For the past year, Heartland Boy has only been receiving up to 2.5% cashback on his HSBC Advance Credit card. That was because he did not think it was worthwhile to qualify for a HSBC Advance Banking relationship just to earn an additional percentage of cashback on the HSBC Advance Credit card. However, a recent chat with a friend at a wedding lunch made him realise that there are actually a variety of ways to qualify for HSBC Advance status. One of them has such a low barrier to entry that almost ANYONE can qualify for HSBC Advance! Here is how to easily earn up to 3.5% cashback on the HSBC Advance Credit card.
How To Qualify For HSBC Advance
There is a total of 5 ways to qualify for HSBC Advance.
Heartland Boy would like to pinpoint the simplest way to qualify for HSBC Advance. Particularly, he is referring to the eligibility criteria of “Salary crediting or reoccurring deposit of at least S$3,500 per month AND have applied for/hold a HSBC Credit card”. Within that clause, there are 2 conditions that must be fulfilled:
- Salary crediting or reoccurring deposit of at least S$3,500
- Applied for/hold a HSBC Credit card
Heartland Boy will share his friend’s tip on how you can qualify for HSBC Advance. To fulfil sub-clause A, simply arrange GIRO instructions from one of your bank accounts (say Bank ABC) to transfer $3,500 into your HSBC Advance account on Day X. On Day X+1, set up GIRO instructions to transfer $3,500 from your HSBC Advance account back to Bank ABC. Remember to set this as a recurring transfer so that you do not need to manually perform the transfers yourself. Note that this remains one of the eligible 5 ways to qualify for Advance relationship post 1 April 2019. (i.e. It did not get nerfed) Heartland Boy has called a Customer Service Officer to confirm.
You may sacrifice one day of interest on $3,500 (which by the way is really negligible) but you immediately get upgraded to a higher-tier of interest rate for your HSBC Advance Credit card. A 10-minute effort for a lifetime (at least until HSBC changes its terms and conditions) of higher cashback rate, it is damn worth it!
$3,500 is all you need and that is why Heartland Boy claims that the barrier to entry is extremely low. Do note that a penalty of $10 will be imposed if you fail to fulfil the eligibility criteria in any given month. However, if you have set up GIRO transfers like what Heartland Boy has recommended, it is impossible to be penalized unless there are insufficient balances in Bank ABC to begin with.
On the other hand, Heartland Boy would not encourage you to deposit your salary into the HSBC Advance account. Salary crediting is a rare and precious commodity, so Heartland Boy will preserve it for any of these high interest rate bank accounts.
To fulfil sub-clause B, simply apply for the HSBC Advance Credit Card (this is Heartland Boy’s affiliate link). Only $30,000 annual income is required, and this is typically the lowest base to qualify for an adult credit card. The annual fee is also perpetually waived for HSBC Advance customers, which you would qualify based on Heartland Boy’s tip aforementioned.
Benefits of HSBC Advance
One of the main benefits of qualifying for HSBC Advance is the instant upgrade of your cashback tier for your HSBC Advance Credit card as shown in Diagram 2.
Heartland Boy’s household has some major expenditure upcoming as he has just collected the keys to his BTO not too long ago. As a cashback boy, his simple strategy for his home renovation was to:
- Use Amex True Cashback card and receive vouchers at Harvey Norman/Gain City by choosing to pay with the interest-free instalment plan (6.66% cashback)
- For payment of non-electronic appliances, eg: curtains, electrician, sanitary fixtures, he used his HSBC Advance Credit card to earn 3.5% cashback.
- If such miscellaneous spend exceeds $3,570 per month, he swiped his Standard Chartered Unlimited Cashback card (1.5% cashback)
Furthermore, there is no minimum spend required for you to start earning at least 2.5% cashback on the HSBC Advance Credit card.
Heartland Boy understands that from 3 June onwards, an additional 0.03% cashback is now awarded for spend beyond the initial cashback caps of HSBC Advance credit card. However, this is so insignificant that he will advise you not to bother with them. If you want to get your hands on one of the best cashback credit cards in Singapore, sign up using this LINK !
If you require a personal loan, consider applying it from HSBC.
Disclaimer: Note that this article contains some affiliate links that allow Heartland Boy to earn a small fee for every successful referral.