HSBC Advance Credit Card Review: Earn Up to 3.5% Cashback With No Minimum Spend

Cashback credit cards offer a straightforward, immediate way for Singaporean consumers to get some savings. Depending on the type of card you are holding, you’ll save money in one of two ways – either a minimal rebate (around 1.5%) or a higher rebate (up to 15%).

The former entails unlimited cashback cards and the latter entails standard cashback cards. 

But the introduction of the HSBC Advance Credit Card has shaken up the unlimited cashback card formula by offering a refreshing 3.5% cashback with no minimum spend, capped at S$70 base cashback. This cash rebate is higher than the average 1.5% to 2% rate.

Now that we've gotten your attention, let's dive right into the details of this intriguing no-holds-barred cashback credit card that's shaking the market right now.

(If you're looking for other HSCB credit card options, check out our blog listing the best HSCB credit cards in Singapore!)

• Up to 2.5% base cashback on eligible local and overseas purchases

• Additional 1% cashback on credit card spend with HSBC Everyday+ Rewards Programme

• 1-year annual fee waiver

• Effective Interest Rate: 26.9% p.a.

• Minimum income requirement: S$30,000 per year for Singaporeans/PRs, S$40,000 for self-employed, PR or foreigners

• Minimum age: 21

• Late payment fee: S$100

• Minimum payment: 100% of monthly instalment amount + 100% of interest, late fees, annual credit card fees, and overlimit fee + 1% of remaining outstanding balance + excess amount above credit limit or S$50 (whichever is higher)

• Overlimit fee: S$40

• Foreign currency fee: 2.25%

• Dynamic currency conversion (DCC) fee: 1%

• Cash advance fee: 28% p.a.

• Annual fee: S$194.40

Pros ✅	Cons ❌
High 2.5% base cashback- Earn 1.5% cashback on up to S$2,000 spend- Earn 2.5% cashback after S$2,000 spend	Need to join HSBC Everyday+ Rewards Programme to earn additional 1% cashback – to bring total to 3.5% cashback
Up to 3.5% cashback with conditions met	Base cashback capped at S$70 per month
No minimum spend	Cannot earn cashback on utilities, insurance premiums, and other bills*
1-year annual fee waiver
Up to S$200 cashback in sign-up rewards or Samsonite Prestige 69cm Spinner Exp luggage (worth S$670)
S$500,000 travel insurance cover for cardholder and family members
Up to US$200 e-commerce purchase protection

*Refer to merchant exclusion list in T&Cs

The HSBC Advance Credit Card gives you as much as 2.5% cashback with no minimum spend, which you can freely use across all spends.

2.5% may not seem like much, but it is on par with the rebates offered by some of the leading ‘everyday savings’ cards currently on the market. Remember, the average cashback rate of credit cards with no minimum spend typically hovers around 1.5% to 2%.

This 2.5% base cashback rate consists of:

• S$0 to S$2,000 monthly spend: Earn 1.5% base cashback

• Above S$2,000 monthly spend: Earn 2.5% base cashback 

The advantage here is the flexibility you’ll enjoy. Since it follows a blacklist approach, most categories can earn cashback. Thus, you'll no longer have to juggle between different cards on different spends, just so you can maximise your cashback.

This is backed up by the card’s other winning feature: a maximum S$70 base cashback cap per month.

Both these main features work wonderfully together. At 2.5% cashback on all spends, you just need to charge above S$2,000 to hit the maximum base cashback of $70.

But if let's say, spending more than S$2,000 per month is a bit of a stretch for you. No worries, you can still clock in 1.5% cashback in the following categories:

• Retail spending

• Dining spending

• Education spending

• Wedding spending

• Home spending

• Other eligible local spending

💡 Just for comparison, on a card with 1.5% cashback, you’d have to spend at least S$4,669 per month to get S$70 in savings.

Monthly spend on your HSBC Advance Credit Card	Base Cashback	Maximum cashback per calendar month
S$2,000 and below	1.5% Cashback	S$70
Above S$2,000	2.5% Cashback	S$70

Simply deposit a minimum of S$2,000 fresh funds (or S$5,000 for HSBC Premier customers) and perform 5 eligible transactions to receive 1% cashback on on your credit card spending with HSBC Everyday+ Rewards Programme.

That's right, every calendar month either via salary crediting and/or inward transfers from a non-HSBC account.

It is important to note that the maximum cashback per calendar month is S$500 for HSBC Premier and Jade customers and S$300 for Personal banking customers.

This means effectively, you can earn a maximum of S$370 to S$570 total cashback ($70 base cashback + S$300/S$500 additional cashback) if you play your (credit) card right.

The HSBC Advance Credit Card can be used to fund your big-ticket purchases similar to unlimited cashback cards even though it technically isn't one. Why?

This is mainly due to three of its features:

• No minimum spend to earn base 1.5% cashback

• Higher monthly spend tiers above S$2,000 to earn up to 3.5% cashback effortlessly

• Eligible spend categories include education, wedding, and home-related expenses

• Higher cashback cap of up to S$570

Most other cashback cards not only have a lower cashback cap, but this cap is also split across several spend category types.

For example, the UOB EVOL Card has a S$60 cashback cap per month, but it's restricted to S$20 per category across online spend, mobile contactless spend, and all other retail spend. This greatly limits your maximum potential cashback earned if you spend more in one category than the other.

But with the HSBC Advance Credit Card, you won't have to worry about hitting a spend limit or cap that earns eligible cashback.

See also: How to Maximise Miles Earned on Big Ticket Spending

You should know that the HSBC Everyday Global Account is an enhanced savings account, which comes bundled with features you won’t normally find in a basic savings account.

Some of these include multi-currency deposits, and preferential rates for loans.)

Excited about the HSBC Advance Credit Card? Before you apply, check the eligibility requirements, card fees and interest rate below.

Singaporeans or PR holders	Foreigners	Annual Fees	Fee Waiver	Effective Interest Rate
21 to 65 years old S$30,000 minimum annual income	21 to 65 years old S$40,000 minimum annual income, with valid employment pass	S$194.40 (GST included)	1 year, waived if you spend more than $12,500 annually from Year 2 onwards	25.9% p.a.

Click on the ‘Apply Now’ button on this page and complete the application form on the SingSaver site. You will need to prepare the following documents for the application process:

• Front and back of NRIC/Passport/Employment Pass

• Proof of billing address

• Salaried employees: Past 12 months' CPF statement, latest Income Tax Notice of Assessment, and latest 3 months' original computerised payslip

• Self-employed: Past 12 months' CPF statement and latest Income Tax Notice of Assessment

  • Lastest 1 year's Notice of Assessment only required if the above is not available

The HSBC Advance Card is a great choice for those who prefer fuss-free spending without any minimum spend. It possesses qualities of both a regular cashback card and an unlimited cashback card – offering you the best of both worlds to earn...

✔️ Cashback on your big-ticket purchases

✔️ Bonus cashback rate upon hitting a higher minimum spend tier

You can check out other unlimited cashback credit cards here.