Apply for the SCB Rewards+ or SCB Unlimited Card by 5 Feb 2021 and get S$300 cash or a pair of Apple AirPods Pro. AMEX is known for its excellent Platinum events that typically happen once every two months or so, and I’m sure we’ll see these return once circumstances allow. So what card benefits are still usable in these Covid-19 times, and can they justify the fees? So I’m playing the long… Read more ». Your email address will not be published. Use your new card to make everyday eligible purchases and earn 10% cash back on the first $2,000 you spend in your first 3 months from account opening. With the $40 credit card rebate, that would bring your net annual cost to $80 for a keeper travel insurance card, with no opportunity cost on your principal. If the opportunity cost of an idle minimum balance isn’t too high, we can leverage these accounts to save fees on cards that offer us sustained value over the years. Some may be offered by the card network (e.g Visa), and you can still enjoy them on other (cheaper) cards. No love. To convert HSBC rewards points to air miles, you need to pay annual mileage programme fee of S$42.80 Min. Now there are no concerns and no waiver requests to deal with or worry about – the card is simply fee-free, for as long as HSBC keeps it that way! Perpetual annual fee waiver for HSBC Advance banking customers, or a minimum annual spend of $12,500 for waiver. There’s no using the lounge or hotel benefits right now, and you’re obviously going to have issues spending the S$800 travel credit, what with all the uncertainty around future travel plans. The AMEX Platinum Charge is a good deal more expensive than any other card listed here, which means you all the more need to weigh the benefits. (S$30/60K spend for Premier/regular customers) Key Benefits • 15,000 VOYAGE miles • Unlimited Plaza Premium Lounge (principal + supp) • Airport limo • Tower Club access (for PPC + BOS only) • Buy unlimited miles at 1.9-1.95 cents each If around the 2cpm range, I think it’s worth the slight premium (in normal times we would have paid anyway, no?). However, the equation changes from the second year, because the annual fee doesn’t get you any renewal miles (if you make a fuss, you might get 20,000 miles, but that depends on a lot of factors and is hardly a given). Smart Plus accountholders also get a $50 fee rebate on up to three authorized users – either free with Visa Infinite, or a net cost of $49 with Visa Infinite Privilege. Sorry for the late reply. Should you take it? With travel bans, circuit breakers, and a potential recession lurking around the corner, is it still worth holding a premium credit card? HSBC Visa Signature Card applicants are required to have an annual income of HKD360,000 or assets of HKD400,000 or above. Earn … Finally, paying the S$535 annual fee gives you a further 25,000 miles, although it’s not the best of deals at 2.14 cents per mile. Ultimately, this card is the best option for versatile rewards on core local spending, especially if you spend enough to earn the fee-waiver. HSBC Visa Card Annual Fee Waiver Number Hi - can someone please remind me of the number to call to ensure they don't automatically post this charge to my account. Preferred requires a $4,000 balance to waive $15.95/month fees, while Ultimate takes $5,000 to waive $30.95/month. Keep in mind that the $120 credit card annual fee is paid with after-tax dollars. Not all packages are created equal, however, and the details of the fees, benefits, and requirements vary widely. But seriously, with only four free lounge visits, no airport limo, and data roaming plans only Singtel subscribers can enjoy, this isn’t exactly a card you get for travel. So keep an eye out as July approaches, and hopefully we’ll be surprised. The articles and content on this site are of a general informational nature only and should not be relied upon for individual circumstances. faster path to relevance than the overseas ones at least! If you go this route, you and your partner can double-count investments in joint accounts. As a final point, do note that not all your card’s purported benefits are provided by the bank itself. In particular, this is valuable as you seek to decrease the associated costs for any cards you plan on keeping long-term. Welcome Gift: Get 35,000 Air Miles awarded in the form of 87,500 Rewards Points. What’s the best thing about the UOB Visa Infinite Metal Card during this time? Combined with the $100 annual Travel Enhancement credit, you can effectively have the entire annual fee rebated each year. Annual Fee: Miles: Cost per mile: HSBC Visa Infinite: $120,000: $488 (Premier banking) $650 (Regular) 35,000 – First year 0 – Subsequent: 1.39 (Premier banking) 1.86 (regular) SCB Visa Infinite: $150,000: $588.50: 35,000 – First year 20,000 – Subsequent: 1.68 (first year)2.9 (subsequent) Citi PremierMiles AMEX: $80,000: $267.50: 15,000: 1.78: OCBC 90N Card: $30,000: $192.60* 10,000 … Bank accounts with credit card fee waivers are a useful piece in an award traveller’s toolkit, as we seek to reduce costs while increasing our rewards. If any of these are premium cards which you can’t or don’t want to downgrade, you can eliminate the annual fee while keeping your credit score healthy as you focus on newer cards in your portfolio. upon spending $7,000 in the first three months, > For example, let’s say you open an account that requires $5,000 to waive a $120 credit card annual fee. For the scotia ultimate, there is another way to waive the monthly fee, if you have a combined balance of $30,000 across their Ultimate Package and their MomentumPLUS Savings Account, they will waive the annual fee. Cards eligible for a fee waiver include their core roster of the Scotiabank Gold American Express, Scotiabank Passport Visa Infinite, and Scotiabank Momentum Visa Infinite. Some clients will see real value in these features and choose premium banking irrespective of the credit card angle. The only benefit to speak of is the complimentary golf for cardholders who spend at least S$1,000 in a calendar month. Even if you have no need for the other features of a premium banking package, credit card enthusiasts may find enough value in the annual fee waiver alone. I doubt it. The annual fee on the Maybank Visa Infinite can be waived if you spend at least S$60,000 in a membership year. For example, let’s say you open an account that requires $5,000 to waive a $120 credit card annual fee. I think e-upgrades on awards are a great feature in the new program. New customers Apply in a few steps Apply in a … Let’s see how we can use these accounts to boost our credit card gains. Scotiabank has two levels of premium banking, the mid-range Preferred Package, or the top-tier Ultimate Package. Scotia is $129 fee while CIBC is $99 fee. The RBC British Airways Visa Infinite is a quirky case, as you can get the entire $165 fee rebated here. Get up to 45,000 miles with $9K spend in first 3 months, Get up to 28,500 miles and B&O E8 earbuds with $5K spend in the first 3 months, Get up to 87,500 miles with $20K spend in first 6 months, Get up to 23,300 miles plus an Acer monitor with $3K spend in the first 3 months, Get up to 22,800 miles with $3K spend in the first 3 months. I for one am really looking forward to the annual Platinum af’FAIR, where everyone tries to eat and drink their annual fee’s worth. So wouldn’t it be better to pay a little premium to keep the points in the bank especially for those cards whose points that have no expiry? He was 50% successful. Also, if you open the chequing account after the credit card, Scotiabank will still give you a full retroactive rebate on the credit card. To benefit from the reduced chequing rate at the tiers that reduce credit card fees, you also need to hold a mortgage and an investment at RBC. I’ve been monitoring my account every few days to see if they will charge me. Avid travellers can rely on their credit cards for travel insurance. Welcome Gift: Get 35,000 Air Miles awarded in the form of 87,500 Rewards Points. Whether it’s more products, more expensive products, or more deposits, they want more, more, more, to earn your loyalty and dependence. I don’t see this as a loss. You could enjoy the same benefit through the AMEX Love dining program, or even for free through Eatigo (where the 50% can be enjoyed by more than 2 people). If not, well I hope you really like golf. You might as well sit tight until renewal comes round, then pick up the phone and talk to an RM. Interest-free days. Does the waiver mean you don’t get the vouchers too? Ontario Launches COVID‑19 Rapid Testing at Toronto Pearson, American Express Aeroplan Business Reserve Card, Review: La Ville City Walk Dubai, Autograph Collection. Bottom line though, is that by God’s grace we can afford it. These discounts might be useful if you’re interested in premium banking for its own sake, but not if you’re only in it for a free credit card. Where’s the cheapest pre-departure COVID-19 PCR swab test in Singapore? It’s worth a shot- the worst thing they can say is “no”. Maybe you can extend this perk to some friends who haven’t yet been indoctrinated into the pursuit of Miles & Points, to give them a taste of what they’re missing! And who knows, maybe one day we can aspire to Centurian. Although BMO consistently offers First Year Free on these cards, it may be preferable to keep one open long-term. The owner of this site is not an investment advisor, financial planner, nor a legal or tax professional. On the other hand, while HSBC Visa Infinite Card's annual fee is quite high at S$650, its mile rewards aren't that much higher than other mile cards that charge much lower annual fee of around S$200 (1.25 miles per S$1 local spend and 2.25 miles for overseas spend. He’s eager to find creative ways to empower others to share in this journey and unlock travel experiences they never thought possible. © 2021 Prince of Travel. Let’s be clear: no one’s going to pay almost S$700 for two lounge visits and 30,000 miles. Would you believe it didn’t even cross my mind? The good news is that American Express has been quite understanding about this, and cardholders who call in have managed to get extensions on their credit. The 35,000 miles you receive upon approval more than offset the S$650 annual fee (even better if you’re an HSBC Premier customer). Save my name, email, and website in this browser for the next time I comment. 0.40 Yatra vouchers). Annual fee: HKD300 /USD40. While the CIBC Aeroplan Visa Card has no annual fee, the meaningful insurance benefits don’t kick in until you reach the Infinite tier or higher, for which a fee waiver may prove valuable. Annual Principle Fee: $650; Annual Supplementary Card fee: Free; Fee waiver: Not Available; Interest-Free Period: 20 days; Annual Interest Rate: 25.90%; Minimum monthly payment: 3% or $50, whichever is higher; Late payment charge: $55; Cash advance fee… HSBC Premier customers are entitled to a discounted annual fee of $488.00. Anyway 1-for-1 at Iggy’s and Alma (ongoing) will add up to the annual fee. That means you’re banking on the LoungeKey, airport limo, and expedited immigration to get your money’s worth- all unusable right now. That makes these cards a good choice for paying taxes and fees on points bookings. Each of Canada’s major banks offer multiple ways to reduce credit card fees through their banking products. If you can earn a higher return through other means, you’d come out ahead by skipping the premium chequing account, putting that principal elsewhere, and swallowing the credit card annual fee. Maybe I am wrong, but I don't see it anymore. It’s a relatively new product, however, so we don’t yet have data points about whether annual fee waivers will be offered (I doubt it), or whether the 30,000 miles will be given each year (quite possible). The former is certainly not enough to justify the annual fee alone, and the latter isn’t unique to the HSBC Visa Infinite. A few notes having booked a dozen or so domestic flights in the new program.... Wow! A handling fee of HKD20 will be levied for applications switched from other banks or re-activation of AAVS service. Supplementary Cards: $160.50. Nope I did not. Will update later…. This prestige card comes with a S$650 annual fee. As premium credit cards form the backbone of a strong Miles & Points strategy, annual fees are a necessary evil, and it’s well worth minimizing them by any means possible. Said content and opinions are not provided by any third party mentioned on this site and have not been reviewed, approved, or otherwise endorsed by any such third parties. At the mid-range level, Unlimited Chequing requires a $4,000 balance to waive $16.95/month, with a first year rebate of $139. The higher tier, the Premium Plan, requires a $6,000 balance to waive the $30 monthly fee, and offers a full annual fee waiver on one BMO credit card of your choice. Air Canada eUpgrades: How Much Are They Worth? Easy! One key way to do so is by opening a premium bank account at the same institution that issues the credit card, many of which provide an annual fee rebate for one card at the popular Visa Infinite or Mastercard World Elite tiers. $42.80 annual fee required to convert the points to miles; $1 = Up to 1.25 air miles (Local) $1 = Up to 2.25 air miles (Overseas) Present your HSBC Visa Infinite Credit Card and boarding pass to enjoy complimentary access to over 1,100 LoungeKey participating lounges. spending of S$2,000 required to redeem each limousine transfer + expedited immigration clearance. Open a new customer Scotia Momentum ® Visa Infinite * credit card account by February 28, 2021.. 2. In fact, as per data points in the AMEX Platinum Charge group, cardholders have managed to get extensions on the other perks too, be it spa treatments, dining vouchers or hotel nights. Required fields are marked *. $30,000 per annum How you think the Covid-19 situation is going to pan out. I’m guessing they are going to wait awhile till things clear up a bit. I got a waiver for my amex platinum. Again, CIBC shines brighter, offering triple the benefit on a comparable product. Or does it? Transfer non-HSBC … VIP Banking extends a $120 partial rebate on the Avion Visa Infinite Privilege, and a full annual rebate on the other cards mentioned above. What travel benefits? When it comes to credit card fee waivers, you’ll have to bring the big guns to HSBC. Thankfully, at most banks you can eliminate this fee by maintaining a minimum balance in the account, generally around $5,000. With a minimum balance of $6,000 to waive the $29.95/month banking fee, the credit card rebate represents a 2.3% rate of return for Aventura and Aeroplan cards, or 2% for Dividend. I’m taking a long term view that this is a card I’d like to keep. Unfortunately, the TD Aeroplan Visa Infinite Privilege isn’t eligible for a partial rebate. First Year Free isn’t forever, and there are more considerations than merely a welcome bonus. So the Amex platinum is worth having because you ‘are waiting to use the card’ while citi prestige is useless because you cannot use the benefits now? Why no love for existing holders of the SCB VI? But it’s otherwise difficult to make a case for the annual fee, and I’d have serious second thoughts about staying in the absence of a fee waiver. Also the tiny table with sanitizer in the elevator is hilarious for some reason. At the end of the day you’re still paying S$642 for 25,000 miles and some dining benefits. It’s wise to designate a keeper card for this purpose. To be fair though, the savings I got out of it when terms were better will cover another 3-4 years of annual fee so it balances out I guess. If CIBC’s advantages don’t tip the scales, I’d look to capitalize on TD’s lower minimum balance requirements instead. Signature No Limit Banking offers a $35 partial rebate on one of several cards that should be on your radar, including the full Avion Visa Platinum/Infinite/Privilege line, as well as the British Airways Visa Infinite, Cathay Pacific Visa Platinum, and WestJet World Elite MasterCard. Here’s a quick breakdown of the key points for each bank: Investments and mortgage (partial rebate). Any limo rides earned through spending simply expire if not used by the end of the quarter. This includes $150 on BMO World Elite, or $120 on the BMO eclipse Visa Infinite, BMO Air Miles World Elite, Cash Back World Elite. Video: Top-Tier Hotel Elite Status Strategy for 2021, New TD Aeroplan Credit Cards Offers for Spring 2021, Marriott Bonvoy’s Generous Elite Status Changes for 2021, Travel During COVID-19: A Resource for Canadians, Total Relationship Balance of at least $100,000, Monthly income deposits of at least $6,500; plus at least $100,000 deposits or investments at other Canadian financial institutions, HSBC mortgage with an initial amount of at least $500,000, Points transfer to Aeroplan and British Airways Avios at a 1:1 ratio. The higher tier, the Premium Plan, requires a $6,000 balance to waive the $30 monthly fee, and offers a full annual fee waiver on one BMO credit card of your choice. Another reason HSBC Visa Platinum Card stands out is that cardholders can earn a waiver for the S$192.6 fee with just S$12,500 annual spend. It’s a card worth keeping long-term, with a competitive base earn rate equivalent to 1.5% cash back, no foreign transaction fees, medical insurance on trips up to 31 days, and wide acceptance globally on the MasterCard network. The bulk of the credit card's value is earned on spend, with great 1.6% back on all transactions except fuel (8 point per Rs. Enjoy annual fee waivers for the first 2 years, and subsequently from the third year if you spend a minimum of S$12,500 in the previous year. I rather be a “model card member” than opportunistic. This allows you to extend some of the benefits of a premium account to other members of your household, including unlimited transactions. Similarly, the minimum spend requirement for subsequent annual fee waivers has been lowered, too. Your email address will not be published. The annual fee for the HSBC Visa Infinite card is $650.00. Depending on your spending history and importance to the bank, you might get a retention offer (or waiver) that could change your mind. Visa Infinite Concierge and Emergency Service is available 24 hours a day, seven days a week to fulfill your lifestyle needs . The Maybank Visa Infinite’s lounge access, airport limo and JetQuay access don’t count for much right now. transfer fees, in the grand scheme of things, aren’t really that much no? Are you holding on to a premium credit card? Fees and Charges for HSBC Visa Infinite Credit Card. Everyday Rewards. • Annual fee will be waived if the cardholder(s) swipe the HSBC Visa Signature Credit Card at least once a month for a consecutive 12-month period. The annual fee of Visa Infinite is SGD650 (incl. All-Inclusive Banking also gives a full rebate for one authorized user. If this is the first year you’re holding the HSBC Visa Infinite, then there isn’t much to worry about. depending on which card you hold, and how many points you get for paying the annual fee, that’s one heck of a premium to keep the points in the bank! • The annual fee for HSBC Visa Signature Credit Card is RM600 per annum (and applicable tax, if any) for Primary card and RM300 per annum (and applicable tax, if any) for Supplementary card. Premium bank accounts come with high fees, around $30/month. The rebate on the Performance Plan is only 1% of the minimum balance, whereas Premium will net you 2–2.5%. However, there’s one important distinction: OCBC has announced that VOYAGE cardholders can accumulate limo rides throughout 2020, which means your spending might yet reap dividends if travel becomes possible towards the second half of the year. These were booked way before but from the look of things, are likely to be no go. Join our Sunday newsletter to get weekly updates delivered straight to your inbox. you’re talking $25, and most FFP partners for SG cards either have activity-based expiry policies or 3 year validity. HSBC VISA Signature: Primary (RM) 600: Supplementary (RM) 600: Note: The following annual fees are applicable to cardholders who were upgraded by the Bank under the Credit Card's Upgrade Initiative on 1st January 2016. Do you plan to renew it? The UOB Visa Infinite Metal Card also has a “pay anything” feature that effectively lets you buy miles for 2 cents each. Are fee waivers even possible, and if not, should you pull the plug? BMO’s premium credit cards are known for offering strong travel insurance, extending full coverage to trips partially paid with the card. The more you put into a bank, the more awards you can get out – the trick is making sure you’re still getting ahead as you increase your commitment. I don’t think the $800 or most other benefits are going anywhere. In contrast, the Citi Prestige (and all other cards with limo benefits for that matter) is adopting a “use it or lose it” policy. 200 spent; 1 point = Rs. You can always move the money out if you need to, but you’d have to go through the hassle of downgrading or closing the chequing account and credit card, if you’re not willing to start paying ongoing fees. Citi Prestige members were invited to an Infiniti 30th anniversary event late last year. To convert HSBC rewards points to air miles, you need to pay annual mileage programme fee of S$42.80 Min. Of course, there’s no good reason to pay $360/year to waive a $120 credit card fee (unless you value premium banking itself at $240). Sadly, the credit card fee waiver is only for the primary account – imagine the possibilities! $1 = Up to 1.25 air miles (Local) $1 = Up to 2.25 air miles (Overseas) Present your HSBC Visa Infinite Credit Card … The Bank of Montreal offers two accounts that provide a credit card fee waiver. Authorized users on Aeroplan cards can link their own membership number and reap cardholder benefits like free checked bags on Air Canada. I guess you could crack the same joke for the now-discontinued SCB Visa Infinite. Top-tier chequing accounts come with a suite of benefits, such as unlimited free transactions, ATM withdrawals, cheques, money orders, bank drafts, or a safety deposit box. Only the top tier has a rebate for one credit card of your choice. Citi Prestige is worth considering for the heterogeneity of transfer partners; otherwise the new T&C for the 4th night has more or less gutted the card. Annual Fee: S$488: Waiver Possible? Welcome Gift: Get 35,000 Air Miles awarded in the form of 87,500 Rewards Points. Its terms are the exact same as the regular HSBC World Elite, except you get a $50 annual fee rebate (plus free authorized users, $50 value each). Some banks also offer a partial rebate for seniors or students, but these can’t be combined with the full fee waiver for holding a minimum balance, nor are they enough to remove fees entirely on their own. Annual Fee Waiver. This sometimes drops to 1.9 cents, but like I said earlier, you’d be better off getting a UOB PRVI Miles card if you want to buy miles. Annual Card Fee: $321. This includes $150 on BMO World Elite, or $120 on the BMO eclipse Visa Infinite, BMO Air Miles World Elite, Cash Back World Elite. But if not, be prepared to walk away. New customers Apply in a few steps Apply in a few steps This link will open in a … But instead, it may be less disruptive to your financial strategy to redirect your paycheque to HSBC, if it is high enough. The rebate is available on any one of TD’s Visa Infinite or Visa Platinum cards, including the TD Aeroplan Visa Infinite or the TD Aeroplan Visa Platinum. spending of S$2,000 required to redeem each limousine transfer + expedited immigration clearance. Only Premier clients are eligible, and you need to meet one of the following steep qualifications: Like with CIBC, the Total Relationship Balance can include investment accounts. Any way you cut it, there’s no way to reduce your net credit card costs by adding a bank account at RBC, and I can’t see the appeal unless you value their premium banking services. They don’t do waivers for Prestige because of the 25K renewal miles. If COVID carries on till end of 2020 (ugh! For your trouble, you unlock the ability to hold the HSBC Premier World Elite MasterCard. And that, kind of perversely, could potentially work in its favor. Citi has also been running “spend and buy” promotions- the most recent one offers cardholders the chance to buy miles at just 1.15 cents each when they spend at least S$12,000 by June 30. The SCB Visa Infinite comes with only six lounge visits, and gives you 25,000 miles in the first year. HSBC Visa Signature Card applicants are required to have an annual income of HKD360,000 or assets of HKD400,000 or above. Your rates of return would be 3.5% in the first year, and 2.8% thereafter. Not to mention, some cards with annual fees offer great ongoing value for daily use. That’s a shame, as the combination of the two BMO eclipse cards is a powerful way to increase your rewards. Even if you don’t hit this, there are scattered stories of customers getting partial waivers (S$288) or full waivers by calling up. HSBC Visa Infinite Credit Card Annual Fee SGD488 Waiver (HSBC Premier customers only) Waive your HSBC Visa Infinite credit card annual fee with your Rewards points Points: 79,000 Also, it’s good for your credit file to keep your oldest cards open, even if they don’t give you much everyday value anymore. Apply for a HSBC Advance Visa Platinum Credit Card today and get access to cash advance, balance transfer, and HSBC's Smart Privileges programme. If so, carry on. If renewal is due imminently, you need to accept the very real possibility of not being able to use any of the travel benefits for the better part of half a year (or more, who knows). Even if you don’t plan on touching the balance, it’s not as agile as a true emergency fund. The complimentary ESPA access and 50% off dining at Marriott Tang Plaza shouldn’t move the needle either. 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A slight leg up in that regard 139 rebate annually things clear up a bit really much! Useful for insurance on Aeroplan award tickets at least make sure to 1! Premium will net you 2–2.5 %, generally around $ hsbc visa infinite annual fee waiver, both managed self-directed. By maintaining a minimum balance in the new program.... Wow Emergency Service is free for first...