HSBC has announced that it will be rolling out its full suite of partner redemption options, currently only available to TravelOne cardholders, across all its credit card products later this month, which will give the bank the widest transfer partner list in Singapore.
Points accrued on multiple cards will also pool with one another, allowing combined redemptions across products like the HSBC Revolution, HSBC Visa Infinite and HSBC TravelOne cards.
These changes will take effect just under three weeks from now, on 28th May 2024.
21 transfer partners
From 28th May 2024, all HSBC cardholders will be able to redeem their HSBC Reward points to the following 17 frequent flyer programmes, though as we already mentioned when additional options were added in November last year, these fall into two distinct categories.
Why? Because HSBC only retained its full 2.5:1 transfer ratio from points to miles for its original TravelOne partners; when additional ones were added their transfer ratios were rather lousy to say the least.
Here’s how it looks.
= Good transfer ratio
= Lousy transfer ratio
HSBC FFP Transfer Partners
From 28th May 2024
| FFP |  |
Transfer Ratio | |
 |
 |
25,000 10,000
25,000
10,000 |
|
 |
35,000 10,000
35,000
10,000 |
||
 |
25,000 10,000
25,000
10,000 |
||
 |
30,000 10,000
30,000
10,000 |
||
 |
35,000 10,000
35,000
10,000 |
||
 |
35,000 10,000
35,000
10,000 |
||
 |
 |
25,000 10,000
25,000
10,000 |
|
 |
25,000 10,000
25,000
10,000 |
||
 |
50,000 10,000
50,000
10,000 |
||
 |
25,000 10,000
25,000
10,000 |
||
 |
35,000 10,000
35,000
10,000 |
||
 |
 |
25,000 10,000
25,000
10,000 |
|
 |
25,000 10,000
25,000
10,000 |
||
 |
 |
25,000 20,000
25,000
20,000 |
|
 |
25,000 10,000
25,000
10,000 |
||
 |
35,000 10,000
35,000
10,000 |
||
 |
40,000 10,000
40,000
10,000 |
||
Why are some of these options lousy? Well the transfer ratio effectively reduces the ‘advertised’ miles per dollar earn rate of your card, since that assumes you are using a 2.5:1 partner, as we illustrate in the following table.
Effective mpd rates
by partner
| Partner Ratio |
 HSBC T1 |
 HSBC Revo |
||||
| Local Spend |
FCY Spend |
Bonus Spend |
||||
| 2.5:1 |
1.2 mpd
1.2
mpd |
2.4 mpd
2.4
mpd |
4 mpd
4
mpd |
|||
 |
 |
 |
 |
|||
 |
 |
 |
 |
|||
| 3:1 |
1 mpd
1
mpd |
2 mpd
2
mpd |
3.3 mpd
3.3
mpd | |||
 |
||||||
| 3.5:1 |
0.9 mpd
0.9
mpd |
1.7 mpd
1.7
mpd |
2.9 mpd
2.9
mpd |
|||
 |
 |
 |
 |
|||
 |
||||||
| 4:1 |
0.8 mpd
0.8
mpd |
1.5 mpd
1.5
mpd |
2.5 mpd
2.5
mpd |
|||
 |
||||||
| 5:1 |
0.6 mpd
0.6
mpd |
1.2 mpd
1.2
mpd |
2 mpd
2
mpd |
|||
 |
||||||
AirAsia Rewards gets a ‘lousy’ tick because even at a seemingly generous 2.5:2 transfer ratio, points are worth very little in this pure cashback scheme – just around 0.28 Singapore cents each.
On the hotel side, HSBC cardholders can make transfers to four different loyalty programmes from 28th May 2024.
HSBC Hotel Transfer Partners
From 28th May 2024
| FFP | |
Transfer Ratio | |
 |
 |
25,000 5,000
25,000
5,000 |
|
 |
25,000 10,000
25,000
10,000 |
||
 |
25,000 10,000
25,000
10,000 |
||
 |
30,000 10,000
30,000
10,000 |
||
In all cases the transfer ratios shown in the tables above represent the minimum transfer of HSBC Reward points to loyalty programme miles or points.
Over and above the minimum level, with HSBC you can ‘optimise’ transfers to the nearest whole point, rather than having to redeem in same-sized subsequent blocks, like with other banks such as Citi and UOB.
For example, the minimum transfer from HSBC Rewards to KrisFlyer is 25,000 points to 10,000 miles, but for larger transfers you can choose any redemption level, provided you redeem in blocks of 5 HSBC Rewards points (e.g. 25,505 points = 10,202 miles, if that’s what you need).
No conversions from 20th – 27th May
Do be aware that HSBC will be suspending points and miles transfers from all its credit cards for eight days from 20th May 2024 through to 27th May 2024 inclusive, while its backend systems are upgraded, hopefully in time for all 21 partner transfer options launching across all card products from 28th May 2024 onwards.
To support the system upgrade, with effect from 20 May to 27 May 2024, HSBC Bank will temporarily halt all credit card rewards redemptions. During this period, you will not be able to perform any rewards redemptions using your HSBC Reward points
HSBC
This will include redemptions via phone banking, online banking, and via the HSBC app, including for TravelOne cardholders, during this entire period.
If you need to make a transfer before 28th May 2024, be sure to do so by 19th May 2024 at the latest.
If you have HSBC Reward points expiring on 31st May 2024, these will have their validity extended to 30th June 2024, to take account of this ‘no transfers’ period.
Redemptions go ‘app-only’ from 28th May 2024
Once HSBC’s upgraded redemption system goes live on 28th May 2024, it will be exclusive to the HSBC SG mobile app.
That means you’ll no longer be able to redeem via phone banking or online banking methods, while HSBC’s Mileage Programme with its annual fee will also be disbanded.
If you don’t have the app on your device, you can download it via the links below.
Here’s HSBC’s step-by-step summary of how transfer work via the app for the TravelOne card, which will apply to all cards from 28th May 2024.
Points pooling
Once the new redemption system is live, your HSBC Reward points accrued from all cards you hold with the bank will be pooled together for redemption purposes, which is great news as this currently isn’t possible, with each card having its own separate points balance.
All Reward points earned across different HSBC credit cards will be pooled together, allowing you to redeem your desired items in a shorter period of time.
HSBC
All Reward points balances for each HSBC credit card you hold will be migrated to the new rewards platform and shown as a pooled total amount, from which you can redeem.
This not only opens up new partners to the likes of the HSBC Revolution and Visa Infinite cards, it also means you’ll be able to combine those accrued points together and with TravelOne card points, if applicable, to make a single transfer from all of them.
Instant transfers
One great new feature HSBC customers will benefit from once these partners are added for all cardholders making in-app transfer requests is that in most cases you’ll see the miles or points in your loyalty account immediately upon transferring.
Your miles/hotel points redemptions are processed instantly for most partners.
HSBC
There’s a little caveat, however, with a sneaky “or within one business day” get-out for the bank, plus if you’re transferring to the following programmes it will take longer, up to two weeks in some cases:
- Club Vistara: 5 working days
- Hainan Fortune Wings Club: 5 working days
- JAL Mileage Bank: 10 working days
In our experience transferring HSBC Reward points from the TravelOne card to KrisFlyer, the conversion was indeed instant.
No conversion fees till 2025
Currently if you’re holding on to an HSBC credit card other than the TravelOne card, you’ll be paying a S$43.60 annual enrolment fee for the HSBC Mileage Programme. This then allows you to make unlimited transfers to KrisFlyer and Asia Miles throughout the year.
Luckily that scheme will come to an end once the new redemption system is in place, and until at least the end of January 2025, transfers to airline miles or hotel points will be completely free of charge.
For HSBC Credit Cardholders, the redemption fee for miles/hotel points redemptions will be waived up till 31 Jan 2025.
Updated HSBC Rewards Programme T&Cs
Note that the HSBC SG app still states that the redemption fee waiver is only in effect until 31st May 2024, its most recent extension, however this should be updated in due course to reflect the new 31st January 2025 cutoff.
Annual fee refund for Mileage Programme subscribers
If you paid your S$43.60 annual fee for HSBC Mileage Programme enrolment on or after 1st June 2023, the good news is that HSBC will be offering you a full automatic refund of this charge.
The amount will be credited back to your card account by the end of July 2024.
If you paid your enrolment fee using 9,000 HSBC Reward points instead of cash (which we never recommended, but some people did anyway), those points will similarly be refunded in the same timescale.
There’s no point to HSBC’s Qatar Privilege Club conversion option
From 28th May 2024, al, HSBC cardholders will be able to convert their points into two Avios programmes:
- British Airways Executive Club (BAEC): 2.5:1 ratio
- Qatar Airways Privilege Club (QRPC): 3.5:1 ratio
This remains a totally stupid discrepancy, since you can link your BAEC and QRPC accounts (both free to open) and make unlimited instant free 1:1 transfers of any amount between them, whenever you like.
See this guide if you haven’t linked your accounts yet – it’s pretty simple.
Even if you wish to redeem using the QRPC programme, simply transfer to British Airways at a 2.5:1 ratio, giving you 40% more Avios, and then instantly transfer the whole amount to QRPC.
The fact that HSBC continues to offer a poorer ratio to QRPC compared to BAEC shows a total lack of understanding on the part of the bank about the very basic principles of how these FFPs work.
Don’t fall into the trap – QRPC transfers are never worthwhile as long as this discrepancy exists.
Summary
From 28th May 2024, HSBC will expand its full list of 21 transfer partners to all of its cardholders, not only those with the TravelOne card.
This will give the bank the widest partner list on the market in Singapore, but do be aware that out of 17 frequent flyer programmes we consider the transfer ratios lousy and therefore not worth considering for at least 9 of them.
Transfers will also go ‘app-only’, but in most cases will be processed instantly.
As before, ignore the Qatar Airways Privilege Club Avios option – simply transfer to British Airways Avios instead at a 40% better ratio, then move your points instantly across to Qatar 1:1.
In more good news, points pooling will be added across HSBC cards from the same date, allowing you to make a simple redemption from multiple balances accrued, if you hold more than one card with the bank.
Do note that all HSBC Reward points to miles transfers will be suspended between 20th May and 27th May while the system upgrade takes place.
(Cover Photo: Philip Pilosian / Shutterstock)
HSBC’s expansion to offer 21 transfer partners across all its credit cards starting late May is a significant upgrade, especially for those juggling multiple cards. The ability to pool points and the waiver of conversion fees until 2025 are particularly appealing features. However, cardholders should be wary of the less favorable transfer ratios with some new partners, which might not provide the best value for their points. Overall, this move could position HSBC as a strong contender in Singapore’s credit card market, provided users navigate the options wisely.
Not to mention, the recent QR 30% transfer bonus running until 31 May 2024 is useless for HSBC cardholders, since you need to transfer directly to QR Privilege Club (at that terrible rate) to avail the bonus. If you think you can have it both ways, and transfer from HSBC to BA Executive Club at the better rate, followed by QR Privilege Club, then sorry — no 30% bonus from Qatar Airways.
That QR offer is really only useful for Citi cardholders in Singapore, and HSBC has shot itself in the foot by failing to make it useful for its customers, thanks to the awful QR ratio.
Is it beneficial to spend in foreign currency with T1, if transferring to flying blue with the foreign exchange fee?