large investment but don't want to part with the cash all at once? Take advantage of HSBC's 0% instalment plan to divide the cost of expensive purchases into instalments of over 6, 12, 18 or 24 months interest free! Terms and conditions apply.
Visa payWave lets you pay for purchases quickly and easily without having to swipe or enter a PIN.
Home And Away programme. This programme includes privileges for restaurant dining, shopping, travel and health and beauty.
Only $30,000 income per year. If you make $30,000 or more each year, you can apply for this credit card. Some other good cash back cards require up to $80,000 annual income.
Our Least Favourite Things About HSBC Advance Credit Card
Cap on monthly cash back. If you are an HSBC advance customer there is a cap of $125 monthly cash back, $70 if you aren't an HSBC advance customer.
How Other Cards Compare With HSBC Advance Credit Card
|Intro APR:||1.68% p.a. for 6 months* on balance transfers|
|Annual Fee:||$192.60, Waived for HSBC Advance Customers|
|Regular APR:||24.99% p.a.|
|Annual Fee:||S$171.20 (inclusive of GST) First Year Fee Waiver|
|Intro APR:||Get cash at 0%* p.a. interest for 6 months at a 1.99% processing fee (EIR from 4.12% p.a.) on the approved loan amount when you transfer funds from your Standard Chartered Credit Card. Visit on.sc/funds-transfer. T&Cs apply. With Funds Transfer, you can (i) transfer funds into any bank's current or savings account; (ii) pay your credit card bills from other banks; and (iii) pay your loan from other banks.|
|Regular APR:||26.9% per annum|
|Annual Fee:||$192.60 w/GST (waived for first 2 years)|
HSBC Advance Credit Card lets you earn up to 3.5% cash back per dollar on your purchases every day, or at least every week. The fact that you can earn cash back on all your transactions makes it a rewarding card to use if you like to make payments or shop online.
The additional benefits, like complimentary travel insurance and an introductory interest rate for balances you transfer can also be very useful. Just remember that you will need to have an advance relationship with HSBC in order to fully benefit from what this card has to offer. If you already bank at HSBC, this card is definitely worth considering.
See more HSBC credit cards.