If you are looking for a well-rounded, every day credit card affordable for a moderate budget, we highly recommend that you consider the HSBC Visa Platinum Credit Card. It is one of the top cashback cards in Singapore becauase it addresses all your daily necessities like petrol, groceries, cable & mobile bills. Not only that, it can also double up as a travel card by earning you miles. It is also a very costless card to use with a 2-year fee waiver plus perpetual waiver with an annual spend of S$12,500 (about S$1,000 a month).
Pros of HSBC Visa Platinum Credit Card
- 5% cashback on grocery
- 5% cashback on utilities like cable, internet and mobile bills
- Up to 21% off on petrol at Shell and Caltex
- 0.4 miles for every S$1 you spend
- Welcome Bonus: A Samsonite Astra 55cm luggage (worth S$350) or S$100 cash back for new customers (S$50 for existing customers)
- Promotion: Save up to S$10,000 with 1,000 Entertainer 1-for-1 deals
Cons of HSBC Visa Platinum Credit Card
- Only 2% cashback on dining
- S$800 monthly spend requirement to enjoy full benefit
- S$120 cap on quarterly cashback (S$40 a month)
What makes HSBC Visa Platinum Credit Card Stand Out
If you are a discerning consumer with a modest budget, or if you have another card to maximize rebate on your shopping needs, the HSBC Visa Platinum Credit Card could help maximize cash rebate on money you have to spend regularly every day. This card’s cash back percentages on petrol, groceries, and utility bills are on the higher end compared to other cards. Not only that, the HSBC Visa Platinum Credit Card also rewards you 1 Rewards point (0.4 miles) for every S$1 you spend, which can be converted into air miles. In essence, the HSBC Visa Platinum Credit Card can double up as one of your favorite cashback cards and also as a bonus travel card. These two factors make the HSBC Visa Platinum Credit Card quite valuable in the wallet of the average person with moderate monthly spending.
The HSBC Visa Platinum Credit Card is one of the best cash back credit cards because it gets the average consumer the most cash rewards back for three categories that make up most people's budgets: grocery, petrol and recurring utilities like cable, internet and mobile bills. While not as high as Citibank Cashback Card’s grocery rebate of 8%, the HSBC Visa Platinum Credit Card still offers a respectful 5% cashback at all grocery stores and supermarkets. On top of that, you can make automatic payments to your annoying TV, internet and mobile bills through the HSBC Visa Platinum Credit Card and receive 5% cashback, the highest of its kind we’ve seen in the market. You can also earn up to 21% cash back rate at Shell & Caltex gas stations, which matches any of the top offers we’ve seen in the country. You can earn up to 2% rebate on your dining spend.
The biggest reason why we think this card is best for moderate spenders are of two fold. First, you need to maintain a monthly spend of S$800 to get the aforementioned benefits. Secondly, although the annual fee of S$180 is already waived for the first two years, you can get it waived in subsequent years if you spend S$12,500 annually (about S1,041 monthly) on this card. This makes the HSBC Visa Platinum Credit Card as good as Citi Cashback Card despite a slightly lower cash rebate on groceries. Do note, also, that the quarterly rebate is capped at S$120 for earning the aforementioned cashback rates. We don’t think this is a big negative for a moderate spender. As long as you spend S$800 a month (S$2,400 a quarter), you can earn just about S$120 of rebate at rate of 5%. Despite the cap on high earnings rate, we think the HSBC Visa Platinum Credit Card is still one of the best deals for the category compared to other credit cards, especially for moderate spenders.
The HSBC Visa Platinum Credit Card also has the benefit of doubling up as a travel card. Because HSBC awards you with reward points, most people don’t realize that HSBC cards can be used as travel cards through HSBC’s Mileage Programme. Under HSBC’s Mileage Programme you can convert your rewards points into air miles (Asia Miles and Krisflyer Miles) at rate of 5,000 reward points per 2,000 miles. You have to pay an annual fee of S$40 to enroll into the Mileage Programme, but this can be waived with 9,000 reward points as well. By spending on the HSBC Visa Platinum Credit Card, you can earn 0.4 mile for every S$1 you spend. This isn’t great compared to other air miles card, but given that the HSBC Visa Platinum Credit Card is already a great cashback card, we think this is just a great bonus that makes this card stand out even more. Low foreign transaction fee of 1.5% is just a cheery on top.
HSBC Visa Platinum Credit Card's Features and Benefits:
|HSBC Visa Platinum Card’s Features||Details|
|Annual fee||S$180, waived for 2 years, and subsequently waived with minimum annual spend of S$12,500|
|Salary requirement||S$30,000 for locals, S$40,000 for foreigners|
How Does the HSBC Visa Platinum Card Compare Against Other Cards?
Compare HSBC Visa Platinum card with other cards in the market and learn how they are different. We assess this card's strengths and weaknesses against those of similar cards to help you evaluate which card is best for you.
HSBC Visa Platinum vs OCBC 365 Card
OCBC 365 Card is a very comprehensive cashback card covering groceries, mass transit, monthly recurring bills, dining and petrol. OCBC 365 is also the cheaper card to use given that it’ll waiver its annual fee as long as you spend at least S$10,000 on it annually, and only requires S$600 of monthly minimum spend to receive the benefits. If you are looking for a cashback card that is more comprehensive in terms of categories of rebates and you don’t care as much about saving money on grocery, OCBC 365 could be a more suitable card for you. For instance, OCBC 365 offers up to 6% off in dining and 3% rebate on online expenses including shopping, travel bookings and movie tickets. It does lag behind HSBC Visa Platinum in terms of rebate on monthly recurring utility bills or groceries by 2 percentage points. If groceries and paying multiple phone bills are bigger part of your budget than dining and online shopping, HISBC Visa Platinum could serve you better.
HSBC Visa Platinum vs POSB Everyday Card
Not only is POSB Everyday card one of the best rewards cards in the market for everyday use, it also doubles up as an EZ-Link card. Its rebate program covers a wide variety of categories like groceries (5%), petrol (20.1%), utility (1%), overseas expenditure (5%) and pharmaceuticals (3%),. There’s also no cap on how much cashback you can earn, so POSB Everyday presents an opportunity to earn hundreds if not thousands of dollars in cashback every year.
All in all, if you are looking for a card to double up as your EZ-Link commute card and a versatile everyday cashback card, POSB Everyday presents one of the best offerings you can find in Singapore, in our view. If groceries and paying multiple phone bills are bigger part of your budget than dining and daily commute, HISBC Visa Platinum could serve you better, especially given that POSB Everyday only provides 1% rebate for monthly recurring bills.
HSBC Visa Platinum vs UOB Delight
UOB Delight is a very similar card to OCBC 365 in that it has a well-rounded rebates covering groceries, mass transit, and monthly recurring bills. However, its cashback program is highly skewed towards maximizing rebate on groceries. If you don’t mind purchasing house brands at Cold Storage, Giant and Guardian, UOB Delight can help you save up to 18% on your grocery purchase, by far the highest in the market. It is also quite cheap to use with only S$85.6 of annual fee. However, it may be difficult for one person to meet the S$800 of monthly minimum spend to be eligible for UOB Delight’s full benefits.
Therefore, we think this card is more suitable for families who prefer to dine in rather than out. It also doesn’t provide rebate on petrol and lags behind HSBC Visa Platinum in terms of rebate on telco bills by 2%. Therefore, if you have a lot of mouths to feed but not many phone bills to pay, UOB Delight could be a better choice for you. Otherwise, especially if driving is a big part of your life, HSBC Visa Platinum card could help you save more money.
*ValueChampion calculates the dollar value of rewards based on S$2,000 of monthly spending. We sum the value of points, miles and cashback in dollar terms and subtract the annual fee over a 24-month period. The estimates here are ValueChampion's alone, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.