Better and Worse: New HSBC Everyday+ Cashback Replaces HSBC Advance Credit Card’s Bonus Cashback

HSBC Advance Credit Card has been giving bonus 1% cashback on its base cashback (1.5% for monthly spends $2,000 and below, and 2.5% for monthly spends of above $2,000). This will change after 31st July 2021, however, as HSBC replaces the bonus cashback with a programme called HSBC Everyday+ Cashback.

It’s a rather notable change, even if you don’t use a HSBC Advance Credit Card.

Changes

	HSBC Advance Credit Card 1% Bonus Cashback (old)	HSBC Everyday+ Cashback (new)
Eligible cards	HSBC Advance Credit Card	All HSBC credit and Everyday Global Account (EGA) debit cards
Required number of purchases	5 Eligible Purchases on Advance Credit Card within the same calendar month	5 Eligible Purchases within the same calendar month
Required deposit amount	Deposit minimum SGD2,000 fresh funds into EGA	Deposit minimum SGD2,000 fresh funds (for Personal Banking customers) and minimum SGD5,000 fresh funds (for Premier and Jade customers) into EGA
Qualifying purchases	Receive 1% Bonus Cashback from the first Eligible Purchase (only Advance Credit Card transactions) made in the same calendar month.	Receive 1% Everyday+ Cashback from the 6th Eligible Purchase (either HSBC credit card or EGA debit card transactions) onwards in the qualifying spend period. Qualifying spend period will start on the day following the date when all the requirements for Everyday+ Cashback have been fulfilled till the end of the next calendar month (e.g. if the qualifying requirements are fulfilled on 10 August 2021, the qualifying spend period will be from 11 August 2021 to 30 September 2021)

Previously, as long as you deposit $2,000 fresh funds into your EGA and make 5 transactions on your HSBC Advance Card, you get the extra 1% cashback on all qualifying transactions within the calendar month including those 5 transactions.

From 2nd August, you would have to first perform these requirements first before a “Qualifying spend period” starts where eligible transactions would then get the 1% bonus. This period starts from the month the requirements are met, and last until the end of the following month. For instance:

Date where deposit and 5 transactions are done	Qualifying spend period
3rd August 2021	4th August to 30th September 2021

The simplest way to qualify would probably be to deposit the sum, then make 5 token transactions, whether it’s 1-cent payments to your telco, or buying small items at the super market.

Every HSBC card now qualifies!

While this may seem a little more troublesome, it does offer some benefits. The biggest one would probably be that all HSBC cards now qualify, and this includes the popular HSBC Revolution card which offers 4 mpd on Paywave and online transactions. An added 1% cashback makes it a very compelling alternative to other 4 mpd cards.

Also, if you do it early in the month, you do get 2 months of qualifying spend period for the bonus 1% cashback. This means that you will need to meet the requirements every other month instead of monthly, lowering the amount of fresh funds you need to deposit, unless you are a Premier/Jade banking customer. The amount needed is now increased to $5,000, though the maximum monthly cashback you can get from the bonus 1% cashback is increased from $300 to $500.

HSBC Cards

Please click Apply under each card to see the most up to date promo.

For reference only. Tap here for the terms and conditions.

Conclusion

If you meet the requirements, the HSBC Advance Credit Card remains a pretty decent 3.5% cashback card on nearly everything. Not the best, but probably pretty fuss-free.

The HSBC Revolution, on the other hand, becomes a 4mpd + 1% card. In a world where 4 mpd cards are the best for gathering miles, this makes the HSBC Revolution very good indeed.

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