The HSBC Advance Credit Card doles out up to 3.5 per cent cashback on everything, which is a real godsend for people who simply can’t keep track of seven different credit cards for different purposes. It’s one of the best cashback credit cards in Singapore for high spenders, especially those who spend over $2,000 a month.
Let’s see if it’s as good as it sounds:
HSBC Advance Credit Card terms & conditions
HSBC Advance Credit Card
Annual fee & waiver
$192.60 (waived for the first year), unless a min. of $12,500 is charged to the card in each subsequent year. Free for HSBC Advance banking customers.
Supplementary annual fee
–
Interest free period
20 days
Annual interest rate
25.90 per cent
Late payment fee
$55
Minimum monthly repayment
Three per cent or $50, whichever is higher
Foreign currency transaction fee
2.8 per cent
Cash advance transaction fee
Six per cent or $15, whichever is higher
Overlimit fee
$40
Minimum income
$30,000 (Singaporean) / $40,000 (non-Singaporean)
Card association
Visa
Wireless payment
Visa payWave, Apple Pay, Google Pay, SimplyGo
How the HSBC Advance Credit Card works
The HSBC Advance Credit Card has a simple cashback system that is based on the amount you spend that month (not on the specific categories you spend on). It offers preferential rates for HSBC Everyday Global bank account holders:
Monthly spending
Cashback for HSBC Everyday Global bank account holders
Cashback for non-holders
$2,000 and above
3.5 per cent (capped at $125)
2.5 per cent (capped at $70)
Below $2,000
2.5 per cent (capped at $125)
1.5 per cent (capped at $70)
To take full advantage of the HSBC Advance Credit Card, you will need to have a HSBC Everyday Global account. The 3.5 per cent cashback, in our opinion, is generous enough to justify opening an HSBC Everyday Global account if you’re going to make this one of your main cards.
Do note that you need to deposit fresh funds to that account via salary crediting, or inward bank transfers from non-HSBC bank accounts (min. $2,000 for HSBC Personal Banking customers, and $5,000 for HSBC Premier and Jade customers).
If opening an HSBC Everyday Global account makes sense for you, this is a very good card to have on hand because there’s no minimum spending requirement.
Unfortunately, for those who aren’t HSBC Everyday Global account holders and don’t intend to sign up anytime soon, the card isn’t that great due to the high $2,000 minimum spending requirement in order to get 2.5 per cent rebates. If you don’t meet it, you get a rather measly 1.5 per cent cashback.
Who should use the HSBC Advance Credit Card?
The HSBC Advance Credit Card is ideal for newlyweds and married couples who now have to face the harsh reality of running a household in Singapore.
Honestly, it’s no joke. Not only do you need to make sure everyone gets fed and clothed, you also have to pay for an insane number of things you probably never thought about back when you were still living with your parents.
From the mundane like phone and utility bills to big ticket items like household appliances, you soon realise you were saving on much more than rent before you moved out.
That’s why married couples who own homes need a good credit card that rewards them for all that spending. As a single still living at home, you might have been able to get away with a card for dining, another for online shopping and so on.
But if you’re running a household, you’ll need a card that rewards you for all those miscellaneous expenses, from washing machine purchases to that sleek new sound system.
Your expenditure is also likely to be higher than a single person’s as you can charge the entire household’s expenses to the card. That means you’re more likely to be able to meet a $2,000 minimum spending requirement each month.
The fact that you don’t need to track your expenses down to the very cent is a bonus, because you’ll probably be busy enough as it is trying to get your life together.
Alternatives to the HSBC Advance Credit Card
Cash‑back Card Showdown: Your Friendly Guide
Ever wondered which card will give you the most back from your spending? Let’s break down the top players in a way that feels less like a textbook and more like a friendly chat over coffee.
American Express True Cashback Card
- First 6 months: 3% cashback on up to $5,000 – nice boost for newbies.
- After that: 1.5% on everything – no spending limits and no minimums, so you’re free to splash as you please.
- Quick tip: If you’re already an HSBC Advance account holder, stick with the HSBC card. If you’re not, this AMEX card is the clear choice.
Maybank Platinum Visa Card
- Cashback: Up to 3.33% on all local purchases – pretty generous.
- Condition: Spend at least $300 each month of a quarter (so $900 total).
- HSBC edge? Only if you’re an HSBC Advance member AND you can hit a higher monthly spend of $2,000.
UOB One Card
- Rules? A bit of a maze, but once you crack them, the rewards are sweet.
- Spend at least $2,000 across five or more transactions in each month of a quarter, and you’ll snag a flat $300 rebate for the whole quarter.
- That works out to roughly 5% cashback – the most generous on the list. Just be sure you’ve got the math down.
Bottom Line for High Spenders
If you routinely spend over $2,000 a month, the UOB One Card is a solid pick – whether or not you’re tied to HSBC. It gives you the highest overall return.
When HSBC Advance Shines
The HSBC Advance credit card is a champ for:
- Big spenders who don’t want the hassle of tracking every penny.
- Busy homeowners juggling bills and errands.
- Anyone who appreciates a low‑effort, reliable cashback.
In short, choose the card that fits your lifestyle and spending habits, and remember – the best card is the one that rewards you the most while keeping things simple.
Originally brought to you by MoneySmart. Stay savvy and keep that cash flowing!
