HSBC Visa Platinum Credit Card
HSBC Visa Platinum Credit Card
- 5%
- Cash Back on All Grocery Spend
- S$250
- Cash Rebate Cap per quarter
- S$600
- Min. spend monthly in a calendar quarter
All Details
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HSBC Visa Platinum Credit Card Benefits 2024
Renowned for its dual benefits of simultaneous cashback and miles accumulation, the HSBC Visa Platinum credit card stands out among the array of credit cards favoured by families and individuals alike.
This credit card is particularly appealing to those who frequently purchase necessities such as groceries, dining, and transportation, and requires a relatively low minimum monthly expenditure of $600 to qualify for cashback rewards.
If you’re still thinking about whether to get the HSBC Visa Platinum credit card, let’s consider the requirements, pros and cons and other related factors before you come to a final decision.
Pros & Cons
Pros
- 5% cash rebate on local dining and groceries (food deliveries and online groceries included). min. spending of S$600 monthly in a calendar quarter to earn 5% cash rebate.
- Up to 21.15% fuel savings at Caltex and Shell
- 1X Reward point per dollar spent
- Annual fee waiver available
- Exclusive access to over 1,000 worldwide 1-for-1 deals on dining, lifestyle and travel via HSBC ENTERTAINER with HSBC Singapore mobile app
- Interest rate of 26.90%, which is lower than some cashback credit cards (as per MoneySmart's Credit Cards comparison tool
Cons
- The cash rebate benefit is capped at S$250 per quarter
- A minimum spending of S$600 monthly in a calendar quarter is required to earn the 5% cash rebate
- Charges annual fee after the first year unlike other cashback credit cards like CIMB Visa Infinite Card and Standard Chartered Smart Credit Card which offer no annual fee charges for lifetime
Compare HSBC Visa Platinum Card vs. Citi Cash Back + Card vs. SCB Simply Cash Credit Card
The HSBC Visa Platinum card offers the highest cashback for dining and groceries (5%), but has the highest annual fee and income requirement, while the Citi Cash Back + card is more versatile with 1.6% cashback on all spending, but requires a minimum monthly spend for bonus categories. SCB Simply Cash card offers the lowest - 1.5% cashback on all spending with no minimum spend requirement, and lacks travel insurance (like HSBC Visa Platinum) and bonus categories.
Interest rate: From 26.90%
Annual fee:$196.20 (waiver available only upon fulfilled minimum spend requirement)
Minimum annual income:
Cashback benefits:
Interest rate: From 27.90%
Annual fee:$196.20 (first year waiver available)
Minimum annual income:
Cashback benefits:
Interest rate: From 27.90%
Annual fee:$196.20 for (first year waiver available)
Minimum annual income:
Cashback benefits:
Tips On Maximising Both Cashback & Air Miles
Earning both cashback and miles simultaneously is an attractive proposition for many “deals chasers” or individuals looking to maximise their rewards. Here's how you can potentially achieve this.
Choosing the preferred reward types
Ensure that the card you choose aligns with your spending habits, preference for dual rewards or have partnerships with certain type of airlines (which are your preferred types) to offer miles and rewards on categories like groceries, dining, and petrol.
Consistent spending
To qualify for cashback rewards, you typically need to spend consistently, usually meeting a minimum spending threshold each month. In this case, it's a minimum of $600 a month if you're considering being a HSBC Visa Platinum credit card holder. Make sure you use your credit card for eligible purchases within these categories to meet this threshold.
Cashback rebates to offset expenses
Cashback rewards are usually credited back to your account either as a statement credit or a direct deposit into your bank account. Since your cash rebates are on groceries, dining, and petrol, ensure that you primarily use your credit card for these expenses to maximise your cashback earnings.
Earning miles to redeem flights
Concurrently, you'll be earning miles for every dollar you spend on your credit card. These miles can often be redeemed for flights, hotel stays, or other travel-related expenses. For example, if you prefer to fly on a specific airline regularly, let's say it's Singapore Airlines, you'll be able to use credit cards like HSBC Visa Platinum, to consistently rack up miles and upgrade your KrisFlyer status for all your travel needs such as a redemption for a one-way flight or return trip.
Managing expenses
Ensure you consistently meet the spending threshold for cashback rewards, it's essential to manage your expenses wisely. Keep track of your spending, budget effectively, and plan your purchases to align with the categories that offer cashback rewards.
Payment discipline
Lastly, always pay your credit card bill on time and in full to avoid incurring interest charges. Carrying a balance can negate the benefits of any rewards earned and lead to additional costs over time.
HSBC Visa Platinum Credit Card Application
Here are 3 simple steps to apply for the HSBC Visa Platinum Credit Card
Apply via MoneySmart’s credit cards page
You may begin your application by clicking on our HSBC Visa Platinum Credit Card application link. When you choose to apply online or through the HSBC mobile app and via SingPass MyInfo, HSBC will pull your identity and income data from SingPass (which is already verified), thus cutting short the processing time. The approval-in-principle page will appear within minutes of submitting your MyInfo.
Provide all documentation required
You’ll need to provide all the necessary documentation in order for HSBC to approve your credit card application. This list of documents include:
- NRIC or other identification details
- Latest computerised payslip
- Latest 12 months’ CPF Contribution History Statement)
- Latest Income Tax Notice of Assessment (NOA)
Receive your HSBC Visa Platinum Credit Card
You’ll be able to activate your HSBC Visa Platinum Card instantly through the HSBC mobile app, and enter a One-Time Password (OTP) after keying in your 6-digit Online Banking PIN to secure all your credit card transactions. Thereafter, it’s ready for you to use on any of your purchases and you can track your cashback rewards and accumulated air miles with your HSBC mobile app!
Frequently Asked Questions
Are there any fees if I apply for the HSBC Visa Platinum Credit Card?
- HSBC Visa Platinum credit card charges an initial annual fee of $196.20 (with waiver available), and other fees like supplementary card annual fee, late payment fee, minimum monthly payment, foreign currency transaction fee, cash advance transaction fee, overlimit fee.
Am I eligible for the HSBC Visa Platinum Credit Card?
- If you’re a Singapore Citizen, Permanent Resident (PR) or foreigner with a valid Singapore Employment Pass, you’re eligible to apply for the HSBC Visa Platinum Credit Card, as long as you’re aged 21 and above, and earn a minimum annual income of $30,000-$40,000 (for Singaporeans and PRs) or $40,000 (for foreigners).