HSBC TravelOne Credit Card – Is It Worth Getting?

HSBC has recently launched a new general spending credit card called the HSBC TravelOne Credit Card which offers a range of benefits for frequent flyers. Although it is fundamentally a general spending card, it is designed to cater to the needs of travelers based on the benefits that come with it. These benefits include access to airport lounges, travel insurance and rewards points that can be redeemed for flights.

One of the key features of the HSBC TravelOne credit card is that it is linked to nine frequent flyer programs, including some less common carriers. This means that cardholders can earn rewards points on their HSBC TravelOne card, which can then be transferred to their preferred frequent flyer program. In this article, I aim to break down the features and the cost of getting the HSBC TravelOne Card and determine if it is worth getting. 

P.S. Before you apply for this card, make sure to read this article until the end, especially if you don’t have any existing HSBC card. You’ll thank me later.

Benefits

The HSBC TravelOne Credit Card comes with a range of benefits, including:

• Rewards: 1.2 mile per S$1 on local spend / 2.4 mile per S$1 on foreign currency spend
• Lounge access: Customers can enjoy complimentary 4x access to over 1,300 airport lounges worldwide.
• Travel insurance: Customers are covered for up to $100,000 for travel insurance including Covid-19.
• Reward points: Rewards points earned can be redeemed for miles or hotel points with no conversion fee until 31st December 2023.
• Frequent flyer partners: Customers can earn miles on 9 different frequent flyer programs, including Singapore Airlines, Cathay Pacific, British Airways and Vietnam Airlines.

Plus, until 31st August 2023, HSBC is giving cardholders 20,000 miles as a welcome gift for each successful application of the HSBC TravelOne Card. This is provided cardholders pay the annual fee of S$194.40 and spend at least S$800 by the end of the following month after card approval date. This promotion is applicable for both new and existing HSBC cardholders. 

APPLY HERE

Eligibility

To be eligible for the HSBC TravelOne Credit Card, customers must meet certain criteria, including:

• Age: Customers must be at least 21 years old.
• Income: Customers must have a minimum annual income of $30,000 (Singaporeans/PR) and S$40,000 (Foreigners or Self-Employed).
• Credit score: Customers must have a good credit score.

Frequent Flyer Partners

The HSBC TravelOne credit card offers its cardholders the ability to earn miles with 9 frequent flyer partners. These partners include:

• Singapore Airlines KrisFlyer
• Cathay Pacific Asia Miles
• Eva Air Infinity Mileagelands
• Etihad Guest
• British Airways Executive Club
• Qantas Frequent Flier
• Air France/KLM Flying Blue
• Vietnam Airlines Lotus Miles
• airasia Rewards

Overall, this is quite a solid list as the presence of Star Alliance and OneWorld partners allow cardholders to redeem their miles with partner airlines with these respective alliances as well. Avios miles for British Airways Executive Club can also be used to transfer to Qatar Airways, for example. 

This is in contrast to most other credit cards in Singapore that are limited to Singapore Airlines and Cathay Pacific. Only Citi has more transfer partners for air miles, with 10 partners. Citi has the addition of Qatar Airways, Thai Airways and Turkish Airlines but does not have Vietnam Airlines or airasia which are both part of HSBC TravelOne’s list. 

No Miles Conversion Fee Until 31st December 2023

HSBC is launching the HSBC TravelOne Card with no fees for transferring miles from the credit card to one’s preferred frequent flyer program until 31st December 2023. This will make it easier to transfer as little (or as much) miles – considering that many frequent flyer programs also have an expiry of about 3 years from the time the miles are deposited. Cardholders can also choose to split the miles they earn from the card between multiple frequent flyer programs without having to worry about incurring the conversion fee multiple times.  

Minimum quantity to transfer is 10,000 miles and in subsequent multiples of 2 miles thereafter. The subsequent multiple of 2 miles is a plus as it helps to avoid having “unredeemable miles.” Most other credit cards require a hard 10,000 miles multiple to redeem.  

Miles Earning

Cardholders can earn 2.4 miles per dollar spent on foreign currency transactions and 1.2 mile per dollar spent on local transactions. The earn rate for local spend is in line with the earn rates for DBS Altitude and Citi PremierMiles. For foreign currency spend, the 2.4 miles per dollar is at the higher end of the range, and is matched only by the UOB Prvi Miles.

It is also worth noting that HSBC awards rewards points even for fractional spends, i.e. 50 cents. This is in contrast with OCBC or UOB where points are only awarded for spends in multiples of S$5. For cardholders that spend a lot on small paywave transactions, HSBC cards can help to capture more points.

Lounge Access

Cardholders can get 4x airport lounge access per year. The lounge access is through the Mastercard Travel Pass which by itself is under DragonPass. 

To those familiar with Priority Pass, DragonPass contains roughly the same lounges as Priority Pass. There is a notable inclusion however – the Plaza Premium network of lounges is included as well under DragonPass which opens up a relatively wide number of additional lounges in airports across Asia-Pacific. 

The 4x lounge access is also more generous than other general spend cards. Both DBS Altitude and Citi PremierMiles come with just 2x access for Priority Pass lounges.

Conclusion – Should You Get It?

The HSBC TravelOne credit card is a new offering in the credit card space, boasting partnerships with nine frequent flyer programs. While the miles earning rate is relatively standard, this can prove to be a nifty card to have when one properly takes advantage of the free miles conversion feature.

The introductory sign-up offer of 20,000 miles from paying the annual fee of S$194.40 is a good deal. The cost works out to be less than 1 cent per mile – and with no miles conversion fee to sweeten the deal.

By virtue of this alone, the card is worth getting if you are looking to redeem your miles for flights in the next couple of months or years. Their expanded number of travel partners means that you may also be able to choose another carrier which is not Singapore Airlines or Cathay Pacific. This gives you more options to redeem with other carriers that may have more award ticket availability, for instance.

As long as this sign-up offer is available, the HSBC TravelOne credit card seems to be a good choice for those looking to earn travel rewards while also enjoying additional perks such as lounge access and travel insurance. The partnerships with multiple frequent flyer programs provide added flexibility for travelers. 

Do This Before Applying For the HSBC TravelOne Card!

Since the HSBC TravelOne Card provides the same welcome gift for both new and existing customers, it may be better to apply for another HSBC card first as your first HSBC card in order to get the sign-up reward for that and then apply for the HSBC TravelOne Card after.

If you are thinking which HSBC card to get as your first, the HSBC Revolution Card is one which provides for a great miles earning rate. I personally use it for my day-to-day spends. It gives 4 miles per S$1 for contactless payments made through paywave, Apple Pay, Google Pay or online shopping. Currently, HSBC is giving away a Samsonite Prestige 69cm Spinner luggage or S$150 if you apply as a new HSBC cardholder (those who have not had an HSBC card the last 12 months or more) and make the qualifying spend. You can apply here.

After applying for the HSBC Revolution Card, you can then apply for the HSBC TravelOne Card and enjoy the welcome gift for both. You’re welcome.

You can apply for the HSBC TravelOne Credit Card here rather than applying directly from HSBC website and get an additional cash payout of S$30 via PayNow from Singsaver. 

APPLY HERE