Update: 10X HSBC Rewards Points extended until 31 May 2017!
I have written a number of articles on which credit card to get in Singapore in order to maximise miles accrual and I have always deliberately excluded the HSBC Advance Visa Platinum Credit Card because of the conditions required to get this card (it is not just about the annual income requirement). More importantly, the 10X HSBC Rewards Points promotion was supposed to end last year but it has been extended until 31 May 2017.
First things first, all applicants for the HSBC Advance Visa Platinum Credit Card have got to be an existing HSBC Advance account holder. In order to hold a valid HSBC Advance account (it isn't a priority banking account but perhaps more the likes of a preferred account), you will have to fulfill one of the following four requirements (even though three of them are probably more relevant to most people):
- Total Relationship Balance of at least S$30,000 in deposits, investments and/or insurance, with 6 months’ grace period to place in your funds
- Home Loan with an initial loan quantum of at least S$200,000
- Salary credit of S$3,750 per month, with 24 months grace period from Advance relationship opening to reach Total Relationship Balance of at least S$30,000
- Reoccurring deposit of at least S$2,500 per month, with 24 months grace period from Advance relationship opening to reach Total Relationship Balance of at least S$30,000
Once you hold a valid HSBC Advance account, you can then go ahead and apply for the HSBC Advance Visa Platinum Credit Card which comes with the following amazing perks (that will be valid until 31 May 2017 - I am crossing my fingers and toes that HSBC will extend these benefits):
- 10x Rewards on online transactions (4 Miles per S$1)
- 10x Rewards on local dining transactions (4 Miles per S$1)
- 10x Rewards on local entertainment transactions (4 Miles per S$1)
- Perpetual Annual Fee Waiver (hurrah!)
Wait a minute you say, what's so great about 10X rewards on online transactions (we have the DBS Woman's World MasterCard no?!) and the 10X rewards on local dining transactions (yup, we have the UOB Preferred Platinum American Express which gives 10X rewards on overseas dining too!)? Well with the HSBC Advance Visa Platinum Credit Card, there is no cap to the number of points (and therefore miles) you can earn - there is no minimum spending and no cap so go forth and spend! Of course the only catch now is that this amazing benefit will end on 31 May 2017.