Financial News and Advice in Singapore

HSBC Revolution Credit Card Review: For Low Spenders Who Want Flexible Rewards

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Earn up to 10,000 bonus points every month and redeem, air miles, cashback, vouchers and products.

Love earning bonus rewards points but can’t seem to find anything worth redeeming your points for? Well, with the HSBC Revolution credit card, this likely won’t be a problem.

That’s because you’ll have plenty of choice in where to put your points. Choose from everyday treats like Starbucks vouchers or popular lifestyle products from Dyson and other leading brands. Redeem air miles at the dizzying rate of up to 4 miles per dollar, or simply use them to offset your bills with 2.5% cashback. 

Intrigued? Here’s a closer look at the HSBC Revolution credit card.

What the HSBC Revolution credit card can do for you

HSBC Revolution credit card product summary:

  • 10x points for online payments (including food deliveries, online shopping and travel)
  • 10x points for contactless payments through Visa PayWave, Apple Pay and Google Pay
  • 1x points for all other spending
  • Virtual card for payment using your mobile phone or compatible wearables
  • No annual credit card fee
  • Effective Interest Rate: 25.9% per annum
  • Income requirement: S$30,000 per year for Singaporeans, S$40,000 for self-employed, PR or foreigners
  • Minimum age: 21
  • Up to S$200 cashback in sign-up rewards 
ProsCons
10x points for online and contactless payments, equivalent to 4 miles per dollar or 2.5% cashback10x points do not apply to AXS and ATM transactions, top-ups to e-wallets and stored value cards, payments to insurance, educational institutions and payments, among others 
No annual credit card fee10x points awarded on first S$1,000 spend per month only (1x points awarded thereafter)
Virtual card available for mobile paymentsRewards points expire after 36 months 
Up to S$200 in sign-up rewards
S$300,000 travel insurance cover for cardholder and family members

Why should you choose the HSBC Revolution credit card?

#1: Great way for low spenders to generate air miles

The HSBC Revolution credit card gives you 10x points per dollar spent, which is equivalent to 4 air miles per dollar. However, you can only earn 10x points on the first S$1,000 you spend each month (anything after only awards 1x point per dollar).

In other words, if you spend S$1,000 per month, you can earn 4,000 air miles each time. In contrast, with an air miles card that awards, say, 1.2 miles per dollar, you’ll need to spend over S$3,300 to earn 4,000 air miles. 

Hence, if your monthly credit card spend doesn’t usually exceed S$1,000, yet you’re looking to collect air miles for the glorious day when we can travel again, the HBC Revolution credit card is the better way to do it. 

Just remember to redeem your points for air miles before they expire in 36 months, and you’re golden.

#2: Easy and convenient way to earn reward points

The HSBC Revolution credit card has a generous selection of qualifying transactions, making it easy and convenient to earn reward points.

Basically, transactions that are conducted over the Internet or via contactless payments are eligible for 10x points per dollar spent. If you think about it, this practically covers most, if not all, financial transactions in our daily lives. 

Whether you’re ordering dinner on your favourite food delivery app, shopping online, or having a post-lunch bubble tea, just pay online or contactlessly – with Visa PayWave, Apple Pay or Google Pay – and watch those points roll in. 

You can even opt to use the virtual card to pay through your mobile phone or Apple Watch (and compatible wearables), so you don’t even need to have your card with you to earn your rewards.

#3: Multiple ways to use rewards points

There are three ways you can put your rewards points to work for you.

The first is to convert them into air miles, which you can redeem for free flights, upgrades and such. You can do so at a rate as high as 4 miles per dollar (see #1.)

Another way to derive value from your credit card spends is via HSBC’s Pay With Points programme. This allows you to use your rewards points to offset your bill, starting with 4,000 points for S$10, and 400 points for S$1 thereafter. This is equivalent to a cashback rate of 2.5%.

And the third option to use your rewards points is simply to redeem them for lifestyle rewards, including products, gadgets and vouchers – available at the HSBC Rewards Redemption page.   

#4: Complimentary travel insurance for cardmembers and family members

If you’re booking a trip with the HSBC Revolution credit card, you and your immediate family members will be entitled to complimentary travel insurance worth S$300,000. 

This cover is automatically extended as long as you charge the full cost of the travel tickets for all eligible parties to your credit card. 

The plan offers benefits for both personal accidents as well as flight inconvenience.

For whom is the HSBC Revolution credit card best suited?

In a nutshell, the HSBC Revolution credit card is best suited to low, consistent spenders who want flexibility in their credit card rewards.

If you’re regularly spending around S$1,000 per month in online and contactless transactions, you’ll be well placed to gain optimal rewards with this card in your collection.

What promotions are there for the HSBC Revolution credit card?


Score up to S$200 cashback when you apply via SingPass MyInfo and make a min. spend of S$500 from card approval date till the end of the following month. Existing HSBC customers will receive up to $60 cashback. Valid till 30 June 2021. T&Cs apply.

What charges or fees should you look out for?

  • Effective Interest Rate: 25.9% per annum
  • Late fee: S$55 per statement 
  • Minimum monthly payment: 3% of outstanding balance, or S$50, whichever is greater
  • Overlimit fee: S$40
  • Cash advance: 6% of amount withdrawn, or S$15, whichever is greater
  • Cash advance interest rate: 28% per annum

Eligibility criteria

  • Income requirement: S$30,000 per year for Singaporeans, S$40,000 for self-employed, PR or foreigners
  • Minimum age: 21

How to apply?

Click on the ‘Apply Now’ button on this page and complete the application form on the SingSaver site. You will need to prepare the following documents for the application process:

  • Front and back of NRIC/Passport/Employment Pass
  • Salaried employees: Past 12 months CPF statement (Singaporean/PR) or latest Income Tax Notice of Assessment and latest original computerised payslip
  • Self-employed: Latest Income Tax Notice of Assessment and latest original computerised payslip

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By Alevin Chan
An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.