Best for Families Who Spend On Groceries, Food, and Petrol
HSBC Visa Platinum Credit Card
Dining, Groceries & Fuel
Sign-up Gift
Minimum Spend
Average spenders with consistent spending on food and petrol will surely maximize the rewards offered by the HSBC Visa Platinum Credit Card. Cardholders can earn up to 5% cashback on local dining and groceries. On top of that, they will also enjoy 17% savings at Caltex and Shell.
The HSBC Visa Platinum Credit Card is best for families with about S$600 budget every month for groceries, food, and petrol.
HSBC Visa Platinum Credit Card Rewards
Key Features
- Earn 5% cashback on dining, groceries, and fuel
- Get 1x point (0.4 miles) per S$1 spent on general spend
- Up to 17% instant discount with Caltex and Shell on top of the 5% cash rebate.
- New HSBC cardmembers get S$30 cashback when you apply online with Myinfo via Singpass
- The first 2 years’ annual fee is waived.
Dining
- 5% cashback on local dining
- Enjoy 1-for-1 offers with up to 200 food and beverage outlets, such as The Marmalade Pantry, The Coffee Academics, and more.
- Enjoy 25% off your total bill at Express merchants for takeaways and casual dining.
Shopping
- Enjoy exclusive discount when you shop at Shopee Mum’s Club
- Enjoy S$10 off every Friday at Shopee HSBC Fridays 2021 with a minimum spend of S$100. Valid from 1 January 2021 till 31 December 2021
Grocery
- 5% cashback on groceries
Petrol/Fuel
- 5% cashback on petrol transactions
- Up to 17% instant discount on Caltex and Shell stations
Pros & Cons
Pros
- Attractive rewards of up to 5% cashback on dining and groceries
- Suitable for average spenders with a budget of S$2,000/month
- Flexible cashback and miles reward points
Cons
- Limited miles and travel perks
- Limited reward points for online shopping and foreign currency spend
How to Apply
Age Requirement
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
Foreigners
S$40,000
If you can’t meet the above income requirements, a minimum Fixed Deposit Collateral of S$10,000.
Fees and Charges
| Annual Fee | S$193 |
| Fee waiver | Waive for First Two Years |
| 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 | 2.8% |
Income Documents
Apply using Myinfo via Singpass
Alternatively, prepare the following supporting documents with your application:
For salaried employees (Singaporeans/PRs):
- A copy of your NRIC (front and back)
- Last 3 months’ computerized payslip or
- Latest Notice of Assessment with latest 1 month’s computerized payslip
For self-employed/commission-based (Singaporeans/PRs):
- A copy of your NRIC (front and back)
- Last 2 years’ Notice of Assessment
For Foreigners:
- A copy of your Passport, Employment Pass with at least 6 months validity at the time of application (front and back)
- Last 3 months’ computerized payslip or
- Latest Notice of Assessment with latest 1 month’s computerized payslip
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 It Compare With Other Credit Cards In Singapore?
|
Credit Card |
Rewards |
Cashback |
Annual Interest |
Minimum Spend |
Minimum Income Requirement |
|
HSBC Visa Platinum Credit Card |
0.4 miles = S$1 on general spend |
5% cashback on Dining, Groceries, & Petrol
Cashback capped at S$250 |
25.90% |
S$600 |
Singaporean/PR: S$30,000 Foreigner: S$40,000 |
|
Citi Cash Back Card+ Mastercard |
N/A |
1.6% cashback on eligible spend
Unlimited cashback cap |
26.90% |
S$0 |
Singaporean/PR: S$30,000 Foreigner: S$42,000 |
|
Citi Cash Back |
N/A |
Up to 8% cashback on dining, groceries, and petrol
Up to 20.88% savings from Shell & Esso
Cashback capped at S$80 per category per month |
26.90% |
S$800 |
Singaporean/PR: S$30,000 Foreigner: S$42,000 |
|
Standard Chartered Unlimited Cashback Credit Card |
N/A |
Up to 1.5% cashback on eligible spend
Unlimited cashback cap |
26.90% |
S$0 |
Singaporean/PR: S$30,000 Foreigner: S$60,000 |
|
American Express Singapore Airlines KriFlyer Credit Card |
S$1=1.1 Miles on local spend
S$1=2 miles on overseas spend
S$1= 3.1 miles on Grab rides |
N/A |
26.90% |
S$0 |
Singaporean/PR: S$30,000 Foreigner: S$60,000 |
|
American Express True Cashbback Card |
N/A |
3.0% cashback for the first 6 months up to S$5,000 spend.
1.5% cashback on all purchases
Unlimited cashback |
26.90% |
S$0 |
Singaporean/PR: S$30,000 Foreigner: S$60,000 |
Benefits and Challenges
The HSBC Visa Platinum card is one of the best cashback and rewards cards on the market. This credit card is especially attractive for average consumers who spend on everyday expenses. What makes the HSBC Visa Platinum card unique is that it offers both cashback and miles reward points.
Here are some of their main benefits:
- Welcome Gift: New cardholders will receive S$30 cashback when they apply with Myinfo via Singpass. Additionally, they will also earn up to S$250 cashback when they spend at least S$500 within 30 days of your credit card account opening date.
- Cash Rebate: HSBC Visa Platinum credit card offers 5% cashback on all local dining, groceries, and petrol spending. This reward system makes it ideal for average spenders who want to save on daily expenses.
- Petrol Discounts: One of the key benefits of the HSBC Visa Platinum card is its attractive petrol discounts and cash rebate. On top of the 5% cashback, it also offers a 17% instant discount on Caltex and Shell stations.
- Annual Fee Waiver: The first two years’ fee is waived. Otherwise, the HSBC Visa Platinum card charges a decent S$192.60.
- Exclusive promotions: While you earn rewards points for eligible general expenses, you will also enjoy additional discounts on restaurants, shopping, and other activities.
So what’s the catch?
- Minimum spending requirement of S$600
- Cash rebate is capped at S$250 per calendar quarter
The HSBC Visa Platinum card has a minimum spend of S$600. If you’re able to hit this minimum spending requirement, you’ll qualify for the rebates in that quarter. This means you need to be consistent with your spending.
You might think S$600 isn’t a high min. spend requirement. However, some consumers might have a hard time consistently meeting the requirement every month in a quarter or risk losing the cashback rewards.
That said, this rewards card is more suited for families who have a fixed budget and want to save on daily expenses.
Our Verdict
HSBC Visa Platinum is perfect for consumers with consistent spending habits. That said, families with children who go out to buy food and groceries can maximize the cash rebates.
Additionally, consumers who frequently use their cars can benefit from the cash rebate and discounts offered at Caltex and Shell.
However, you may want to consider the Citi Cash Back Card for its higher rewards. Cardholders can earn up to 8% cashback on similar spending. But keep in mind that it has an S$80 cap per category.
Ultimately, HSBC Visa Platinum is a great entry-level cashback credit card. In fact, compared to the other cards on the list, it offers competitive cashback on daily expenses. Plus, its S$250 cap is also a reasonable amount.
Frequently Asked Questions About HSBC Platinum Credit Card
What Are the Eligible Transactions For Rebates?
All retail transactions count towards your min. spend requirement. To see the full list of excluded transactions, click here.
If you used the HSBC Spend Installment, only the initial total purchase cost will qualify in the month of purchase. The succeeding installment payments will not qualify for rebates.
Am I Qualified For HSBC's Rewards Program?
All HSBC primary credit cardholders holding valid HSBC credit cards (Visa and Mastercard), which were issued by HSBC Bank in Singapore Limited, are eligible for the program.
Conclusion
Key Highlights:
- The HSBC Visa Platinum Credit Card is best for families that can consistently spend at least S$600 every month.
- This HSBC credit card offers 5% cashback on local dining, grocery, and petrol spend
- It offers up to 17% instant discount on Caltex and Shell stations
The HSBC Visa Platinum Credit Card is a good entry-level cashback card. It offers competitive cash rebates for daily expenses. However, other cards on the market offer much better rewards with highly diversified spend categories.
That said, it’s important to be smart about accumulating credit card debt. Delayed payments can lead to high interest charges which can blow up your debt. Not enough cash on your savings accounts to pay for emergency expenses?
You can seek financial assistance from licensed moneylenders. Request up to three loan quotes at Loan Advisor to find the best deals. Loan Advisor is the top loan comparison website in Singapore. They have the latest information about the best licensed moneylenders in the country.
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