The HSBC Visa Platinum Credit Card can take care of all your daily expenses from your petrol spends to your grocery and dining expenses. It is an all-round cashback card and doesn’t require you to spend a lot each month to enjoy savings. There are many credit cards that promise to save us money on daily expenses, so how does the HSBC Visa Platinum Credit Card fare? Let’s review the card to find out.
HSBC Visa Platinum Card Review: A Daily Necessities Card for Moderate Spenders
|HSBC Visa Platinum Credit Card|
|Principal card annual fees||S$192.60 (waived for 2 years)
Subsequent years waived with min. spend of $12,500 p.a.
|Supplementary card annual fee||Free for life|
|Minimum income||S$30,000 (Singaporean) / S$40,000 (foreigner)|
|Interest-free period||20 days|
|Interest rate on purchases||25.90% p.a.|
|Minimum monthly Payment||3% or S$50 (whichever is greater)|
|Cash advance fee||6% or S$15 (whichever is greater)|
|Interest on cash advances||28% p.a.|
|Foreign currency transaction fee||2.8%|
|Dynamic currency conversion||1% fee imposed by Visa or Mastercard|
|Stolen card liability||S$100|
|Late payment fee||S$55|
Key features of the HSBC Visa Platinum Card
Plain and simple, this credit card is a daily expenses rebates card that offers a flat 5% rebate on eligible purchases made at grocery stores, petrol stations, and at dining establishments.
Moreover, in addition to the cashback, you also earn 1 Rewards point for every S$1 you spend.
How to get and maximise your rebates
The 5% rebate you get on your fuel, dining, and grocery purchases are only applicable if you spend at least S$600 per month in every calendar quarter of the year. And, of course, if you dine at hotels, this card (like many others) won’t fetch you any rebates.
This card is a winner if you are able to meet the minimum monthly spend. Moreover, if your card is issued while a quarter is already in progress, your minimum spend requirement will be S$1,000 for that entire quarter.
Your cashback is capped at S$250 per quarter.
Rewards Points for everything you spend on
The HSBC Visa Platinum Credit Card will also earn you reward points along with rebates in the following manner:
- You will earn 1 Rewards point for every S$1 that you spend on this card.
- There’s no minimum amount that you need to spend to earn reward points.
- There is no cap to earning reward points.
- You can accumulate your points for up to 3 years and go for the big payout as these points only expire after 37 months.
A treat for the entire family
Parents, it’s time to rejoice! With the HSBC Visa Platinum Credit Card, your kids can enjoy free meals, movies, and more.
Here are just some of the exciting offers that come with your card:
- Enjoy 1-for-1 entry at The Polliwogs during HSBC Happy Hour.
- Get 1 complimentary child ticket for every 2 adult tickets at Jurong Bird Park, River Safari, Night Safari, or at the Singapore Zoo).
- Order a minimum of 2 mains at the Pool Grill, Singapore Marriott Tang Plaza Hotel and one child gets to dine and gain access to the pool for free.
- 2 kids get to go on a cruise atop the Quantum of the Seas with 2 paying adults.
- A complimentary 1-hour private class at Hark Music – School of Pop.
Take a look at the full list of offers here.
[Illustration] How you will earn rebates and rewards on the HSBC Visa Platinum Credit Card
Here’s a table to better understand how and how much cash rebate and reward points you will earn on this card if you spend more than S$600 per month:
|Category<||Min. spend of S$600
per month/per quarter
|Fuel at Shell or Caltex||S$100||S$5||100 points|
Understanding the cash rebate cap
We have laid out how much cash rebate you’re getting per month under every calendar quarter, but we are yet to apply the cap to these rebates. So, let’s quickly break that down:
- Let’s say that your expenses are similar to the table above. In this case, you have met the minimum spend requirement of S$600. By spending S$700 per month, you’d earn a cash rebate of S$35. If you keep your expenses for the rest of the quarter constant, you could earn S$105 at the end of the quarter (3 months). And since the cashback cap is S$250 per quarter, you can actually use your card for spends up to S$5,000 each quarter before you cease to earn any cashback.
- Keep in mind that if you do not meet the minimum monthly spend criterion, you only earn 1 Rewards point per S$1 spent and no cashback at all.
The earned cash rebate will be credited to your account within a period of 2 months after the end of each calendar quarter.
However, you can redeem your reward points on the Rewards Catalogue for some vouchers. If you have accumulated up to 3,500 points, you can redeem them for:
- S$10 Starbucks voucher (3,000).
- S$10 Toys ‘R’ Us voucher (3,200 points).
- Golden Village Movie Pass (3,400 points).
You can also convert your reward points into air miles:
- 2,000 Asia Miles (5,000 points).
- 2,000 KrisFlyer Miles (5,000 points).
Granted that it’s not going to be the best way to accumulate points, especially in light of other cards that offer 10X and 5X points on selected categories (such as the HSBC Revolution Card). Still, this is HSBC’s way of offering you a base earn rate when you don’t hit the minimum spend or have maxed out your caps.
How does the HSBC Visa Platinum compare with other cards
We come to realize how valuable something is when we pit it against everything else. So, let’s do the same to find out how the HSBC Visa Platinum Card fares against a few similar cards.
|Spend Category/Cards||HSBC Visa Platinum||UOB One||BOC Family Card||OCBC 365||Citi Cash Back|
|Groceries||5% cashback||5% cashback||5% cashback||3% cashback||8% cashback|
|Dining||10% cashback||6% cashback|
|Fuel Purchases||0.3% cashback||5% cashback|
|Other Retail Spends||–||0.3% cashback||0.3% cashback||0.25% cashback|
|Min. Monthly Spend||S$600||S$2,000||S$700||S$800||S$888|
|Cash Rebate Cap (per quarter)||S$250||S$300||S$300 (S$100 per month with category caps)||S$240 (S$80 per month)||S$225 (S$75 per category)|
What does the comparison tell us?
- UOB One Card – Unlike the HSBC Visa Platinum Card which gives you a 5% rebate on selected categories, with the UOB One Card you get a cash rebate of 5% on all of your spends. The catch is the minimum spend of S$2,000 per month. It’s also the maximum amount you should be spending on the UOB One Card (any extra amount spent doesn’t earn you rebates).
- BOC Family Card – The BOC Family card is a generous card, and does well in all categories except for petrol. The cashback is, however, capped by categories, making it less flexible. The other caveat is the monthly minimum spend requirement is fixed at S$700.
- OCBC 365 Card – The OCBC 365 Card is the card you should consider if dining forms a large part of your expenses since you get a 6% rebate when you use your card for dining. A downside of using this card is the minimum spend which is S$800. That being said, you can get cashback on more categories such as local and overseas transport spends, online travel spends, and utility bill spends.
- Citi Cash Back Card – At first glance it may seem that the Citi Cash Back Card is a better choice because of the 8% cashback you get. However, the minimum spend is much higher at S$888 and the cash back is capped at S$225 per quarter. While the cashback cap for the HSBC Visa Platinum Card is higher at S$250 per quarter.
Our final thoughts
The revisions to HSBC Visa Platinum Card have made it a worthwhile contender in the cashback credit card space. As we have shown in the comparison with similar cashback credit cards for families, the HSBC Visa Platinum Card stands out for its low monthly minimum spends and good cashback rates. Let’s not forget that you might get good value from the kids and family offers that come with the card.
If groceries, dining and fuel are your main spends, we’d suggest pairing this card with an HSBC Advance Card. The latter can be used for all other expenses for a 1.5%-3.5% cashback. The benefit is that there is no minimum spend to meet with the HSBC Advance Card.
The other useful benefit of this card is that the annual fee is waived for the first 2 years. Anytime you have to pay an annual fee on a cashback card, you’re basically starting with a negative balance. Imagine this, if you paid S$192.60 in fees, you’ll need to spend S$3,852 and be getting 5% cashback JUST TO BREAK EVEN.