BestCreditCards.sg's Review of HSBC Visa Platinum Credit Card
|Highlights||Credit Card Feature|
|Things We Like||5% cashback on groceries, telco and eligible petrol purchases|
|Our Least Favourite||There is a cap on cashback|
|Our Verdict||Great card that gives you huge discounts on petrol|
- 5% cash rebate on selected recurring mobile/cable TV/Internet bills
- Up to 5% cash rebates on groceries at all local grocery stores and supermarkets.
- Up to 2% cash rebates on dining at all food and beverage outlets (excluding hotel dining) in Singapore.
- Enjoy up to 16% instant discount at all Caltex and Shell stations on top of the cash rebates.
- Earn 1 Rewards point with every S$1 charged to your HSBC Visa Platinum credit card
- Enjoy over 1,000 Entertainer 1-for-1 deals on HSBC Singapore Mobile Banking App
- Save up to S$10,000 on your HSBC Credit Card today
- Intro Interest p.a.
2.50% p.a. for 6 months on balance transfers or 4.88% p.a. for 12 months on balance transfers both with a processing fee of $88
- Annual Fee
$180 (First 2 years waiver)
- Minimum Income
S$30,000 for Singaporeans and Permanent Residents. S$40,000 for self-employed and foreigners.
- Standard Interest p.a.
HSBC Visa Platinum Credit Card is a cashback credit card from HSBC which you can get without having a special banking relationship with that bank. With good savings on grocery spending and petrol (up to 19% rebate!), this solid cashback card will appeal to many people in Singapore! Even if you don't drive a car, you will probably buy groceries.
If you are looking for a good cashback card for everyday savings, this card performs very well compared to other cashback credit cards in Singapore. In this HSBC Visa Platinum Credit Card review, we look at what you stand to gain by adding HSBC Visa Platinum Credit Card to your wallet. We also take an in-depth look at how this card compares to other good cashback cards, and what the costs and limitations of this Visa card are.
Things We Like About HSBC Visa Platinum Credit Card
5% cashback on recurring Mobile/Cable TV/Internet Bill Payment. The rebates you get with this card certainly compare well with other cash back credit cards in Singapore. In fact the cash back you earn is similar to what the high-end "special relationship" HSBC cards give you. You earn 5% cashback on all your recurring mobile/cable TV/internet bill payment. You'll also earn cash back on grocery and petrol purchases at Caltex and Shell stations.
Up to 5% cashback on groceries and petrol. You will earn 5% cash back on groceries and petrol purchases at Caltex and Shell if you spend at least $800 per month for all 3 months in a calendar quarter with your card. Otherwise, you will enjoy 3% cash back on groceries and petrol purchases at Caltex and Shell as long as you spend a minimum of $400 per month for for all 3 months in a calendar quarter with your card. In both cases, you will still enjoy up to 16% instant discount at Caltex and Shell.
The huge petrol discounts. You can get up to 16% petrol discounts at Shell and Caltex when you pay with this card. Add the 5% cashback you earn and you could be saving around 21% at Shell and Caltex! This is why we at GET.com have named this card as one of the Best Credit Cards for Petrol in Singapore!
You get 2% cashback at restaurants. You get 2% cashback when you use this card to pay at restaurants, as long as you spend $800 per month with your card. If you spend between $400 and $799 you will earn just 1%. This 2% cashback also counts towards your cashback cap ($60 or $120 depending on your monthly spending). HSBC Premier MasterCard® Credit Card offers this same 2% on restaurant dining, with the same caps.
You also earn rewards points. You earn 1 HSBC reward point for each $1 you spend with this card. HSBC points can be redeemed for shopping, travel, restaurant dining and a lot of other stuff. You earn these points in addition to the cashback you get.
There's an annual fee waiver. This card has a $180 annual fee (waived for 2 years), which makes HSBC Visa Platinum Credit Card an affordable cashback card considering that you can earn up to $480 cashback per year.
Home And Away programme. This programme includes privileges for restaurant dining, shopping, travel and health and beauty. Discounts and offers are updated regularly.
Only $30,000 income per year required. If you make $30,000 or more each year, you can apply for this credit card. Some other good cashback cards require up to $80,000 annual income.
Visa payWave. Using payWave will make your life easier. Just tap your card to make payments under $100.
Our Least Favourite Things About HSBC Visa Platinum Credit Card
Minimum spending required to earn cashback. This is only a good cashback card if you spend at least $400 per month with it, and I mean every month! If you leave this card behind when you go on a 1-month vacation, you could screw up your cashback for the whole 3-month quarter, as you need to meet the minimum spend for each of the 3 months.
So if your credit card use is very sporadic, this may not be the best card to use, but if you use this credit card every month for most of your spending, then earning maximum cashback will be easy.
There's a cap on cashback. The 5% cashback is capped at $120 per 3-month quarter ($40 monthly average) and 3% cashback is capped at $60 per 3-month quarter, so if you spend enough you can earn up to $480 cashback per year. But the more exclusive HSBC Premier MasterCard® Credit Card(which you can only get if you have a premier banking relationship with HSBC) has exactly the same caps.
How Other Cards Compare With HSBC Visa Platinum Credit Card
|Intro APR:||2.50% p.a. for 6 months on balance transfers or 4.88% p.a. for 12 months on balance transfers both with a processing fee of $88|
|Annual Fee:||$180 (First 2 years waiver)|
|Intro APR:||Transfer your outstanding balances on any other bank's credit card or credit line to OCBC at 0% nominal interest rate for 3/6/12 months with upfront processing fee starting at 1.80%|
|Regular APR:||26.88% per annum|
|Annual Fee:||$192.60 a year (First 2 years free)|
HSBC Visa Platinum Credit Card is a very rewarding cashback credit card for grocery shopping and petrol purchases, and also rewards you for other regular expenses.
HSBC Visa Platinum Credit Card is a very good cashback card for grocery shopping and gives you huge discounts on petrol. In fact, GET.com has awarded this card as one of the 2 Best Credit Cards For Petrol in Singapore! The $180 annual fee (waived for 2 years), and you can apply for this card if you earn just $30,000 per annum.
All things considered, this is one of the best cashback credit cards for grocery shopping in Singapore right now. If you spend $800 or more per month in a quarterly period with HSBC Visa Platinum Credit Card, you can earn up to $480 cashback per year!
See more HSBC credit cards.