Thursday 13 June 2024

HSBC Revolution Credit Card: End of the Title as Best Cashback or Miles

In May 2023, I said how the HSBC revolution was the card of choice for general expenditure which had 2.5% cashback or 4 miles for almost all categories of spending. 

What Has Changed

Since the start of 2024, HSBC revolution has reduced the categories eligible for 2.5% cashback or 4 miles per dollar. The latest exclusion was the removal of contactless spending which relegated the usual restuarants expenditure, since most use the paywave to tap and pay bills.

From 15 July 2024, contactless expenditure will not be eligible; and from 01 Jan 2025, online spending on air tickets, car rental, cruise tickets (importantly royal carribean) will not be eligible for bonus HSBC points.

That means from 01 Jan 2025, the HSBC Revolution Card becomes a specialist miles/cashback card which targets only online shopping. The card no longer has the versatility of being able to earn outsized rewards in almost any category.

How Will It Change My Expenditure

It does change a lot. As a consumer which has the most expenditure in dining and due to the amount i spend (less than $200 is spent contactlessly), I will need to switch cards. Fortunately, I have the UOB lady's card which is a specialist miles card for dining. However, if I wish to enjoy cashback, I do not have many options left, only the UOB One Card comes to mind.

However as I am still accumulating miles under my UOB cards, UOB lady's card will be my interim expenditure card.

Will I keep the HSBC Revolution Card?

Despite the no annual fee and no fee for converting to Krisflyer miles (until end Jan 2025), I do not have much grounds to keep the card. This is because I do not shop much online, hence accumulation of miles or 2.5% cashback on the Revolution card will be slow.

The credit card now only has value as a "enjoy the sign up gift after going through the loop of spending a certain threshold".

From an awesome general spend card, the HSBC revolution is now a specialist card which targets online spending and large purchase on dining. So if you are a massive online spender who spends $1k per month, HSBC revolution is still a card of choice. Outside of this expenditure, it is time to move on.

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