HSBC Advance Credit Card
Best for Cashback and International Rewards
HSBC Advance Credit Card
The HSBC Advance Credit Card helps customers earn cashback on retail purchases made both locally and overseas. HSBC Advance Credit Card holders also get a first year annual fee waiver, international spending perks and some very useful MRT public transport benefits. But to get maximum cashback on this credit card, you’ll need to sign up for a HSBC Advance Banking account or HSBC Everyday Global Account – and hit a $2,000 minimum spend.
HSBC Advance Credit Card Rewards
- Earn high cashback rates on eligible purchases locally and internationally
- Enjoy having your annual fee waived for the first year
- Regular HSBC Advance Banking Credit Card customers can earn cashback of up to 2.5%
- Those who open a HSBC Advance Banking Account can boost this maximum cashback rate to 3.5%
- HSBC Everyday Global Account holders can enjoy an additional cashback rate of 1% with this card
- Use your credit card as an EZ-Link card via SimplyGo to avoid top ups on MRT and public transport
The HSBC Advance Credit Card offers cardholders unhindered access to more than 1,000 special offers on dining, hotels, leisure attractions and wellness spas. Advance Credit Card HSBC customers can enjoy 1-for-1 discounts and much more.
The Advance Credit Card HSBC is compatible with mobile wallets like Apple Pay, meaning you can keep track of online transactions with ease. You also get up to $200 loss coverage for global online purchases and tons of deals on online food and grocery deliveries.
Overseas or International Spending
HSBC Advance Banking card membership is a great fit for international spenders looking for a new cashback credit card. You’ll get retail and dining discounts with global conglomerates, complimentary upgrades at selected hotels and more, all with your HSBC Advance Card. However, there is a 1.80% charge on foreign currency transactions.
Pros & Cons
- All customers get a base cashback rate of 1.5 – 2.5% on a range of eligible purchases, from dining to retail
- You won’t have to pay HSBC Advance Card’s annual fee in your first year
- High spenders who exceed a minimum spend or monthly spend of $2,000 can enjoy amazing benefits
- HSBC Advance Banking customers and HSBC Everyday Global Account holders can rise above the base cashback cap and earn maximum cashback rates
- Those higher cashback rates of 3.5% are reserved for HSBC Advance Banking Customers only
- HSBC imposes a maximum cashback cap per month of $70 for most customers
- Self employed individuals, singles and anyone with a monthly spend of less than $2,000 might not access any more than HSBC Advance Card’s basic 1.5% cashback rate
How to Apply
21 years old and above
Minimum Annual Income
Singapore and Permanent Residents
Salaried employee: S$30,000
Self employed or commission-based : S$40,000
Fees and Charges
|Fee waiver||Waive for First Year|
|Annual Interest Rate||25.9% p.a.|
|Late Payment Fee||S$55|
|Cash Advance Fee||$15 or 6%, whichever is highest|
|Minimum Monthly Spend / Monthly Payment:||$50 or 3%, whichever is highest|
|Foreign Currency Transaction Fee||1.8%|
You will need to provide supporting documents as proof of income. In most cases, HSBC will grant you a credit limit for all unsecured facilities capped at four times your monthly income.
Disclaimer: This information may differ from what you see when you visit other financial service websites or the product’s official site, but Loan Advisor continues to keep every detail updated and accurate. This site may be compensated through third-party advertisers. However, the results of our comparison tools which are not marked as sponsored will always be based on objective analysis.
How Does the HSBC Advance Credit Card Compare with Other Credit Cards in Singapore?
Check out how the HSBC Advance Card compares to other top Singaporean credit cards using the table below. We’ve compared it to competitors using helpful specific categories, such as above income requirements, minimum spend limits, cashback cap and rate restrictions and more.
HSBC Advance Credit Card
1.5% to 2.5% for regular customers
3.5% rate available to HSBC Advance Banking customers only
$2,000 per calendar month to secure 2.5% cashback rate
Monthly spend below $2,000 will attract base 1.5% reward rate only
1.5% to 2.5% cashback on local and international purchases
Earn an extra 1% cashback when you deposit fresh funds to your HSBC Everyday Global Account each month ($2,000 minimum)
DBS Takashimaya Visa / American Express Card
$30 worth of Takashimaya gift vouchers with every 100 Takashimaya bonus points
Even more perks available to Takashimaya Amex card members
Up to 300 Takashimaya bonus points per transaction for DBS Takashimaya Amex card holders
Redeemable Takashimaya gift vouchers and rebates for all DBS customers
Citi Cash Back+ Mastercard
Redeem cash back instantly
Cash rebate via SMS or Pay with Points
American Express True Cashback Card
Up to 3.0%
Additional 1% cashback on foreign currency spend
No min spend or cap
POSB Everyday Card
0.3% for all purchases
Use SimplyGo as an MRT card to eliminate auto top up requirements
Link to your current account and/or debit card for more perks
DBS Live Fresh Card
Up to 5% available both online and via contactless in store payments
$600 min spend per month
1 year initial fee waiver
0.3% earned on all other kinds of spending
HSBC Advance Credit Card – Our Verdict
As you can see from the table above, the Credit Card HSBC Advance offers a below average annual interest rate and tons of amazing cashback perks for customers with a high annual spend – especially those who travel and make regular eligible purchases overseas.
That said, the annual fee exemption applies to the first year only – it cannot be perpetually waived. In addition, only customers holding certain HSBC bank accounts will get access to the best cashback rewards, so be sure to keep this in mind when considering whether this is the right card for you.
Do all purchases attract cashback and computation of spending requirements?
Under the terms of this cashback card, customers will only ever be awarded cashback on eligible purchases and online transactions. You can explore the full terms and conditions regarding the HSBC Advance Card and what constitutes one qualifying transaction on the HSBC website here.
What will my credit limit be?
Credit limits awarded with HSBC bank accounts and credit card products will be decided on a case-by-case basis. Customers are free to request a preferred limit when opening an account or applying for a HSBC Advance Card, but the bank may grant a lower amount depending on your credit score and other factors. The standard limit for those earning between $30,000 and $120,000 is four times your monthly income. Discover more here.
So, a HSBC Advance Card can earn you amazing cashback benefits on local and international spending – and customers with certain HSBC bank accounts can earn even more. But if you’re considering signing up for a HSBC Advance Card today, it’s important to think very carefully about whether this card is 100% right for you before you commit. Here are a few things to keep in mind:
- Not everyone will get the maximum cashback rates
Those generous 3.5% higher cashback rates are for HSBC Advance Banking Customers only – meaning you might need to open an account before you can best benefit from the earn rewards potential of this card.
- There’s a minimum spend required
HSBC requires customers to pay out at least $2,000 per month to get the best rates, too – which means this card might not be so well suited to low spenders or self employed individuals, unless you’re happy earning just 1.5% while making recurring bill payments, balance transfers and other typical transactions.
- Annual fees and charges apply
Sure, you’ll get your first year’s HSBC Advance Credit Card fee waived, but you’ll need to take into account any processing fee, late payment fee and other tax payments and charges associated with this card – and make sure they work for you.
For more details on and reviews of the best credit cards in Singapore, check out Loan Advisor’s blog page. If you’re looking to compare credit cards or hunt for personal loans, home loans, travel insurance and other amazing financial products, Loan Advisor is here to help.
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