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HSBC Advance Credit Card Review: Earn Up to 3.5% Cashback With No Minimum Spend

Alevin Chan

Alevin Chan

Last updated 12 June, 2023

The HSBC Advance Credit Card grants you with up to 3.5% cashback on all types of purchases. No minimum spend required.

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 – either a minimal rebate (around 1.5%) or a higher rebate (up to 15%).

The former entails unlimited cashback cards and the latter entails standard cashback cards

But the introduction of the HSBC Advance Credit Card has shaken up the unlimited cashback card formula by offering a refreshing 3.5% cashback with no minimum spend, capped at S$70 base cashback. This cash rebate is higher than the average 1.5% to 2% rate.

Now that we've gotten your attention, let's dive right into the details of this intriguing no-holds-barred cashback credit card that's shaking the market right now.

Table of contents

Looking for the best credit cards to complement your spending patterns and expenditure in 2023? Check out our Ultimate Credit Card Guide that covers all things credit cards in Singapore – from choosing between a cashback, miles, or rewards credit card to planning your credit card strategy.

What the HSBC Advance Credit Card can do for you



HSBC Advance Credit Card product summary:

  • Up to 2.5% base cashback on eligible local and overseas purchases
  • Additional 1% cashback on credit card spend with HSBC Everyday+ Rewards Programme
  • 1-year annual fee waiver
  • Effective Interest Rate: 26.9% p.a.
  • Minimum income requirement: S$30,000 per year for Singaporeans/PRs, S$40,000 for self-employed, PR or foreigners
  • Minimum age: 21
  • Late payment fee: S$100
  • Minimum payment: 100% of monthly instalment amount + 100% of interest, late fees, annual credit card fees, and overlimit fee + 1% of remaining outstanding balance + excess amount above credit limit or S$50 (whichever is higher)
  • Overlimit fee: S$40
  • Foreign currency fee: 2.25%
  • Dynamic currency conversion (DCC) fee: 1%
  • Cash advance fee: 28% p.a.
  • Annual fee: S$194.40
Pros Cons
High 2.5% base cashback
- Earn 1.5% cashback on up to S$2,000 spend
- Earn 2.5% cashback after S$2,000 spend
Need to join HSBC Everyday+ Rewards Programme to earn additional 1% cashback – to bring total to 3.5% cashback
Up to 3.5% cashback with conditions met Base cashback capped at S$70 per month
No minimum spend Cannot earn cashback on utilities, insurance premiums, and other bills*
1-year annual fee waiver  
Up to S$200 cashback in sign-up rewards or Samsonite Prestige 69cm Spinner Exp luggage (worth S$670)  
S$500,000 travel insurance cover for cardholder and family members  
Up to US$200 e-commerce purchase protection  

*Refer to merchant exclusion list in T&Cs

Why should you choose the HSBC Advance Credit Card?


#1: Up to 2.5% base cashback on all types of spending, capped at S$70 per month

The HSBC Advance Credit Card gives you as much as 2.5% cashback with no minimum spend, which you can freely use across all spends.

2.5% 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. Remember, the average cashback rate of credit cards with no minimum spend typically hovers around 1.5% to 2%.

This 2.5% base cashback rate consists of:

  • S$0 to S$2,000 monthly spend: Earn 1.5% base cashback
  • Above S$2,000 monthly spend: Earn 2.5% base cashback 
The advantage here is the flexibility you’ll enjoy. Since it follows a blacklist approach, most categories can earn cashback. Thus, you'll no longer have to juggle between different cards on different spends, just so you can maximise your cashback.

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

Both these main features work wonderfully together. At 2.5% cashback on all spends, you just need to charge above S$2,000 to hit the maximum base cashback of $70.

But if let's say, spending more than S$2,000 per month is a bit of a stretch for you. No worries, you can still clock in 1.5% cashback in the following categories:
  • Retail spending
  • Dining spending
  • Education spending
  • Wedding spending
  • Home spending
  • Other eligible local spending
💡 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.
Monthly spend on your HSBC Advance Credit Card
Base Cashback
Maximum cashback per calendar month
S$2,000 and below
1.5% Cashback
Above S$2,000
2.5% Cashback


#2: Earn additional 1% HSBC Everyday+ Rewards

Simply deposit a minimum of S$2,000 fresh funds (or S$5,000 for HSBC Premier customers) and perform 5 eligible transactions to receive 1% cashback on on your credit card spending with HSBC Everyday+ Rewards Programme.

That's right, every calendar month either via salary crediting and/or inward transfers from a non-HSBC account.

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.

This means effectively, you can earn a maximum of S$370 to S$570 total cashback ($70 base cashback + S$300/S$500 additional cashback) if you play your (credit) card right.

#3: Pay for big-ticket expenses like house renovations and wedding costs

The HSBC Advance Credit Card can be used to fund your big-ticket purchases similar to unlimited cashback cards even though it technically isn't one. Why?

This is mainly due to three of its features: 

  • No minimum spend to earn base 1.5% cashback
  • Higher monthly spend tiers above S$2,000 to earn up to 3.5% cashback effortlessly
  • Eligible spend categories include education, wedding, and home-related expenses
  • Higher cashback cap of up to S$570

Most other cashback cards not only have a lower cashback cap, but this cap is also split across several spend category types.

For example, the UOB EVOL Card has a S$60 cashback cap per month, but it's restricted to S$20 per category across online spend, mobile contactless spend, and all other retail spend. This greatly limits your maximum potential cashback earned if you spend more in one category than the other.

But with the HSBC Advance Credit Card, you won't have to worry about hitting a spend limit or cap that earns eligible cashback.

See also: How to Maximise Miles Earned on Big Ticket Spending

HSBC Everyday+ Rewards

Screenshot 2023-05-01 at 1.39.33 PM

HSBC Everyday Global Account Welcome Gift: Get up to S$1,830 in rewards when you sign up for a HSBC Everyday Global Account and complete the offer bundles with HSBC Credit Card, Investment and Life Insurance Products. T&Cs apply.

Alternatively, sign up for an HSBC Everyday Global Account in November and enjoy a bonus interest rate of up to 4.50% p.a! T&Cs apply.

From 1 May to 31 October 2023, HSBC will be running the Sure-Win Promotion as part of the Everyday+ Rewards programme.

There are 18,000 prizes to be won, with 10,000 Grand Lucky prizes including Oscar’s Buffet Lunch for 2 at Conrad Hotel, NTUC and Takashimaya vouchers, and one night stay at Centennial Suite with Executive Floor benefits and breakfast for 2. 

On top of a 1% cashback on qualifying credit card transactions, HSBC EGA holders will earn 1% bonus interest on incremental SGD balances.

To qualify for the Sure-Win Promotion, HSBC customers will need to maintain the respective minimum balances and make 5 eligible transactions on the account. 

Personal Banking
Premier Customers
Eligible Cards
Any HSBC credit card or EGA debit card
Any HSBC credit card or EGA debit card
Minimum EGA Deposit Per Month
S$5,000 (Premier & Jade)
Bonus Interest
1% on Incremental SGD Balances
1% on Incremental SGD Balances
1% on 5 eligible transactions
1% on 5 eligible transactions
Minimum Transactions Per Month
Qualifying Transactions
Make 5 eligible transactions
(Can be a combination of the following)
• HSBC Credit Cards
• HSBC Everyday Global Debit Card
• GIRO Bill Payments including: Insurance premium payment, Repayment of Car Loan, Utilities & Telco bill payments, Non-HSBC CC bill payments, School fees, Income Tax
• Outward Funds transfers /Paynow /FX/TT
Make 5 eligible transactions
(Can be a combination of the following)
• HSBC Credit Cards
• HSBC Everyday Global Debit Card
• GIRO Bill Payments including: Insurance premium payment, Repayment of Car Loan, Utilities & Telco bill payments, Non-HSBC CC bill payments, School fees, Income Tax
• Outward Funds transfers /Paynow /FX/TT
S$300 Bonus Interest + S$300 Cashback = S$600
S$300 Bonus Interest + S$500 Cashback = S$800
Crediting Time
By end of following month
2-14 business days

HSBC EGA (Premier) Welcome Gift: Enjoy up to 4.5% bonus interest rates or up to S$29,670 in rewards when you sign up for an HSBC Everyday Global Account (Premier). Valid till 30 November 2023. T&Cs apply.

Additionally, manage your wealth and invest with HSBC. Stand a chance to win your share of up to 3,000,000 KrisFlyer miles in the HSBC Wealth Mega Air Miles Lucky Draw. Valid till 31 December 2023. T&Cs apply.

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.)

What promotions are there for the HSBC Advance Credit Card?

SingSaver's Exclusive Offer: Enjoy 2x chances to win your share of up to S$200,000 in prizes in our epic 101! Milestone Giveaway, including S$5,000 bonus cash each week on top of ongoing promotions. Valid till 20 December 2023. T&Cs apply. Click here to check out our past Lucky Draw winners!

Receive a Samsonite ZELTUS 69cm Spinner Exp with built-in scale (worth S$680) or S$150 cashback when you spend at least S$1,000 by the end of the following calendar month after the card account opening date and provide marketing consent when you apply. Valid till 31 Dec 2023. T&Cs apply.

Our Best Deal Guarantee promises you the best deal only with SingSaver. If you find a better offer elsewhere, submit a claim, and we'll reward you with double the difference. Valid till 7 January 2024. T&Cs apply. Applicable to HSBC TravelOne and HSBC Revolution Credit Cards only.

What charges or fees should you look out for?

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

Singaporeans or PR holders
Annual Fees
Fee Waiver
Effective Interest Rate
21 to 65 years old S$30,000 minimum annual income
21 to 65 years old S$40,000 minimum annual income, with valid employment pass
S$194.40 (GST included)
1 year, waived if you spend more than $12,500 annually from Year 2 onwards
25.9% p.a.

How to apply?

Click on the ‘Apply Now’ button on this page and complete the application form on the SingSaver site. You will need to prepare the following documents for the application process:

  • Front and back of NRIC/Passport/Employment Pass
  • Proof of billing address
  • Salaried employees: Past 12 months' CPF statement, latest Income Tax Notice of Assessment, and latest 3 months' original computerised payslip
  • Self-employed: Past 12 months' CPF statement and latest Income Tax Notice of Assessment
    • Lastest 1 year's Notice of Assessment only required if the above is not available

Should you get the HSBC Advance Credit Card?

The HSBC Advance Card is a great choice for those who prefer fuss-free spending without any minimum spend. It possesses qualities of both a regular cashback card and an unlimited cashback card – offering you the best of both worlds to earn...
✔️ Cashback on your big-ticket purchases
✔️ Bonus cashback rate upon hitting a higher minimum spend tier
You can check out other unlimited cashback credit cards here.

Best Unlimited Cashback Credit Cards

Credit Card Best for/Benefits Details Min. Annual Income
Citi Cash Back+ Card


- 1.6% unlimited cashback on all spending
- No min. spend required

- No cap on cashback earned

- Annual fee: S$194.40 (First year free)
- Local/PR: S$30,000

- Foreigner: S$42,000
AMEX True Cashback Card


- 1.5% unlimited cashback on all spending (including education fees, insurance, healthcare, utilities and telco)
- Enjoy 3% welcome bonus cashback on up to S$5,000 eligible spend within first 6 months of card approval
- No min. spend required

- No cap on cashback earned

- Annual fee: S$172.80 (First year free)
- Local/PR: S$30,000
CIMB World Mastercard


- 2% unlimited cashback on Wine & Dine and Online Food Delivery, Movies and Digital Entertainment, Taxi and Automobile, and Luxury Goods
- Min. S$1,000 monthly spend

- No annual fee

- Local/PR: S$30,000
Standard Chartered Simply Cash Card

- 1.5% unlimited cashback on all spending
- No min. spend required

- No cap on cashback earned

- Annual fee: S$194.40 (First 2 years free)
- Local/PR: S$30,000

- Foreigner: S$60,000
UOB Absolute Cashback Card


- 1.7% unlimited cashback on all spending

- Includes insurance, school fees, wallet top-ups (excludes Grab), healthcare, utilities & telco bills, and rental
- No min. spend required

- No cap on cashback earned
- Annual fee: S$194.40 (First year free)
- Local/PR: S$30,000

- Foreigner: S$40,000
Maybank FC Barcelona Visa Signature Card


- 1.6% unlimited cashback on all local spending
- No min. spend required

- No cap on cashback earned
- Annual fee: S$120 (First 2 years free)
- Local/PR: S$30,000

- Malaysian Citizen: S$45,000

- Foreigner: S$60,000

Read these next:

Top Credit Card Promotions And Deals On SingSaver
Best Cashback Credit Cards In Singapore
Favourite Credit Card Combinations To Max Out Cashback And Miles (As Used By SingSaver Staffers)
Cashback vs Miles vs Rewards: Which Is The Best Type Of Credit Card For You?

An ex-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.


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