HSBC Advance Credit Card: High Cashback, High Limits, Low Maintenance

Flat Rate 3.5% Cashback for Relatively High Spenders
HSBC Advance Credit Card
HSBC Advance Credit Card
PROMO: GET UP TO S$200 CASHBACK IN 1ST MO.

HSBC Advance Credit Card: High Cashback, High Limits, Low Maintenance

Flat Rate 3.5% Cashback for Relatively High Spenders

4.9/5.0

ValueChampion Rating ValueChampion Icon

Rewards
Perks
Fees

Pros

  • Great fit for budgets between S$2,000 and S$8,000/month
  • Easy, low-maintenance cashback

Cons

  • Not suitable for average or below-average spend
  • Lacks travel perks
  • Doesn't fit highly specialised spend behaviors
HSBC Advance Credit Card
HSBC Advance Credit Card
PROMO: GET UP TO S$200 CASHBACK IN 1ST MO.

Affluent consumers interested in HSBC Advance Credit Card can earn up to S$3,600/year cashback, leading the market in rewards potential. With S$2,000 monthly spend, cardholders can max out the flat 3.5% cashback rate, capped at S$300/month. To qualify for this bonus rate, in addition to spending at least S$2,000/month, customers should deposit S$2,000/month in fresh funds and charge 5 transactions monthly, otherwise the cashback rate drops to 2.5% for spend above S$2,000 and 1.5% for spend below S$2,000, capped at S$70/month. HSBC Advance Card is a great option if you want to maximise rewards with minimal maintenance.

HSBC Advance Credit Card Features and Benefits

  • Annual Fee: S$192.60, Waived for 1 year, subsequently waived for annual spending of S$12,500 (perpetually waived for Advance customers)
  • Income Requirement: S$30,000 for citizens & PRs, S$40,000 for foreigners
Key Features:
  • Annual fee: S$192.60 (first year- waived)
  • 2.5% base cashback on purchases of S$2,000 and above
  • 1% bonus cashback when deposit min S$2,000 per month
  • Up to 16% fuel savings with Caltex and 14% petrol discount with Shell
  • Visa Concierge and e-Commerce purchase protection
Promotions:
  • All new cardholders will receive S$170 cashback with S$500 min spend + S$30 cashback when you apply with MyInfo via Singpass (until June 30,2021)
Promotions:
  • All new cardholders will receive S$170 cashback with S$500 min spend + S$30 cashback when you apply with MyInfo via Singpass (until June 30,2021)

Our Evaluation: Great Rewards for Consistently High Spenders

HSBC Advance Card makes it easy for affluent consumers to maximise cashback with little maintenance, as long as they qualify for bonus cashback rates. The card offers customers 2.5% flat rate cashback when monthly spend is above S$2,000 (2.5% when below), which is far above competitor Standard Chartered Unlimited Cashback Card's 1.5% rate. HSBC Advance Card also caps earnings at S$70/month. In order to qualify for the bonus cashback rate of additional 1%, all you need is to deposit at least S$2,000 in fresh funds to your account each month and charge at least five transactions. This additional step will allow you to raise the cashback cap from S$70 to S$300/month, which is S$3,600/year in savings– the highest earning potential for a capped card on the market!

Monthly SpendHSBC Advance CardUOB One CardSC Unlimited Cashback Card
S$2,000S$70S$100 (cap)S$30
S$4,000S$140S$100 (cap)S$60
S$8,000S$280S$100 (cap)S$120

HSBC Advance Card isn't for everyone, however. Consumers with lower or more focused spending may prefer alternatives. People who primarily spend on dining, transport, petrol, medical and other select categories can earn S$100 more quickly and after a lower minimum spend requirement with CIMB Platinum MasterCard, though HSBC Advance Card has a higher monthly cap. On the other hand, very high spenders might prefer an unlimited cashback card. Ultimately, HSBC Advance Cardholders would need to spend S$8,571. per month to max out their rewards potential to S$3,600 per year.

CIMB Platinum MasterCardHSBC Advance Card
Max Rate10%*3.5%
Card FeeFreeS$192.60
Mo. Spend to Unlock RateS$600S$2,000
Spend to earn S$100S$1,000S$2,857
Spend to earn S$300Above CapS$8,571
Max Cashback per YearS$1,200S$3,600
* 10% Cashback for Dining, Transport & Petrol, Health & Medical, Travel Spend in Foreign Currency and spend with Select Electronics and Furnishings Vendors

In order to take full advantage of what HSBC Advance Credit Card has to offer, depositing a monthly amount of at least S$2,000 and charging at least 5 transactions to your card is crucial to reaching the 3.5% cashback rate. The biggest difference this bonus rate makes is actually the cashback cap it offers, which is S$300/month, adding up to S$3,600 savings per year.

Base Cashback Rates OnlyBase + Bonus Cashback
Cashback for spend S$2,000/mo and below1.5%2.5%
Cashback for spend above S$2,000/mo2.5%3.5%
Monthly cashback capS$70S$300
Max annual earningsS$840S$3,600

Ultimately, customers with high monthly spend can earn some of the highest cashback rewards available on the market with little-to-no maintenance with HSBC Advance Card.

How the HSBC Advance Card Rewards Program Works

Use our quick and easy-to-read guide below to learn how you you can redeem HSBC Advance Card rewards.

  • Every 1 dollar of cashback earned is equal to S$1
  • Cashback is credited to the cardholder's account monthly
  • HSBC reserves the right not to credit cashback to the account once it is suspended or closed

What You Should Know: Limits, Minimums and Exclusions

Some credit card expenditures are ineligible for cash back or rebate. We identify these exclusions in the table below.

Exclusion CategoryDescription
Bank FeesCash advance; balance transfers; fees and charges (including finance charges, late charges, interest charges, annual fees); tax payments via HSBC tax payment facility; Installment Payment Plan; transactions made on brokerage/securities
Transfers & Bill PaymentsTransactions made on money payment/transfer websites; transactions relating to money orders, traveller's checks, gaming; AXS or ATM transactions; any pre-paid card top-ups including but not limited to EZ-Link, Transitlink or NETS Flashpay
Institutional PaymentsDonations/donations-in-kind (transactions tagged with MCC 8398 - charitable and social organizations)

How does HSBC Advance Card Compare Against Other Cards?

Read our comparisons of HSBC Advance Card with other cards and learn what makes each card unique in their own way. We compare and contrast each card to highlight its uniqueness to help you identify the card that you need.

HSBC Advance Card is a market leader for value-to-consumer after two years based on an average monthly spend of S$2,000

HSBC Advance Card v. UOB One Card

Consider this if you want to maximise your cash rebate and spend about S$2,000 per month

Annual Income Requirement 30000
Foreigner Income Requirement 80000

While HSBC Advance Card is great for low-maintenance cashback, UOB One Card is excellent for those who can actively maintain a budget of at least S$2,000 per month. Cardholders can earn up to S$300 quarterly through a tiered rebate system, equivalent to 5% cashback on all spend. Consumers who spend even S$1 below S$2,000, for any month, drop in rewards potential to 3.33% cashback (yielding cashback between S$50 to S$100 quarterly). UOB One Card also has a S$192.60 fee, waived just 1 year. Overall, UOB One Card is a better option for consistent, average spenders, and is more competitive than HSBC Advance Card for non-Advance customers.

HSBC Advance Card v. Standard Chartered Unlimited Cashback Card

Consider this if you are interested in a simple card, with unlimited cashback

Annual Income Requirement 30000
Foreigner Income Requirement 60000

Standard Chartered Unlimited Cashback Card offers high spenders infinite earning potential with no minimum spend, at a 1.5% cashback rate. The card is SimplyGo functional and offers up to 21% fuel savings at Caltex, though its S$192.60 fee is waived only 2 years. SC Unlimited Cashback Card is, however, best suited for very high spenders (S$6,000+ per month). While its cashback rate is lower than HSBC Advance Card's, earnings are unlimited. Still, those with monthly spend between S$2,000 and S$8,000 will more quickly maximise earnings with HSBC Advance Card's 3.5% cashback rate.

HSBC Advance Card v. OCBC 365 Card

Consider this if you are looking for a credit card for general day-to-day use

Annual Income Requirement 30000
Foreigner Income Requirement 45000

Average spenders can avoid an annual fee with OCBC 365 Card, which offers 6% cashback on groceries, 5% on petrol, and 3% on groceries, transport, travel, and bill payments. Rates are unlocked with S$800 spend, compared to S$2,000 for 3.5% with HSBC Advance Card, but earnings are capped at S$80/month (compared to S$300). Cardholders can waive the S$192.60 fee with each annual spend of S$10,000. Ultimately, OCBC 365 Card is more accessible to average spenders, but is limiting for high spenders.

HSBC Advance Card v. CIMB Platinum MasterCard

CIMB Platinum Mastercard
CIMB Platinum Mastercard

Consider this if you want a specialised dining credit card without an annual fee

Annual Income Requirement 30000

Consumers who mostly spend on dining, transport and medical can maximise cashback with the no-fee CIMB Platinum MasterCard. Cardholders earn 10% cashback on dining, transport and petrol, medical expenses, travel spend in foreign currency and purchases with select furnishings vendors after $800 monthly spend, capped at S$100–or, in other words, up to S$1,200 per year with just S$12,000 annual spend in these categories. HSBC Advance Card banking customers would need to spend S$34,286 to earn the equivalent. However, HSBC Advance Card offers flat rate cashback and therefore is more convenient for busy, affluent consumers. CIMB Visa Signature Card is more competitive than HSBC Advance Card for non-banking customers.

Methodology: How We Evaluate Credit Cards

Our analysis of consumer credit cards involves calculating the total value of a card's rewards rates, bonuses, and discounts minus the cost of its annual fee, rewards caps, and required spend. Temporary promotions and intangible perks are considered, but do not necessarily enter the equation when we calculate final value.

ValueChampion makes certain assumptions when estimating the rewards value of credit cards. These matter because most cards offer different cashback or miles rates based on the type of spend involved. Our profiles reflect a best guess at the spend decisions of a typical consumer on an average budget.

If you would like to see how our calculations work on your own budget, head over to our RealValue Rewards Calculator and type in how much you spend in various categories to see an instant comparison of the predicted rewards value of dozens of cards.

Zoryana Melesh

Zoryana is a Senior Research Analyst at ValueChampion, who focuses on evaluating credit cards, savings and fixed deposits in Singapore. She holds a BA in Political Science and an MPA in International Finance and Economic Policy, both from Columbia University. Prior to joining ValueChampion, Zoryana worked in treasury management consulting.

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