HSBC Visa Platinum Credit Card – MoneySmart Review (2020)

So many credit cards seem to be designed for bragging rights, but not the HSBC Visa Platinum Credit Card. The card is targeted at families, so don’t expect it to look sexy when you toss it onto the counter. But do expect decent cash rebates in practical categories.

In a nutshell, the card offers 5% cash rebate on dining, groceries and fuel — three categories that matter to anyone who is more likely to dole out pocket money than receive it.

 

HSBC Visa Platinum Card terms & conditions

HSBC Visa Platinum Credit Card
Annual fee & waiver	$192.60 (waived for the first two years)
Supplementary annual fee	Free
Interest free period	20 days from statement date
Annual interest rate	25.9%
Late payment fee	$55
Minimum monthly payment	3% or $50, whichever is greater
Foreign currency transaction fee	2.8%
Cash advance transaction fee	6% or $15, whichever is greater
Overlimit fee	$40
Minimum income	$30,000 (Singaporean or PR) or $40,000 (foreigner)
Card association	Visa
Wireless payment	Visa payWave, Apple Pay

 

How the HSBC Visa Platinum Credit Card works

The HSBC Visa Platinum Card is targeted at those who spend consistently on necessities such as food and ferrying the family around in your Toyota Corolla.

Here are the main benefits: 

• 5% cashback on supermarket spend (retail and online)
• 5% cashback on dining (except hotel dining)
• 5% cashback on petrol at Caltex and Shell
• 16% instant discount on petrol at Caltex and Shell
• No annual fee for the first two years 
• Exclusive family offers, including discounts on restaurants, shopping and activities
• Earn 1 Reward point for every dollar spent locally or abroad.

The main catch is the minimum spending requirement. You need to spend at least $600 for every month in a calendar quarter in order to qualify for the rebates in that quarter. The card demands consistency, which is why it’s probably more suited to families who have monthly needs that are more or less fixed.

Now, $600 isn’t that much as far as minimum spending requirements go. But it’s annoying to have to consistently make sure you meet the requirements every month in a quarter or risk losing your rebates. That being said, if you actually are in the target demographic of families with kids and are feeding several mouths, it shouldn’t be too hard to meet these requirements.

Since supplementary cards are free, you can issue a card to your spouse and (if you trust them enough) kids aged 18 and above at no extra cost.

Another thing to note is the fact that rebates are capped at $250 per quarter. So don’t go crazy and spend thousands expecting to get 5% rebate on all of it.

 

Who should use the HSBC Visa Platinum Credit Card?

The card’s main target market is families with kids, and it’s not hard to see why. Growing children need to be fed and it’s always fun to eat out together — the card’s grocery and dining rebates are perfect for that. 

Drivers can also benefit from the rebates at Caltex and Shell, although it’s probably best to check if there’s a better petrol credit card out there if you won’t have any trouble meeting the minimum spending requirements without using the card for petrol.

Objectively speaking, this card is useful enough to be of interest even to people who’ve sworn to stay single forever or are allergic to kids. But to get utility out of it, you need to have consistent spending habits, so it’s probably better for those who are responsible for their own groceries rather than living with parents.

Ultimately, this card serves a segment of the population wanting to get a decent rebate on daily necessities using one single card with a manageable minimum spending requirement. But is it the best card available? No, not by a long shot.

There are many cards that offer better dining, grocery and fuel rebates. These sometimes (but not always) come with higher minimum spending requirements. Compare credit cards on MoneySmart to find those that better meet your needs.

Conclusion? Like most of HSBC’s credit cards, the HSBC Visa Platinum is pretty standard and not something to get overly excited about if you’re the type who likes to rack up cash back and rewards. 

 

HSBC Visa Platinum Credit Card promotions

New HSBC cardholders who sign up for the HSBC Visa Platinum by 31 August 2020 get to choose between a 69cm Samsonite luggage or cashback of $150. (If you already have an HSBC card, you still get a consolation prize of $30 cashback.)

In addition, when you apply online with MyInfo via SingPass, you get an additional $30 worth of Grab rides.To qualify for the welcome gift, you must spend at least $800 by the end of the month following your card account opening date.

HSBC also has a series of other card promotions catered for families. 

Dining offers

• 15% off total bill at Swensons with a minimum spend of $70 (until 31 Dec 2020) 
• 25% off total bill at Acai Beach Club, Iki Healthy Soba and Kraftwich via ENTERTAINER with HSBC app (until 30 Dec 2020)

Online shopping discounts

• 10% off Amazin’ Grace Singapore with a minimum spend of $40. Use promo code AGXHSBC10 at checkout. (until 31 May 2021)
• 10% off Grain orders, no minimum spend, using promo code HSBCGRAIN. (until 30 Jun 2021)
• 15% off Zalora orders (capped at $40) with minimum spend of $80. Use promo code HSBC2020. (until 31 Dec 2020)

Entertainment and activities offers

• 1-for-1 admission at BOUNCE Singapore via the ENTERTAINER with HSBC app (until 30 Dec 2020)
• 1-for-1 day pass or starter day pass at Ground Up Climbing via ENTERTAINER with HSBC app (until 30 Dec 2020)
• 1-for-1 $30 game credit at Timezone via ENTERTAINER with HSBC app (until 30 Dec 2020)
• 10% off membership sign ups at Pororo Park Singapore and Tayo Station (until 31 Dec 2020)

Travel offers

• 12% off hotel bookings in Singapore and 7% off overseas hotels via Agoda (until 31 Dec 2020) 
• 10% off hotel bookings worldwide with promo code HSBCHOTEL10. (until 31 Dec 2020) 

Enrichment classes offers

• Waiver of new student registration fee and cost of 1 lesson at The Learning Lab and Xin Zhong Wen (until 31 Dec 2020)
• 20% off two trials for new customers of Our Music Studio; 5% off classes for new and existing customers if you sign up for a minimum of 6 classes (until 31 Dec 2020) 

 

Alternatives to the HSBC Visa Platinum Credit Card

Citi Cash Back Card – This card gets you 8% cash rebates on dining, groceries and petrol at Esso and Shell when you spend at least $888 in a statement month. Basically, it does everything HSBC Visa Platinum does, but better, subject to your being able to meet a higher minimum monthly spending requirement. Read our review here.

Standard Chartered Unlimited Cashback Card – Unlimited cashback cards like this one are the simplest to use and understand — you get 1.5% cashback on everything with no cashback cap and no minimum spending requirement. If you’re not an actual parent or are just super frugal and can’t meet any minimum spending requirements, this card is for you. Read our review here.

UOB One Card – This card gets you a whopping 10% rebate at selected merchants including Giant, Cold Storage, 7-11 and Grab, 6% on SP Power bills and 5% on everything else.  They have the same annoying requirement of meeting the minimum spending requirement every month in a quarter. However, unlike HSBC Visa Platinum, UOB One has much higher spending requirements — you need to spend $2,000 every month in a quarter to qualify for the maximum rebate. Read our review here.

 

What do you think of the HSBC Visa Platinum Credit Card? Share your opinions in the comments!