❗UPDATE 21 NOV 2023: HSBC T1 cardholders will now enjoy free points conversions till 31 May 2024 (previously 24 Jan), notice on 10k points conversion fee now removed.
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.
HSBC TravelOne
Earn 1.2 mpd on local spend, 2.4 mpd on foreign currency
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. 🙂