HSBC Everyday+ Cashback: Earn Bonus 1% Cashback On All HSBC Credit Card Spending

Aaron Wong

Aaron Wong

Last updated 02 August, 2021

HSBC cardmembers can now earn an extra 1% rebate on all their credit card spending, on top of their usual credit card rewards. Here’s how. 

HSBC is launching a new programme called HSBC Everyday+ Cashback, and it’s great news for HSBC cardholders - even if you prefer to earn miles

With HSBC Everyday+ Cashback, customers with a HSBC Everyday Global Account (EGA) will be able to earn a bonus 1% cashback on transactions made with any HSBC credit card, on top of the usual credit card rewards

Here’s how it works. 

What is HSBC Everyday+ Cashback?

From 2 August 2021, HSBC will be replacing the existing HSBC Advance Cashback scheme with the HSBC Everyday+ Cashback program. EGA holders will earn a bonus 1% cashback on all credit card transactions upon meeting the criteria below:

HSBC Advance CashbackHSBC Everyday+ Cashback
ValidityUntil 1 August 2021From 2 August 2021
Eligible CardsHSBC AdvanceAny HSBC credit card or EGA debit card
Minimum Transactions Per Month55
Minimum EGA Deposit Per MonthS$2,000S$2,000 (Personal)
S$5,000 (Premier & Jade)
Qualifying TransactionsAll transactions that monthThe 6th transaction onwards till the end of the following month
CapS$300S$300 (Personal)S$500 (Premier & Jade)
Crediting TimeBy end of following month2-14 business days

HSBC customers need to make at least five transactions (of any amount) on their credit card in a given calendar month, and deposit S$2,000 (or S$5,000 if they’re a HSBC Premier or Jade member) of fresh funds into their EGA. 

This then triggers a qualifying period, during which they earn 1% cashback on all credit card transactions. The qualifying period is defined as the day after the qualifying requirements are met up till the end of the following calendar month.

For example, if I deposit S$2,000 on 1 September and make my fifth transaction on 4 September, I’ll earn 1% cashback on all transactions from 5 September to 31 October 2021. This compares favorably to the existing scheme, where the qualifying period ends on the last day of the current month (i.e. 30 September, in the example used here).

Do note that while you need to make a deposit, there’s no need to maintain the balance. In other words, once the S$2,000 (or S$5,000) has been deposited, you can subsequently spend it or transfer it back out to a different bank account with higher interest rates (however, HSBC imposes a S$5 monthly fall below fee if your average daily balance is below S$2,000).

Furthermore, since the qualifying period stretches till the end of the following month, you only really need to make a deposit every other month (because September’s deposit will cover you for September and October, November’s deposit will cover you for November and December etc.).

The maximum cashback customers can earn is capped at S$300 (or S$500 if they’re a HSBC Premier or Jade member) each month, which is plenty. At a 1% cashback rate, you’d only max out the cap if you spent at least S$30,000 per month on your credit card - a high threshold indeed!

Cashback will be credited to your EGA as early as two business days from the transaction posting date, and no longer than 14 business days. 

Do all transactions qualify for 1% cashback?

All transactions eligible for regular credit card rewards will also qualify for 1% cashback. HSBC does have a rewards exclusion list which can be viewed here. The main exclusions to take note of are:

What are the implications for HSBC cardmembers?

HSBC Everyday+ Cashback basically grants an extra 1% cashback to all HSBC cardholders with an EGA, regardless of whether they’re using a miles or cashback card.

HSBC Advance

Normal RewardsEveryday+ Cashback
Up to 2.5% cashback on local and overseas spending1% cashback

While the Everyday+ Cashback scheme replaces the existing one with HSBC Advance, HSBC Advance cardholders are no worse off under the new arrangement. 

They can still stack the 1% EGA cashback with the 2.5% cashback earned through the HSBC Advance card (capped at S$70 per month) for a grand total of 3.5% cashback, one of the best earn rates on the market.

In fact, the new arrangement is arguably better, because under the previous scheme customers had to make EGA deposits every month; now deposits can be made every other month.

HSBC Visa Platinum

Normal RewardsEveryday+ Cashback
5% cashback on dining, groceries and petrol1% cashback

HSBC Visa Platinum cardholders who spend at least S$600 in a calendar quarter can earn a 5% rebate on groceries, dining and petrol, capped at S$250 per calendar quarter. 

With the additional 1% cashback, the effective earn rate becomes 6% - one of the better cashback rates on the market for groceries and dining (although still trumped by competitors like the Citi Cash Back Card). 

HSBC Revolution

Normal RewardsEveryday+ Cashback
4 miles per $1 on dining, hotels, transport, shopping, groceries1% cashback

HSBC Revolution cardholders can now stack an extra 1% cashback on top of the 4 miles per dollar (capped at S$1,000 per month) they already earn on dining, hotels, transport, shopping and supermarkets.

Do remember that all transactions must be made online or via mobile payments in order to earn the bonus miles. 

HSBC Visa Infinite

Normal RewardsEveryday+ Cashback
Up to 1.25 miles per S$1 on local spending
Up to 2.25 miles per S$1 on overseas spending
1% cashback

HSBC Visa Infinite cardholders who spend at least S$50,000 in a membership year will earn 1.25 miles per S$1 on local spending, and 2.25 miles per S$1 on overseas spending. The 1% extra cashback could then help them earn an additional S$500 over the course of a year. 


For those who don’t mind depositing money into the EGA every other month (you could set up a standing instruction and be done with it), this is a great way to earn a bonus 1% cashback on top of your regular credit card rewards. 

There’s no reason why you shouldn’t be doing it, even if you’re not normally into collecting cashback!

Read these next:
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Is the HSBC Advance Credit Card the Best Cashback Card Right Now?
HSBC Revolution Credit Card Review: For Low Spenders Who Want Flexible Rewards
Best Grocery Credit Cards In Singapore 2021
Best Credit Cards for Paying Utility Bills in Singapore

Aaron founded The Milelion to teach people how to travel better for less, with credit cards, airline and hotel loyalty programmes. With 500,000 miles flown and counting, he’s keen to debunk the myth that you can’t travel in style without breaking the bank.