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

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.

---

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.

Read Our Ultimate Credit Card Guide

---

What the HSBC Advance Credit Card can do for you

Apply Now

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?

Apply Now

---

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

For a start, 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 are eligible to 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	S$70
Above S$2,000	2.5% Cashback	S$70

---

#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 much like other unlimited cashback cards. Why?

This is mainly because of three of its features: 

• No minimum spend
• 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

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$2,000	S$5,000 (Premier & Jade)
Bonus Interest	1% on Incremental SGD Balances	1% on Incremental SGD Balances
Cashback	1% on 5 eligible transactions	1% on 5 eligible transactions
Minimum Transactions Per Month	5	5
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
Cap	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

---

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?

---

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	Foreigners	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.

---

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?