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.

Table of contents

• Overview: HSBC Advance Credit Card
• Reasons to get the HSBC Advance Credit Card
• HSBC Everyday+ Rewards & HSBC Everyday Global Account
• Other ongoing HSBC promotions
• Eligibility, fees & charges
• How to apply?
• Should you get the HSBC Advance Credit Card?

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

*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 

• Retail spending
• Dining spending
• Education spending
• Wedding spending
• Home spending
• Other eligible local spending

#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

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. 

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.

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How to apply?

Apply Now

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?

Apply Now

Best Unlimited Cashback Credit Cards

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

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Cashback vs Miles vs Rewards: Which Is The Best Type Of Credit Card For You?