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HSBC TravelOne Card

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Quick Facts

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What people use it for.

Frequent travellers who are looking for more flexibility & choices in redeeming miles and good earn rate

You are looking for a miles credit card with high earn rate and fast redemption

All Details

Key features.

• Instant reward redemption with an extensive selection of airline and hotel partners via HSBC Singapore mobile app

Accelerated earn rate: up to 2.4 miles for your spending

Travel privileges: Complimentary travel insurance coverage (including COVID-19), 4 x complimentary airport lounge visits for primary cardholders and more

Split flexibly: Split your purchases across a range of flexible tenors that suits your needs with HSBC Instalment Plans

Receive complimentary access to ENTERTAINER with HSBC app, with over 1,000 worldwide 1-for-1 deals on dining, lifestyle and travel.

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Annual interest rate and fees, minimum income requirements, documents required, card association, wireless payment, moneysmart promotions.

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HSBC TravelOne Credit Card Review 2024

Introduced in early 2023, the HSBC TravelOne credit card represents HSBC's newest addition to its credit card lineup, specifically designed for those passionate about travel. It offers enhanced flexibility, ease, and appealing rewards.

Notable highlights include fee-free miles transfers with 9 frequent flyer partners and the integration with the HSBC mobile app, allowing users to effortlessly redeem travel rewards and handle their payments with utmost convenience. If you're considering whether to get the HSBC TravelOne Credit Card, let's find out if this card is suitable for you as we consider the requirements, pros and cons and more.

Pros and Cons of HSBC TravelOne Card

• 20,000 welcome bonus miles (50,000 reward points) upon payment of annual fee
• Up to 2.4 miles for every S$1 spent overseas
• No cap on miles/points earned
• Up to 1.2 miles for every S$1 spent locally
• No redemption fee when you redeem for air miles or hotel points
• Annual fee waiver available (from 2nd year onwards)
• Exclusive access to HSBC ENTERTAINER with HSBC Singapore mobile app, enjoy over 1,000 worldwide 1-for-1 deals on dining, lifestyle and travel
• Flexibility to split your purchases across a range of flexible tenors that suits your needs with HSBC credit card Instalment Plans at 0% interest fee
• Complimentary travel insurance
• Complimentary airport lounge visits per year for primary cardholders
• Interest rate of 26.90%, which is lower than some cashback credit cards (as per MoneySmart's Credit Cards comparison tool)
• Min. spend of S$1,000 to qualify for the 20,000 welcome bonus miles
• Min. spend of S$25,000 per year to qualify for the annual fee waiver

Compare HSBC TravelOne vs. Citi PremierMiles Card vs. SCB Journey Credit Card

Currently, the HSBC TravelOne Card offers the lowest minimum interest rate chargeable as compared to the Citi PremierMiles Card and Standard Chartered Journey Card.

In terms of annual fee, you'll definitely save more with the Standard Chartered Journey Card as compared to the HSBC TravelOne Card and Citi PremierMiles Card, as you wouldn't have to pay any annual fees for it.

When it comes to air miles benefits, the Citi PremierMiles Card comes up on top with the most attractive perks as compared to the HSBC TravelOne Card and Standard Chartered Journey Card, offering the highest air miles per S$1 spent on online travel bookings via Kaligo and Agoda.

However, the Citi PremierMiles Card requires a minimum spend of $800 per month for the first-year fee waiver, unlike the Standard Chartered Journey Card which does not have minimum spend requirements. HSBC TravelOne Card requires an even higher minimum spending of S$25,000 annually to be eligible for the second-year annual fee waiver.

In a nutshell, the HSBC TravelOne Card is worth getting if you're after its fee-free miles transfers with 9 frequent flyer partners, no cap on miles/points earned, plus the instant reward redemption with its extensive selection of airline and hotel partners via the HSBC Singapore mobile app.

Find Out More In Our HSBC TravelOne Blog Review

Hsbc travelone card application.

Here are 3 simple steps to apply for the HSBC TravelOne Credit Card:

Apply via MoneySmart’s credit cards page

You may begin your application by clicking on our HSBC TravelOne Card application link.

When you choose to apply online or through the HSBC mobile app and via SingPass MyInfo, HSBC will pull your identity and income data from SingPass (which is already verified), thus cutting short the processing time. The approval-in-principle page will appear within minutes of submitting your MyInfo.

Provide all documentation required

You'll need to provide all the necessary documentation in order for HSBC to approve your credit card application. This list of documents include:

• NRIC or other identification details
• Latest computerised payslip
• Latest 12 months' CPF Contribution History Statement
• Latest Income Tax Notice of Assessment (NOA)

Receive your HSBC TravelOne Credit Card

You’ll be able to activate your HSBC TravelOne Card instantly through the HSBC mobile app, and enter a One-Time Password (OTP) after keying in your 6-digit Online Banking PIN to secure all your credit card transactions. Thereafter, it’s ready for you to use on any of your purchases and you can track your air miles and other rewards with your HSBC mobile app!

Frequently Asked Questions

Are there any fees if i apply for the hsbc travelone credit card, am i eligible for the hsbc travelone credit card, if i’m late for my monthly hsbc travelone credit card bill payment, how much do i have to pay.

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11 May 2023

HSBC launches new TravelOne credit card

HSBC Singapore announced today the launch of the new HSBC TravelOne credit card, tailored for travel enthusiasts who want greater flexibility, convenience and incentives as they embrace new experiences in the post-pandemic travel boom.

Launched in partnership with Mastercard and powered by both Mastercard Reward System and Ascenda, the HSBC TravelOne credit card offers an easy rewards redemption experience with a wide range of international airlines and hotel partners via the HSBC Singapore mobile application.

HSBC is the first in Singapore to offer customers the convenience of instantly redeeming their card reward points for a wide range of airline miles and hotel stays via their mobile.

Ashmita Acharya, Head of Wealth and Personal Banking, HSBC Singapore, said, “We are seeing a resurgence in overseas travel by our customers from Singapore who, post-pandemic, are embracing the freedom to travel again. Credit cards continue to be valued by customers traveling internationally, and the HSBC TravelOne credit card allows customers to easily redeem travel rewards and manage their payments flexibly all from the convenience of the HSBC mobile banking app. Alongside products and services such as HSBC Global Money Transfers, we are delighted to provide our customers with more choice and convenience for their international transactions.”

Travel roars back

According to the latest Mastercard Economics Institute report, daily outbound air travel bookings have consistently exceeded pre-pandemic averages since May 2022. The strong bookings momentum suggest much more room for resident departures in 2023 as more flight capacity is brought back online and ticket prices cool. Total resident departures have recovered to 5.2 million in 2022 compared to 830,000 in 2021 and 1.5 million in 2020. 1 Average spend per trip for 2022 was also similar to that of 2019. In 2022, travelers from Singapore said they will likely spend $3,468 on international travel over the year, similar to how much they spent in 2019 ($3,547 on average) 2 .

Deborah Heng, Country Manager, Singapore, Mastercard, said, “With travel demand recovering strongly and continuing to grow, Mastercard is proud to partner with HSBC to introduce the HSBC TravelOne credit card which is set to revolutionise travel with exclusive benefits and digital features for cardholders that cater to their travel preferences and needs. Cardholders can instantly redeem their rewards wherever and whenever they choose, enjoy easy access to airport lounges enabled by the Mastercard Travel Pass and have the option of flexible payments, all while being ensured secure transactions anywhere, anytime. The HSBC TravelOne credit card is set to provide unprecedented frictionless and safe travel experiences for cardholders in Singapore.”

Deepening capabilities to provide customers seamless experience and access to international banking and payment solutions

HSBC Singapore has introduced more than 70 transactional banking, wealth management and customer servicing features on its mobile app since 2020. In March, HSBC Singapore also introduced a new capability, International Credit History , which enables the Bank to use customers’ overseas credit bureau report in key markets including India, Australia and the UK.

Media enquiries to:

Betty Fong | +65 6658 4103 | [email protected]

Note to editors:

1. Key features of the HSBC TravelOne Credit Card include: 

• The HSBC TravelOne Credit Card will bring together more than 20 international airline programmes and three global hotel chain partners on a single credit card platform by end of 2023.
• At launch, there are
• Nine participating international airline programmes: Air France – KLM Flying Blue; airasia rewards; British Airways Executive Club; Cathay Pacific Asia Miles; Etihad Guest; EVA Air Infinity MileageLands; Qantas Frequent Flyer; Singapore Airlines KrisFlyer; Vietnam Airlines Lotusmiles:
• Three participating global hotel partners: ALL-Accor Live Limitless; IHG One Rewards; Marriott Bonvoy.
• Primary cardholder is entitled to 4 complimentary visits per year to over 1,300 airport lounges around the world.
• Complimentary travel insurance coverage (including COVID-19) of up to USD100,000 for you and your family.
• Earn accelerated points: Earn 1.2 miles per SGD1 charged on purchases in Singapore; earn 2.4 miles per SGD1 charged on purchases overseas.

2. HSBC TravelOne Credit Card Reward Points Programme T&Cs apply. Visit  www.hsbc.com.sg/travelone for more details

HSBC TravelOne credit card offers customers instant travel rewards redemption via the HSBC mobile banking app.

About HSBC Singapore

HSBC opened its first branch in Singapore in 1877. A qualifying full bank serving international needs of individual, corporate and institutional clients, HSBC in Singapore offers a comprehensive range of banking and financial services including retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services. It was recognised by Asiamoney as “Best International Bank in Singapore” in 2022.

About The Hongkong and Shanghai Banking Corporation Limited

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories. With assets of US$2,990bn at 31 March 2023, HSBC is one of the world’s largest banking and financial services organisations.

About Mastercard (NYSE: MA) www.mastercard.com

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

About Ascenda

Ascenda powers innovative premium rewards programs that accelerate the growth of financial services. The company delivers easy-to-deploy rewards infrastructure to rapidly scale acquisition, card spending, cross-selling, and retention. Serving major financial services brands and disruptive fintechs across the globe, Ascenda’s clients include HSBC, Brex, Virgin Money, American Express, and Capital One.

For more information about Ascenda, please visit ascendaloyalty.com .

1 Outbound Departures Of Singapore Residents By Mode Of Transport , Singapore Department of Statistic.

2 Consumer travel spend priorities 2022: How fintech is supporting industry renewal, Amadeus.

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Review: HSBC TravelOne Card Singapore

The HSBC TravelOne Card has emerged as a notable option for travelers in Singapore, catering to those seeking a mix of travel perks and rewards. As a comprehensive miles card, it joins the competitive market with promises of seamless miles accumulation, an array of travel benefits, and the flexibility of multiple transfer partners, distinguishing itself within a crowded field. The card targets a broad audience, from frequent flyers to occasional vacationers, aiming to enhance their travel experience with benefits like lounge access and travel insurance coverage.

Our analysis of the HSBC TravelOne Card covers its core attributes, from the application process to the day-to-day user experience. We assess the rewards system, which includes the card’s earn rate on local and overseas expenditure, and evaluate the practicality of benefits against its fee structure. Comparisons with other travel cards in the market are essential to gauge where the HSBC TravelOne stands, and determine whether it offers competitive advantages to warrant its place in a traveler’s wallet.

Key Takeaways

• The HSBC TravelOne Card is tailored for travelers, with benefits such as travel insurance and lounge access.
• It offers a competitive miles earn rate and has a wide range of transfer partners.
• The card’s varied perks should be weighed against its fees to assess overall value.

Key Features of HSBC TravelOne Card

We observe that the HSBC TravelOne Card is equipped with a variety of features tailored for travel and general expenses. Here, we discuss some of its key attributes.

• Lounge Access : Cardholders are entitled to four lounge visits per calendar year, effectively providing eight visits in the first year of membership due to the way the allowance is structured annually.
• Points Conversion : Users enjoy instant points conversions. Additionally, there are no conversion fees for this service until the end of the year 2023.
• Complimentary travel insurance coverage is included with the card.
• Exclusive cashback and discount offers are available globally across dining, lifestyle, and more.
• Miles Earn Rate : The card offers a decent earn rate for miles accumulated through purchases, which can then be redeemed with a selection of 12 travel partners including airlines and hotels.
• Welcome offers or promotional rewards are periodically available for new users who meet certain spending requirements.
• The card lacks a bonus earn category, which means that all expenses are rewarded at the same rate without any special boosts for certain categories of spending.

Our insights emphasize that the HSBC TravelOne Card is a compelling choice for individuals who frequently travel and wish to accrue travel-related rewards, although it is important to be aware of the lack of points pooling feature. The absence of this can affect how rewards are managed between different cards from the same issuer.

Eligibility and Application Process

Our HSBC TravelOne Card targets a specific clientele, ensuring eligibility criteria are met and applicants are informed about the necessary documentation and procedure to smoothly apply for the card.

Eligibility Criteria

To apply for the HSBC TravelOne card, there are certain prerequisites you must meet:

• Age : You must be at least 21 years of age.
• For Singaporean or Permanent Residents : A minimum annual income of SGD30,000.
• For Self-employed or Commission-based Singaporeans or Permanent Residents : A minimum annual income of SGD40,000.

Application Procedure

To get started with your application for an HSBC TravelOne card, follow these steps:

• Visit the Official Website : Go to the HSBC Singapore website dedicated to the HSBC TravelOne credit card.
• Fill Application : Complete the online application form with all the required personal and financial details.
• Submit Application : Review your details for accuracy and submit your application online.

Required Documents

When you apply for the HSBC TravelOne Card, you need these documents:

• Proof of Identity : A copy of your NRIC or passport.
• For salaried employees: Latest 3 months’ payslip or latest Notice of Assessment (NOA).
• For self-employed: Last 2 years’ NOA and bank statements.

Rewards and Benefits

In our comprehensive review, we cover the various rewards and benefits that the HSBC TravelOne Card offers. Specifically focusing on travel rewards, complementary travel insurance, and lifestyle benefits that enhance the cardholders’ experiences.

Travel Rewards System

The HSBC TravelOne Card comes without designated bonus point categories, but it offers a substantial travel rewards system. Cardholders earn points for every dollar spent, which can be redeemed for flights, hotel stays, and other travel-related expenses. Additionally, points can be redeemed instantly through HSBC’s mobile banking app in Singapore.

Complimentary Travel Insurance

When traveling, cardholders can have peace of mind knowing that the HSBC TravelOne Card includes complimentary travel insurance. This coverage extends to various travel-related mishaps and includes benefits such as:

• Medical and Personal Accident : Coverage for medical expenses and personal accidents while abroad.
• Travel Inconveniences : Compensation for travel delays, lost baggage, and other inconveniences.

Lifestyle Benefits

Beyond travel, the HSBC TravelOne Card enriches users’ lifestyles with additional advantages:

• Dining Privileges : Exclusive dining offers at selected restaurants.
• Entertainment Perks : Special deals at entertainment venues, including movie theaters and live events.

By offering these hotel, dining, and entertainment benefits, the card transcends just travel-focused rewards, making it versatile in its appeal.

Fees and Charges

In this section, we’ll outline the specifics of fees and charges associated with the HSBC TravelOne Card. Understanding these costs is vital for effective financial management.

Annual Fees

The HSBC TravelOne Card carries an annual fee of S$194.40 . It’s a common fee range for entry-level credit cards in Singapore. However, in the second year and thereafter, if you spend over SGD25,000 annually , this fee may be waived.

Foreign Transaction Fees

For transactions made in foreign currencies, the HSBC TravelOne Card typically includes additional costs. While specific percentages are not listed, such fees typically range from 2.5% to 3.5% of the transaction amount.

Other Associated Costs

There are several other potential costs to consider:

• Late payment fees
• Overlimit fees
• Cash advance fees

Each of these will vary based on the actual usage and the terms of service defined by HSBC. It’s crucial to review the cardholder agreement for the most accurate figures.

Interest Rates and Financial Charges

When considering the HSBC TravelOne Card, it’s essential for us to understand the various interest rates and financial charges that apply. We’ll cover the specific rates for purchases, cash advances, and the costs associated with late payments to ensure clear and accurate financial planning.

Interest on Purchases

With the HSBC TravelOne Card , the interest rate on purchases is calculated if the outstanding balance is not paid in full by the due date. The effective interest rate is 25.9% per annum. It’s critical to pay the balance promptly to avoid these charges.

Interest on Cash Advances

For cash advances, a higher interest rate is typically charged from the date of the transaction until the amount is paid in full. As of the latest update, the effective interest rate for cash advances on the HSBC TravelOne Card is set at 26.9% per annum, but with effect from January 8, 2024, this will increase to 27.8% per annum.

Late Payment Charges

We must also note that late payments incur charges. For the HSBC TravelOne Card, if the minimum payment isn’t received by the due date, a late payment charge of S$55 is levied. Ensuring timely payments is crucial to avoid these additional costs.

Cardholder User Experience

In reviewing the HSBC TravelOne Card, we focus on the aspects of customer service, the online banking platform, and mobile app functionality, as these are critical components that impact the daily usage and satisfaction levels for cardholders.

Customer Service

We find that the customer service provided for HSBC TravelOne cardholders is efficient and responsive. Assistance is available through multiple channels, including phone support and email, which offers convenience and ease in addressing any concerns or questions that may arise.

• Phone Support: Quick response times with knowledgeable representatives.
• Email: Clear and timely communication, typically within standard business hours.

Online Banking Platform

HSBC’s online banking platform for the TravelOne card is designed to be user-friendly and secure. Our experiences include:

• Dashboard: Intuitive and easy-to-navigate interface.
• Transactions: Real-time tracking and monthly statement breakdowns are readily accessible.

Mobile App Functionality

The HSBC Singapore mobile app enhances the user experience by offering robust features for TravelOne cardholders.

• Mobile Payments: Seamless integration with digital wallets for contactless payments.
• Account Management: Real-time alerts, card blocking, and simple transaction categorization.

Comparison with Other Travel Cards

In comparing the HSBC TravelOne Card with its peers, we find distinct advantages and areas where it may not measure up. Points accrual, transfer options, and lounge access are primary factors we consider.

• Points Accrual: The HSBC TravelOne Card offers a competitive earn rate on general spending, and though it may not lead the pack, the absence of conversion fees (until the end of 2023) improves the overall value proposition.
• Transfer Partners: Our card stands out with a wide range of transfer partners, a feature particularly important for travelers seeking flexibility in redeeming miles across various airlines and hotels.
• Lounge Access: Compared to competitors, the HSBC TravelOne Card provides a notable number of lounge visits, which enhances the travel experience for cardholders without the need for a premium card.

We also emphasize the travel insurance benefits included with the HSBC TravelOne Card. While travel insurance is relatively common across travel cards, the coverage specifics can vary, and we believe our cardholders appreciate the assurance that comes with comprehensive coverage.

Here’s a brief comparison with two major competitors:

In essence, the HSBC TravelOne Card is tailored for travelers who value a balance between earn rates and travel perks. While it may not outshine in every category, its broad list of partners and travel benefits make it a formidable option within our market.

Pros and Cons

When considering the HSBC TravelOne Card, we identify a range of features that will appeal to frequent travelers as well as some limitations that need to be taken into account.

• Mileage Earn Rates : The card offers respectable miles earn rates, which can be beneficial for individuals who spend regularly and wish to accumulate travel miles.
• Annual Fees : We note that the card may offer low or no annual fees, easing the cost burden for cardholders.
• Travel Benefits : A variety of travel-related benefits are attached to the card, including lounge access that enhances the airport experience.
• Partnerships : With a suite of travel partners, cardholders can enjoy increased flexibility and options for using their earned miles.
• Sustainability Initiatives : An alliance with One Tree Planted allows for environmental contributions, letting cardholders use points to make a positive impact.

Disadvantages

• Points Pooling Feature : The card currently does not offer points pooling, potentially limiting the value for those who manage multiple accounts.
• Travel Insurance : Details regarding travel insurance coverage are not provided, it’s recommended to verify if the coverage meets one’s personal requirements.
• Lounge Access : While some lounge visits are included, limitations apply which may not satisfy all users’ needs.

Final Verdict

We’ve assessed the HSBC TravelOne Card’s features and offerings, focusing on the preferences and habits of frequent travelers. Our analysis leads us to several key points:

• Transfer Partners: A diverse range of transfer partners positions the TravelOne Card as a strong contender in the flexible rewards space.
• Conversion Fees & Lounge Access: No conversion fees until the specified date and twice the lounge visits compared to similar cards signal considerable added value.
• Miles Earn Rates: A rate of 1.2 miles per dollar (mpd) on local spend and 2.4 mpd on foreign currency spend ranks this card competitively.
• Travel Insurance: The inclusion of free travel insurance provides peace of mind.
• Dining & Lifestyle Benefits: Offers on dining and lifestyle internationally bring additional utility to the card.

Given these attributes, the card suits globetrotters seeking to combine everyday spending with travel rewards. However, it is important for potential cardholders to evaluate their spending patterns against the card’s benefits to optimize rewards.

Our examination remains impartial, steering clear of overstatements. We present the TravelOne Card as a solid option, yet we highlight the importance of individual financial circumstances in determining its overall value.

Is the HSBC TravelOne Card the One and Only Travel Card You Need?—MoneySmart Review 2023

Let’s talk about the HSBC TravelOne card’s name—“Travel One”. It aims to be the 1 travel card you need. HSBC says so as well: “Unlock instant travel rewards and elevated travel experiences everywhere you go with the one and only travel card you need.”

But does the HSBC TravelOne card (literally) live up to its name? If I only have 1 travel card, I want good miles earn rates, low (or no!) annual fees, and a slew of travel benefits and privileges. 

Let’s take a look at how the HSBC TravelOne Card fares. We review the card’s earn rates, travel rewards, privileges, and more. 

See our credit card ranking rubric to find out how we rank credit cards.

• HSBC TravelOne Card: Summary
• HSBC TravelOne Card: Eligibility
• HSBC TravelOne Card: Annual fees
• HSBC TravelOne Card: Earn rates
• HSBC TravelOne Card: Bonus earn categories
• HSBC TravelOne Card: Rewards points redemption
• HSBC TravelOne Card: Benefits and privileges
• HSBC TravelOne Card: Sign-up promotion
• Should I get the HSBC TravelOne Card?
• Alternatives to the HSBC TravelOne Card

1. HSBC TravelOne Card: Summary

HSBC TravelOne Card

Get a  Hinomi Q1 Ergonomic Chair  (worth S$499) or a  Samsung 27-inch Smart Monitor M5  (worth S$432) or an  Apple AirPods 3rd Gen + S$50 Cash  (worth S$313.80) or a  Lenovo Tab M10 Gen 3  (worth S$299.01) when you apply and spend a min. of S$500 from Card Account Opening Date to the end of the following calendar month.  T&Cs apply .

Key Features

Instant reward redemption with an extensive selection of airline and hotel partners via HSBC Singapore mobile app

Accelerated earn rate: up to 2.4 miles for your spending

Travel privileges: Complimentary travel insurance coverage (including COVID-19), 4 x complimentary airport lounge visits for primary cardholders and more

Split flexibly: Split your purchases across a range of flexible tenors that suits your needs with HSBC Instalment Plans

Receive complimentary access to ENTERTAINER with HSBC app, with over 1,000 worldwide 1-for-1 deals on dining, lifestyle and travel.

At MoneySmart, we strive to keep our information accurate and up to date. This information may be different from what you see when you visit a financial institution, service provider, or specific product site. MoneySmart shall not be liable to compensate the Customer should the information is not as updated as our Partner.

The HSBS TravelOne card is an entry-level air miles card that’s good for general spending. It doesn’t come with any bonus earn categories, but does come with a good mix of travel benefits and privileges. These include travel perks (such as cashback and discounts when you shop overseas) and travel protection in the form of complimentary travel insurance.

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2. HSBC TravelOne Card: Eligibility

Let’s first talk about who’s eligible for the HSBC TravelOne Card.

An entry-level miles card, the HSBC TravelOne Card has pretty typical age and minimum income requirements:

• Age requirement: 21 years old
• For Singaporean and PR salaried workers: $30,000
• For Singaporeans and PRs who are self-employed or commission-based: $40,000
• For foreigners: $40,000

3. HSBC TravelOne Card: Annual fees

The HSBC TravelOne Card comes with a pretty standard annual fee of S$194.40 . Generally, this is the standard annual fee for most entry-level credit cards, barring credit cards with $0 annual fee .

Of course, the annual fee doesn’t matter if a fee waiver is available. HSBC doesn’t say anything about the first year’s annual fee (you can always try your luck requesting a fee waiver !). However, they will waive the annual fee for the second year onwards if you spend over S$25,000 per year. That’s about $2083 per month.

4. HSBC TravelOne Card: Earn rates

Here’s a quick look at how the HSBC Travel One Card’s earn rates compare to other entry-level miles cards:

The HSBC TravelOne Card local spend earn rates are average at best —there are miles cards with lower local earn rates, such as the BOC Elite Miles World Mastercard , which clocks in at just 1 mile per dollar (mpd).

However, the HSBC TravelOne Card’s foreign spend earn rates are above average . The only other miles credit card out there with a comparable rate is the UOB PRVI MASTERCARD Miles Card, which comes with a $5 minimum spend caveat—you need to spend S$5 to earn UNI$6/2.4 miles.

5. HSBC TravelOne Card: Bonus earn categories

At its heart, the HSBC TravelOne Card is meant for everyday, general spending. That comes with 1 downside: it doesn’t have any bonus earn categories . These refer to specific spend categories with which you can earn a greater number of miles per dollar.

Bonus earn rates are miles credit cards are usually between 3 mpd to 10 mpd. Here are some examples:

• Standard Chartered Journey Credit Card : 3 mpd on online transactions in Transportation, Grocery and Food Delivery Merchants categories
• UOB PRVI MASTERCARD Miles Card : 6 mpd (UNI$15 per S$5 spend) on major airlines and hotels booked through Expedia, UOB Travel, and Agoda
• Citi PremierMiles Card : Up to 10 mpd on online travel bookings via Kaligo and Agoda
• DBS Altitude Visa Signature Card : Up to 10 mpd on hotel transactions at Kaligo (capped at S$5,000/month); up to 6 miles per S$1 on flight, hotel and travel packages at Expedia (capped at S$5,000/month)

Is it a big disadvantage that the HSBC TravelOne card doesn’t have bonus earn categories? We would say not necessarily. It really depends on if you’d spend more on those bonus earn categories in the first place. For example, if you don’t want to book via Kaligo, Expedia or Agoda, the Citi PremierMiles Card and DBS Altitude Visa Signature Card bonus earn rates are basically made defunct.

6. HSBC TravelOne Card: Rewards points redemption

HSBC rewards you with Rewards points for each dollar of your spending—they don’t just give you miles directly. Here’s a breakdown of the points earn rates:

• 2.4 miles (6 Reward points) per S$1 foreign spending
• 1.2 miles (3 Reward points) per S$1 local spending

The good news is that from now till 31 Dec 2023, HSBC won’t charge you any conversion fee for redeeming your points for air miles or hotel points. Usually, you have to pay an annual HSBC Mileage Programme fee of S$40, subject to GST.

On top of that, HSBC rewards redemptions are fast . According to HSBC’s TraveIOne Card page, they’ll complete redemptions for air miles and hotel points instantly or in 1 business day.

Do note that HSBC Reward points expire after 37 months . 3+ years sounds like a lot of time, but you know how these expiry dates can creep up on us without us realising—fellow points hoarders, you know what I mean.

Prefer a rewards system with points/miles that never expire? Consider the Standard Chartered Journey Credit Card for 360 Rewards Points that never expire, or the Citi PremierMiles Card for Citi Miles that never expire.

7. HSBC TravelOne Card: Benefits and privileges

Although the HSBC TravelOne Card doesn’t have any bonus point categories, it does come with a generous slew of travel benefits and privileges. Broadly, these fall into 2 categories: travel perks, and travel protection.

HSBC TravelOne Card travel perks

• Airport lounge access : As the primary cardholder, you get 4 complimentary lounge visits per year to over 1,300 airport lounges around the world.
• Travel rewards : With the HSBC TravelOne Card, you get to enjoy cashback and discounts when you travel and do your shopping overseas under the Mastercard Travel Rewards catalogue . These apply to both in-store and online merchants across over 25 countries, including Daimaru Matsuzakaya Department Stores in Japan and Bloomingdale’s in the United States. 
• Mastercard Priceless™ Specials : This is another MasterCard rewards programme that you get with the HSBC TravelOne card, but this one is a bit more upmarket. It offers privileged access to benefits across travel, culinary, shopping, sports, entertainment, and arts and culture.

HSBC TravelOne Card travel protection

• Travel insurance : If you charge your air ticket (in full) to your HSBC TravelOne Card, you’ll get complimentary travel insurance coverage (including COVID-19) of up to USD100,000.
• ID Theft Protection™ : The HSBC TravelOne Card doesn’t just want to give you peace of mind while on holiday—it also aims to do so while you’re browsing and making purchases online. You can register for Mastercard ID Theft Protection™ to ensure your personal data is safe and secure, protecting you from identity theft and fraud. 
• Checking travel and health restrictions : It is such a chore to check for travel and health restriction/documentation. The HSBC TravelOne gives you access to Sherpa, a travel advisory tool that tells you what Visa requirements, travel documents, and even if COVID-19 tests are needed prior to your trip. 

Hungry for more benefits? Even if you aren’t travelling, the HSBC TravelOne Card comes with a dining perk you can use right here in Singapore. You’ll get complimentary access to ENTERTAINER with HSBC , which comes with tons of 1-1 deals on dining, lifestyle and travel. These deals are available worldwide, but there are plenty to choose from locally too.

ALSO READ :  Best Food Discount and Rewards Apps in Singapore—Chope, Burpple, Entertainer & More

8. HSBC TravelOne Card: Sign-up promotion

From now till 31 Aug 2023, you can get up to 20,000 Miles (in the form of 50,000 Rewards Points) when you apply for the HSBC TravelOne Card.

The downside is that you need to pay the card’s annual fee of S$194.40 (GST already included), as well as spend at least S$800 in qualifying transactions within 1 month. Depending on your lifestyle, this minimum spend could be easily doable, or a tall order.

9. Should I get the HSBC TravelOne Card?

If you’re looking for a general spending travel card (that means no bonus earn categories!), the HSBC TravelOne Card is a decent choice. Its earn rates are average or slightly above average (especially when it comes to foreign spending), and we like that you earn Rewards points per dollar spent. For some other cards with similar earn rates, you need to spend say $5 before you chalk up any points. This means that the HSBC TravelOne Card can help you earn points on even the smallest purchases.

Don’t forget that the HSBC Reward points expire after a 37-month period. This could be a pro or a con, depending on how much of a points hoarder you are.

The HSBC TravelOne Card does live up to its name as the 1 and only travel card you’ll need…if you’re looking for a general spending miles card. We suggest you get the HSBC TravelOne Card if you want a general spend card, if you value travel benefits, and if you’re looking for a higher than average earn rate for foreign spending. This card isn’t for you if you want a high bonus earn rate on selected categories, or if you want miles that never expire. 

10. Alternatives to the HSBC TravelOne Card

Here are some other entry-level miles cards for you to consider. These rewards points/miles never expire:

Standard Chartered Journey Credit Card : This card rewards you with a bonus earn rate of 3 miles for online transactions on transport, food delivery, and groceries. The best part is that the 360 Rewards Points you earn never expire.

Standard Chartered Journey Credit Card (No Annual Fee)

Up to 3 miles for every $1 spent

2 complimentary visits to Priority Pass lounges around the world each year

S$0 foreign transaction fee for overseas spend made and posted in June-July, November-December 2023

Complimentary travel insurance coverage of up to S$500,000.

360 Rewards Points do not expire

S$10 off Grab rides to or from Changi Airport

Citi PremierMiles Card : Citi Miles never expire! Plus, earn up to 10 miles per $1 spent on selected hotel bookings. 

Citi PremierMiles Card

[FASTER GIFT REDEMPTION | GIVEAWAY] Get a  Sony HT-AX7 Portable Theatre System   (worth S$769) or an  Apple iPad (9th Gen), 64GB   (worth S$508.30) or a  Nintendo Switch OLED   (worth S$549) or  S$300 Cash via PayNow, in as fast as 6 weeks   from meeting the S$500 spend criteria!    PLUS stand a chance to get a  Rolex Submariner 124060  (worth S$15,521) or an  Apple iPhone 15 Pro, 128GB   (worth S$1,664.25) or a  Sony PlayStation®5 (SLIM) Digital Edition  (worth S$669) when you apply through MoneySmart!  T&Cs apply .

S$1 = 1.2 Citi Miles on Local spend (no min. spend)

S$1 = 2 Citi Miles on Foreign currency spend

Earn 10,000 Citi Miles upon renewal of annual membership and payment of annual fee

Citi Miles never expire

Principal Cardholder gets to enjoy 2 complimentary visits every year to over 1,300 airport lounges worldwide.

OCBC 90 N Card : Travel$ never expire. You’ll also get up to 7 miles per $1 spent on Agoda accommodations worldwide.

OCBC 90°N Card

Designed with an LED light feature, the 90°N MasterCard Card lights up whenever you make a contactless payment.

Travel$ that do not expire - Convert Travel$ to loyalty points at 9 airline and hotel partner programmes.

Get cash rebates at up to 2.1% from your earned Travel$. No minimum spend and no caps

All online purchases on your OCBC 90°N Card come with e-Commerce Protection, which safeguards you against non-delivery or defective goods or if the seller fails to reimburse you.

Check out and easily compare the other air miles credit cards in Singapore .

P.S. Here’s our MoneySmart credit card ranking rubric

In case you’re wondering, here’s how we decide on our credit card rankings.

Don’t miss our ultimate list of credit card reviews  for the low-down on credit cards in Singapore.

Found this article useful? Share it with a fellow traveller considering a miles card!

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HSBC Visa Platinum Card

The card that offers something for everyone

Get cash rebates of up to SGD1,000 each year, with our HSBC Visa Platinum Credit Card. With a wide selection of privileges and discounts available, there's something for everyone in the family to enjoy. 

Our welcome gift to you

Apply now for instant approval[@cards-instant-approval-tnc]. What's more, choose between a Samsonite ZELTUS 69cm Spinner Exp with built-in scale worth SGD680 or get SGD200 cashback when you spend at least SGD500 and provide marketing consent in the application form.

Your card at a glance

5% cash rebate[@cards-cash-rebate] on family expenses

Spend in eligible categories (dining, groceries and fuel) to earn cash rebate. 

Reward points on your shopping

Earn 1 Reward point per dollar when you spend on this credit card. 

Note: With effect from 8 January 2024, the monthly instalment amounts under the HSBC 0% Card Instalment Plans and HSBC PayLater Instalment Plans will not be eligible to earn Reward points [@cards-installment-qualifying-transactions] .

Why bank with us?

Trusted locally and globally.

With more than 150 years of financial experience behind us, we've been a trusted name for generations. Millions of customers use our credit cards every day, all across Singapore and beyond.

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We've been helping people bank in Singapore for more than 140 years. From our original headquarters in Collyer Quay and now, from Marina Bay Financial Centre and through our strong retail network across the island.

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Unlock more rewards and privileges

• ENTERTAINER with HSBC Discover over 1,000 amazing worldwide 1-for-1 deals and more with ENTERTAINER with HSBC app.
• Instant Shell and Caltex discounts Fuel up at Shell and Caltex, and receive a discount of up to 17% instantly.
• Easy banking with the HSBC Singapore app Manage your card easily, on the couch or on the go, with the HSBC Singapore app. Download the app now.
• Other perks to look forward to Indulge yourself with the latest offers on dining, online purchases, hotel stays and more.

Application steps

How to apply for an hsbc visa platinum credit card.

You're only 4 steps away from shopping and spending on your new HSBC Visa Platinum credit card.

1. Apply for the card

Use Myinfo to make the application process even smoother and speedier.

2. Get approved

You can use your virtual card as soon as you've been approved.

3. Receive your physical card

Activate it to start earning rewards on your purchases right away.

4. Redeem your welcome gift

Make the minimum spend with your card to get your welcome gift.

Who can apply?

To apply, you must:

• be at least 21 years of age
• have a minimum annual income of SGD30,000 (Singaporeans and Permanent Residents)
• For self-employed and commission-based Singaporeans or Permanent Residents, a minimum annual income of SGD40,000 is required
• For foreigners residing in Singapore, a minimum annual income of SGD40,000 is required
• If you do not meet the above income requirements, a minimum Fixed Deposit Collateral of SGD10,000 is required

See what you need to apply 

Apply using Myinfo via Singpass and save the hassle to provide supporting documents.

Alternatively, prepare the following supporting documents with your application.

• ID documents of the primary and any supplementary applicants
• income documents of the primary applicant

What documents are acceptable?

Sign-up gift[@cards-platinum-signup-gift-tnc] selection mandatory qualifying criteria (Please read carefully before selecting your gift) 

[@cards-platinum-signup-gift-tnc] Note: Selecting a gift below does not guarantee your eligibility, all welcome gifts are subject to the Bank’s qualifying criteria. 

New HSBC cardholder

Choose from a Samsonite ZELTUS 69cm Spinner Exp with built-in scale, worth SGD680 or get SGD200 cashback when you spend at least SGD500 and provide marketing consent upon applying for this card. Other T&Cs apply .

Existing HSBC cardholder

Share the perks with a supplementary card

Our HSBC credit cards open up a world of banking convenience, benefits and privileges. And now, you can share it with your family too.

• Earn reward points each time your loved ones spend on their cards
• Get up to 5 supplementary cards, free to you and your family for life
• Any loved one can hold a supplementary credit card as long as they're aged 18 or above

Other ways to apply 

Leave us your contact details online or by SMS, and we'll give you a call within 3 working days to help you apply for this card. Text HSAPP <space> Name <space> to 74722, or request a callback online .

Frequently asked questions

What transactions count towards earning rebates .

All transactions that are not listed as exclusions count towards your minimum spend requirement for earning rebates. You can find the full list of exclusions in the quarterly cash rebate programme terms and conditions (PDF) . If you're using HSBC Spend Instalments, only your initial total purchase amount will be eligible in the purchase month. Subsequent instalment amounts will not qualify. 

When will I receive my rebates? 

Your rebates will be posted to your credit card account within 2 months after the end of each quarter. For example, if you spent on eligible purchases in your rebate categories between October and December (the fourth quarter), your rebates will be posted to your account by 28 February in the following year. 

Important information and links

Related documents for the credit card .

• ABS consumer guide for credit cards (PDF) ABS consumer guide for credit cards (PDF) Download
•   Consumer guide for credit cards Consumer guide for credit cards Modal
•   Credit card FAQs Credit card FAQs Modal
•   Credit card security Credit card security Modal
• Credit card terms (PDF) Credit card terms (PDF) Download
• Quarterly cash rebate programme terms and conditions (PDF) Quarterly cash rebate programme terms and conditions (PDF) Download
• Sign-up gift offer terms and conditions (PDF) Sign-up gift offer terms and conditions (PDF) Download

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Your credit limit

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Finance charges

A finance charge will be imposed based on the amount withdrawn, from the date the transaction is posted to your account to the date the payment is made in full or the next statement date, whichever is earlier.

Effective rate: 27.8% p.a. (minimum)

Minimum charge: SGD2.50

We'll waive your annual fee for the first 2 years, starting from the issue date for your credit card. From the third year onwards, we'll waive the annual fee for your card if you spend more than SGD12,500 with it per year.

Explore other credit cards and features

Looking for a credit card that rewards you even as you spend, or extra travel benefits? You may be interested in these cards following.

HSBC Visa Infinite

Experience the extraordinary.

HSBC Premier Mastercard

Be privy to exclusive privileges both at home and abroad.

Travel Companion

Find travel deals and promotions for travel insurance, hotel and flight booking with HSBC.

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My thoughts on the HSBC TravelOne Card

The HSBC TravelOne Card is a great general spending card- and maybe that's the problem.

This week saw the launch of the TravelOne Card, HSBC’s first mass market miles card in Singapore. HSBC certainly took its time entering this segment — almost every other bank already has one — but hey, there’s no harm in being fashionably late. 

I’ve spent the past couple of days poring over the details of this card and analysing its use cases. Like every new launch, the TravelOne has generated a ton of online discussion, which has been very helpful in spotting things I missed the first time round!

And as I was drafting this post, I suddenly had an epiphany.

The biggest strength of the HBSC TravelOne? It’s a great general spending card. The biggest weakness of the HSBC TravelOne? It’s a great general spending card.

If that sounds confusing, don’t worry- it’ll get clearer as we go along. 

The earn rates are great (for a general spending card)

HSBC TravelOne Cardholders earn:

• 3X HSBC points per S$1 (1.2 mpd)  on local spend
• 6X HSBC points per S$1 (2.4 mpd)  on foreign currency spend

There is no minimum spend required, nor cap on the points that can be earned.

It speaks volumes about where the market is right now that more than a few comments have basically said  “Not 4 mpd? Pfffft”.  But that’s understandable in a way. Cards like the UOB Preferred Platinum Visa and UOB Visa Signature have made us so accustomed to earning  4 mpd almost everywhere that it’s become the de facto expectation for some. 

And yet, it’s important to remember that the TravelOne is intended to be a general spending card , and we need to benchmark it to the appropriate segment.

In fact, given its earn rates and rounding policies, I’d say it more than holds its own against  the competition; all the more so for HSBC Everyday Global Account customers who can earn a bonus 1% cashback on all transactions (capped at $300 per month).

Furthermore, I’m quite amazed that the HSBC TravelOne outearns the top-of-the-line HSBC Visa Infinite (1/2 mpd on local/overseas spend, upgraded to 1.25/2.25 mpd on local/overseas spend with a hefty minimum spend of S$50,000 in a membership year). That must have been a fascinating internal discussion, since product managers are loath to have their baby upstaged- especially by a card for the unwashed masses!

It’s not just raw earn rates, mind you. Quality of points matters as much as quantity . 

If HSBC had launched a card with 1.6/2.4 mpd earn rates, yet kept Asia Miles and KrisFlyer as its only transfer partners, I’d be much more indifferent. Yes, those would be excellent earn rates for a general spending card, but at the end of the day what’s changed? It’s not breaking any new ground. 

The TravelOne’s claim to fame is not its earn rates, solid though they may be. It’s the new transfer partners it’s added and will continue to add throughout 2023 (more on that later). That, to me, is more important than incrementally higher earn rates. 

I’ve often believed that banks are getting the market for general spending cards wrong. It seems as if the thought process goes something like, “What’s better than 1.2 mpd? 1.3 mpd. What’s better than 1.3 mpd? 1.4 mpd…”

While this might be good for consumers in the short run, it’s ultimately not sustainable (just look at the BOC Elite Miles Card as an example). Margins get squeezed, banks have to come up with shenanigans to advertise higher rates while awarding less in practice (e.g. OCBC/UOB and their S$5 earning blocks), and it limits the scope to add other benefits that customers might value more, such as lounge visits or airport limo rides.

A much more sustainable approach would be to compete not on headline earn rates, but card features . In other words: “I can make my 1.2 mpd better than your 1.3 mpd if I offer more partners, if I offer free conversions, if I offer instant transfers.” That’s exactly what HSBC is attempting with the TravelOne.

Still, not everything is hunky dory. 

• HSBC TravelOne Card does not have a bonus earn category
• HSBC excludes CardUp/ipaymy transactions from earning rewards
• HSBC no longer offers a tax payment facility
• HSBC points don’t pool (though it’s on the roadmap…more on that later)

This means there’s currently no way of turbocharging your accumulation, and at a pace of 1.2/2.4 mpd, it’d take a lot of spending to reach the critical mass needed for a redemption (especially if you’re redeeming for a family).

It’s what I call the “AMEX Platinum Problem”. While Membership Rewards points are extremely valuable, it’s hard to earn them at a decent rate (0.69 mpd for AMEX Platinum Credit Card , 0.78 mpd for AMEX Platinum Charge ). But even then, at least AMEX has 10Xcelerator partners (3.47 mpd for AMEX Platinum Credit Card , 7.8 mpd for AMEX Platinum Charge )- something HSBC lacks!

A solid sign-up bonus, with a quirk

From now till 31 August 2023 , customers who apply for a HSBC TravelOne Card will enjoy  20,000 bonus miles  (in the form of 50,000 HSBC points) when they:

• Pay the annual fee of S$194.40
• Spend at least S$800 by the end of the month following approval
• Opt-in for marketing communications during the sign-up process

Since the annual fee must be paid, you’re basically buying miles at a cost of 0.97 cents each (S$194.40/20,000 miles), or 1.09 cents if you want to adjust for the opportunity cost of spending on a 4 mpd card (S$194.40/(20,000-800*2.8) miles).

That’s a very good price indeed, and before someone says “but Citi PayAll”, remember the S$8,000 minimum spend for the current offer.

What’s noteworthy about this offer is that it’s available to both new and existing HSBC cardholders . Most of the time, the latter get left out in the cold.

But offering the same sign-up bonus to new and existing customers also creates a strange quirk. If you count as a new HSBC cardholder, you might want to apply for a HSBC Revolution Card first (seriously, why don’t you have one yet?). 

New cardholders will receive:

• S$30 cash from SingSaver, no min. spend (T&Cs)
• S$150 cashback from HSBC with a min. spend of S$1,000 (T&Cs)

After the Revolution is approved, you can then apply for the TravelOne as an existing customer, since you enjoy the same 20,000 bonus miles as a new cardholder anyway.

Don’t sweat the annual fee

And since we’re talking annual fees: the HSBC TravelOne Card is not offering a first year fee waiver option at the moment. In other words, if you want the card, you have to pay the S$194.40 annual fee, though with 20,000 miles + eight lounge visits in the first membership year (not four- see below), I’d argue you’re still coming out on top.

What happens in the second year, though?

At this point, we don’t know. The official stance is that cardholders who spend at least S$25,000 in a membership year will receive a fee waiver for the second year. However, many other banks say similar things, yet offer waivers nonetheless to those who fall short of the minimum spend (either automatically or on request). 

I’m not that concerned at the moment, quite frankly. The card is virtually brand new; we’ll cross that bridge when we come to it. I certainly wouldn’t pay S$194.40 just for a few lounge visits, and I suspect that HSBC knows that unless there’s a very compelling reason to pay the second year’s annual fee, the lack of waiver could spark a significant exodus.

The market has already demonstrated it’s not willing to pay annual fees in the S$30,000 card segment. OCBC tried it for a while with their 90°N Card by adding a non-waivable S$53.50 annual fee (with a further S$139 top-up to buy 10,000 miles). That experiment didn’t last very long.

So the way I see it, why not just take it one year at a time? It’s hardly something to get worked up about at this point. If the value proposition doesn’t make sense in the second year, you still have the freedom to walk away. 

Expiring points aren’t a deal-breaker

Points earned on the HSBC TravelOne Card expire after 37 months , the same as other HSBC cards. 

Some don’t like expiring points, but it’s not that big a deal for me. As I’ve explained in this article, non-expiring points don’t really influence my decision whether or not to get a card. Granted, nothing beats evergreen, but 37 months is a long time, and you still have additional validity once points are transferred to the airline side. 

However, an argument could be made that because of the 1.2/2.4 mpd earn rates, you’d need to keep the points on the bank side for a longer time before transferring. Fair enough, though at most it means paying an additional conversion fee at the end of 37 months; not really something to lose sleep over. 

Moreover, with the pace of frequent flyer devaluations, holding on to your points too long is a bad idea. The golden rule is still to earn and burn!

First year sweet spot for lounge visits

HSBC TravelOne Cardholders enjoy four lounge visits per year, a  relatively generous allowance for the segment in which the card competes.

What’s more, the allowances are granted on a calendar year basis instead of membership year. This means that a cardholder can enjoy eight visits in their first membership year, regardless of whether they choose to renew.

For example, when you’re approved in 2023 you get four visits to use till 31 December 2023, and on 1 January 2024 you get another four visits to use till 31 December 2024. Whether or not you renew the card in 2024 is irrelevant.

There’s also a qualitative aspect to this: TravelOne lounge visits are provided by DragonPass,  which is the only major lounge network to retain access to Plaza Premium Lounges after the operator terminated its agreements with Priority Pass and Lounge Key. In some airports (e.g. Penang, Phnom Penh) Plaza Premium lounges are the only contract lounge option (or even the only lounge option).

If there’s one fly in the ointment, it’s that lounge visits cannot be shared with a guest. Whether that’s a HSBC or DragonPass restriction I do not know, but it feels odd: if I have four visits in total, who cares whether I use all four on myself or split them with my companion for two visits together? 

Fast, free points conversions

There’s three things I look for in a card: 

Conversion speed

Conversion fees, conversion blocks.

The HSBC TravelOne gets two out of three right, with the last one coming agonisingly close. 

The HSBC TravelOne Card has a bit of a semantics issue when it comes to conversions.

In some places, it advertises “ instant” rewards redemptions. In others, it says “instantly or within 1 business day”. The two, obviously, are not the same, and in the miles game where award space can disappear as fast as it pops up, can make all the difference. 

Having spoken to both the product team as well as Ascenda (the loyalty company that’s behind the new partners), the overall sense I got was that this is a CYA thing, just in case something goes wrong.

Given the API integration Ascenda has with its partners, there’s really no reason not to expect instant conversions for all programmes except Accor Live Limitless (where transfers take up to five business days). 

In any case, I’ll be testing this soon and posting the results, and I’m sure the Telegram Group will be full of data points as well. 

HSBC normally requires cardholders to join its Mileage Programme to convert points, which costs S$43.20 a year for unlimited conversions to Asia Miles or KrisFlyer. You only pay one fee, regardless of how many HSBC cards you have.

With the TravelOne Card, all conversion fees are waived till 31 December 2023 . That reduces the friction in making ad-hoc top-ups to your frequent flyer account.

It’s not been confirmed whether HSBC will switch to a “per conversion” model come 1 January 2024, but if you ask me, it looks more likely than not. I’d expect to pay the usual S$25 + GST. 

Unfortunately, it’s the last leg of the triangle that’s missing. While the TravelOne offers fast, free top-ups, the minimum conversion block is 10,000 miles.

While that’s on par with the market, I feel they’ve missed a great opportunity here. 10,000 miles, after all, is a significant chunk of change to move at one go. If they broke it down into smaller blocks, the utility of the card would be even greater. 

If it’s any consolation, after the first 10,000 miles the subsequent conversion block is just 2 miles. This is confirmed in the FAQs:

In other words, you could convert 25,005 points to 10,002 air miles. This is great news for anyone intending to spend S$800 for the sign-up bonus in local currency then cash out. You’d have:

• 50,000 bonus points (for meeting min. spend)
• 2,400 base points (S$800 @ 3 points per S$1)

52,400 points can be cashed out exactly for 20,960 miles, avoiding orphan points.

I just wish they’d gone one step further and made the minimum conversion block 2 miles, though that may be wishful thinking on my part. 

By the way, this also means that if you want an insurance policy against orphan miles, one thing you can do is keep a minimum of 25,000 points in your account at all times. 

Transfer partner bonanza

HSBC TravelOne Cardholders can transfer points to a total of 12 different partners : nine airlines and three hotels. 

This takes the crown of “most transfer partners” from Citi (10 airlines, 1 hotel), and HSBC isn’t done. The plan is to have more than 20 airline and hotel partners by the end of 2023.

That’s the real game-changer here. For too long, we’ve seen new partners added at a glacial pace ( Standard Chartered and OCBC (eventually) being the notable exceptions; no surprise it was Ascenda behind those too). Now HSBC has kicked things into overdrive, and while not every new partner will be “useful” from a miles chaser perspective, more options can only be a good thing.

At the same time, there’s one thing I want to make abundantly clear: there’s little point in using the HSBC TravelOne Card if all you want is Asia Miles and KrisFlyer. If that’s your goal, you’d do much better by sticking with other cards on the market. Why earn KrisFlyer miles at 1.2/2.4 mpd when you can earn them at 4/6 mpd elsewhere?

Getting the most out of TravelOne means exploring other programmes, and I can’t help but wonder if there’s an inherent paradox. Are the people most likely to give a general spending card heavy usage also the same people who would default to familiar programmes like Asia Miles and KrisFlyer?

How you feel about the HSBC TravelOne Card really boils down to what standards you’re measuring it by. 

Compared to  general spending cards, it excels: 1.2/2.4 mpd earn rates, 1% extra cashback for EGA customers, a favourable rounding policy, four lounge visits per calendar year, fast and free conversions, and a 20,000 miles sign-up bonus even for existing customers. I’m not about to say it’s the absolute best — the Citi PremierMiles Card may have lower earn rates and fewer lounge visits, but Citi PayAll is a fearsome beast — though it certainly ticks all the right boxes. 

Compared to specialised spending cards , it pales in comparison, obviously. No general spending card, no matter how good, is going to beat 4/6 mpd!

Here’s the thing though: even if the HSBC TravelOne isn’t  directly  competing with a specialised spending card, it’s indirectly competing for share of wallet, because in most cases, every S$1 I put on the TravelOne is S$1 I could have put on a 4/6 mpd card.

That’s a problem that all general spending cards face, not just the HSBC TravelOne. It begs a more existential question: do you even need a general spending card?

To be sure, there are situations where it can come in useful:

• Maybe you’ve busted the 4/6 mpd caps on your specialised spending card
• Maybe the bank affiliated with your general spending card has some sort of tie-up with the merchant that grants an additional discount that would more than offset the lost miles
• Maybe this particular category of spend doesn’t qualify for any bonuses (though it’s hard to think of an example, given the wide coverage of specialised spending cards)
• Maybe you don’t know the MCC of a given merchant, and just want to be safe (but you could always find out for free )

I don’t know how common those scenarios are for you, but keep in mind this won’t even be a dilemma for the vast majority of cardholders out there. If you read this blog, chances are you’re in the minority- not just in terms of looks, charisma and sheer muscle mass, but also in terms of card usage. For every one of us who obsessively optimises each and every transaction, there’s five, maybe ten people who just put everything on their DBS Altitude, Citi PremierMiles or UOB PRVI Miles Card and call it a day. 

All the same, it’d be horribly premature to write it off. My understanding is that HSBC is working on adding points pooling , and if they pull that off, a lot of things would fall into place. 

Imagine what you could do with Revolution earn rates, 20+ partners and instant transfers. Imagine being able to avoid fuel surcharges and tap new sweet spots by choosing the right frequent flyer programme. Imagine a spillover effect on the rest of the market, where other banks look at the HSBC, StanChart and OCBC case studies and decide there’s value in partnering with a platform like Ascenda and bringing dozens of partners onboard at once instead of negotiating individual contracts. 

As John Lennon once said “That’s very nice Yoko but I’m trying to perform with Chuck Berry” “You can say that I’m a dreamer, but I’m not the only one”.

The HSBC TravelOne poses a crucial question: is there space for a general spending card in the wallet of a miles optimiser? Or perhaps more accurately: is there space for another  general spending card in the wallet of a miles optimiser?

That’s something well worth thinking about this weekend, but I personally pulled the trigger yesterday and sent in my application. I’m not about to say no to that kind of sign-up bonus, and if things work out the way I hope they will, having an extra 50,000 HSBC points in the bag would be very welcome come end-2023. HSBC has ambitious plans that go beyond just the TravelOne, and if they can deliver on that, it’d be a huge shake-up to the miles game in Singapore.

Scoffers gonna scoff, but I like what I see so far. 

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Should this be added into the article on how to calculate general spending posted on 10 Jan?

I believe the plaza premium lounge in kuching is no longer around.

You’re right. No more at Kuching airport. Penang Plaza Premium still around.

removed that!

Me again. Interesting follow up. – My biggest gripe about the AF waivability uncertainty was that if you can’t get a waiver, you’d have to cash out and cancel and with usual 10k blocks you’d be hard pressed to meet the next 10k block (most people won’t put $8k+ on a gen spend card in a year given the plethora of 4mpd options). I had missed that it was an effective 10k minimum instead of blocks – thanks for pointing this out. More agreeable that it would be easier to try on this basis. Although by that time, you’ll have …  Read more »

For a mass market general spending card that is not even a week old, I think we are being too critical. As far as the annual fee is concerned, if one wants to be safe, they can wait until a year later when data points about waivability become available, but of course, there’s the tantalizing FOMO that the welcome offer might be pulled soon, cause what are the odds that existing-to-bank customers are eligible for such a thing? All in all, I think it’s only fair that we have to “pay” for the 20k miles with a bit of uncertainty …  Read more »

If Aeroplan is part of the 20 in the future, I’m in.

Likely. The Malaysian version of the card launched with Aeroplan

Ya, the $800 spending is an issue to hit for a general spending card…

Maybe I’m missing something, but aren’t we buying miles at: [(194.4+800)/20,960] = 4.7 cents per mile?

Can’t count the $800 – you’re not throwing the $800 away, it is expected you are spending $800 on things you would have otherwise spent anyway. But there is an opportunity cost for that $800 if you ordinarily would have earnt 4mpd on it instead.

Fairer to say your are forgoing 800×2.8 miles since $800 spend on a 4 miles/$ card would have yielded 3200 miles so 194.40/ 17760?

Another general spending card split means you have to deal with low usage or manage too many orphan miles and low miles redemption. Unless if HSBC has a killer feature like Citi Payall (where you can almost guarantee miles volume) – I will stick with Citi for the general spending card. How much more do you spend on “general” card if you maximize your 4MPD specialized card?

Orphan miles not really an issue here though, because of how the conversions work

Yes but it is free only until end of the year – afterward it is gonna be pain to transfer if they start imposing fee per transfer. Well technically the jury is still up in the air

yup, got it- but when we use the term “orphan miles”, we’re generally referring to miles that cannot be transferred out because of min. block size, not miles that can be transferred out, but there’s a fee involved. if it were the latter, then virtually every card on the market would suffer from “orphan miles”- even the OCBC VOYAGE with its 1 mile transfer blocks (since there’s still a $25 xfer fee). and just because a card doesn’t have xfer fees doesn’t mean the orphan mile problem doesn’t exist! UOB Reserve cardholders have no xfer fees, but their transfer block …  Read more »

I’ll wait till they add points pooling

If I’m HSBC customer, is still a must for me to sign up this via Singsaver or can sign-up with HSBC directly? thanks.

If you are an existing customer, can apply directly with HSBC cuz you are not NTB, hence no incentive to go through SingSaver.

So… is this better than the DBS Vantage, which currently seems like the best general all-around spending card, though with limited partners…?

it would be very difficult to compare this with a $120k card, since the two of them have such different annual fees and benefits

If we were to do that comparison, what would the outcome be?

What I struggle to find is the best overall general spending card if you’ve got a monthly spend in the $20k+ range. Conversion partners become important, and the fee can be justified if it makes sense… Most of the benefits beyond those associated with travel are not really used (e.g. sometimes dining benefits that are hard to use, etc.)

This card seems interesting due to the increased number of conversion partners, as award space with SQ seems quite limited lately.

“If it’s any consolation, after the first 10,000 miles the subsequent conversion block is just 2 miles. This is confirmed in the FAQs” — How does this compare to other cards/banks/points systems? Would be very interested to add this to the table alongside the minimum size and the fee.

Hello, how does one pay the annual fee after just getting the card? Is it similar to how we pay our credit card bills, by transferring the sum to the card account?

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HSBC Takes $1 Billion Hit From Argentina Sale as Asia Pivot Continues

A drone view shows HSBC's headquarters, as the bank is selling its business in the country, in Buenos Aires, Argentina April 9, 2024. REUTERS/Matias Baglietto

By Rishav Chatterjee and Lawrence White

LONDON (Reuters) -HSBC is selling its business in Argentina and booking a $1 billion loss on the deal, the bank said on Tuesday, as it continues to shrink its once globe-spanning empire to focus on Asia.

HSBC is selling the business, which covers banking, asset management and insurance, to Argentina's fifth largest bank Grupo Financiero Galicia for $550 million, the British bank said.

HSBC CEO Noel Quinn has sought to simplify the sprawling lender to improve performance by exiting several markets in which it has under-performed, including France and Canada.

The sale also fits with the bank's Asia pivot strategy as it shifts capital, especially to India and China.

HSBC's shares were flat in early trading in London, while its Hong Kong-listed shares gained 1.1%.

"Argentina has been a problematic market for HSBC in recent years given hyperinflation in the region and a sharp currency devaluation, which has resulted in significant earnings volatility for the business," said Gary Greenwood, analyst at Shore Capital.

"Exiting Argentina also represents a further step in management’s strategy to simplify the Group and concentrate resources on areas of the business where greater shareholder value can be created," he said.

As well as booking a loss in the first quarter, HSBC said the deal would lead it to recognise $4.9 billion in historical currency translation reserve losses when the sale closes.

The losses grew by $1.8 billion last year as a result of the devaluation of the Argentinian peso, the bank said.

HSBC said those losses had already been recognised in its capital levels and would have no impact on its core capital or asset value levels.

"This transaction is another important step in the execution of our strategy and enables us to focus our resources on higher value opportunities across our international network," Quinn said in a statement.

"HSBC Argentina is largely a domestically focused business, with limited connectivity to the rest of our international network," he said.

The Argentina business, given its size, creates substantial earnings volatility for the group when its results are translated into U.S. dollars, according to HSBC.

HSBC has faced shareholder scrutiny in recent years over its geographic spread and overall strategy.

The bank defeated a resolution last year from Hong Kong-based shareholders, and backed by major Chinese investor Ping An, to potentially spin-off its Asia unit to try to fully realise the value of its most lucrative business.

The bank said it remained committed to the United States, where it exited retail banking in 2021, and to Mexico, a question mark for the bank ever since it paid $2 billion in 2012 to U.S. regulators over lax money laundering controls.

(Reporting by Rishav Chatterjee in Bengaluru and Lawrence White in London; Additional reporting by Yantoultra Ngui in Singapore and Iain Withers in London; Editing by Shounak Dasgupta, Sonali Paul and Mark Potter)

Copyright 2024 Thomson Reuters .

Tags: Argentina , Hong Kong , United Kingdom , Europe

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