HSBC Advance credit card: Review, rates and fees

HSBC Advance Credit Card
HSBC Advance Credit Card
  • S$0 annual fee for the first year
  • Petrol discounts at Caltex and Shell stations
  • Up to 3.5% cashback on all purchases with no minimum spend
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With the HSBC Advance credit card, you can earn up to 3.5% cashback and pay S$0 annual fee for the first year.

The HSBC Advance credit card provides a range of benefits designed to help you save on costs. Its main feature is the cashback program, which requires no minimum spend to be eligible, and allows you to earn up to 2.5% (for non-HSBC Advance banking customers) or 3.5% (for HSBC Advance banking customers) on all eligible purchases.

In addition, you can apply up to five free-for-life supplementary cards for your loved ones and earn rewards on transactions charged to those cards.

Product NameHSBC Advance Credit Card
RewardUp to 3.5% cashback on all purchases with no minimum spend
Effective Interest Rate25.9%
Interest Free PeriodUp to 20 days
Maximum Credit LimitUp to 6X of monthly income
Minimum Monthly Repayment3% of outstanding balance or S$50, whichever is higher
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Annual FeeS$0 annual fee for 1 year (permanently waived for HSBC Advance banking customers) - S$192.60 thereafter
Supplementary Annual FeeS$0
Late Payment FeeS$55
Cash Advance ChargeS$15 or 6% of the amount withdrawn, whichever is higher
Foreign Currency Transaction Fee2.8%
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Min Income - Singaporean and PRS$30,000
Min Income - ForeignerS$40,000
Min Age - Primary Holder21
Min Age - Supplementary Holder18
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Benefits of using an HSBC Advance credit card

Some of the benefits you can enjoy with an HSBC Advance credit card include:

  • Cashback. Earn up to 3.5% cashback on all purchases with this tiered cash rebate programme. There is no minimum spend required to be eligible for the cashback. Cardholders can earn either 1.5% cash rebate for monthly spendings below S$2,000 or 2.5% cash rebate for monthly spendings above S$2,000. HSBC Advance banking customers can reap an additional 1% flat rate cash rebate. Take note that the cashback is capped at S$70 for non-HSBC Advance customers, and S$125 per month, S$150 for the entire promo period for HSBC Advance customers, per calendar month.
  • Welcome offer. New cardholders will be awarded with a Samsonite Astra T5 68cm Spinner Luggage with built-in scale or S$150 cashback with minimum spend of S$800 in qualifying transactions from card approval to the end of the following month. T&Cs apply. Ends 30 September 2019.
  • Petrol discounts. Besides earning cashback on purchases HSBC Advance card also helps you save by offering you 16% discount at Caltex stations (ends 31 Dec 2019) and 14% discount at Shell stations (ends 8 Sep 2019).
  • Annual fee waiver. The card attracts a S$192.60 annual fee after the first year. The fee is waived if you charge at least S$12,500 for eligible purchases on the card within a year. In addition, for HSBC Advance customers, the annual fee is perpetually waived.
  • Earn reward points on eligible purchases. Earn 1 reward point per dollar charged to your HSBC credit card for eligible purchases made locally and overseas. Points can be redeemed for merchandise, vouchers, travel and accommodation and other rewards listed in the HSBC Rewards Catalogue. Alternatively, you can convert your reward points to Asia Miles or KrisFlyer miles.
  • Balance transfer promotional rate. New cardholders get to enjoy low interest rate of 1.68% p.a. for six months. Eligible balance transfer applications should be received within the first three months of card membership. Terms and conditions apply.

Features of the HSBC Advance credit card

If you are approved for an HSBC Advance credit card, you get to enjoy the following features:

  • Interest-free days. You can benefit from up to days interest-free on purchases. This is only available if you’ve paid all your statement in full and on time.
  • Complimentary insurance coverage. When you book eligible travel expenses on your card, you can take advantage of Complimentary personal accident insurance (for death or permanent disability) cover of up to S$500,000.
  • Additional cardholders. You can add up to five additional cardholders to your account at no extra cost. As the primary cardholder, you’ll be liable for any transactions made on the supplementary card(s) and also earn cashback from all eligible purchases. Note that supplementary cardholders must be at least 18 years of age.
  • Eligible for Apple Pay. If you own a compatible Apple device, such as an iPhone, Apple Watch or iPad, you can take advantage of this contactless payment technology to make fast and secure purchases online, in stores and in apps.
  • Access to Visa payWave. The card is equipped with Visa payWave technology, allowing you to enjoy quick and hassle-free transactions through a contactless terminal to pay for purchases under S$100.
  • Balance transfer limits. You can do a balance transfer up to 95% of the available approved credit limit to consolidate your existing debts. For example, if you’re approved for an HSBC Platinum credit card with a S$10,000 limit, you can transfer up to S$9,500 from a number of other non-HSBC store cards, charge cards or credit cards. In addition, the processing fee is waived for approved amounts of S$10,000 and above.

How to apply

If you’ve compared your options and decided that the HSBC Advance credit card is right for you, you can begin your application by clicking Go to site on this page. The application should take 10 to 15 minutes to complete and you should receive a response within minutes of submitting the application. Before you apply, make sure you meet the eligibility requirements and have the necessary documents at hand.

Eligibility criteria

In order to be eligible to apply for an Advance credit card, you need to fulfil the following criteria:

  • Be earning at least S$30,000 p.a. if you’re a Singaporean or permanent resident, or S$40,000 if you’re self-employed or a non-resident.
  • If you do not meet the above income requirements, you must have a minimum fixed deposit collateral of S$10,000.
  • Have a good credit rating.
  • Be at least 21 years or older.

Required documents

Make sure you have the following documents to hand in order to complete your application:

  • Completed and signed Letter of Instruction
  • Photocopy of your NRIC or passport
  • Photocopy of your Employment Pass (for foreigners only)
  • For salaried employees: eCPF statement contribution, computerised payslips for the last three months; OR the latest Notice of Assessment with last month’s computerised payslip.
  • For self-employed or commission-based earners: Notice of Assessment for the last two years.

Additional documents

  • Identification documents for any supplementary applicant(s).
  • Proof of billing address, such as latest mobile bill, utility bill or bank statement, displaying your full name and mailing address. This is only required if you’re a foreigner; or if you have a different billing address (for Singaporeans/PR).

How to sign up for HSBC Advance banking relationship

  • You must have a salary crediting or re-occurring deposit of at least S$3,500 per month.
  • You must have applied for or already hold a HSBC credit card.

The HSBC Advance credit card has some competitive features, including an attractive cashback program and annual fee waiver. However, to reap the most benefits from this card, you will need to apply and qualify for an HSBC’s Advance banking relationship. Weigh up the benefits and costs of the HSBC Advance credit card when you’re comparing your options to make sure it is the card that best suits your needs.

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