“Best for families.”
Or at least, that’s what the HSBC Visa Platinum Card hopes it is.
Today, we’ll dig a little deeper to find out if it really is the best option for families, covering:
- Eligibility requirements
- Fees and charges
- Cashback, discounts, and other rewards
- Who would benefit the most from this card
You can apply via Singpass MyInfo on the HSBC website if you’re a Singaporean or PR, or request a callback by leaving your details in the online contact form.
Fees and Charges
|Effective Interest Rate||25.9%|
|Late Payment Charges||S$55|
|Minimum Monthly Payment||3% or S$50, whichever is greater|
|Foreign Currency Transaction Fee||2.8%|
|Cash Advance Interest and Fees||6% or $15, whichever is greater|
Free Supplementary Cards for Life – Plus Cashback
In this regard, you can tell that HSBC did their best to appeal to the whole family.
Not only are supplementary cards free, but you’ll also get up to S$150 cashback (S$30 per card, max five cards) when you apply for cards for every member of the family. You’ll have to make one qualifying transaction on each card to be eligible for cashback.
Annual Fee Waivers
This card offers a two-year annual fee waiver, which is more than the market average. From the third year onwards, simply charge S$12,500 to the card (or about $1,041.67 monthly) for an automatic fee waiver for that year.
Cashback, Discounts, and Other Benefits
|Cashback||5% cash rebate on dining, groceries and fuel|
|Minimum Spend||S$600 for every month in a quarter|
|Monthly Cashback Cap||S$250 per quarter (S$83.33 per month)|
|Reward Points||Earn one Reward Point per dollar spent on principal or supplementary cards (on top of the cashback)|
You may have heard of ENTERTAINER, the mobile app known for its wide range of 1-for-1 deals spanning Singapore, Malaysia, Hong Kong, UAE, and the UK. While the usual Entertainer requires a paid subscription, HSBC offers a free but limited version of it to its cardmembers.
You’ll find deals like:
- 25% off your total bill at over 20 merchants per month
- 1-for-1 takeaway offers at 50 restaurants, such as Hard Rock Cafe Singapore and Shin Minori Japanese
- 1-for-1 stays at hotels worldwide
- Up to 60% off hotels worldwide
Good Cashback with a Lower Minimum Spend
The HSBC Visa Platinum’s 5% cashback is decent – until you compare it to other family-oriented cards like the Maybank Family & Friends Card and the BOC Family Card.
Not only do the other cards have 3 – 5% higher cashback, but they also grant a base rate of 0.2 – 0.3% for non-eligible categories. Plus, they all have a higher cashback cap than the HSBC Visa Platinum (though with a cashback cap per category as well).
With the other cards, there’s also no annoying requirement to meet the minimum spend for three consecutive months. But these cards do require a higher minimum spend, so frugal families may still prefer the HSBC Visa Platinum.
|Card Type||Minimum Spend||Cashback Range||Cashback Categories||Cashback Cap|
|HSBC Visa Platinum||S$600 per month for a quarter||5%||5% on dining, groceries, fuel spend||S$250 per quarter (about S$83 per month)|
|Maybank Family & Friends Card||S$800||0.3% to 8%||8% on Transport (including petrol), Dining & Food Delivery, Groceries, and seven other categories||S$125 per month (S$25 per category)|
|CIMB Visa Signature||S$800||0.2% to 10%||10% on online shopping, pet retail, groceries, beauty and wellness, vet services, cruises||S$100 per month (S$20 per category)|
|Bank of China Family Card||S$800||0.3% to 10%||10% on dining, movies, 5% on ‘Family Club’ merchants||S$100 (S$25 per category)|
What may compensate for the less competitive cashback is the additional reward points HSBC cardmembers get.
Assuming you spend S$600 on eligible categories, you’ll receive S$30 cashback and 600 Reward Points. It’s not much, so think of it as a bonus. You can start redeeming items with as little as 1,800 Points via HSBC’s iBanking or phone banking.
Excellent Range of Promotions
Cashback aside, HSBC offers many discounts and promotions designed for families. These cover everything from dining and travel to everyday expenses such as Grab, Foodpanda, and Redmart.
When searching for promotions on the HSBC website, it may be confusing at first glance because there are so many tabs. To break it down, there are:
- WOW Weekend Deals – New limited-time deals launched every week
- ENTERTAINER with HSBC – HSBC’s mobile app that features 1-on-1 dining, lifestyle, and hotel deals
- Dining, Travel, Online, Lifestyle, and Petrol Promotions – on HSBC’s website. You can also locate ENTERTAINER deals here.
Extra 1% Cashback with HSBC Everyday+
This benefits cardmembers who also do their banking with HSBC. The programme gives you an extra 1% cashback if you can deposit a minimum of S$2,000 in a HSBC Everyday Global Account (S$5,000 if you’re a Premier or Jade customer) and make at least 5 transactions monthly.
Downsides of the HSBC Visa Platinum Card
1. Quarter-Long Minimum Spend
A minimum monthly spend may be the norm, but having to maintain it for three consecutive months feels restrictive. If this sounds daunting, you might be better off with other cards.
2. No Cashback for Foreign Transactions
Even though foreign transactions count towards your minimum monthly spend (and earn reward points!), they don’t qualify for 5% cashback. That makes this card rather limited.
For all three of the eligible categories, there are cards offering better rebates. The only redeeming trait is that there’s no cashback cap per category here.
3. No Travel Privileges
This ‘family-friendly’ card doesn’t cover family vacations. There are no complimentary travel privileges like airport lounge access, airport transfers, or free hotel stays.
Who Would Benefit From This Card?
- Families who incur substantial fuel expenses every month at Caltex and Shell
- Those who can consistently spend at least S$600 monthly (ideally S$1,100) on three main categories locally: dining, fuel, and groceries
- Those who need a backup for the occasions they spend past cashback caps with other cards