[Promotions and Perks]
I signed up because HSBC is running a new-to-bank promotion till end Aug 2020: Samsonite Luggage or SGD150 cashback + SGD30 Grab rides when apply online with MyInfo. Note that this requires minimum SGD800 spending within qualifying period.
HSBC has announced enhancements for the card from 1 Aug 2020 onward. One great enhancement is that annual fee is perpetually waived, how awesome is that! I can't think of another credit card with no annual fees.
Most people are not aware, but the HSBC Revolution Credit Card can be both a Miles Card or a Cashback Card. This is because, spending will be rewarded with HSBC Rewards Points, and you can redeem Rewards Points to miles or cashback as you wish on the rewards catalogue!
However, do note that each $ spending is split into base points ($1 spending: 1 base point) and bonus points ($1 spending: 9 bonus point - limited to the first $1000 spending each month only). Bonus points are only applicable to online & contactless purchases, and only at selected merchant codes, mostly related to: Travel, Dining/Entertainment/Supermarket and Retail/Shopping.
With effect from 1st August 2020, every SGD1 spent = up to 4 air miles.
>> In comparison: the DBS Women's World Card, requires spending to be converted to points in blocks of $5, while HSBC Revolution Credit Card points can be converted for every $1. But DBS Women's World Card's bonus points are available up to the first $2000 spending, while HSBC Revolution Credit Card is limited to the first $1000.
With effect from 1st August 2020, every SGD1 spent = up to 2.5% cash rebate.
HSBC is also offering a balance transfer offer for new HSBC Revolution Card customers, at one-time promotional rate of 1.68% p.a for 6 months, one of the lowest in the market to my knowledge. It is valid within 3 months from the card account opening date.
In general, HSBC Revolution Credit Card is a great card to be added to your wallet, given it has no annual fees from 1 Aug 2020 onward. To maximize benefits, use the HSBC Revolution Credit Card for online & contactless purchases in the Travel, Dining/Entertainment/Supermarket and Retail/Shopping catergories each month, limited to the first $1000 spending each month only.