If you’re looking for a credit card that offers cashback rewards, the HSBC Advance Credit Card might be worth considering. To apply for this card, you must be at least 21 years old and have a minimum annual income of SGD30,000 if you’re a Singaporean or Permanent Resident, SGD40,000 if you’re a self-employed or commission-based Singaporean or Permanent Resident, or SGD40,000 if you’re a foreigner residing in Singapore.
The HSBC Advance Credit Card offers three tiers of cashback rewards: a base of 1.5%, 2.5% with S$2,000 spend, and an additional 1% cashback for HSBC Everyday+ customers. Other benefits of this card include an annual fee waiver, online shopping and dining offers, and welcome gifts. However, it’s important to understand the terms and conditions of this card before applying.
Some of the key terms and conditions to be aware of include the fees and charges associated with the card, as well as the eligibility requirements and how to use the card to earn and redeem rewards. By understanding the terms and conditions of the HSBC Advance Credit Card, you can make an informed decision about whether this card is right for you.
Key Takeaways
- The HSBC Advance Credit Card offers cashback rewards and other benefits, but it’s important to understand the terms and conditions before applying.
- Eligibility requirements include a minimum annual income of SGD30,000 for Singaporeans or Permanent Residents, SGD40,000 for self-employed or commission-based individuals, or SGD40,000 for foreigners residing in Singapore.
- Key terms and conditions to be aware of include fees and charges, eligibility requirements, and how to earn and redeem rewards.
Eligibility and Application
If you are interested in applying for the HSBC Advance Credit Card, you will need to meet certain eligibility criteria. Here are some of the key requirements you should be aware of:
Income Requirement
To be eligible for the HSBC Advance Credit Card, you must have a minimum annual income of $30,000. This is a relatively low income requirement compared to some other credit cards on the market, making it accessible to a wide range of consumers.
Fixed Deposit Collateral
If you are unable to meet the income requirement, you may still be able to apply for the HSBC Advance Credit Card by providing a fixed deposit collateral. This means that you will need to deposit a certain amount of money with HSBC, which will be held as collateral against your credit limit.
To apply for the HSBC Advance Credit Card, you will need to be an HSBC Personal Banking customer. This means that you will need to have an existing HSBC bank account. You can apply for the credit card online or by visiting a branch.
When applying for the HSBC Advance Credit Card, you will need to provide certain information, including your personal details, employment information, and income details. You will also need to provide supporting documents to verify your identity and income.
Overall, the HSBC Advance Credit Card is a great option for consumers who want to earn cashback on their everyday spending. With a low income requirement and the option to provide fixed deposit collateral, it is accessible to a wide range of consumers.
Benefits and Rewards
If you’re looking for a credit card that offers a range of benefits and rewards, the HSBC Advance Credit Card could be just what you need. Here’s a breakdown of the benefits and rewards that come with this card.
Cashback on Purchases
One of the biggest benefits of the HSBC Advance Credit Card is the cashback you can earn on your purchases. With the base cashback rate of 1.5%, you can earn cashback on all your spending, including dining and entertainment. If you spend SGD 2,000 or more per month, you can earn a higher cashback rate of 2.5%. And if you’re an HSBC Everyday+ customer, you can earn an additional 1% cashback on all eligible spending.
Travel Perks
If you’re a frequent traveller, you’ll be pleased to know that the HSBC Advance Credit Card offers a range of travel perks. For example, you can enjoy up to 12% off your hotel bookings with Agoda, and up to 10% off your Expedia hotel bookings. You can also enjoy up to 10% off your car rentals with Avis.
Dining and Entertainment Rewards
The HSBC Advance Credit Card also offers a range of dining and entertainment rewards. For example, you can enjoy up to 50% off your dining bills at selected restaurants. You can also enjoy 1-for-1 deals on movie tickets, and access to the Entertainer with HSBC app, which offers a range of discounts on dining, entertainment, and travel.
With the HSBC Advance Credit Card, you can also enjoy a range of promotions and sign-up gifts. For example, you can receive a Samsonite Zeltus 24″ Spinner luggage worth SGD 670 when you apply for the card. You can also receive SGD 150 cashback when you apply and spend SGD 800 within the first month of approval.
Overall, the HSBC Advance Credit Card offers a range of benefits and rewards that can help you save money on your everyday spending, as well as your travel, dining, and entertainment expenses. If you’re looking for a credit card that offers great rewards and perks, the HSBC Advance Credit Card is definitely worth considering.
Fees and Charges
As with any credit card, there are fees and charges associated with the HSBC Advance Credit Card. Here’s a breakdown of the fees and charges you’ll need to be aware of:
Annual Fee
The HSBC Advance Credit Card charges an annual fee of $192.60, which is waived for the first year. This fee is charged to your account on a yearly basis and is subject to GST.
Foreign Transaction Fees
If you use your HSBC Advance Credit Card to make a purchase in a foreign currency, you’ll be charged a foreign transaction fee of 2.8% of the transaction amount. This fee is charged to your account in Singapore dollars and is also subject to GST.
It’s important to note that the foreign transaction fee is separate from the currency conversion fee, which is charged by the card network (Visa or Mastercard) and is typically around 1%. So, if you make a purchase in a foreign currency, you’ll be paying both the foreign transaction fee and the currency conversion fee.
To avoid these fees, you may want to consider using a debit card or prepaid travel card instead of a credit card when travelling overseas. Additionally, if you frequently make purchases in foreign currencies, you may want to consider a credit card that doesn’t charge foreign transaction fees.
Overall, while the HSBC Advance Credit Card does have fees and charges associated with it, it can still be a great choice for those looking to earn cashback on their everyday spending. Just be sure to understand the fees and charges before you apply, so you can make an informed decision.
Using Your Card
When using your HSBC Advance Credit Card, you have access to a wide range of benefits and features. Here are some important things to keep in mind:
Contactless Payments
Your HSBC Advance Credit Card is equipped with contactless payment technology, which allows you to make quick and easy payments without having to insert your card or enter a PIN. Simply tap your card on the payment terminal to make a payment of up to £45.
Online Security
HSBC takes online security very seriously, and we have implemented a number of measures to protect your card and your account from fraud and unauthorised access. When using your card online, be sure to only enter your card details on secure websites, and never share your card information with anyone else.
To ensure the security of your online transactions, we recommend that you sign up for Verified by Visa, a free service that provides an extra layer of security when you shop online. With Verified by Visa, you will be asked to enter a unique password each time you make a purchase online, which helps to prevent unauthorised transactions.
We also offer the HSBC Secure Key, a small device that generates a unique security code each time you log in to your account online. This helps to prevent unauthorised access to your account, and provides an additional layer of security when making online transactions.
Transactions and Payments
Your HSBC Advance Credit Card allows you to make transactions and payments in a variety of ways. You can use your card to make purchases in-store or online, or to withdraw cash from an ATM.
If you are using your card to make a purchase, you can take advantage of the Visa Signature programme, which provides a range of exclusive benefits and discounts, including travel, dining, and shopping offers.
Your card is also compatible with SimplyGo, a contactless payment system that allows you to pay for public transport fares with your card. Simply tap your card on the reader when boarding the bus or train, and the fare will be automatically deducted from your card balance.
Overall, the HSBC Advance Credit Card is a versatile and secure payment option that provides a range of benefits and features. Whether you are making a purchase in-store or online, or using your card to pay for public transport, you can rest assured that your transactions are safe and secure.
Terms and Conditions
As with any credit card, it’s important to understand the terms and conditions of the HSBC Advance Credit Card. Here are some key points to keep in mind:
Understanding Your Card’s T&Cs
The HSBC Advance Credit Card comes with a range of terms and conditions that you should be aware of. These include the minimum spend requirements, the capped cashback amount, and the additional 1% cashback you can earn.
To qualify for the cashback rewards, you must spend a minimum of S$2,000 in a calendar month. The cashback rate for eligible purchases is 2.5%, with a capped amount of S$70 per month. If you spend more than S$2,000, you can earn an additional 1% cashback on your eligible purchases.
It’s important to note that certain transactions are excluded from the cashback rewards, such as payments via EZ-Link, YouTrip, AXS, tax, utilities, and payments to financial, governmental, and educational institutions.
Changes to Terms
The terms and conditions of the HSBC Advance Credit Card may change from time to time. HSBC will notify you of any changes in advance, either by post, email, or through your online banking account.
If you continue to use the card after the changes have been made, it will be deemed that you have accepted the new terms and conditions. However, if you do not agree with the changes, you have the right to terminate your card account.
In summary, it’s important to read and understand the terms and conditions of the HSBC Advance Credit Card to ensure that you are using the card effectively and earning the most rewards possible. If you have any questions or concerns, don’t hesitate to contact HSBC for further information.
Frequently Asked Questions
What fabulous benefits can I expect with my HSBC Advance Credit Card?
As an HSBC Advance Credit Card holder, you can enjoy a wide range of benefits, including up to $4,000 cashback annually. You can earn up to 3.5% cashback on all local and overseas purchases without any minimum spend requirement. Additionally, you can enjoy exclusive deals and promotions on dining, travel, and more.
How can I get my hands on the HSBC Advance Credit Card terms and conditions document?
You can easily access the HSBC Advance Credit Card terms and conditions document on the HSBC Singapore website. You can also request a copy from the bank’s customer service team.
Are there any particular transactions that are excluded from earning rewards with my HSBC Advance Credit Card?
Yes, there are certain transactions that do not qualify for cashback rewards, such as cash advances, balance transfers, annual fees, and late payment charges.
Could you enlighten me on the cash advance fees when using the HSBC Advance Credit Card in Singapore?
Certainly! If you withdraw cash using your HSBC Advance Credit Card, you will be charged a fee of 6% of the amount withdrawn or $15, whichever is higher. This fee applies to both local and overseas transactions.
Is it true that the HSBC Advance Credit Card might be phased out, and what does that mean for current users?
There have been rumours about the HSBC Advance Credit Card being phased out, but HSBC Singapore has not made any official announcements regarding this matter. As a current user, you can continue to enjoy the benefits of your card until further notice.
Am I able to withdraw cash using my HSBC Advance Credit Card, and if so, what are the charges?
Yes, you can withdraw cash using your HSBC Advance Credit Card, but you will be charged a fee of 6% of the amount withdrawn or $15, whichever is higher. This fee applies to both local and overseas transactions. It’s important to note that cash advances accrue interest from the date of withdrawal, so it’s best to avoid this unless it’s absolutely necessary.