Want 2% cashback on every tap and pay transaction under $100? - HSBC

on

Currently best value transaction account on the market -HSBC Everyday (no-so) Global Account

I think I have stumbled across the best value domestic use transaction accounts going around at the moment. This one is a bit of a flashback to the early days of ING Orange everyday with 2% cashback on payWave (under $100) transactions. In addition, there is an easy way to get a bonus $100 irrespective of how much you spend. I would jump on this quick as they can take them away after a while if it starts to cost them too much.

This is an amazing deal. It even compares to a points card but there are no annual fees and you get it in instant cash (see an example on the left)! If you spend $1,000 in payWave transactions, you will receive $20 that month in cash. If you were to spend the same amount on a points card you will probably receive between 1,000 and 2,000 points which wouldn’t even get you a $20 gift card in most cases (this is as close as I could get for like of like). Usually, a $20 Coles/Woolworths voucher is around 3/4,000 points. 

Now you understand the value let me give you the specs. 

  • No account or transaction fees.
  • Deposit $2,000 or more into your Everyday Global Account each month to unlock Everyday Extras (important ones only). 
    • $100 Bonus for new HSBC customers .
      • This is available when you deposit $2,000 or more each month for 3 consecutive months, within 6 months of opening your Everyday Global Account.
    • Earn 2% cashback on tap and pay under $100.
      • Earn up to $50 cashback each month on eligible purchases when you tap and pay under $100 (includes Google and Apple pay). See picture to the right as an example (due to security policy I could not take a screenshot)

Value check example: So deposit $2,000 in a month and after 3 months you will get a bonus of $100 (paid at some point) and say you spend $1,000 a month (in payWave transactions under $100) for 3 months you will get $60…so $160 (per person) for not that much work. 

Now let’s give you the things to watch out for/note.

  • Download the HSBC Australia mobile App. They have a few but this is the best one. HSBC are not known for their service, mobile app, or convenience so be aware of this. It is all a value game.
  • $0 ATM fees charged by HSBC Australia – but this means that if you use any other ATMs in Australia you will have to pay the fees the ATMs charge. If you use cash a bit there are heaps of other accounts which you won’t have to pay ATM fees (i.e. ING, Macquarie, etc.) 
  • This is also an international currency account – Ignore this – from my research the exchange rate is not as competitive as VISA or Mastercard. It may be a cheap way to get foreign currency cash in Australia compared to alternatives, but I am not sure about this. A cost-efficient way to get (retail) foreign currency cash would be to use an intentional fee-free debit card in the local country ATM (i.e ING, Macquarie, Citi bank, etc). 
  • There is a Bonus interest on savings and a savings account with a 4-month intro rate. Don’t bother with these there are better savings accounts out there like the ING Savings account, Suncorp, BOQ, etc. don’t get caught up in introductory rates you will have to change accounts too much.

Tricks for the players.

  • You don’t need to keep the $2,000 dollars in the account. You can transfer it in and out, as long as it is cleared before the last Banking Day of each calendar month.
    • Example: I have a reoccurring payment that transfers $2000 in and out once a month every month. Tried and tested.
  • If you are a couple/family set one up each.
  • If you are a BUPA customer, you get a $150 bonus instead of $100…so probably do that. See link .
  • If you want to get super nerdy read this OzBargin thread and the comments. 

To get the information and PDS from the source as well as apply for the card please see the link. 

As always please let me know if you find anything amiss or you think I should add something. I will not be offended just grateful. Please note if you would like to comment, it only works in incognito mode.

Happy deal hunting. Shout out to Mel for this original tip.

Comments

Post a Comment