HSBC Step Up Promo - Part 2

[ThreeSteps]

anyone knows ...
my dbs cc bill is due end Apr. HSBC still processing my giro arrangement.
if hsbc approve the giro next few days, will my DBS CC bill this mth be paid via GIRO or i need to pay myself ?

else bit wasted as my cc bill this mth is quite high and will miss out on the potential 1% cashback

On DBS cc card statements, they display a short message “… Amount due will be deducted from bank account XXXXXX. Giro deduction date : DD MMM YYYY”.
If your HSBC EGA a/c number has not appear in the DBS cc card statement message, you should manage the payment situation very carefully so as to avoid late payment/disputes.

 

[PC-User]

Would appreciate if someone has an answer for this!

Whichever days you keep top up amount/fresh fund (as compare to reference month) inside, you get that number of days of the bonus interest, on the top up amount/fresh fund. It's counted by day(s). Very fair de.

 

[PC-User]

hi could i ask how much u did for the fast transfer? I did 5x $1 transfer via FAST but didnt get any sms from hsbc.. thanks

I did 5x $2. But that doesn't matter as T&C says '... no minimum spend required...'

 

[vsvs24]

Whichever days you keep top up amount/fresh fund (as compare to reference month) inside, you get that number of days of the bonus interest, on the top up amount/fresh fund. It's counted by day(s). Very fair de.

Your statement makes it sounds like daily interest but it is not. Interest computed based on av monthly bal.

 

[PC-User]

Your statement makes it sounds like daily interest but it is not. Interest computed based on av monthly bal.

It'll be similar no? Provided everyday's balance is ≥ reference month ADB. If certain days go below then it's different calculated interest.

Edit: I read the T&C again and yes, you're right it's based on monthly ADB. I didn't care about that as I always keep more than reference month. That's the purpose having such account mah.

 

[vsvs24]

It'll be similar no? Provided everyday's balance is ≥ reference month ADB. If certain days go below then it's different calculated interest.

Edit: I read the T&C again and yes, you're right it's based on monthly ADB. I didn't care about that as I always keep more than reference month. That's the purpose having such account mah.

There is a difference in the interest amount.

 

[Jirachi]

not sure i understand your concern

the 4.35% bonus interest is based on Incremental ADB over the Reference Month ADB

so yes, the top up amount will earn Bonus Interest for the days/months it is in the account, provided there is incremental balance over Ref Mth

Average daily balance means they will compute the balance daily and average out for the mth (point 6 in the tnc: the definition for Top-up Amount). Withdrawing the top up will reduce your adb lor

Whichever days you keep top up amount/fresh fund (as compare to reference month) inside, you get that number of days of the bonus interest, on the top up amount/fresh fund. It's counted by day(s). Very fair de.

Okay, I understand how you guys are understanding the T&Cs. Thanks for the responses.

 

[edwinksl]

Strange. For IRAS, I only received SMS from IRAS but not HSBC. Payment plan on IRAS website also shows next deduction from HSBC already.

Did HSBC SMS you about successful IRAS set-up via EGA?

Yeah I did get SMS from HSBC for GIRO payment for IRAS:

HSBCSG: 26JAN2023 Direct Debit for IRAS (MASTER GIRO) has been set up on XXX. If unauthorised, please call HSBC now.

 

[wira]

Strange. For IRAS, I only received SMS from IRAS but not HSBC. Payment plan on IRAS website also shows next deduction from HSBC already.

Did HSBC SMS you about successful IRAS set-up via EGA?

i am in same situation as you.
from iras site i can see there is hsbc giro.

but when i chat with hsbc cso, they say they don see any giro setup from EGA account yet.

 

[PC-User]

There is a difference in the interest amount.

You mean decimal places rounding up?

 

[wira]

Debit card got what benefits? Do we earn 1% from the spending on debit card?

1% Cashback​

on all eligible spends on your HSBC Credit Cards, HSBC Everyday Global Debit Card and GIRO bill paymentsGIRO bill payments to skip the specific location.

Suspect only applicable to the EGA Debit card

 

[PC-User]

1% Cashback​

on all eligible spends on your HSBC Credit Cards, HSBC Everyday Global Debit Card and GIRO bill paymentsGIRO bill payments to skip the specific location.

Suspect only applicable to the EGA Debit card

Talk about this DC, the transaction amount still not deducted from my account after 2 days. I use Trust DC the amount is instantly deducted although transaction status is at 'pending' for a few days.

 

[Froggyman]

for curiosity sake ...
For the Everyday+ reward of 1% cashback for the EGA top-up amount after the $2k transfer in and 5 x transaction, this 1% stay for 2 month
E.g .. Mar & Apr when conditions are meet in 1st Mar.
Understand some people prefer to perform the conditions every month .. said i purposely meet the condition again in Apr. So will this 1% reward be applicable to Apr & May or actually is just an extra thing we do ?
Thanks.

 

[miloaisdino]

Talk about this DC, the transaction amount still not deducted from my account after 2 days. I use Trust DC the amount is instantly deducted although transaction status is at 'pending' for a few days.

Could be like SC Jumpstart DC, which only reflects in IB 2-3 days after txn when posting is completed

 

[ThreeSteps]

for curiosity sake ...
For the Everyday+ reward of 1% cashback for the EGA top-up amount after the $2k transfer in and 5 x transaction, this 1% stay for 2 month
E.g .. Mar & Apr when conditions are meet in 1st Mar.
Understand some people prefer to perform the conditions every month .. said i purposely meet the condition again in Apr. So will this 1% reward be applicable to Apr & May or actually is just an extra thing we do ?
Thanks.

Here are a few answers to your question about doing ($2k in, 5 eligible trxs-out under Everyday+ Rewards Programme) every month :

Do you make monthly Giro payments from your EGA a/c and/or spend monthly from your HSBC credit card/EGA debit card ? If yes, you need to do every month to keep the 1% cashback coming in.
Even if you do not have monthly Giro/card spends, you need to remember to ‘establish’ the 1% cashback qualification one-time before posting any big spend on credit card/EGA debit card i.e. need to plan in advance before any big spend.

If you don’t do any Giro/card spends, and mainly focus on (EGA Bonus Interest Promo), then you need to decide if you will do additional deposits during the 4-month period (4 Relevant Months) which may result in an ‘incremental ADB’ over a Previous Month (Everyday+ Rewards Programme) to earn the additional 1% interest. In addition to the deposits in Month#1, if you think you might have additional deposits in Month#2, Month#3 or Month#4, it will be safer to do ($2k in, 5 eligible trxs-out) at the beginning of Month#1, Month#2 and Month#3 to provide the 1%-interest-coverage to the end of Month#4.

 

[Mickey01]

i am in same situation as you.
from iras site i can see there is hsbc giro.

but when i chat with hsbc cso, they say they don see any giro setup from EGA account yet.

The GIRO setup is not complete/effective until you receive a SMS from HSBC

 

[jseyong]

Yeah I did get SMS from HSBC for GIRO payment for IRAS:

Thanks. What was the timing gap between receiving IRAS SMS and receiving HSBC SMS? A few days/1 week?

 

[jseyong]

The GIRO setup is not complete/effective until you receive a SMS from HSBC

What was the timing gap for you between receiving IRAS SMS and receiving HSBC SMS?

 

[Mickey01]

What was the timing gap for you between receiving IRAS SMS and receiving HSBC SMS?

it depends ..... I think my setup (from form submission to SMS from HSBC) took a total of 5 weeks. And since my IRAS GIRO is on 6th of the month and the HSBC SMS was received mid month, my actual HSBC GIRO deduction was 6th of the following month.

 

[Mickey01]

actually IRAS GIRO setup with the 3 local banks using the e form is very fast ... within a couple of business days everything setup and approved. It is the hard copy GIRO form which takes a long time to setup and approved and the same long lead time applies to both local big 3 and other banks.