HSBC Revolution Changes May 2024 | Still Worth it?

HSBC Revolution Changes May 2024 | Still Worth it?

Written by
Demi Zhuang
Date published
April 2, 2024

Removed from 01 May 2024

5814 (Fast Food) 5411 (Grocery Stores/Supermarkets) 5499 (Misc Food Stores – Default)

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Still Worth it? 🤔

It used to be easy using this card for our everyday spending without having to think too much into it. Not so much any more… It’s annoying but generally, ✅ Dining at Restaurants, ✅ Bakeries (5462) will count for 4mpd / 2.5% Cashback.

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Qualified Categories for 10X Reward Points

from 01 May 2024

💄 travel e.g. airlines, some hotels

👗 department & retails stores

🛒 supermarkets

🍽️ dining

🛵 food delivery

🏋🏻 membership clubs

🚌 transport - taxi

What Benefits are there Left?

✅ Versatile — Cashback or Miles, Choice is Yours

Accumulate in points first, if you’ve later, decided you don’t want cashback or miles you can switch around between the 2.

✅ No minimum Monthly Spending

No more going close to month end and you’re like ‘OMG, I’ve another $100 to spend in order to get 8% Cashback’ (😏 can you guess which card is this? haha)

✅ Additional 1% Cashback with the HSBC Everyday Global Savings Account

This is the 💎 of HSBC…

this also goes away from 02 May 2024…

HSBC Revolution Credit Card
10X Reward Points
4mpd or 2.5% Cashback
Monthly Cap
$1,000
Annual Income Requirement
$30,000
Annual Fee
NONE
The usual Credit Card exclusions do apply. Refer to full T&C’s point 4.

Will I Still Use the HSBC Revolution?

Yes but as a backup card, for Dining out at restaurants, bakery purchases, travel ticket bookings, if I ever take a cab.

No more - Supermarkets (5411), Misc Food Stores (5499) and Fast Food (5814)

Miles perspective

I’m choosing

  • Citi Rewards + Instarem Amaze to be my default card for 4mpd, cap at $1,000
  • UOB Preferred Platinum Visa is another alternative you can look at too

Cashback

I’m sorry ‘no minimum spending’ individuals… The next best I think would be

Given the current prices of everything to be honest, I’d spend $600 or $500 a month with UOB EVOL or UOB One respectively giving 6.67% Cashback or 3.33%?

How does HSBC Revo’s Reward Points work?

Points
SGD
Cap
Credit Period
Base
1
1
-
When transaction gets posted
Bonus
9
1
9,000 points
By last day of the following calendar month
TOTAL
10
1
$1,000
Points Expiry
37 Months
Pools with other HSBC Cards
No
Transfer Fee
S$43.60 / year
Min. Transfer
25,000 Points = 10,000 Miles
Available Partners
KrisFlyer Asia Miles

What can you Redeem the Points for?

Full List here, I picked out a few main ones —

  1. Offset your Credit Card Bill
    • 4,000 Reward Points for SGD10 (🚨 Promotion rate 280 points = S$1, not sure till when but this brings the cashback rate to 3.57%!)
    • every incremental SGD1 at 400 rewards points thereafter
  2. Redeem Miles & Hotel Stays
    • 10,000 KrisFlyer Miles for 25,000 Reward Points
    • Raffles Hotel, W Singapore, The Capitol, St Regis
  3. Vouchers
    • Grab food and ride
    • Lazada, Amazon, Sephora
    • Starbucks
    • and more…

this is gone from 02 May 2024, no more 1% Cashback for HSBC Credit Card spend

HSBC Everyday Global Savings Account

😇 For an additional 1% Cashback. There’s so many use cases for this and if you’re not already on it, you’re really missing out…

The Everyday Rewards Programme provides additional 1% Cashback on

  • Transactions in SGD on HSBC Credit Card
Cashback on GIRO Bill Payments (🤫 Open Me!)
  • You can arrange eGIRO to pay off your Credit Card Bills and earn 1% Cashback
  • I arranged mine to pay off my DBS Credit Card Bill. The DBS Credit Card pays off all my other Credit Card Bills

    🎥 Video Guide on this here

  • Visa Transaction on the HSBC Everyday Global Debit Card
  • (with exclusions)
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  • Bonus Interest (Full terms in page 3 here)
🚨 Cashback is capped at S$300 / S$500 per calendar month for Personal Banking / Premier Customers. 🤫 i max this out every month

How to enrol into the programme?

Deposit S$2,000 into the Savings Account via salary crediting and/or inward transfer from non HSBC bank account + 5 Eligible Transaction in the same calendar month:

  • Posted Transaction in SGD on a HSBC Credit Card
  • Posted Transaction with HSBC Everyday Global Debit Card
  • GIRO bill payments (eGIRO)
  • Fund Transfer from HSBC Account to non-HSBC Account

How I do it?

Transfer in $2,000 then transfer out in $400 for 5 times. You’ll receive a message from HSBC 1-2 days after to mention you’re enrolled until X date.

How Much Miles I’ve Earned using the HSBC Revolution in 2023

42,255 points
Spent $4,225.50
16,902 miles

💡 SQ Biz Class from SG - Korea cost 52,000 miles

if this helps to put it into perspective 😅

🎥 Videos I’ve Done

Recent update removing some qualifying Travel MCCs , is the HSBC Revolution still a keeper in 2024?

New to Miles? You MUST have a Plan on How you’re going to accumulate. Watch how I did this for myself.

How Much Miles I Accumulated on the HSBC Revolution Credit Card in 2023