The HSBC Revolution Card’s Latest Nerf—Bye Bye 10X Points on Contactless Payments and Travel Spend (MoneySmart Review 2024)

Uh oh. We have another nerf.

The HSBC Revolution Card has been a favourite among Singapore credit card users for letting you earn HSBC rewards points for online and contactless transactions. That opens up a lot of spend options for you to earn the juicy 10X Rewards Points the card promises.

But bad news: from 15 Jul 2024, one half of the HSBC Revolution’s biggest flex is getting nerfed:

What do we make of the HSBC Revolution Card now? Well, not all is lost. For one thing, unlike some cashback cards that force you to work your brain and micromanage your expenses, this HSBC credit card has no minimum spending requirement.

But HSBC has been busy—their freshly launched HSBC Live+ Credit Card is one of the best lifestyle credit cards on the market now, and with its 8% cashback rate, I have a hunch that it may leave the older HSBC Revolution in its dust.

Is the HSBC Revolution Card still a worthy companion? Let’s take a closer look.

HSBC Revolution Card Review—Is it MoneySmart?
Overall: ★★★☆☆ (2.67/5.00) Best for: General spenders who don’t exceed $1,000 spend per month, and who mainly make online purchases.
Category	Our rating	The deets
Earn rates: HSBC Reward points	★★★★☆	– [Before 15 Jul 2024] 10X Reward points (4 miles or 2.5% Cashback) on eligible online purchases and contactless payments (capped at $1,000 spend/month) – [From 15 Jul 2024] 10X Reward points (4 miles or 2.5% Cashback) on eligible online purchases and contactless payments (capped at $1,000 spend/month) – Eligible transactions include: department stores and retail Stores, dining (excluding hotel dining), transportation, membership clubs, and (only until 31 Dec 2024) travel transactions – 1X Reward point for all other types of spending (no cap) – No minimum spend – HSBC Reward points expire after 37 months
Earn categories	★★☆☆☆
Annual fees and charges	★★★★★	$0 annual fee for both main and supplementary cards
Accessibility	★★★★☆	– Minimum age: 21 years old – Minimum income requirement: $30,000 (Singaporean/PR); $40,000 (Foreigner, or a self-employed/commission-based Singaporean/PR)
Extras/periphery rewards	★☆☆☆☆	– Complimentary access to ENTERTAINER with HSBC – Up to 21.15% fuel savings at Caltex and Shell
Sign-up bonus	★★☆☆☆	Welcome gift for new cardmembers: Samsonite ZELTUS 69cm Spinner Luggage (worth $680) or $200 Cashback  Gift requirements: Spend a minimum of $500 from Card Account Opening Date to the end of the following month. Valid till 30 Sep 2024. Do check the HSBC Revolution Credit Card page for the latest promotions. Lucky draw: From 25 Jun to 23 Sep 2024, apply, activate and spend with HSBC credit cards and stand to win an all-electric Mercedes-Benz EQB and round-trip air tickets to Paris! T&Cs apply.

See our credit card ranking rubric to find out how we rank credit cards.

 

HSBC Revolution Card Review 2024

1. HSBC Revolution Card—What’s getting nerfed?
2. HSBC Revolution Card Review
3. HSBC Revolution Annual Fee, Minimum Income
4. HSBC Revolution Reward Points Redemption
5. HSBC Revolution vs HSBC Live+
6. How to maximise my HSBC Revolution Card?
7. HSBC Revolution Card Promotion
8. Should I get the HSBC Revolution Card?

 

1. HSBC Revolution Card—What’s getting nerfed?

There are actually 2 nerfs coming up for the HSBC Revolution Card.

Payment mode nerf: From 15 Jul 2024, you’ll no longer earn 10x Rewards points on contactless payments—think payWave or tapping your phone to use your mobile wallet (Apple Pay, Google Pay).

Spend category nerf: After 31 Dec 2024, you’ll no longer earn 10X Rewards points on travel-related transactions.

So what’s left? By 2025, this is what you can earn with the HSBC Revolution Card (nerfs are struck through):

• Earn 10X Reward points (4 miles or 2.5% cashback, capped at $1,000 spend/month)
• On eligible online purchases and contactless payments
• For spending at/on:
  • Department stores and retail stores
  • Dining (excluding hotel dining)
  • Others such as transportation and membership clubs
  • Travel transactions

It’s just 2 strikes, but those are heavy blows to the HSBC Revolution Card.

Let’s take a closer look to see if it’s still worth getting.

 

2. HSBC Revolution Card Review

HSBC Revolution is a rewards card. For the uninitiated, that means you spend money on the card, earn rewards points in exchange, and then use them to redeem gifts.

On the surface level, the card looks fantastic. 10x rewards with $0 minimum spend? It doesn’t get much better for such an entry-level card. But of course, there are some caveats.

Caveat #1: Payment mode

Firstly, the 10X rewards (equivalent to 4 miles or 2.5% cashback) only apply to online spend and contactless transactions (from 15 Jul 2024). The good news is that that still covers a lot of things these days, from concert tickets to online food delivery and online grocery delivery options.

Caveat #2: Spend category

Secondly, you only earn on certain types of spending. Namely, these spend categories:

After 31 Dec 2024, the travel transactions will no longer be an eligible spend category to earn 10X Rewards points.

Caveat #3: Rewards cap

Thirdly, your rewards earnings max out at $1,000 per month. So if you’re a big spender and know you’ll bust this quota, the HSBC Revolution Card may not be the best card for you. (Check out unlimited cashback cards like the Citi Cash Back+ or Standard Chartered Simply Cash Credit Card instead.) 

Do also remember that HSBC rewards points expire after 3 years. So don’t forget to redeem them before it’s too late!

In addition to the rewards points, you can also get 1% cashback on your spending if you deposit at least $2,000 ($5,000 if you are an HSBC Premier or Jade customer) into an HSBC Everyday Global Account every calendar month.

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3. HSBC Revolution Card Terms and Conditions

The HSBC Revolution Card is an entry-level credit card. In other words, as far as credit cards goes, it’s one of the most accessible—you need an income of at least $30,000 per annum to sign up for it, which is at low as it goes.

HSBC Revolution Card
Annual Fee	No annual fee! Forget about call the bank up every year to beg for a fee waiver.
Annual Fee Waiver	–
Supplementary Card Annual Fee	–
Interest Free Period	20 days
Annual Interest Rate	26.9%
Late Payment Fee	$100
Minimum Monthly Payment	3% or $50, whichever is higher
Foreign Currency Transaction Fee	3.25%
Cash Advance Transaction Fee	6% or $15, whichever is greater
Overlimit Fee	$40
Minimum Income	– $30,000 (Singaporean/PR) – $40,000 (Singaporean/PR who is self-employed/commission-based) – $40,000 (Foreigner)
Card Association	Visa
Contactless Payment	Visa payWave, Apple Pay, Samsung Pay, Google Pay

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4. HSBC Revolution Card Points Redemption

The HSBC Revolution Card earns you Reward Points. You can choose to redeem these points as gifts, air miles, or to directly offset your credit card spending.

How do I redeem my HSBC Reward Points?

You can exchange your rewards points for gifts in HSBC’s Rewards Catalogue. Gifts include lifestyle products, airline miles, and hotel stays. 

Redeem your rewards points via the HSBC Singapore app.

1. Log on to the HSBC Singapore app.
2. Go to the ‘Products & services’ tab, select ‘Credit card rewards’.
3. At this point, you can choose:
   • ‘Rewards Marketplace’ to redeem a gift
   •  ‘Pay with Points’ to offset your credit card spending
   • ‘Airline miles’ or ‘Hotels’ to redeem miles or a hotel stay

How long will it take to process my HSBC Rewards points redemption?

• Rewards Marketplace: Within 7 working days for giftcards and vouchers; within 21 working days for merchandise
• Pay with Points: Within 2 working days
• Air miles and hotel points redemptions: Usually instantly or within 1 business day.

Is there an HSBC Rewards points miles conversion fee?

No. There used to be a $40 fee to join HSBC’s Mileage Programme, but HSBC has since decided to waive the redemption fee for miles/hotel points redemptions till 31 Jan 2025.

What is the conversion rate to Pay with Points?

The conversion rate is 400 Rewards Points = S$1. However, do note that you need at least 4,000 Reward Points to make 1 redemption, which comes up to S$10 worth. This also means that for 1 such redemption, you have to spend at least $400 in HSBC’s bonus points categories to earn 4,000 Reward Points (S$1 spend = 10X Points). If you only rack up 3,990 points, you can’t redeem them to offset your credit card spending.

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5. HSBC Revolution Card vs HSBC Live+

The HSBC Live+ Credit Card is HSBC’s newest credit card offering to join their fleet. It covers lifestyle categories like dining, shopping and entertainment. Which is better? Here are the key differences.

	HSBC Revolution	HSBC Live+
Bonus Earn Rate	10X rewards points (4 miles per dollar or 2.5% cashback)	– 8% cashback on dining, shopping, and entertainment merchants (until 31 Dec 2024); 5% cashback on petrol – 5% cashback on dining, shopping, entertainment, and petrol (after 31 Dec 2024)
Bonus Categories	Online and contactless transactions—retail stores, dining (excluding hotels), travel (only until 31 Dec 2024)	Dining, shopping, entertainment, and petrol
Annual Income	$30,000	$30,000
Annual fee	$0	$196.20 (waived for first year)

The new HSBC Live+ Card is by far the better deal when it comes to how much you’ll earn. You earn 8% on 3 major lifestyle categories from now till 31 Dec 2024, and 5% thereafter. You earn 5% cashback on petrol throughout this period.

The HSBC Live+ Card also covers more spend categories thanks to the nerfs headed the HSBC Revolution’s way. While it does come with an annual fee, you can always get it waived.

The only reason I would choose the HSBC Revolution Card over the HSBC Live+ is if I am a miles chaser. The HSBC Revolution lets you earn HSBC Rewards points, which you can redeem for miles, gifts, or cash credit to offset your spending. The HSBC Live+ limits you to just cashback.

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6. How do I maximise my HSBC Revolution Card?

Since the HSBC Revolution Card gives you 10X points for online transactions, you should pick the online option wherever possible. For instance, do your groceries online or use online food delivery instead of showing up physically at the supermarket or restaurant.

Just remember that you can only earn 10X rewards points on up to $1,000 worth of spending each month. So there is no point in using the card once you have hit the cap.

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7. HSBC Revolution Card Promotion

From now until 30 Sep 2024, sign up for the HSBC Revolution Card and choose between a welcome gift of a Samsonite ZELTUS 69cm Spinner Luggage (worth S$680) or S$200 cashback from HSBC when you apply via MoneySmart!

Existing Cardholders can get S$50 cashback instead.

You’ll need to hit a minimum spend of $500 from your Card Account Opening Date to the end of the following month to redeem these gifts.

From now til 23 Sep 2024, you also stand a chance to win an all-electric Mercedes-Benz EQB and round-trip air tickets to Paris! T&Cs apply.

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8. Should I get the HSBC Revolution Card?

Before the nerfs were announced, I would have said yes. The HSBC Revolution Card is a fuss-free entry-level card that lets you earn points at a decent rate on your everyday spending.

But the contactless payment nerf is a big blow. To make the HSBC Revolution Card worth it, shift as much of your spending as you can to online channels. You’ll be able to rack up some points, but there are better cards out there.

On the plus side, the card charges no annual fee, and its minimum income requirements are as low as it gets. This makes the card suitable for anyone regardless of how much or how little you spend.

Alternatives to the HSBC Revolution Card

Here are some alternative rewards cards aimed at entry-level earners.

Citi Rewards Card – You earn a very attractive 10X rewards (4 miles per dollar) when you shop for shoes, bags and clothes, both online and offline. Get 10X rewards too for practical reasons too, like buying groceries online and spending on rides with Grab and Gojek.

DBS Woman’s Card – This one offers 5X DBS points (10 miles per dollar) for every $5 spent online and overseas, but expenditure is capped at $1,000 a month, which is easily burst if, say, you use it for travel bookings.

UOB Preferred Platinum Card – Get up to 10 UNI$ for every $5 spent on online shopping and entertainment, and mobile contactless payment. Total UNI$ awarded is capped at $2,000 per month.

Remember, reward points are only as useful as the rewards you can redeem them for. So make sure you “shop” around each bank’s rewards catalogue before deciding on which credit card to get. It’s not as simple as just comparing the earn rates, since the banks’ points are different “currencies” when it comes to redeeming rewards.

The only thing that you can compare apple to apple is air miles. If you’re serious about chasing air miles, the 10X rewards cards will definitely get you there faster.

If you’re just starting to manage your finances, you don’t want to be overwhelmed with too many terms & conditions. The HSBC Revolution Card has a big win in this respect as one the most fuss-free cards out there, thanks to its huge range of bonus rewards categories and $0 monthly minimum spend.

 

P.S. Here’s our MoneySmart credit card ranking rubric

In case you’re wondering, here’s how we decide on our credit card rankings.

Is that credit card MoneySmart? Our MoneySmart credit card ranking rubric
Category	Our rating
Overall	The average rating for the credit card on the whole, calculated from the ratings for the individual categories below. Plus, we’ll give you a one-liner on who we think the credit card is best suited for.
Earn rates: Air miles / Cashback / Rewards points	Air miles ✈️✈️✈️✈️✈️ / Cashback / Rewards points . This category looks at the depth rather than breadth of earn rates. 5 stars means this card’s got the highest earn rates within that credit card type. 3-4 stars mean it’s average 1-2 stars reflect earn rates that are below average.
Earn categories	This category looks at the breadth rather than depth of your earnings. 5 stars: Earn with ANY spend. 3-4 stars: Earn on a large number of categories (e.g. all dining, transport and retail, but not telco bills) OR earn on 1 very broad category (e.g. all contactless/mobile payments). 1-2 stars: Earn a decent rate only on selected categories, such as fast food only.
Annual fees and charges	5 stars: $0  4 stars: $1-200 3 stars: $201-500 2 stars: $501-$999 1 star: $1,000 and up We dock a star if fee waiver is NOT allowed.
Accessibility	Minimum income requirements: 5 stars: Less than $30,000 a year 4 stars: Around $30,000 a year for Singaporeans and $40,000-$45,o00 for non-Singaporeans 3 stars: $30,000-$60,000 a year for Singaporeans, $40,000-$70,000 for non-Singaporeans 2 stars: $60,000-$120,000 a year for Singaporeans, $70,000-$120,000 for non-Singaporeans 1 star: $120,000 and up for either, or both Exclusivity: We dock 1-2 stars if there is/are another category/categories that make the card exclusive and very specific to a certain clientele.
Extras/periphery rewards	These include: Travel benefits, such as airport lounge access Lifestyle benefits, such as spa privileges Dining benefits, such as complimentary AMEX Love Dining or Entertainer with HSBC subscriptions We count the number of benefits and award between 0.5 to 2 stars for each, depending on how good the perk is.
Sign-up bonus	5 stars: The gift(s), cash, or miles are the highest we see out there compared to other credit cards of the same type (miles, cashback, etc). Also easy to attain these welcome bonuses. 3-4 stars: Average but not disappointing sign-up bonus compared to other credit cards. You aren’t losing out. 1-2 stars: You are probably losing out in terms of the welcome bonus you’re getting; there are other similar credit cards with sign-up bonuses that are better or easier to attain.

Check out all our MoneySmart credit card reviews: The Ultimate List of Credit Card Reviews in Singapore.

 

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