HSBC Visa Platinum Card Review: A Daily Necessities Card for Moderate Spenders

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HSBC Visa Platinum Card Review

The HSBC Visa Platinum Credit Card can take care of all your daily expenses such as recurring bills, petrol, 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

Key features of the HSBC Visa Platinum Card

Plain and simple, this credit card is a daily expenses rebates card that offers the following:

  • 5% rebate on recurring bill payments.
  • Up to 5% rebate on fuel purchases.
  • Up to 5% rebate on grocery purchases.
  • Up to 2% rebate on dining.

How to get and maximise your rebates

On the surface of it, this card seems to offer something for all your day-to-day spending. On top of that, you get an unconditional 5% rebate on your recurring bill payments that includes cable, mobile, TV, and internet bills.

The 5% rebate you get on your fuel and grocery purchases are only applicable if you spend at least S$800 per month in every calendar quarter of the year. Otherwise, you will get 3% cash rebate and you need to spend at least S$400.

For your dining expenses, you will get 2% cash rebate if you spend at least S$800 per month in every calendar quarter of the year. Otherwise, you will get 1% cash rebate. Also, if you dine at hotels, this card (like many others) won’t fetch you any rebates.

Therefore, this card is a winner if the only expenses incurred on your credit card are for paying your bills, buying groceries, and pumping petrol at Shell or Caltex. But, if you dine out frequently and are wondering if you should charge the expense to the HSBC Visa Platinum Card, it’s best not to (unless you need to meet the minimum spend).

Here’s the biggest catch with the rebates offered:

  • If you spend at least S$400 and below S$800 per month, your rebate is capped at S$60 per quarter.
  • If you spend S$800 and above per month, your rebate is capped at S$120 per quarter.

Related: Guide to the Best Cashback Credit Cards + When to Use Which Cards

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.

[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 below S$800 per month:

Category Min. spend of S$400 per month/per quarter Cash Rebate Rewards
Recurring Bill Payments S$250 S$12.5 250 points
Fuel at Shell or Caltex S$100 S$3 100 points
Groceries S$140 S$4.2 140 points
Dining S$300 S$3 300 points
Total S$790 S$22.7 790 points

Here’s what you’ll get if you spend S$800 and above per month:

Category Min. spend of S$800 per month/per quarter Cash Rebate Rewards
Recurring Bill Payments S$350 S$17.5 350 points
Fuel at Shell or Caltex S$250 S$12.5 250 points
Groceries S$300 S$15 300 points
Dining S$600 S$12 600 points
Total S$1,500 S$57 1,500 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:

  • For spending below S$800 per month, you’re earning S$22.70 cash rebate. If you keep your expenses for the rest of the quarter constant, you should ideally be earning S$68.10 at the end of the quarter (3 months). But, for spends below S$800, you can only earn a maximum of S$60 per quarter. In this example, you lost S$8.10 worth of cash rebate.
  • The same way, you should ideally get S$171 cash rebate for your expenses exceeding S$800 per month for the quarter, but since you can’t get more than S$120, you’ve just lost S$51 worth of cash rebate.

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 worth of:

  • Starbucks voucher (2,750).
  • Toys ‘R’ Us voucher (3,100 points).
  • Resorts World Sentosa Attractions Voucher (3,150 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.

Related: HSBC Revolution Card Review: A Very Useful Miles Card for Millennials

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 BOC Family Card OCBC 365 Citi Cash Back
Recurring Bills 5% cashback 1% cashback on telco bills 3% cashback 0.25% cashback
Fuel purchases Up to 5% cashback Nil Up to 5% cashback 8% cashback
Groceries Up to 5% cashback 5% cashback at 3% cashback 8% cashback
Dining Up to 2% cashback 10% cashback Up to 6% cashback 8% cashback
Minimum Spend Required S$400 S$700 S$600 S$888
Cash rebate Cap per quarter S$60 – S$120 S$300 (S$100 per month) S$180 S$225 (S$75 per category)

What does the fine print tell us?

  • BOC Family Card – The BOC Family card is a generous card, and does well in all categories except for petrol. The only caveat is the monthly minimum spend requirement is fixed at S$700. With HSBC, you get two tiers you can get cashback from.
  • OCBC 365 Card – Although the OCBC 365 is offering double rebates when compared to the HSBC Visa Platinum Card, you need to spend a minimum of S$600 every month, otherwise you will get a flat cashback rate of 0.3% on everything. On the bright side, the OCBC 365 card offers more benefits to customers including 3% rebate on online purchases.
  • Citi Cash Back Card – For high spenders, this card definitely comes out top compared to the HSBC Visa Platinum Card. The Citi Cash Back Card gives you a potential S$225 in cash back every quarter. HSBC’s cap is only S$120. Furthermore, you are not restrictive to spending S$800 in all three months as the cashback is calculated monthly.

Related: 10 Best Cashback Credit Cards for Grocery Shopping in Singapore

Our final thoughts

The HSBC Visa Platinum Card is a good entry level card for young executives. Someone who has just started to pay their own bills, drives the family car on the weekends, does a little bit of grocery shopping but doesn’t dine out that frequently. So, if you are looking for a useful cashback card with a low minimum spend during your first few years of working, this could be a great option.

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.

Related: When Is It Worthwhile to Pay Your Credit Card’s Annual Fee?

So there, no risk for 2 years at least.

Check your eligibility and apply for the HSBC Visa Platinum Credit Card on BankBazaar here.

HSBC Visa Platinum Credit  Card Features Details
Annual Fee Principal card: S$192.60 (1-year waiver)

Supplementary card: Free

Effective interest rate 25.9% p.a
Eligibility 21 years old and above

Annual income requirement:

  • S$30,000 and above for Singaporeans and PR
  • S$40,000 and above for foreigners

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