HSBC Advance Credit Card: Who Should Apply?

HSBC Advance Credit Card: Who Should Apply?

Flat Rate 3.5% Cashback for Relatively High Spenders

Good for

  • Affluent consumers who spend S$3,500+/month
  • People looking for easy, low-maintenance cashback
  • Those eligible for an HSBC Advance banking relationship

Bad for

  • Consumers with an average or below-average spend
  • Travellers who prioritise miles & travel perks
  • People with highly specialised spend behaviors

Editor's Rating

4.5/5.0

Affluent consumers that qualify for a HSBC Advance banking relationship can earn up to S$1,500/year cashback with HSBC Advance Credit Card, leading the market in rewards potential. With S$3,500 monthly spend, cardholders can max out the flat 3.5% cashback rate, capped at S$125/month. In addition, Advance banking customers never pay an annual fee. Non-customers, however, earn 2.5% cashback at most, capped at S$70/month, and pay an S$192.6 fee. For those open to a HSBC Advance banking relationship, HSBC Advance Card can maximise rewards with minimal maintenance.

ProsCons
  • Up to 3.5% flat cashback for Advance customers (2.5% non-customers)
  • S$125/mo cap for Advance customers (S$70 for non-customers)
  • No annual fee for Advance customers (S$192.6 for non-customers)
  • Up to 16% fuel savings with Caltex or 14% with Shell
Promotions:
  • Receive Samsonite T5 68cm Spinner luggage or S$150 cashback
  • Apply online with MyInfo via SingPass, receive S$20 in Grab rides
  • Rates & cap less competitive for non-Advance customers
  • S$2,000 minimum spend to access top rates
  • Lacks specialized rates for specific categories
  • Does not offer travel perks

What Makes HSBC Advance Card Stand Out

HSBC Advance Card makes it easy for affluent consumers to maximise cashback with little maintenance, as long as they qualify for and are willing to become HSBC Advance banking customers. The card offers banking customers 3.5% 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 a lofty S$125/month for customers (higher than flat rate competitor UOB One Card's S$100 cap). Advance customers never pay an annual fee.

Monthly SpendHSBC Advance Card*UOB One CardSC Unlimited Cashback Card
S$2,000S$70S$100 (cap)S$30
S$4,000S$125 (cap)S$100 (cap)S$60
S$8,000S$125 (cap)S$100 (cap)S$120
* Rates as applied to HSBC Advance customers

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$3,500 per month to max out their rewards potential to S$1,500 per year, in addition to having an HSBC Advance banking relationship.

CIMB Platinum MasterCardHSBC Advance Card (Banking customers)
Max Rate10%*3.5%
Card FeeFreeFree
Mo. Spend to Unlock RateS$600S$2,000
Spend to earn S$100S$1,000S$2,857
Spend to earn S$125Above CapS$3,571
Max Cashback per YearS$1,200S$1,500
* 10% Cashback for Dining, Transport & Petrol, Health & Medical, Travel Spend in Foreign Currency and spend with Select Electronics and Furnishings Vendors

HSBC Advance Card is open to non-Advance banking customers, but with lower rewards rates and caps that make the card less competitive overall. Non-customers earn 2.5% cashback after S$2,000 minimum spend (1.5% when below), are capped at S$70/month cashback, and must pay a S$192.6 annual fee (waived 1-year, then with each S$12,500 annual spend). It's definitely worth checking to see if you qualify for HSBC's Advance Banking Programme in order to unlock the full potential of this card.

HSBC Advance CustomersNon-Advance Customers
Annual feeFreeS$192.6 (waived with S$12,500 annual spend)
Cashback for spend S$2,000/mo and below2.5%1.5%
Cashback for spend above S$2,000/mo3.5%2.5%
Monthly cashback capS$125S$70

Ultimately, HSBC Advance banking 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 Does HSBC Advance Card's Rewards Program Work?

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

HSBC Advance Card Rewards 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)

HSBC Advance Card's Features and Benefits:

Details & Benefits
Annual FeeS$192.6, Waived for 1 year, subsequently waived for annual spending of S$12,500 (perpetually waived for Advance customers)
Annual Income RequirementS$30,000 for locals, S$40,000 for foreigners
Card Details
  • 3.5% cashback for Advance customers (2.5% non-customers) with S$2,000+/mo spend
  • 2.5% cashback for Advance customers (1.5% non-customers) with below S$2,000/mo spend
  • S$125/mo cap for Advance customers (S$70 for non-customers)
  • No annual fee for Advance customers
  • S$192.6 annual fee for non-customers, 1-year waiver, then with each S$12,500 annual spend
  • Up to 16% fuel savings with Caltex or 14% with Shell
Promotions:
  • Receive Samsonite T5 68cm Spinner luggage or S$150 cashback
  • Apply online with MyInfo via SingPass, receive S$20 in Grab rides

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 S$30,000
Foreigner Income Requirement S$40,000

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$192.6 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 S$30,000
Foreigner Income Requirement S$60,000

Standard Chartered Unlimited Cashback Card offers high spenders infinite earning potential with no minimum spend, at a 1.5% cashback rate. The card is EZ-Link compatible and offers up to 21% fuel savings at Caltex, though its S$192.6 fee is waived only 2 years. SC Unlimited Cashback Card is best suited for very high spenders (S$6,000+ per month), however. While its cashback rate is lower than HSBC Advance Card's, earnings are unlimited. Still, those with S$3,500 monthly spend will more quickly maximise earnings with HSBC Advance Card.

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 S$30,000
Foreigner Income Requirement S$45,000

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$125). Cardholders can waive the S$192.6 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. The card is a better alternative than HSBC Advance Card for non-banking customers who receive lower rates, however.

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 Singaporean & Singapore PR: S$30,000. Singaporean & Singapore PR, aged 55 years and above: S$15,000. Applicants who do not meet the minimum income requirement can submit a minimum Fixed Deposit Collateral of S$10,000
Foreigner Income Requirement N/A

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.

Comments and Questions

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