Is the HSBC Advance Credit Card the Best Cashback Card Right Now?

The HSBC Advance Credit Card, cashback on all types of spending.

Cashback credit cards offer a straightforward, immediate way for Singaporean consumers to get some savings. Depending on the type of card you are holding, you’ll save money in one of two ways.

One, you’ll get a little bit of rebate (typically 1.5%) on virtually everything you spend on. However, there’s no limit on how much rebate you can earn this way.

Or two, you’ll get higher cashback (as high as up to 8%), but only on selected categories of purchases. These cards also set a hard limit on the amount of cashback you can earn per month.

To sum up, minor savings that you can accumulate to your heart’s content, or higher cashback rates restricted to specific categories, and with a monthly cap. Are these the only two choices for credit card users in Singapore?

Well, that’s the case no longer. There’s a new cashback card in town, and it offers you the best of both worlds.

Promotions for new HSBC Cardmembers:

• Get S$30 cashback for signing up via SingPass MyInfo
• Make 1 qualifying transaction and receive S$50 cashback
• Receive S$120 cashback with a minimum spend of S$500 on eligible goods and services made from card approval date till the end of the following month

Promotions for existing HSBC Cardmembers:

• Existing HSBC cardmembers receive a total of S$60 for signing up via SingPass MyInfo and making a minimum spend of S$500 on eligible goods and services

Valid till 31 Dec 2021 Terms and Conditions apply.

Up to 3.5% cashback on all types of spending, S$70 monthly cap

For a start, the HSBC Advance Credit Card gives you as much as 3.5% cashback, which you can freely use across all spends

3.5% may not seem like much, but it is on par with the rebates offered by some of the leading ‘everyday savings’ cards currently on the market.

The advantage here is the flexibility you’ll enjoy - no more juggling different cards on different spends, just so you can maximise your cashback.

You can pretty much put all your spending on the HSBC Advance Credit Card, and very likely come out on top in terms of rebates earned.  

This is backed up by the card’s other winning feature:a maximum cashback cap of S$70 per month.

Both these main features work wonderfully together. At 3.5% cashback on all spends, you just need to charge above S$2,000 to earn the maximum cashback of S$70.

(Just for comparison, on a card with 1.5% cashback, you’d have to spend at least S$4,669 per month to get S$70 in savings.)

Plus there's also no minimum spend required to earn cashback.

You can now also earn cash rebate of 2.5% with a minimum monthly spend of S$2,000 in the following categories:

• Retail spending
• Dining spending
• Local spending

Earn additional 1% HSBC Everyday + Cashback

Now, when you deposit fresh funds into your HSBC Everyday Global account you can earn 1% HSBC Everyday + Cashback. That's right, every calendar month either via salary crediting and/or inward transfers from a non HSBC account. You also have to perform 5 eligible transactions so that you can receive 1% HSBC Everyday + Cashback.

It is important to note that the maximum cashback per calendar month is S$500 for HSBC Premier and Jade customers and S$300 for Personal banking customers.

Are The Enhanced Benefits Worth The HSBC Everyday Global Account?

You should know that the HSBC Everyday Global Account is an enhanced savings account, which comes bundled with features you won’t normally find in a basic savings account. (Some of these include multi-currency deposits, and preferential rates for loans.)

HSBC Advance Credit Card Eligibility Requirements

Excited about the HSBC Advance Credit Card? Before you apply, check the eligibility requirements, card fees and interest rate below.

HSBC Advance Credit Card Eligibility Requirements

Excited about the HSBC Advance Credit Card? Before you apply, check the eligibility requirements, card fees and interest rate below.

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By Alevin Chan
A Certified Financial Planner with a curiosity about what makes people tick, Alevin's mission is to help readers understand the psychology of money. He's also on an ongoing quest to optimise happiness and enjoyment in his life.