Affluent consumers interested in HSBC Advance Credit Card can earn over S$4,000/year cashback, leading the market in rewards potential.
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 to get an additional 1% cashback on credit card spending via HSBC Everyday+ if you are HSBC Personal Banking customer and qualified for HSBC Everyday+. Otherwise the cashback rate drops to 2.5% for local and overseas spend above S$2,000 and 1.5% for local and overseas spend S$2,000, capped at S$70/month.
HSBC Advance Credit Card is a great option if you want to maximise rewards with minimal maintenance, making it one of the best cashback credit cards in Singapore for affluents.
HSBC Advance Credit Card Features and Benefits
Our Evaluation: Great Rewards for Consistently High Spenders
HSBC Advance Credit Card makes it easy for affluent consumers to maximise cashback with little maintenance, as long as they qualify for bonus cashback rates. The credit card offers customers 2.5% flat rate cashback when the monthly spend (for both local and overseas purchases) 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 Credit Card also caps earnings at S$70/month.
Consumers also get 1% bonus cashback when they deposit a minimum of S$2,000 per month, and additional 1% cashback on credit card spending if they are HSBC Personal Banking customers and qualify for HSBC Everyday+. (T&Cs apply. SGD deposits are insured by up to S$75K by SDIC.)
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 HSBC Everyday Global 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$370/month (S$300 cap (additional 1% cashback HSBC Everyday+ cashback) + S$70 cap (up to 2.5% base cashback)).
The HSBC Advance Credit 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 the HSBC Advance Credit Card has a higher monthly cap with the HSBC Everyday+.
On the other hand, very high spenders might prefer an unlimited cashback credit card. Ultimately, HSBC Advance Credit Cardholders would need to spend S$8,571. per month to max out their rewards potential to S$3,600 per year.
|CIMB Platinum MasterCard||HSBC Advance Credit Card|
|Mo. Spend to Unlock Rate||S$600||S$2,000|
|Spend to earn S$100||S$1,000||S$2,857|
|Spend to earn S$300||Above Cap||S$8,571|
|Max Cashback per Year||S$1,200||S$3,600|
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 credit 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$370/month, adding up to S$4,440 savings per year.
|Base Cashback Rates Only||Base + 1% HSBC Everyday+ Cashback|
|Cashback for spend S$2,000/mo and below||1.5%||2.5%|
|Cashback for spend above S$2,000/mo||2.5%||3.5%|
|Monthly cashback cap||S$70||S$370|
|Max annual earnings||S$840||S$4,440|
HSBC Personal Banking customers who are qualified for HSBC Everyday+ are also entitled to an additional 1% HSBC Everyday+ Cashback credit card spending.
Ultimately, customers with high monthly spend can earn some of the highest cashback rewards available on the market with little-to-no maintenance with the HSBC Advance Credit Card.
How the HSBC Advance Credit Card Rewards Program Works
Use our quick and easy-to-read guide below to learn how you can redeem HSBC Advance Credit 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.
|Bank Fees||Cash 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 Payments||Transactions 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 Payments||Donations/donations-in-kind (transactions tagged with MCC 8398 - charitable and social organizations)|
|Insurance||Payments to insurance companies (including but not limited to sales, underwriting, premiums and insurance services)|
Examples of excluded transaction include:
- Foreign exchange transactions (including but not limited to Forex.com);
- Donations and payments to charitable, social organisations and religious organisations;
- Payments on money payments/transfers (including but not limited to Paypal, SKR skrill.com, CardUp, SmoovPay, iPayMy);
- Payments to any professional services provider (including but not limited to GOOGLE Ads, Facebook Ads, Amazon Web Services, MEDIA TRAFFIC AGENCY INC);
- Top-ups, money transfers or purchase of credits of prepaid cards, stored-value cards or e-wallets (including but not limited to EZ-Link, Transitlink, NETS Flashpay and Youtrip);
- Payments in connection with any government institutions and/or services (including but not limited to court costs, fines, bail and bond payment);
- Any AXS and ATM transactions;
- Tax payments (except HSBC Tax Payment Facility);
- Payments for cleaning, maintenance and janitorial services (including property management fees);
- Payments to educational institutions;
- Payments on utilities;
- The monthly instalment amounts under the HSBC Spend Instalment;
- Balance transfers, fund transfers, cash advances, finance charges, late charges, HSBC’s Cash Instalment Plan, any fees charged by HSBC;
- Any unposted, cancelled, disputed and refunded transactions
How does HSBC Advance Credit Card Compare Against Other Cards?
Read our comparisons of HSBC Advance Credit Card with other credit cards and learn what makes each credit card unique in their own way. We compare and contrast each credit card to highlight its uniqueness to help you identify the credit card that you need.
HSBC Advance Credit Card v. UOB One Card
While HSBC Advance Credit 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 Credit Card for HSBC personal banking customers.
HSBC Advance Credit Card v. Standard Chartered Unlimited Cashback Card
Standard Chartered Unlimited Cashback Card offers high spenders infinite earning potential with no minimum spend, at a 1.5% cashback rate. The credit card is SimplyGo-functional and offers up to 21% fuel savings at Caltex, though its S$192.60 fee is waived for 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 the HSBC Advance Credit Card's 3.5% cashback rate.
HSBC Advance Credit Card v. OCBC 365 Card
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 Credit Card, but earnings are capped at S$80/month (compared to S$370). 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 Credit Card v. CIMB Platinum MasterCard
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 Credit Card banking customers would need to spend S$34,286 to earn the equivalent. However, HSBC Advance Credit Card offers flat rate cashback and therefore is more convenient for busy, affluent consumers. CIMB Visa Signature Card is more competitive than HSBC Advance Credit Card for HSBC personal banking customers.
Methodology: How We Evaluate Credit Cards
Our analysis of consumer credit cards involves calculating the total value of a credit 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 credit 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.