Hi I was going to get hsbc debit card for the cash back. But is it really worth it. Like does it work at supermarket, petrol stations, clothes shops ect. Like does it worth pretty much anywhere or is there limits. Also has anyone had any problems with it.
Do you still get the cash back when you use Apple Pay. Like tap your phone at the terminal
Be aware that some merchants have implemented least-cost routing for contactless payments, which means that tapping your physical HSBC debit card may cause your payment to be routed through the EFTPOS network, not the Visa network. The payment will be routed through the network that incurs the lowest fees for the merchant, hence the term least-cost routing.
If your contactless payment is routed through the EFTPOS network, you will not receive cashback.
If your contactless payment is routed through the Visa network, you will receive cashback (assuming nothing else about the transaction will invalidate the cashback offer).
In terms of merchants that have implemented least-cost routing:
Coles Group businesses (e.g. Coles, First Choice Liquor) have implemented least-cost routing for physical dual-network Visa debit cards (which includes the HSBC debit card).
You may find some small business also opt for this. One small business I went to a while ago actually had a message on their NAB-provided EFTPOS terminal saying that least-cost routing was turned on when it was expecting payment from me.
If you still want to be eligible for cashback when making a payment at a merchant implementing least-cost routing, use Apple Pay or Google Pay, as I believe HSBC only support Visa payments through these mobile wallets. Even if HSBC supported both Visa and EFTPOS payments on mobile wallets, you can choose which card network to use on your mobile wallet before you tap your device against the EFTPOS terminal.
I had a look at the cashback offer in the HSBC transaction account terms and conditions and noticed the following types of transactions are excluded from the cashback offer:
I was a bit surprised to see that parking and vending machine transactions listed as exclusions, as they seem like unusual transaction types to exclude.
If you were wondering how HSBC would determine the eligibility of a transaction, it would be based on the merchant category code (MCC) assigned to each transaction. For example, if you go to a merchant that appears to be an eligible merchant (e.g. a car wash), but the MCC coded on their EFTPOS terminal is for a non-eligible category you were not expecting (e.g. car parking), you will not be eligible for cashback, and the fault would lie with the merchant’s financial institution not coding their EFTPOS terminal correctly.
If you have not already done so, I would suggest you take a look at the recent repost of the 2% cashback deal on OzBargain, as some of the 100+ comments on that deal will help answer your question about potential problems/pitfalls with this deal.
Great insight as always Wookiemonster.
Any insight into whether the merchant being able to set the least cost routing was due to the RBA cracking down on card fees or something? Can't imagine MasterCard or Visa are happy about this
It’s safe to say the RBA is a massive proponent of least-cost routing, and it makes sense, considering their efforts in cracking down on interchange fees too.
I also doubt Visa and Mastercard are thrilled about this, but I’m sure they made hay whilst the sun shined! Think about how long Visa and Mastercard have basically been the default networks for contactless transactions from dual-network debit cards in Australia, and think about all the fees they have been able to charge due to this! Keep in mind that although least-cost routing is slowly catching on in Australia, it still has a long way to go before it becomes the standard (if it ever does). For example, I don’t think Woolworths has got around to implementing least-cost routing at all.
Very interesting - any sites or blogs that you follow for this type of info or news?
I've been following all the recent interest rate changes and the requirements for 5 transactions for key savings accs like ING, BoQ, WBC etc - given banks also get a cut of the fees charged by Mastercard and Visa, it will be interesting if they distinguish taps/transactions via eftpos or Visa/MC and whether customers may get caught out if its the former.
So many possible implications for customers and merchants alike - chargebacks, visa/MC debit vs eftpos and fraud detection, whether merchants exploit the reduced fees but still apply surcharges
@Unorthodox: I don’t really follow particular news sites or websites regarding this stuff, although I distinctly remember seeing news on Coles Group moving to least-cost routing on ITnews.
Practically, Coles and Myki transactions do pay that 2%, using physical card.
Yeah, I’ve found it hit-or-miss with Coles and least-cost routing, but it is still something to be aware of, particularly since the fees Coles Group pays for Visa debit card transactions and EFTPOS transactions can change without any warning to customers.
i always get cashbacks from coles purchases
Has anyone has any experience with the "online purchases" category from here?
Sounds like I won't be getting the 2% cashback if I use this HSBC card to purchase gift cards online through my employer's "Rewards Gateway" portal?
You need to tap to pay to get the cashbacks. What they say: You will earn 2% cashback on eligible purchases under $100 when you tap and pay with Visa payWave, Apple Pay or Google Pay™.
Thanks foxmulder yeah I figured but I was just curious incase… I'm not that technically minded so not sure how it works in the back end in terms of processing payments and how each payment gets categorised from HSBC end.
i.e. is the "visa paywave" network the same as the standard "visa network"?
And related question - do online purchases get processed also via the "visa network"?
if the answer is yes to both questions then how would HSBC know whether payments where made via tap&go or via online (or even via inserting card and selecting "visa debit" for that matter?)
@Leg A Less: Visa Paywave is pretty much to use the actual card itself and tap.
Google Bard: Visa payWave is a contactless payment technology that allows you to pay for goods and services by waving your Visa card or mobile device in front of a contactless terminal.
Banks record on how transactions were made - they differentiate between tapping the card, or inserting the card into payment terminal or entering the card details online. Only the first one is eligible for cashbacks.
Thanks for the detailed post!
Just wondering for below
How to choose card network ie visa or eftpos?
Even if HSBC supported both Visa and EFTPOS payments on mobile wallets, you can choose which card network to use on your mobile wallet before you tap your device against the EFTPOS terminal.
I believe HSBC still do not support payments through the eftpos network on Apple Pay or Google Wallet.
If it did and you are an Apple Pay user, you would follow these instructions.
I have no idea about Google Wallet, as it has been a couple of years since I have tried using it.
Thanks im google wallet users
Any idea when hsbc will begin support eftpos payment on google wallet?
Hope it not done for a while as im really enjoying the 2% CB
Got update terms service
Are they removing the 2% cb
"
updates to when HSBC will stop paying cashbacks on your Everyday Global Account and how we may amend the cashback offer."
I've been using one since the start of 2021 nad it always appears to have given me cashback (instantly, after the transaction has cleared). The only exception is that sometimes the cashback won't show up instantly and will be delayed.
It's very comforting to see each transaction have a corresponding cashback transaction on the app.
Another thing to note is that having this debit card may make you eligible for the 120,000 points HSBC Platinum CC bonus offer or similar ones like it in the future. I've already received 2 emails in 2021 and 2022.
Do you still get the cash back when you use Apple Pay
Yes
I see you've ignored the very first comment to you which answered this question already.
I was about to advice op to read previous post.
It's not something I keep track of but its a couple of bucks back easily with zero effort that helps out, I don't go out of my way to pay bills with it at auspost etc
Sorry to bring up this old thread. Something that I don't see mentioned is the requirement to deposit 2K every month in order to qualify for the cashback. Would anyone know what happens if you deposit 2K and say transfer back out $1500 again the next day? Would they exclude you from the cashback? I would rather have the excess funds sitting in my offset and top up to HSBC as needed.
EDIT - Yes I will try it today and see what happens.
You only need to transfer every 2 months. I personally schedule to do it one for early October, then early January, etc.
I always transfer back $1700-$1800 back the soonest I transfer the $2k. No need to wait next day.
Thanks for your input. I transferred 2K on the 30AUG and my cashback stopped working by 1st Oct already. So are you saying if I had transferred 1st Sept it would have been good for both Sept and Oct and I only need to do it again 1st Nov? Anyway, HSBC doesn't seem to have OSKO so I am in the process of the 2K to clear into the account now. Once it hits, I will transfer it back. I can't do it same day as you as I am sending it from CBA.
oh the instant payment worked today. Not sure why last time I had to wait a few days. Maybe it was the first time transfer…
Let me pull out my own data:
1 May transferred 2k. Cashbacks worked till 29 Jun - last transaction
3 Jul transferred another 2k
Cashbacks works till 30 Aug, there are 5 purchases didn't get cashbacks on 4 Sep - understandable as it's over 60 days
4 Sep transferred another 2k. I did this after that 5 non eligible purchases on the same day. Last transaction was 1 Oct and cashbacks works.
I paid with Ubank and the transfers are always instant. This allows me to login to HSBC soon after transfer, to transfer most of them back.
Interesting
When i made the card i was told need to transfer every month rather than 2 months
Is it a glitch or something
And can they in future remove applied cashback for the 2nd month by saying the terms say you need to deposit 2k every month?
The timing In my previous message is a bit off. I meant I did one $2k on 1 Sep then 1 Nov then 1 Jan.
I completely forgot how I can come up with the 2 months thing. I guess it may have something to do with their wordings in t&c:
HSBC Everyday Extras is a feature of the HSBC Everyday Global Account. You will be eligible for Everyday Extras if you deposit at least AUD2,000 into your HSBC Everyday Global Account before the last working business day of each calendar month.
Just monitor your cash back on second month, if issues then you just do the 2k transfer.
@foxmulder: I see thanks
I was just wondering if maybe a year later they might remove past cashback earned? Can they do that?
does this 2% stuff work on joint account or it is only for individual accounts ?
Yes works on Joint accounts as I’ve got one.
Also, is there any other bank or card that works like this HSBC which gives you cashback by simply using their cards ? it will save lot of headache to go through shopback and cashrwards ?
HSBC 2% cashback is for tap and pay payments instore only for transactions under $100. The Cashback does not apply to online purchases.
Now there is a third one I used recently and giving a little better cashback: topcashback, triple the headaches for you :)
Is topcashback good?
I used them for US purchases and know they have been in Australia for a little bit. Their cashbacks there is pretty good. Their cashbacks are better than Rakuten in most cases. For their cashbacks they have options to convert it to Amazon US gift cards with 2% extra value, similar cashbacks doesn't seem available yet here.
For Australian one, I only just tried them less than a week. They have registered a $70 cashbacks for 2 days ago purchase, even it's still pending. The store happens to be not in CR and SB, thus it's good to get cashbacks.
I did another purchase with eBay yesterday and they track the purchase 4 hours later. The
TCB is UK based.
I bookmarked each of those cashbacks sites based on the store, thus I have one for CR, another for SB and another for TCB, thus it's easier to open all 3 and quickly check which one is the better cashbacks.
Could have answered all this by just visiting the HSBC site.
https://www.hsbc.com.au/calculators/everyday-extras-calculat…
From T&Cs: