HSBC Advance Credit Card Review

Seedly rating: 3.9 stars

How would you like to earn cashback every time you spend, locally and overseas? With the HSBC Advance Credit Card, you can. But is the 2.5% cashback worth paying the annual fee?

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The HSBC Advance Credit card’s annual fee is automatically waived for the first year of your membership. At $196.20, it is quite a standard sum when compared to other credit cards in the same range. You should definitely still ensure that it fits comfortably into your yearly membership budget.

Those new to HSBC can enjoy a special welcome gift of $300 cashback, if they provide marketing consent and start spending with their new HSBC Advance Credit Card. They stand to benefit from winning a  Samsonite ZELTUS luggage bag if they spend $500, although they can also opt for $200 cashback instead. Card members who spend another $500 can receive a bonus $100 cashback.

>>  MORE: Choosing the right credit card in 2025.

Card type: Cashback

Annual fee: $196.20

Sign-up offer: $300 cashback for card members new to HSBC. (NOTE: Existing HSBC cardholders are entitled to $50 cashback.)

Rewards:

• Base cashback of 1.5% for local and overseas purchases with no minimum spend needed.

• 2.5% cashback for local and overseas purchases with minimum spend of above $2,000 per calendar month. 

• Complimentary coverage for losses or damages to your online purchases.

• Complimentary travel insurance with personal accident and flight inconvenience coverage for you and your family, by MSIG insurance.

• Exclusive 1-for-1 dining deals in Singapore and overseas, via the ENTERTAINER with HSBC app. 

Foreign transaction fees:

Did you know? Using your credit card abroad could incur some hefty fees, especially when it comes to cash advances. If you’re vacationing and short on cash, withdrawing local currency from an ATM outside of HSBC’s network could cost you $8 in transaction fees. As for the aforementioned credit card cash advances, annual interest rates can go as high as 26%. An administration fee of 6% of the withdrawn amount, or $15—whichever is higher, may also apply.

Minimum income requirement:

• $30,000 for Singapore citizens and Permanent Residents.

• $40,000 for foreigners, and self-employed or commissioned-based Singapore citizens and Permanent Residents.

>>  MORE: The best dining credit cards in Singapore for foodies.

Fuss-free flat-rate cashback

Thanks to its flat-rate cashback system instead of a category-based one, you won’t need to track your spending across categories to be eligible for cashback. Better yet, both local and overseas spend qualify for cashback. Didn’t manage to hit the minimum spend requirement of above $2,000 this month? You will still get 1.5% cashback. Card members who managed to spend above $2,000 can look forward to 2.5% cashback on their purchases, capped at $70 monthly. Collecting cashback is as effortless as it gets with this credit card.

First-year annual fee waiver

Your annual fee of $196.20 is automatically waived for the first year. From your second year onwards, you’ll need to pay the full sum, unless you spent more than $12,500 with your card in a year. In that case, you’ll be able to apply to have your annual fee waived.

Lifestyle benefits

If you’re hoping to apply for the HSBC Advance Credit Card solely to leverage cashback for earnings, you’re missing out on plenty of lifestyle benefits. For instance, HSBC’s 1-for-1 dining deals offer you the chance to indulge in good food without breaking the bank, whether it’s donuts or Peking Duck you crave. Since the HSBC Advance Credit Card is a Visa Signature card, you’ll also get access to exclusive perks and privileges like discounted Hertz rides worldwide and flights with Japan Airlines.

>>  MORE: The best credit cards for shopping.

Low cashback cap

As wonderful as the HSBC Advance Credit Card’s hassle-free cashback system is, there’s a limit on how much cashback you can actually earn. This is due to the relatively low cashback cap of $70 per calendar month. Even exceeding the minimum spend requirement by thousands of dollars won’t net you any extra cashback.

Annual fee can only be waived once

Though an annual fee of $196.20 may not seem like a significant amount in the long run, it may feel like a deterrent for those who are unsure if the HSBC Advance Credit Card aligns with their spending habits and financial goals. Ultimately, if you’re a big spender who regularly goes above and beyond the $2,000 minimum spend requirement, it probably isn’t going to be a deal-breaker for you.

Credit cards are all about maximising your rewards in exchange for a certain amount of spending. The minimum spend at over $2,000 per month required to unlock 2.5% cashback may be a tad too high for some. The base cashback rates of 1.5% with no minimum spend required is nice, but may not be enticing enough for some potential customers.

Looking for greater rewards over the horizon? We rounded up the best rewards credit cards in Singapore just for you.

At Singsaver, we create impartial and independent content with the hopes of helping our readers make the best financial decisions. However, none of our content should be regarded as financial advice or personalised recommendations.

For moderate spenders with an expenditure of over $2,000 a month, the HSBC Advance Credit Card is a great way to earn some money back. That’s also true for anybody hoping to maximise their cashback on big-ticket items they are looking to purchase soon, such as a new car or wedding expenses.

Eager for a cashback credit card but not looking forward to paying annual fees? Why not consider the CIMB World Mastercard, which offers unlimited cashback of up to 2%?

Seedly rating: 5 stars

HSBC Live+ Credit Card

Earn up to 8% cashback on your purchases

Spend over $600-$1000 per quarter to save on dining, shopping and entertainment expenses with this handy cashback card.

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