HSBC Visa Infinite Credit Card: All you need to know

If you are looking for a credit card that is all about luxury and service, then the HSBC Visa Infinite Credit Card may fit the bill. It works like a normal credit card but provides global perks and services to make your travel as smooth as possible. From travel and lifestyle butlers on hand to VIP access to ESPA at Resorts World Sentosa, limousine service, golfing privileges and more, you can indulge yourself in top-notch service with the HSBC Visa Infinite Credit Card.

But, it does all come with a catch. There is a high salary requirement, a significant annual fee, and transaction charges that can make your travel more expensive than it needs to be. Take a look as we do a deep dive into the HSBC Visa Infinite Credit Card.

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How does the HSBC Visa Infinite Credit Card work

The HSBC Visa Infinite Credit Card works similar to a regular credit card, as you can charge purchases to it wherever Visa is accepted, and then you pay it back monthly at an interest rate. There is a minimum charge of SGD 2.50 per purchase. While the perks, which we’ll get into later, are attractive, the fees and charges can really start to add up once you are traveling abroad. Let’s break them down to see how much this credit card may really cost you.¹

Annual fee

The annual fee is a steep SGD 650 (inclusive of (GST)) for primary cardmembers. If you are an existing HSBC Premier customer, the annual fee is reduced at SGD 488. Any supplementary card annual fees are waived.

Annual interest rate

The annual interest rate on the card for your purchases is 25.9%

Late payment fee

If you miss your monthly minimum payment due date, you will automatically be charged a late payment fee of SGD 55 on your next account statement.

Minimum monthly repayment

Speaking of which, the monthly minimum payment is either 3% of your outstanding balance or SGD 50, whichever is more. If your account balance is below SGD 50, you will be asked to pay the balance.²

Foreign currency transaction fee

The Visa Infinite credit card can be used globally but the foreign transaction fees quickly add dollars to every purchase. There is first a 1.8% fee on the transaction amount. Then the foreign currency charge is also subject to a 1% fee by Visa card associations. On top of that, if you choose for dynamic currency conversion, you will be charged another 1% on top of your transaction.

Cash advance transaction fee

Say you are traveling in Australia and want to take cash out from an ATM. You can take cash from your HSBC Visa Infinite Card against your credit line. You will be charged 6% on the amount withdrawn or SGD 15, whichever is higher, plus a cash advance interest rate on the amount of 28% until it is paid off.

Overlimit fee

Spend more than your credit limit? You will be charged a fee of SGD 40 on your next account statement.

What is the eligibility for HSBC Visa Infinite Credit Card?

To apply for the HSBC Visa Infinite Credit Card you must be at least 21 years old and have a minimum annual income of SGD 120,000. If you don’t meet the income threshold, but still want the card, you can maintain a minimum fixed deposit of SGD 30,000 with HSBC that is held by the bank until your account is closed.

To apply you can submit an application online or head over to an HSBC branch. Singaporeans and PRs with salaried employment are required to submit a photocopy of your NRIC and income documents like an eCPF statement, latest 3 months payslip or Notice of Assessment with 1 month’s computerized payslip, with their application. If you’re self-employed, you will need to submit 2 years of Notice of Assessment. Foreigners will need to submit copies of their passport, employment pass and 3 months latest computerized payslip.³

What can I do with HSBC Visa Infinite Credit Card?

The HSBC Visa Infinite Card can be used for all your international and local purchases. There are privileges with hotels, retail, restaurants, and travel to take advantage of as a card-holder. You also are able to get air miles as you spend, travel insurance, and lounge access to make your trips even easier. Plus with additional perks like travel butler, you can access personalized services wherever you are in the world.

HSBC Visa Infinite Credit Card air miles

You can accrue air miles as you spend using your HSBC Visa Infinite Credit Card. While using your card in Singapore, you get 1 air mile with ever SGD 1 your spend. That doubles when you use your card overseas, so for every SGD 1 equivalent you spend on the card, you gain 2 air miles.

If you spend over SGD 50,000 a year on the card, you get access to an increased earn rate where you earn 1.25 air miles and 2.25 air miles for every SGD 1 you spend locally or internationally, respectively.

To note, the air miles are given to you in the form of HSBC Reward Points through HSBC’s Mileage Program. This mileage program comes with an annual fee of SGD 40.

Currently, if you sign up for the HSBC Visa Infinite Credit Card you receive a welcome gift of 35,000 air miles that you can use across 40 different airlines.⁴

HSBC Visa Infinite Credit Card travel insurance

The HSBC Visa Infinite Credit Card provides you travel insurance as long as the travel is purchased through the card. The full travel expense needs to be charged to the card to qualify. With travel insurance, you get 20+ benefits including personal accident insurance, medical expenses, emergency medical, evacuation and travel inconvenient insured up to USD 2,000,000.⁵

HSBC Visa Infinite Credit Card lounge access

You can enjoy complimentary access to airport lounges through Priority Pass Membership with the HSBC Visa Infinite Credit Card. You will have access to over 1,1000 participating lounges, once you register with Priority Pass using your HSBC Visa Infinite card. If you are traveling with non-card holders, they can join you in the lounge for a fee of USD 32.

Another benefit the card provides is 1 free limousine transfer and 1 expedited immigration clearance at airports if you spend over SGD 2,000 per month on eligible purchases. Check the fine print when you apply for what qualifies for this perk.⁶

Overseas spend with HSBC Visa Infinite Credit Card

It can be easy to fall for the luxury services for the HSBC Visa Infinite Card, but if you are traveling a lot does it actually make sense for your wallet? With the credit card, you are paying a significant annual fee, plus at least 2.8% of your purchase on fees just for a single overseas transaction. Put the interest rate on top of that, and your simple holiday to relax can start to stress out your bank account. Instead of accumulating miles or services you may not need, why not keep your real money in your wallet with Wise?

Get your Wise borderless card - a multi-currency account that is on average 7 times cheaper than banks

The Wise borderless card is completely different. The account is free to sign up and maintain- no annual fees here. You can then load up your account with this truly global Mastercard with 45+ currencies. Each time you convert money on your card you will get the real mid-market exchange rate and only one small fee.

Want to take out cash while you’re abroad? Wise doesn’t charge a single fee for cash withdrawals up to SGD 350 every 30 days. Best part yet is that you can shop online at Alibaba, Amazon, Qoo10 and Grab with the Wise borderless card, and use it like any other card even when you are home. Forget about paying fees after fees for your global purchases, Wise makes it cheap and easy to shop, live and travel abroad. For those with a real international lifestyle, this is the card for you.

Sources used for this article:

1. Fees and Charges
2. Minimum Monthly Payment
3. Eligibility
4. Air Miles
5. Travel Insurance
6. Lounge Access

All sources checked as of 29 November, 2019