Which bank offers the most useful credit card points?

Here are six key factors to consider:

1. Do points expire?

2. Do points pool across different cards?

3. What is the minimum conversion amount?

4. How much do conversions cost?

5. How fast are points converted?

6. How many partners can points be converted to?

At the risk of stating the obvious, credit card points which don’t expire are more useful than credit card points which do.

For ease of reference, here’s a brief rundown of each bank and their policies.

Unfortunately, points expiry can be a confusing topic. Not only does each bank have its own policy, but the same bank can have multiple policies depending on the card!

For example, OCBC has three different rewards currencies: 90°N Miles and VOYAGE Miles do not expire, but OCBC$ expire after two years. Or consider DBS. While the bank has a single rewards currency, DBS Points expire after one year (e.g. DBS Woman’s World Card), three years (e.g. DBS Vantage) or not at all (e.g. DBS Altitude)!

Points pooling means that points earned on different cards are combined into a central account, rather than being held in individual silos. Therefore, when the time comes to make a redemption, you only pay a single conversion fee. Contrast this to a situation where points are not pooled, in which case you’ll need to pay one redemption fee per card.

Points pooling also reduces the likelihood of orphan points (points that fall short of the minimum conversion block and are “stuck” in your account), as you can combine points across different cards to make up a conversion block.

Minimum conversion blocks refer to the number of miles that must be converted in a single transaction.

For example, if my bank has a minimum conversion block of 10,000 miles, I will not be able to convert 16,000 miles, or 42,000 miles. All conversions must be in intervals of 10,000 miles. 

Ideally, you would prefer to have smaller conversion blocks, because this increases flexibility.

For example, a Citi cardholder may only need an extra 2,500 KrisFlyer miles for their redemption, but because Citi has a minimum block of 10,000 miles, they must transfer an additional 7,500 miles they have no immediate need for.

If you want to convert your credit card points into airline miles, you may have to pay an admin fee (this admin fee has very little to do with the actual cost of making a transfer; it’s just a simple way for banks to earn a little extra money!).

This fee is usually around S$25 per conversion, but some card issuers waive it.

When you spend on your credit card, you’re earning points, not miles. A separate step is required to convert those points into airline miles, and having instantly-convertible points allows you to quickly snap up any award seats that pop up. 

The speed of conversion varies from bank to bank, as well as by transfer partner. 

While KrisFlyer is the most popular frequent flyer programme in Singapore by a wide margin, other programmes can offer potentially better value depending on where you’re flying to. For example, KrisFlyer charges 107,000 miles for a one-way Business Class award to Los Angeles. EVA Air Infinity MileageLands would charge 75,000 miles for the same itinerary, which means getting an equivalent reward for less overall spend.

Also, the more transfer partners a bank has, the more protected you are against devaluations. One programme devaluing its miles is a lot less impactful when you have 19 others to choose from, versus just two!

Based on the criteria we’ve just discussed, which bank has the most useful rewards points?

My top three picks would be: American Express, Citibank, and HSBC

American Express Membership Rewards points can be transferred to 11 loyalty programmes. Transfers to Singapore Airlines and Qantas Frequent Flyer are also processed instantly, with other transfers usually completed in 2-4 days.

Airline mileage transfers can be in blocks as small as 250 miles, and conversions are free of charge. This makes it a great option for small top ups when you’re just shy of the required miles.

Membership Rewards points do not expire so long as your card remains valid. 

Citi Miles and ThankYou points can be converted to 11 loyalty programmes, though none of the conversions are instant. This was the market leader for many years, until HSBC took the crown with the launch of the HSBC TravelOne Card in 2023. 

Cit Miles, and ThankYou points earned by the Citi Prestige Card do not expire (ThankYou points earned on the Citi Rewards Card have a validity of up to five years). 

However, Citi has conversion blocks of 10,000 miles, a conversion fee of S$27.25, and points do not pool across cards.

HSBC rewards points can be transferred to 20 loyalty programmes, the widest range of any bank in Singapore. All transfers are completed instantly, except Japan Airlines MileageBank and Hainan Fortune Wings Club. 

Conversion fees are waived, and while the minimum conversion block is 10,000 miles, subsequent conversion blocks are just 2 miles, which means you could convert 10,048 miles, or 257,538 miles for example (basically any even number greater than 10,000).

The main drawback of HSBC is that unlike American Express and Citibank, different airlines have different transfer ratios. For example, 25,000 HSBC points can be converted to 10,000 Flying Blue miles, but the same number of KrisFlyer miles would require 30,000 HSBC points.

This means that certain programmes are more expensive than others, which can potentially offset the value of sweet spot redemptions.

While earn rates matter, factors like expiry policies, transfer flexibility, conversion fees and the number of partners can significantly impact the overall value of your points. The way I see it, American Express, Citibank and HSBC emerge as the top choices, each excelling in different areas.

So the next time you’re comparing two cards, don’t just look at their headline earn rates. Be sure to consider the qualitative aspects as well, in order to maximise the value of the points you earn.