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    HSBC Advance Card Review

    The HSBC Advance Credit Card is a cashback credit card that awards cashback on any and all purchases made with no minimum spend requirement. Furthermore, cardholders who share an Advance Baking Relationship with HSBC will earn additional cashback on all purchases and perpetual annual fee waiver.

    Customers who do not have an Advance Baking Relationship with the bank will earn up to 2.5% cashback on all eligible purchases made every month of the year and customers who have an Advance Baking Relationship with the bank will earn up to 3.5% cashback on all eligible purchases.

    This credit card comes with a host of promotions across categories including travel, dining, online shopping, entertainment, fuel and more. Travel promotions include savings on Expedia, Agoda bookings, etc. Online shopping promotions include discounts from Zalora, ezbuy, etc. Dining promotions include 1+1 deals and discounts at Gusto Italiano & Asian Masters, Swensen's, etc. Fuel promotions include instant discounts on petrol from Shell and Caltex stations. Entertainment promotions includes discounts on movie tickets on the HSBC Movies Cards.

    Apply for the HSBC Advance Credit Card today and choose from exciting sign-up gifts including a 70cm American Tourister Caravan TSA luggage or cashback of up to S$160. Sign-up perks are applicable to new and existing customers of HSBC.

    HSBC Advance Credit Card Promotions

    • Balance conversion plans: You can get your HSBC Advance Credit Card purchases converted into smaller, more affordable instalments with no additional processing fees. You can convert your purchases into instalment plans with repayment periods of 3, 6, or 12 months with processing fees being waived.
    • Agoda: You can enjoy a discount on travel bookings made on Agoda. You can get up to 75% discount on hotel bookings along with an additional discount of 8% applicable on select destinations. The offer is valid until 31 December 2017.
    • Expedia: You can enjoy a discount on travel bookings made on Expedia. You can get up to 10% discount on hotel bookings made on Expedia when you use your HSBC Advance Credit Card. The offer is valid until 31 December 2017.
    • Zalora: You can enjoy a discount on purchases made at Zalora using your HSBC Advance Card. You can get up to 15% discount storewide provided your purchase amount is a minimum of S$100. The offer is valid until 31 December 2017.
    • ezbuy: If you are new to ezbuy you can get a ezbuy voucher worth S$10 on your first purchase. The offer does not require you to meet any spend criteria. The offer is valid until 31 December 2017.

    HSBC Advance Card Sign-up Promotions/Joining Perks

    For new HSBC cardholders: New HSBC cardholders or cardholders who have not cancelled any previous HSBC credit card within the last 12 months can choose between 2 welcome gifts when they apply for the HSBC Advance Visa Platinum Credit Card which are as follows:

    1. Cashback of S$120 or
    2. American Tourister Caravan 70CM TSA Luggage

    Cardholders will also receive cashback of S$20 when they sign up for the card online and a cashback of S$20 when they sign up for a supplementary card.

    Existing HSBC cardholders who have had their card issued no earlier than 24 months will receive S$50 cashback along with a cashback of S$20 for a supplementary card application and an additional S$20 cashback when they sign up for the card online when they apply for the HSBC Advance Visa Platinum Credit Card.

    Both New and existing cardholders must charge a minimum qualifying spend of S$600 within one month of the card account being opened to be eligible for the welcome gift.

    Features of the HSBC Advance Credit Card

    • Annual fee waived for the first year.
    • Perpetual annual fee waiver for HSBC Advance Banking customers.

    Rewards Programms

    • What you get:
      • Up to 2.5% cashback on all purchases.
      • HSBC Advance Banking customers will additional 1% cashback on all purchases.
    • How to redeem:
      • If you have an Advance Banking Relationship with HSBC - 2.5% cashback will be awarded for monthly spend of S$2,000 and below. 3.5% cashback will be awarded for monthly spend of above S$2,000.
      • If you don’t have an Advance Banking Relationship with HSBC - 1.5% cashback will be awarded for monthly spend of S$2,000 and below. 2.5% cashback will be awarded for monthly spend of above S$2,000.
    • Charges and details:
      • No minimum purchase requirement to earn cashback on this credit card.
      • Cashback cap of S$70 per month will be applicable to non-HSBC Advance Banking customers.
      • Cashback cap of S$125 per month will be applicable to HSBC Advance Banking customers.

    Fees and charges on the HSBC Advance Credit Card

     Type of fee Amount payable
    Annual fee for non-HSBC Advance Banking customers S$192.60 (First year fee waiver)
    Annual fee for HSBC Advance Banking customers S$0 (Perpetual annual fee waiver)
    Effective Interest rate 25.9% p.a. (Minimum charge of S$2.50) starting from August 1, 2017.
    Late payment charges S$55
    Cash advance fee 6% of the withdrawn amount OR S$15 (depending on whichever of the two is higher)
    Interest on cash advance 28% p.a. (Minimum charge of S$2.50)
    Over Limit fee S$40
    Card replacement fee (upon loss/theft) S$20
    Lost/Stolen Credit Card liability S$100

    Charges for Foreign Currency Transactions

    • An administrative fee will be levied by HSBC on all foreign currency transactions. The fee charged is 1.5% of each of your foreign currency transaction amount.
    • Additionally, VISA imposes a charge of 1% on all transactions made in foreign currency.
    • If you convert your credit card transaction using Dynamic Currency Conversion or DCC, your transaction will be subjected to an additional charge of 1% on your transaction amount.

    Charges for Cash Withdrawals

    • Every cash withdrawal made using your HSBC Advance Credit Card will be subject to a fee of S$8 at any MasterCard or Cirrus ATM Networks or any VISA or PLUS ATM Networks. This S$8 fee does not include cash withdrawals that you make at shared Singapore (HSBC) atm5 networks, Singapore Branch of Bank of China Limited, Standard Chartered and State Bank of India (Singapore) Ltd., Citibank Singapore Limited.
    • You can make maximum cash withdrawal of S$1,000 per transaction.
    • You can make maximum cash withdrawal of S$2,000 per day.

    How to apply for HSBC Advance Credit Card

    You can apply for the HSBC Advance Card through BankBazaar.sg. Go to the card page on BankBazaar.sg and select ‘Check Eligibility’. You will taken to pages that check the parameters qualifying you to the card. Answer the questions and you will be taken to the application page from where you can select a quote. When you click on ‘Select Quote’ you will be directed to the application form, wherein you need to fill your personal details, contact information, residential address, employment details and other relevant information. Click on ‘Submit’ and wait for the card to be approved!

    Eligibility Criteria for HSBC Advance Credit Card

    You must meet the following eligibility criteria to apply for the HSBC Advance Credit Card:

    • Minimum age – 21 years.
    • Minimum annual income:
      • Singapore citizens and Permanent Residents – S$30,000.
      • Foreigners and self-employed applicants – S$40,000.
    • In case you don’t meet the minimum income criteria mentioned above, you can still apply for this credit card if you offer the bank a Fixed Deposit Collateral of minimum S$10,000.

    Documents required for HSBC Advance Credit Card

    The following documents must be submitted to successfully apply for an HSBC Advance Credit Card:

    Singapore Citizens and Permanent Residents must submit:

    • A front and back copy of your NRIC.
    • Salaried employees must submit:
      • An eCPF statement through HSBC’s online portal for which your SingPass will be required. The link to the online portal is available on HSBC’s Singapore website AND
      • Computerized payslips for the last 3 months OR
      • Income Tax NOA (Notice of Assessment) for the last 1 year + computerized payslip for the last 1 month.
    • Self-employed and commission based employees must submit:
      • Income Tax NOA (Notice of Assessment) for the last 2 years.
    • If your address on the NRIC is different than your mailing address - Address proof such as a utility bill, telecom bill, bank statements containing your full name and address must be submitted.

    Foreigners must submit:

    • A copy of your Passport AND
    • A front and back copy of your Employment Pass with a minimum validity period of 6 months when applying.
    • Salaried employees must submit:
      • Computerized payslips for the last 3 months OR
      • Income Tax NOA (Notice of Assessment) for the last 1 year + computerized payslip for the last 1 month.
    • Self-employed and commission based employees must submit:
    • Income Tax NOA (Notice of Assessment) for the last 2 years.
    • Address proof such as a utility bill, telecom bill, bank statements containing your full name and address.

    Supplementary Credit Card Application documentation requirement:

    • Your supplementary credit card applicant’s front and back copy of NRIC.

    Interest on the HSBC Advance Credit Card

    Starting from August 1, 2017, the interest rate on your HSBC Advance Credit Card will be 25.9% p.a. with a minimum charge of S$2.50. If you do not make the full outstanding payment on your credit card statement, the interest rate will start compounding on a daily basis from your transaction date until you make the full payment.

    Finance charges on your purchases will not be imposed if you make full outstanding payments on your monthly statements by the payment due date and you do not carry any balance to your next statement.

    Finance charges will be imposed on your transactions if you make minimum payments or partial payments on your statement balance.

    You will enjoy an interest-free period on your purchases for 20 days from your statement date if you make full outstanding payments on your monthly statements. To enjoy the interest-free period on your credit card, your EIR or Effective Interest Rate must be 0%.

    Repayments

    The minimum monthly payment that you need to make on your credit card statement is 3% of your statement balance or S$50, depending on whichever of the two is higher.

    If your account is over limit, then the minimum due will be 3% of your credit limit + excess amount of your credit limit.

    If you do not make the minimum payment on your statement balance by your statement due date, you will be charged a late payment fee of S$55.

    Lost/stolen card liability

    In case your HSBC Advance Credit Card is lost, stolen or the PIN has been disclosed to a third party, you should inform HSBC Bank immediately regarding the incident. You should provide all relevant information regarding the incident to the bank along with a written confirmation of the loss, theft or disclosure. The bank will launch an investigation after they receive your written confirmation.

    After informing the bank regarding the same, you will not be liable for any future unauthorized or fraudulent transactions on your credit card. Your maximum liability for any such transactions after notifying the bank will be limited to S$100.

    Reporting lost/stolen Credit Cards

    If you have lost your HSBC Advance Credit Card, it has been stolen or if your credit card PIN has been disclosed to an unknown party, you must call HSBC immediately and report the nature of the incident in the following:

    • Call HSBC credit card Hotline Number that is available 24 hours and report the incident.
    • After receiving a written confirmation from you, the bank will launch an investigation. You must assist HSBC in anyway required in the recovery of your credit card.
    • If required of you, you must provide a police report to HSBC or any other information the bank deems fit.

    This will help prove to the bank that the loss of your card was not due to negligence on your part. If you find your credit card after reporting it as lost/stolen, do not continue using the card. You must return it to HSBC after cutting it crosswise into 2 halves. You will be provided with a new credit card and asked to setup a new PIN.

    HSBC Advance Credit Card FAQ’s

    How can I apply for HSBC Advance Credit Card?

    You can apply online through BankBazaar directly for an HSBC Advance Credit card. The bank will follow up on your preference and ask you if you would like to apply for HSBC Advance banking. The following documents must be submitted to support your credit card application:

    • Letter of instruction
    • Supporting documents
    • CPF statement
    • Retrieve credit card application

    How do I apply for the HSBC Advance Card if income criteria is not met?

    Applicants must produce a minimum Fixed Deposit Collateral of S$10,000, upon failing to meet the criteria.

    What are the current features associated with the HSBC Advance Card?

    There are two prime benefits tied with the card at the moment:

    • You can get up to 3.5% cashback on all purchases with no minimum spend requirement.
    • By signing up now, applicants can choose between S$120 cashback and an American Tourister Caravan 70cm TSA luggage.

    What is the finance charge associated with cash withdrawals on the HSBC Advance Card?

    This fee is charged on the withdrawn amount. The finance charge is calculated starting from the day the transaction is posted to cardholder’s account, until the next statement date, or the day payment is made in full.

    What is the credit limit on the HSBC Advance Card?

    The limit is usually based on the bank’s review and approval, which might be lower than your requested amount. Applicants who earn between S$30,000 and S$120,000 p.a. have a credit limit fixed at four times the monthly income for all unsecured facilities.

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