HSBC Visa Platinum Credit Card: No Fee Cashback Card for Food & Petrol

HSBC Visa Platinum Credit Card: No Fee Cashback Card for Food & Petrol

Affordable Rewards Card for Cashback + Miles

Good for

  • Consumers who spend on local dining & groceries
  • People who consistently spend S$1600+ per month
  • Individuals interested in both cashback & miles rewards
  • Consumers looking to avoid an annual fee

Bad for

  • Frequent travellers who prioritise miles and travel perks
  • Online shoppers looking to maximise rewards for purchases
  • Low spenders with an inconsistent budget

Editor's Rating

4.0/5.0

Consumers with high consistent spend on food and petrol can maximise rewards–both in cashback and miles–with HSBC Visa Platinum Card. Consumers earn up to 5% cashback on local dining and groceries, 21% fuel savings at Caltex and Shell, and 0.4 miles per S$1 general spend (equivalent in value to 0.4% cashback). However, the card's rebate system requires a consistent S$600+ monthly spend to access this rate, and earnings are capped at S$250/quarter. Still, consumers with about a S$2,000 budget could reasonably earn S$85–S$90 monthly in total value, making HSBC Visa Platinum Card one of the best cards on the market for average spenders.

ProsCons
  • 5% cashback on local dining & local groceries
  • Up to 21% fuel savings with Shell or Caltex
  • 0.4 miles per S$1 general spend (unlimited)
Promotions:
  • A Samsonite Astra 55cm luggage (worth S$350) or S$100 cash back for new customers (S$50 for existing customers)
  • Bonus 5% cashback on contactless payments, up to S$100 (ends 28 Feb 2019)
  • Up to 15% discount on hotel bookings with Expedia, Agoda
  • Quarterly rebate system requires consistent S$600+ budget
  • 5% cashback limited to local spend
  • Lacks travel perks

What Makes HSBC Visa Platinum Card Stand Out

HSBC Visa Platinum Card may be the best rewards card on the market for average consumers who consistently spend on local food and petrol, and is unique in offering both cashback and miles. Cardholders can earn 5% cashback on local dining and groceries and up to 21% fuel savings at Caltex and Shell (16% instant discount + 5% card savings). In addition, consumers earn an unlimited 0.4 miles per S$1 general spend, which has a value equivalent to about 0.4% cashback–a return higher than the base rate offered by many cashback cards (Citi Cash Back Card has a base rate of 0.25% and CIMB Visa Signature Card offers 0.2%, for example).

While HSBC Visa Platinum offers great earning potential, its rewards are structured according to a quarterly rebate system, which requires budget consistency. Consumers must spend at least S$600/month for every month within a quarter to access the 5% cashback rates. If spend is lower within any month, earnings default to 0.4 miles per S$1 spend (0.4% cashback value) for the entire quarter. Low or inconsistent spenders may not be the best fit for this card.

The rebate system also limits earnings to S$250/quarter, or about S$83/month. Cardholders can max out cashback by spending S$1,667/month on local food and petrol, which is reasonable for the average consumer. Miles rewards for general spend are unlimited, so individuals with a budget closer to S$2,000 may very well earn up to S$85–S$90/month in total rewards value.

CategoryRewards RateMonthly SpendMonthly CashbackQuarterly Cashback
Local dining, groceries & petrol5%S$1,667S$83S$250 (cap)
General spend0.4%*S$500S$2S$6
Total--S$2,167S$85S$255
* Equivalent value-to-consumer cashback rate, assuming 1 mile equals S$0.01 for consumer recipient

HSBC Visa Platinum Card has a S$192.6 annual fee, but this is waived 2 years and subsequently with every S$12,500 spend, making the card even more affordable. Because consumers can avoid this fee and earn S$1,000+ in rewards value per year, HSBC Visa Platinum Card is an excellent option for average spenders with primarily local budgets.

How Does HSBC Visa Platinum Card's Rewards Program Work?

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

Program Description by Rewards Type
Cashback
  • 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 account once it's closed
Points/Miles
  • Spend rewarded in Rewards Points (redeemable as vouchers, cash credit, miles)
  • Cash credits toward future purchases must be redeemed in blocks of S$50 & S$100
  • Cardholders must pay an annual fee of S$40 to partake in Mileage Programme
  • Points must be redeemed for miles in blocks of 5,000 Points for 2,000 miles
  • Points expire 3 years after they are earned

HSBC Visa Platinum 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 FeesBalance transfers, financial charges, late charges, fees, foreign exchange transactions (including but not limited to Forex, etc), cash advances
Transfers & Bill PaymentsTransactions relating to the trading of securities or crypto-currencies of any kind (including but not limited to any top up of any cash amount required by a financial institution), transactions relating to payments and money transfers made through the Internet (including but not limited to Paypal, SKR), transactions made with any professional services provider (including but not limited to GOOGLE Ads, Facebook Ads, Amazon Web Services, MEDIA TRAFFIC AGENCY INC), any pre-paid card top-ups (including but not limited to EZ-Link, Transitlink or NETS Flashpay), any AXS transaction and tax payments
Institutional PaymentsDonations and payments to charitable and social organisations (Merchant Category Code (MCC)= 8398), any payment in connection with any government institutions and/or services (including but not limited to court costs, fines, bail and bond payment), hotel dining merchants*
Betting or GamblingQuasi-cash transactions (for example but not limited to transactions relating to money orders, traveler's checks, gaming related transactions, lottery tickets)
* Ineligible only for 5% cashback rate

HSBC Visa Platinum Card's Features and Benefits:

Details & Benefits
Annual FeeS$192.6, Waived for 2 years, subsequently waived for annual spending of S$12,500
Annual Income RequirementS$30,000 for locals, S$40,000 for foreigners
Card Details
  • 5% cashback on local dining & local groceries (capped at S$250/quarter)
  • Up to 21% fuel savings with Shell or Caltex
  • 0.4 miles per S$1 general spend (unlimited)
  • No minimum spend requirement for miles
  • Annual fee (S$192.6) waived with S$12,500 annual spend
  • ENTERTAINER 1-for-1 offers on dining, travel & more
  • Curated family-friendly discounts
Promotions:
  • A Samsonite Astra 55cm luggage (worth S$350) or S$100 cash back for new customers (S$50 for existing customers)
  • Bonus 5% cashback on contactless payments, up to S$100 (ends 28 Feb 2019)
  • Up to 15% discount on hotel bookings with Expedia, Agoda

How does HSBC Visa Platinum Card Compare Against Other Cards?

Read our comparisons of HSBC Visa Platinum 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 Visa Platinum Card performs above the market average for value-to-consumer after two years based on an average monthly spend of S$2,000, likely because of its affordability and rewards for essential purchases

HSBC Visa Platinum Card v. CIMB Visa Signature Card

CIMB Visa Signature
CIMB Visa Signature

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

Annual Income Requirement S$30,000
Foreigner Income Requirement S$48,000

CIMB Visa Signature Card is an excellent no-fee option for consumers with high food spend, rewarding cardholders with 10% cashback on dining, groceries, and online spend after a S$600 monthly minimum, capped at S$100/month. HSBC Visa Platinum Card offers only 5% cashback on local food, has a stricter minimum spend policy, and a lower earnings cap. However, CIMB Visa Signature Card lacks petrol discounts while HSBC Visa Platinum Card offers up to 21% in fuel savings. Food-focused spenders might opt for CIMB Visa Signature, but frequent drivers might consider HSBC Visa Platinum Card.

HSBC Visa Platinum Card v. Citi Cash Back Card

Consider this if you spend mostly on food and transportation

Annual Income Requirement S$30,000
Foreigner Income Requirement S$42,000

Consumers who mostly spend on food and transport can benefit from Citi Cash Back Card's 8% cashback on dining, groceries, and petrol worldwide, capped at S$100/month. While this rate and cap are higher than HSBC Visa Platinum Card's, the minimum monthly spend is a lofty S$888, and the S$192.6 fee is waived only 1 year. Nonetheless, Citi Cash Back Card also rewards Grab rides with 8% cashback, making the card an especially attractive option for those spending on transport. This card may be less attractive to consumers with lower monthly spends looking to avoid an annual fee.

HSBC Visa Platinum Card v. UOB One Card

UOB One Card
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

Like HSBC Visa Platinum Card, UOB One Card follows a quarterly rebate system and maximises rewards for consistent spenders. While UOB One Card's 5% flat cashback rate conveniently applies to all purchases, consumers must sustain a S$2,000/month budget or the rate drops to 3.33%–HSBC Visa Platinum Cardholders must only maintain S$600/month spend. Consumers can earn S$50 more per quarter with UOB One Card (S$300 v. S$250 quarterly cap), but those who cannot consistently spend S$2,000/month might consider HSBC Visa Platinum Card instead.

HSBC Visa Platinum 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

OCBC 365 Card rewards average consumers for daily spend on essentials like dining (6%) and petrol (5%). While these rates compare to HSBC Visa Platinum Card's, OCBC 365 Card only offers 3% cashback on groceries (v. 5%). Nonetheless, OCBC 365 Card is more well-rounded and rewards transport, online travel, and utilities with 3% cashback. These categories earn the equivalent of just 0.4% cashback with HSBC Visa Platinum Card. Otherwise, the cards are quite similar–OCBC 365 Card's earnings are capped at S$80/month and its S$192.6 fee is waived with S$10,000 annual spend. Ultimately, OCBC 365 Card may be a better fit for average spenders with highly diversified spend looking for a true 'everyday' card.

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