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Features of the HSBC Amanah MPower Visa Platinum Credit Card-i

  • High Cashback on Essential Spending: One of the standout features of the HSBC Amanah MPower Visa Platinum Credit Card-i is its attractive cashback program, which rewards cardholders for spending on daily essentials. The card offers up to 8% cashback on petrol, groceries, and e-wallet transactions when the total monthly spending exceeds RM2,000. This high cashback rate is capped at RM15 per category per month, ensuring a maximum of RM45 cashback across these three categories. For spending below RM2,000, cardholders still earn 1% cashback on these categories, subject to the same cap. This tiered structure incentivizes higher spending while providing consistent rewards for lower spenders. Eligible merchants include all petrol stations in Malaysia, select grocery chains (Giant, Lotus’s, AEON BIG, Mydin), and e-wallets such as SamsungPay, GrabPay, Touch ‘n Go, and FavePay.
  • Unlimited Cashback on Other Spending: Beyond the core categories, the card provides an unlimited 0.2% cashback on all other eligible local and overseas retail spending. This feature ensures that cardholders earn rewards on virtually every transaction, from dining and shopping to utility bills and online purchases. Unlike many cards that limit cashback to specific categories, this unlimited feature adds versatility, making the card suitable for a wide range of lifestyles.
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    • Shariah-Compliant Structure: The HSBC Amanah MPower Visa Platinum Credit Card-i operates under Tawarruq, a Shariah-compliant financing structure. In this model, the bank purchases a commodity on behalf of the cardholder and sells it to them at a deferred price, which includes a profit margin. The cardholder then sells the commodity to a third party for cash, ensuring no riba is involved. This structure aligns with Islamic principles, making the card appealing to those seeking ethical financial products. The card’s terms, including profit rates and repayment plans, are transparent and compliant with Shariah governance.
    • Eco-Friendly Design: The card is made from 100% recycled plastic, reflecting HSBC’s commitment to sustainability. This eco-conscious design reduces the environmental impact of card production, aligning with global efforts to promote greener financial products. Cardholders can feel confident that their choice supports HSBC’s Go Green Initiative, which advocates for a paperless environment and reduced carbon footprint through digital statements and transactions.
    • E-Commerce Purchase Protection: For online shoppers, the card offers E-Commerce Purchase Protection, covering eligible online purchases up to USD200. This feature provides peace of mind by protecting against issues such as non-delivery or defective products, making it ideal for frequent e-commerce users. The protection applies to transactions made with the HSBC Amanah MPower Visa Platinum Credit Card-i, ensuring secure online shopping experiences.
    • Flexible Payment Plans: - Cash Instalment Plan (CIP): Convert credit limit to cash repayable over up to 60 months at competitive profit rates, with instant approval via mobile app.
      - Balance Transfer Instalment (BTI): Consolidate other card balances with a one-time 3.88% handling fee.
      - Auto Balance Conversion: Automatically convert outstanding balances into a 36-month instalment plan at 13% p.a. profit rate, no fees.
    • Supplementary Cards: Cardholders can apply for up to five supplementary cards for family members or dependents, allowing them to share the card’s benefits. Supplementary cardholders must be at least 18 years old, and their spending contributes to the primary cardholder’s cashback earnings, maximizing rewards. The annual fee for supplementary cards is RM120, but it can be waived under certain conditions.
    • Security and Fraud Protection: The card is equipped with advanced security features to protect cardholders’ financial and personal information: 24-Hour Loss Reporting: In case of card loss or theft, cardholders can report it immediately via HSBC’s 24-hour hotline to prevent fraudulent transactions. Sophisticated Technology: The card uses chip-and-PIN technology and advanced encryption to safeguard transactions, ensuring peace of mind for both online and in-store purchases. Worldwide Takaful Coverage: The card includes protection against unauthorized transactions, offering additional security for cardholders.
    • Charity Contribution Program: A unique feature of the card is its charity contribution program. For every charity-related spend made with the card, HSBC donates 1% of the transaction amount to selected charity organizations, up to a maximum of RM500,000 annually. The accumulated donations are divided equally among participating charities, and cardholders can track the total donated amount on HSBC Amanah’s website. Note that charity spends are not eligible for cashback under the rewards program. This feature appeals to socially conscious cardholders who value giving back to the community.
    • Smart Privileges Programme: The card grants access to HSBC’s Smart Privileges Programme, offering discounts and deals at over 6,500 merchants nationwide, covering dining, shopping, travel, and more. Cardholders can bookmark favorite promotions via the “My Board” function on the HSBC Smart Privileges website, accessible by logging in with a social media account or email. This feature enhances the card’s value by providing exclusive savings at popular outlets like Zalora, Fave, and Holiday Inn.
    • Visa Platinum Privileges: As a Visa Platinum card, it offers exclusive benefits such as: Global Acceptance: Accepted at over 24 million locations worldwide, ensuring convenience for travel and international purchases. Visa Offers: Access to Visa’s global network of discounts and privileges, including dining, travel, and lifestyle offers. Emergency Card Replacement: If the card is lost or stolen abroad, Visa provides emergency card replacement within three days, ensuring uninterrupted access to funds.
    • Annual Fee and Waivers: The card has an annual fee of RM240 for the primary cardholder and RM120 for supplementary cardholders, plus a RM25 service tax per card. However, the annual fee can be waived if the cardholder swipes the card at least once a month for 12 consecutive months and meets a minimum annual spend of RM2,000. This waiver makes the card cost-effective for active users
    • Contactless Payments: The card supports contactless payments via Visa payWave, allowing quick and secure transactions at participating merchants. This feature enhances convenience for everyday purchases, particularly at petrol stations, grocery stores, and e-wallet-enabled merchants.
    • Digital Banking Integration: Cardholders can manage their account seamlessly through the HSBC Malaysia Mobile App or personal internet banking. Features include: Checking transaction history and cashback earnings. Applying for CIP or BTI plans. Making payments via AutoPay or manual transfers. Requesting credit limit adjustments.
    • Grace Period: The card offers a 20-day grace period for interest-free transactions, provided the outstanding balance is paid in full by the due date. This feature allows cardholders to maximize their credit limit without incurring additional costs, provided they manage repayments responsibly.
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Benefits of the HSBC Amanah MPower Visa Platinum Credit Card-i

  • Financial Savings Through Cashback:
    • High Cashback Rates: Earn up to 8% cashback on petrol, groceries, and e-wallet transactions when monthly spending exceeds RM2,000, capped at RM15 per category. For spend below RM2,000, 1% cashback applies, also capped at RM15.
    • Unlimited Cashback: Get 0.2% unlimited cashback on all other eligible spends including dining, entertainment, and utilities, both local and overseas.
    • The HSBC Amanah MPower Visa Platinum Credit Card-i offers a range of benefits that appeal to individuals seeking a Shariah-compliant credit card with strong rewards, financial flexibility, and lifestyle perks. Below is a breakdown of the key benefits to give you a comprehensive understanding of the card’s value.
    • Shariah-Compliant Financial Freedom: As an Islamic credit card, the HSBC Amanah MPower Visa Platinum Credit Card-i adheres to Shariah principles, avoiding riba and promoting ethical transactions.
    • Environmental and Social Impact: The card’s eco-friendly design and charity contributions enhance its social and environmental benefits:
    • Sustainable Material: Made from 100% recycled plastic, the card supports HSBC’s sustainability goals, reducing plastic waste and promoting environmentally conscious banking.
    • Charity Donations: The 1% charity contribution on eligible charity spends, up to RM500,000 annually, allows cardholders to support worthy causes without additional effort.
    • Enhanced Online Shopping Security: The E-Commerce Purchase Protection benefit covers online purchases up to USD200, safeguarding cardholders against issues like non-delivery or defective goods.
    • Flexible Financing Options: The card offers several financing plans that provide flexibility and cost savings:
    • Cash Instalment Plan (CIP): The ease of applying via the HSBC Mobile App, with no documentation required, makes this a convenient option for emergencies.
    • Balance Transfer Instalment (BTI): Consolidating debt from other credit cards into a 12-month plan with a 3.88% upfront handling fee simplifies financial management and reduces costs.
    • Auto Balance Conversion: The automatic conversion of outstanding balances into a 36-month instalment plan at 13% p.a. helps manage large purchases or unexpected expenses without high profit charges.
    • Lifestyle and Travel Privileges: The card’s association with Visa Platinum unlocks a range of lifestyle and travel benefits:
    • Global Acceptance: Accepted at over 24 million locations worldwide, offering convenience for international purchases and cash withdrawals.
    • Visa Platinum Offers: Access to exclusive discounts on dining, shopping, and travel through Visa’s global network.
    • Emergency Support: Visa’s emergency card replacement service issues a new card within three days if lost or stolen abroad.
    • Smart Privileges Programme: Access to discounts at over 6,500 merchants across Malaysia, including Zalora, Fave, and Holiday Inn. Cardholders can bookmark promotions via the “My Board” feature for strategic planning.
    • Annual Fee Waiver: The RM240 primary card fee and RM120 supplementary card fee can be waived by swiping the card once a month for 12 consecutive months and meeting a minimum annual spend of RM2,000.
    • Supplementary Card Benefits: Up to five supplementary cards can be issued, allowing family members or dependents to enjoy the same benefits. Their spending contributes to the primary cardholder’s cashback earnings.
    • Security and Convenience: Advanced fraud protection, chip-and-PIN security, and 24-hour loss reporting ensure peace of mind. Contactless payments via Visa payWave enhance everyday convenience.
    • Digital Banking Convenience: HSBC Mobile App and online banking integration allows real-time tracking, applying for plans like CIP or BTI, AutoPay setup, and credit limit adjustments.
    • Promotional Offers for New Cardholders: New users can enjoy RM200 cashback by spending RM1,000 within 60 days of approval (valid until 31 March 2025), providing immediate value and encouraging activation.
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How to Apply for HSBC Amanah MPower Visa Platinum Credit Card-i

  • Overview of the Application Process:
    • Applying for the HSBC Amanah MPower Visa Platinum Credit Card-i is straightforward with multiple application channels.
    • You can apply online, via phone, or by visiting an HSBC Amanah branch. Ensure you meet the eligibility criteria and submit accurate documents.
  • Online Application Process:
    • Visit the official HSBC Amanah website and go to the credit card section. Select the “HSBC Amanah MPower Visa Platinum Credit Card-i” and click “Apply Now.”
    • Fill in your personal details such as name, contact, employment, and income information.
    • Choose a promotional offer (e.g., RM200 cashback or 0% Cash Instalment Plan valid till 31 March 2025).
    • Upload required documents in non-password protected PDF format from sources like KWSP or online banking portals.
    • Submit the application and receive an Application ID via SMS for tracking.
    • Complete Video KYC if required—follow SMS/email instructions to schedule and verify your identity over video call.
    • Track your application status using the unique URL sent by SMS within 24 hours.
  • In-Branch Application:
    • Visit the nearest HSBC Amanah branch in cities like Kuala Lumpur, Penang, or Johor Bahru.
    • Bring both original and copies of the required documents.
    • Meet with a bank officer for assistance and submit your completed form and documents.
    • The officer will provide an Application ID and guide you through the card features and current promotions.
    • Processing may take longer than online applications; card is delivered after approval.
  • Phone Application:
    • Call HSBC Amanah at 8885545255.
    • Provide your personal and financial details to the representative.
    • You may be asked to upload or email documents or visit a branch.
    • Receive an Application ID to track your progress and activate the card once approved.
  • Tips for a Successful Application:
    • Ensure you meet the minimum income requirement of RM36,000 per year and the age criteria (21+ for primary, 18+ for supplementary cardholders).
    • Use original, accurate documents in PDF format from official sources (not password-protected).
    • Apply before 31 March 2025 to enjoy promotional benefits like RM200 cashback.
    • Keep your Application ID handy and monitor the application status regularly to resolve issues quickly.

Eligibility Criteria for the HSBC Amanah MPower Visa Platinum Credit Card-i

  • Age Requirements: Primary cardholders must be at least 21 years old. Supplementary cardholders must be at least 18 years old. This ensures legal and responsible use of the credit facility.
  • Income Requirements: Applicants must earn a minimum annual income of RM36,000 (equivalent to RM3,000 monthly). This helps ensure financial capacity for repayment.
  • Employment Status: Only individuals employed by multinational corporations, public listed companies, government, semi-government organizations, or HSBC corporate lending employers are eligible.
  • Residency and Nationality: The card is primarily for Malaysian residents with a valid local address. Non-residents may apply under special conditions such as valid work permits and Malaysian employment.
  • Credit History: A clean credit history with no defaults, bankruptcies, or serious delinquencies is required. HSBC uses CCRIS and other sources to assess creditworthiness.
  • Existing HSBC Customers: Applicants with an existing HSBC relationship (savings, loans, etc.) may experience a smoother application process and faster approval.
  • Employment Verification: Proof of employment with eligible organizations is required. This may include a confirmation letter from the employer or recent salary slips.
  • Self-Employed Individuals: Self-employed applicants must provide tax returns and business registration documents to prove stable income.
  • No Recent HSBC Cancellations: Applicants who have cancelled HSBC cards within the last 6 months or had recent applications denied/approved may not qualify for promotional offers.
  • Shariah Compliance Understanding: As an Islamic credit card, applicants should be familiar with Tawarruq and Shariah-compliant terms to align with the product structure.
  • Supplementary Card Eligibility: Supplementary cardholders must be related to the primary cardholder and fulfill the minimum age requirement.
  • Promotional Offer Eligibility: New applicants may qualify for promotions like RM200 cashback by spending RM1,000 within 60 days, provided they haven’t held or cancelled a card recently.
  • Required Documentation: Applicants must provide salary slips, bank statements, and EPF statements. All documents should be clear, up-to-date, and verifiable.
  • Application-Specific Considerations: Incomplete or incorrect documents can lead to delays or rejection. Ensure all details are consistent and accurate.
  • Contact for Assistance: If uncertain about eligibility, call HSBC Amanah at 8885545255 or visit a nearby branch for clarification.
  • Minimum Tenure Requirement: Salaried applicants should have at least 6 months of continuous employment with their current employer to demonstrate job stability.
  • Email and Mobile Verification: A valid email address and active Malaysian mobile number are required to receive application updates and verification links.
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Documents Required for HSBC Amanah MPower Visa Platinum Credit Card-i

  • Documents for Salaried Employees:
    • EPF Statement: Latest original PDF (non-password protected) from KWSP website or app. If less than 6 months of contributions, provide 2 years of statements.
    • Bank Statement: Original PDF showing latest 3 months of salary credits, downloaded from online banking.
    • Salary Slip / Employer Confirmation: If employed for under 3 months, submit the latest salary slip or a letter confirming employment and income.
    • Income Tax Return (Form BE): Latest form with tax receipt; used as supplementary income proof.
  • Documents for Supplementary Card Applicants:
    • Identity Document: Copy of MyKad (for Malaysians) or passport (for non-Malaysians).
    • Relationship Proof: If required, submit documents such as a marriage certificate or birth certificate to prove relationship with the primary cardholder.
  • Document Specifications:
    • Format: All documents must be in non-password-protected PDF format, downloaded from official sources.
    • Recency: Documents must reflect the latest financial status (e.g., current salary slip or last 3 months’ statements).
    • Clarity: Ensure all information (income, employer, identity) is legible and verifiable.
  • Tips for Document Preparation:
    • Use Official Sources: Obtain documents from official portals like KWSP and online banking.
    • Remove Password Protection: HSBC systems do not accept password-protected PDFs.
    • Label Files Clearly: For example: “EPF_Statement_JohnDoe.pdf”.
    • Double-Check Completeness: Ensure all required files are present to avoid delays.
    • Keep Backups: Store digital and physical copies in case resubmission is needed.
  • Submission Process:
    • Online Submission: Upload documents via HSBC Amanah’s online application portal.
    • In-Branch Submission: Submit originals and photocopies at an HSBC Amanah branch.
    • Email Submission: If requested, send documents through the secure email link provided by HSBC.
  • Common Document-Related Issues:
    • Incorrect Format: Avoid scanned/photographed files—only original PDFs are accepted.
    • Missing Documents: Incomplete submissions can delay approval—verify the checklist.
    • Outdated Information: Ensure salary credits and financial data are current and accurate.
  • Minimum Income Requirement:
    • Ensure you meet the minimum annual income criteria set by HSBC Amanah based on your employment status and residency.
  • Photographic ID Requirements:
    • Identity documents must include a clear photo for visual verification. Blurred or obscured images will be rejected.
  • Signature Consistency:
    • Ensure your signature on submitted documents matches the one on your application and identity proof.
  • Foreign Nationals:
    • Must provide a valid passport and visa, along with proof of local income or employment if applying from Malaysia.
  • Application Review Time:
    • Proper document submission can speed up processing; average review time is 5–7 working days post submission.

Factors to Consider Before Applying for the HSBC Amanah MPower Visa Platinum Credit Card-i

  • Annual Fee: The card has a RM240 annual fee for the primary cardholder and RM120 for supplementary cardholders, plus a RM25 service tax per card. While the fee can be waived by swiping once a month for 12 months and meeting a RM2,000 annual spend, cardholders must ensure consistent usage to avoid costs.
  • Profit Rates: The card charges a 15% p.a. profit rate for unpaid balances, provided the minimum payment (5% of outstanding balance or RM50, whichever is higher) is met. Late payments incur a 1% fee or RM10 (whichever is higher) on the overdue amount. Cardholders must budget to avoid high profit charges.
  • Cash Advance Fees: Cash withdrawals via the Cash Instalment Plan or ATM incur fees and profit rates. For example, the CIP has a 3.88%–4.88% p.a. profit rate, which is competitive but requires careful repayment planning.
  • High Spending on Essentials: The card’s 8% cashback on petrol, groceries, and e-wallets is ideal for cardholders who spend heavily in these categories (e.g., families, frequent drivers, or e-wallet users). However, the RM2,000 monthly spending threshold to unlock the full 8% cashback may be challenging for low spenders.
  • Diverse Spending: The 0.2% unlimited cashback on other spending suits cardholders with varied expenses, but the low rate may not be as rewarding compared to category-specific cards. Evaluate whether your spending aligns with the card’s reward structure.
  • Supplementary Card Usage: If you plan to issue supplementary cards, ensure family members’ spending aligns with the card’s cashback categories to maximize rewards.
  • Islamic Banking Principles: The card’s Tawarruq structure ensures compliance with Shariah law, avoiding riba and promoting ethical transactions. This is a key factor for Muslim cardholders or those seeking ethical financial products. Ensure you understand and are comfortable with this structure.
  • Charity Contributions: The 1% charity donation on charity spends appeals to socially conscious cardholders. However, these transactions don’t earn cashback, so weigh the trade-off between social impact and personal rewards.
  • Eco-Friendly Design: The card’s 100% recycled plastic construction supports environmental sustainability, which may be a deciding factor for eco-conscious users.
  • Travel Benefits: The card’s global acceptance at over 24 million locations and Visa Platinum privileges (e.g., dining and travel discounts) make it suitable for frequent travelers. However, it lacks travel-specific perks like lounge access or travel insurance, unlike premium cards like the HSBC Amanah Premier World Mastercard.
  • Smart Privileges: The Smart Privileges Programme offers discounts at over 6,500 merchants, which is valuable for cardholders who frequently shop or dine at participating outlets. Check the merchant list to ensure it aligns with your lifestyle.
  • Payment Plans: The CIP, BTI, and Auto Balance Conversion plans offer flexibility for managing large expenses or consolidating debt. However, these plans involve profit rates and fees, so assess your repayment capacity to avoid long-term costs.
  • Grace Period: The 20-day grace period for interest-free transactions is beneficial for cardholders who pay their balance in full each month. If you carry a balance, the 15% p.a. profit rate can add up quickly.
  • Credit Limit Management: The card allows credit limit adjustments via the HSBC Mobile App or hotline. Ensure your credit limit aligns with your spending needs to avoid over-leveraging.
  • Eligibility Fit: Ensure you meet the RM36,000 annual income requirement and work for an eligible employer (multinational, government, etc.). If self-employed, you may need additional documentation, which could complicate the process.
  • Document Preparation: Preparing accurate, non-password-protected documents is critical. Any errors can delay approval, so review requirements carefully.
  • Promotional Offers: The RM200 cashback for new cardholders is attractive but requires spending RM1,000 within 60 days. Plan your spending to meet this threshold without overspending.
  • Annual Fee Waiver: The ability to waive the annual fee with regular usage makes the card cost-effective, but you must maintain consistent spending to qualify.

Frequently Asked Questions (FAQs) – HSBC Amanah MPower Visa Platinum Credit Card-i

1. What is the HSBC Amanah MPower Visa Platinum Credit Card-i?
The HSBC Amanah MPower Visa Platinum Credit Card-i is a Shariah-compliant credit card offered by HSBC Amanah Malaysia Berhad. It operates under the Tawarruq principle, providing up to 8% cashback on petrol, groceries, and e-wallets. The card also offers 0.2% unlimited cashback on other retail spending, E-Commerce Purchase Protection, flexible payment plans, and is made from 100% recycled plastic to support sustainability.
2. How does the cashback program work?
You get 8% cashback on petrol, groceries, and e-wallet transactions when monthly spend exceeds RM2,000 (capped at RM15 per category, RM45 total). For spend below RM2,000, 1% cashback applies with the same caps. 0.2% unlimited cashback is awarded on all other eligible local and overseas retail transactions. Charity spends are excluded from cashback.
3. What is the Shariah-compliant structure of this card?
The card is based on the Tawarruq principle. HSBC buys a commodity and sells it to the cardholder at a profit on deferred payment terms. The cardholder then sells it to a third party for cash. This structure avoids interest (riba) and adheres to Islamic finance principles.
4. What are the eco-friendly features of the card?
The card is made from 100% recycled plastic and supports digital statements to reduce paper use. These features are part of HSBC’s Go Green initiative aimed at minimizing environmental impact.
5. What is E-Commerce Purchase Protection?
The card includes E-Commerce Purchase Protection up to USD 200 for eligible online purchases. This coverage applies to issues like non-delivery or defective goods, enhancing online shopping security.
6. What flexible payment plans are available?
  • Cash Instalment Plan (CIP): Convert credit limit into cash, up to 60 months, at 3.88% p.a. (new cardholders) or 4.88% p.a. (existing).
  • Balance Transfer Instalment (BTI): Consolidate debt from other cards with 3.88% one-time fee for 12 months.
  • Auto Balance Conversion: Converts unpaid balances to 36-month EMIs at 13% p.a. with no extra fees.
7. Can I apply for supplementary cards?
Yes, you can apply for up to five supplementary cards for dependents aged 18+. Each card has an annual fee of RM120 and RM25 service tax, which is waived with 12 swipes and RM2,000 spend per year.
8. What security features does the card offer?
The card includes:
  • 24-hour loss reporting via hotline for fraud protection.
  • Chip-and-PIN technology for secure transactions.
  • Worldwide Takaful coverage for unauthorized transactions.
  • 3D Secure (OTP) for online purchases at supported merchants.
9. How does the charity contribution program work?
HSBC donates 1% of every charity-related transaction to selected non-profit organizations, capped at RM500,000 annually. The total donation is divided equally and tracked transparently through HSBC Amanah.