HSBC TravelOne Card Changes: 10,000 points conversion fee, new transfer partners

HSBC TravelOne started off as one of the best general-spending card, and will soon be a pointless card to hold in Singapore, unless if something is done to reverse the poor decision that was made.

Fee-free points transfers extended

Let’s start with the good news.

HSBC TravelOne cardholders will continue to enjoy fee-free points transfers to a wide range of loyalty programs till 24 January 2024 (extended from 31 December 2023).

This essentially buys cardholders a little more time to clear out their points balances, before cancelling the card.

It is also worth noting that points conversions to most loyalty programs will be completed instantly, or within 1 business day.

💡Click on the + More info buttons below to instantly view the key details the card.

New transfer partners

Next, a mildly-exciting news.

The HSBC TravelOne card added 8 new transfer partners, giving cardholders more options in redeeming their points. The card now has a total of 20 transfer partners, the most in Singapore.

However, all the new additions come with poor transfer ratios.

Related: Singapore Bank Transfer Partners of Credit Card Miles and Points

Here’s the complete list of the transfer partners of this card:

Airline/ Hotel	Loyalty Program	Redemption rate
Air France/ KLM	Flying Blue	25,000 HSBC points ↓ 10,000 miles
airasia	rewards	25,000 HSBC points ↓ 20,000 points
Air Canada NEW	Aeroplan	35,000 HSBC points ↓ 10,000 points
British Airways	Executive Club	25,000 HSBC points ↓ 10,000 miles
Cathay Pacific	Asia Miles	25,000 HSBC points ↓ 10,000 miles
Etihad Airways	Guest	25,000 HSBC points ↓ 10,000 miles
EVA Air	Infinity MileageLands	25,000 HSBC points ↓ 10,000 miles
Hainan Airlines NEW	Fortune Wings Club	35,000 HSBC points ↓ 10,000 points
Japan Airlines NEW	Mileage Bank	50,000 HSBC points ↓ 10,000 miles
Qantas	Frequent Flyer	25,000 HSBC points ↓ 10,000 points
Qatar Airways NEW	Privilege Club	35,000 HSBC points ↓ 10,000 Avios
Singapore Airlines	KrisFlyer	25,000 HSBC points ↓ 10,000 miles
Thai Airways NEW	Royal Orchid Plus	30,000 HSBC points ↓ 10,000 miles
Turkish Airlines NEW	Miles&Smiles	35,000 HSBC points ↓ 10,000 miles
Vietnam Airlines	Lotusmiles	25,000 HSBC points ↓ 10,000 miles
Vistara NEW	Club Vistara	40,000 HSBC points ↓ 10,000 points
Accor	Live Limitless	25,000 HSBC points ↓ 5,000 points
IHG	One Rewards	25,000 HSBC points ↓ 10,000 points
Marriott	Bonvoy	40,000 HSBC points ↓ 10,000 points
Wyndham NEW	Rewards	30,000 HSBC points ↓ 10,000 points

New conversion fee

From 25 January 2024, cardholders will need to pay a redemption fee of 10,000 points (equivalent to 4,000 miles) when transferring to a loyalty program.

Suitesmile values HSBC points at 0.5 cents (USD) each, making this new fee worth about US$50 (~S$68) This is far greater than the typical S$25 fee that other Singapore banks are charging, for credit card miles/points conversions.

Should you still hold the card from 25 Jan 2024?

The short answer is no, you probably should not.

While the HSBC TravelOne is one of the best general spending cards in Singapore right now, it will easily be one of the worst, with a hefty conversion fee of 10k points (4k miles) from 25 January 2024.

However, for reasons I don’t understand, there’s probably still a market for poor-value cards like the OCBC 90°N and AMEX Platinum Charge cards. So, sadly, that may be where this card is heading towards.

Be prepared to cancel the card

For the rest of us who understand the mechanics of being successful in the Miles Game, it’s probably time to plan our exit as a HSBC TravelOne cardholder.

Key date: 25 January 2024

As mentioned above, the new fee will only come into effect for points conversions made from 25 January 2024. This gives cardholders about 10 weeks to transfer out their points for free.

Also, keep in mind that the minimum conversion block is 25k points, which is equivalent to 10k miles on some loyalty programs.

Beyond the first 25k points, cardholders can convert in blocks of just 2 miles. For example, cardholders can convert 26,568 points with no “orphan” points.

You have until the above date to earn enough points on the card to meet this conversion block. If you have not accumulated anywhere close to 25k points at the moment, it may be a good idea to wait till mid-January, before cutting your losses (in points) and cancelling the card.

Key date: Card membership anniversary

The HSBC TravelOne card was launched less than a year ago, on 11 May 2023. This means that every cardholder should have time to clear out their points and cancel the card, and not be forced into paying the annual fee before the second membership year.

Cardholders who enjoyed the sign-up bonus for this card should also keep in mind that HSBC can claw back the bonus points if the card is cancelled within 12 months from approval date.

What would I do?

Personally, with at least 25k points earned on my card, here’s my plan:

• Stop using the HSBC TravelOne card
• Wait till mid-January to see if the new conversion fee is reversed
• If not, convert all my points to a loyalty program
• Cancel my card 1 day before my card anniversary date

Bottom line

HSBC TravelOne card is adding a hefty 10k points conversion fee from 25 Jan 2024, and added a number of new transfer partners with poor transfer ratios.

The people behind the product made a decision so unsmart, that it’s hard to see it actually happening. While I hope that the product team will reverse the decision to implement the hefty conversion fee, I am preparing myself for the worst.

Sorry HSBC, that wasn’t very smart. Reverse the decision quick, and we’ll forget that it happened. 🙂