Credit Cards News

HSBC adding rewards exclusion categories from July, including insurance payments

HSBC is cutting a raft of spend categories from miles earning and cashback from July, including education, utilities and insurance payments. CardUp, ipaymy and RentHero transactions will also be affected.

HSBC Building SS

HSBC has announced that it is updating the categories of qualifying and eligible transactions for HSBC Rewards Points earning or cashback from 1st July 2020, adding a swathe of spend exclusions including insurance, education and utilities payments.

Payments made through CardUp and ipaymy will also become ineligible, so do be aware if you’re using the HSBC Visa Infinite or Revolution cards though these channels for bill or tax payments.

Note that miles earning rates and frequent flyer programme transfer ratios all remain the same even after these changes, only spend exclusion categories are affected.

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Current exclusions

Currently the following transactions are not eligible for HSBC Rewards Points (and therefore miles) earning, until 30th June 2020:

  • Fund transfers, balance transfers, cash advances, finance charges, late charges, and any other fees and charges pursuant to HSBC’s credit card cardholder’s agreement
  • Charges to a card under HSBC’s Cash Instalment Plan, any expenditure incurred as part of a ‘Points plus cash’ redemption, any expenditure relating to a corporate or business transaction
  • Transactions relating to the trading of securities of any kind including but not limited to any top up of any cash amount required by a financial institution, transactions relating to any stored value card including but not limited to EZLink and Transitlink facilities.
  • Transactions relating to any payment or money transfer facilities, any un-posted, cancelled, disputed and refunded transactions and such other categories of transactions which HSBC may exclude from time to time without notice or giving reasons.

Source: HSBC Rewards Programme T&C (Sep 19)

New exclusions

From 1st July 2020, the exclusion list is expanding to cover the following categories:

  • Foreign exchange transactions (including but not limited to Forex.com);
  • Donations and payments to charitable, social organisations and religious organisations;
  • Quasi-cash transactions (including but not limited to transactions relating to money orders, traveler’s checks, gaming related transactions, lottery tickets and gambling);
  • Payments made to financial institutions, securities brokerages or dealers (including but not limited to the trading of securities, investments or crypto-currencies of any kind);
  • Payments on money payments/transfers (including but not limited to Paypal, SKR skrill.com, CardUp, SmoovPay, iPayMy);
  • Payments to any professional services provider (including but not limited to GOOGLE Ads, Facebook Ads, Amazon Web Services, MEDIA TRAFFIC AGENCY INC);
  • Top-ups, money transfers or purchase of credits of prepaid cards, stored-value cards or e-wallets (including but not limited to EZ-Link, Transitlink, NETS Flashpay and Youtrip);
  • Payments in connection with any government institutions and/or services (including but not limited to court costs, fines, bail and bond payment);
  • Any AXS and ATM transactions;
  • Tax payments (except HSBC Tax Payment Facility);
  • Payments for cleaning, maintenance and janitorial services (including property management fees);
  • Payments to insurance companies (including but not limited to sales, underwriting, premiums and insurance services);
  • Payments to educational institutions;
  • Payments on utilities;
  • The monthly instalment amounts under the HSBC Spend Instalment;
  • Balance transfers, fund transfers, cash advances, finance charges, late charges, HSBC’s Cash Instalment Plan, any fees charged by HSBC;
  • Any unposted, cancelled, disputed and refunded transactions.

Source: HSBC Rewards Programme T&C (Jul 20)

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Which cards?

The following HSBC credit cards are affected by the change. We have provided links to the relevant current and new terms and conditions documents in each case.


HSBCviNEW2

HSBC Visa Infinite


HSBC Revo Card Small

HSBC Revolution


Card

HSBC Visa Platinum


Card

HSBC Premier


Card small

HSBC Advance


Income tax

If you were hoping to use your HSBC credit card to settle your annual IRAS income tax bill this year, don’t despair.

The bank’s own HSBC Tax Payment Facility will continue to be considered an eligible transaction for Rewards Points earning even after 1st July 2020, and actually comes out cheaper than the CardUp / ipaymy options anyway.

Card Method Fee Mpd Cost
per
mile
HSBCviNEW.pngHSBC VI
Step up
HSBCtrans 1.5% 1.25* 1.20¢*
CardHSBC
Premier
HSBCtrans 0.5% 0.4 1.25¢
HSBCviNEW.pngHSBC VI
Step up
(until 30 Jun)
ipaymy.png 1.75% 1.25* 1.38¢*
HSBCviNEW.pngHSBC VI
Step up
(until 30 Jun)
CardUp Trans 1.75% 1.25*  1.38¢*
HSBCviNEW.pngHSBC VI HSBCtrans 1.5% 1.0 1.50¢
HSBCviNEW.pngHSBC VI
(until 30 Jun)
ipaymy.png 1.75% 1.0 1.72¢
HSBCviNEW.pngHSBC VI
(until 30 Jun)
CardUp Trans 1.75% 1.0  1.72¢
HSBC Revo Card.pngHSBC Revo HSBCtrans 0.7% 0.4  1.75¢
CardHSBC Visa
Plat