HSBC Revolution Card's 10x points with $0 minimum spend: Is there a catch?

The HSBC Revolution Card is a no-frills credit card that lets you earn HSBC rewards points for online and contactless transactions.

Unlike cashback cards that force you to work your brain and micromanage your expenses, this HSBC credit card has no minimum spending requirement.

Sound like the HSBC Revolution Card may make a worthy companion? Let's take a closer look.

1. HSBC Revolution Card review

HSBC Revolution is a rewards card. For the uninitiated, that means you spend money on the card, earn rewards points in exchange, and then use them to redeem gifts.

On the surface level, the card looks fantastic. 10x rewards with $0 minimum spend? It doesn't get much better for such an entry-level card. But of course, there are some caveats.

Firstly, the 10X rewards (equivalent to four miles or 2.5per cent cashback) only apply to online spend and contactless transactions. The good news is that that covers a lot of things these days, especially with online food delivery and online grocery delivery options.

Secondly, your rewards earnings max out at $1,000 per month. So if you're a big spender and know you'll bust this quota, the HSBC Revolution Card may not be the best card for you. (Check out unlimited cashback cards like the Citi Cash Back+ or Standard Chartered Simply Cash Credit Card instead.) 

In addition to the rewards points, you can also get 1per cent cashback on your spending if you deposit at least $2,000 ($5,000 if you are an HSBC Premier or Jade customer) into an HSBC Everyday Global Account every calendar month.

Another of the card's biggest perks is that there's no annual fee, so you don't have to call the bank up every year to beg for a waiver.

2. HSBC Revolution Card terms and conditions

The HSBC Revolution Card is an entry-level credit card. In other words, as far as credit cards goes, it's one of the most accessible-you need an income of at least $30,000 per annum to sign up for it, which is at low as it goes.

3. HSBC Revolution Card rewards points

You earn rewards points as you spend with the HSBC Revolution Card.

Here are the earn rates:

• 10x rewards points on online and contactless spending
• 1x rewards point on other spending

Pretty straightforward right? The online spending category is a huge draw, as everything can be purchased online these days, from plane tickets to groceries.

The catch is that there's a cap. You can only earn 10x rewards points on up to $1,000 per month. Once you bust the cap, you will only earn 1x reward point.

HSBC rewards points expire in three years. So don't forget to redeem them before it's too late!

4. HSBC Revolution Card points redemption

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You can exchange your rewards points for gifts in HSBC's Rewards Catalogue. Gifts include KitchenAid stand mixers, Fitbits, dining vouchers and hotel stays. You can also exchange your rewards points for cashback or air miles to be credited to your KrisFlyer or Asia Miles account.

The easiest way to redeem a gift with your rewards points is via online banking. Browse the HSBC Rewards Catalogue until you find a gift you want, select "Redeem Now", log in to HSBC online banking, and redeem the quantity desired.

If you redeemed a reward voucher, HSBC will send it to you by post within seven working days.

If you want to redeem air miles instead of gifts, you’ll have to first register for HSBC's Mileage Programme here.

5. HSBC Revolution Card vs DBS Altitude

The DBS Altitude Card is an entry-level air miles credit card that commonly gets compared to the HSBC Revolution. So, which is better? Here are the key differences.

	HSBC Revolution	DBS Altitude
Base Earn Rate	1x rewards points (0.4 miles)	1.2 miles
Bonus Earn Rate	9x rewards points (3.6 miles)	0.8 miles / 1.8 miles / 5.8 miles / 8.8 miles
Bonus Categories	Online and contactless transactions	Overseas spend / online flights and hotels / flight and hotels at Expedia / hotels at Kaligo
Annual Income	$30,000	$30,000
Annual fee	–	$194.40 (waived for first year)

DBS Altitude offers a better base earn rate and its air miles never expire. However, its bonus earn rates really aren't that attractive unless you're making bookings at Expedia or Kaligo.

HSBC Revolution, by contrast, lets you earn bonus points more easily-almost anything can be paid for online these days, and contactless payment is very widely accepted in Singapore and many other countries. In addition, the card is free. So, if you're looking for a fuss-free, annual fee-free way to earn points, go with HSBC Revolution.

6. How do I maximise my HSBC Revolution Card?

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Since the HSBC Revolution Card gives you 10x points for online transactions, you should pick the online option wherever possible. For instance, do your groceries online or use online food delivery instead of showing up physically at the supermarket or restaurant.

You should also use contactless payments as much as possible. Many merchants accept Visa PayWave and will let you tap your card, but if you want to make contactless payments second nature, you can use mobile contactless apps like Apple Pay, Samsung Pay and Google Pay.

Just remember that you can only earn 10x rewards points on up to $1,000 worth of spending each month. So there is no point in using the card once you have hit the cap.

7. HSBC Revolution Card promotion

From now until Aug 31, 2023, sign up for the HSBC Revolution Card and choose between a welcome gift of $150 cashback or a Samsonite Prestige 69cm Spinner Exp suitcase with built-in scale worth $670. That's on top of $40 Cash via PayNow when you apply via MoneySmart!

You'll need to hit a minimum spend of $1,000 from your Card Account Opening Date to the end of the following month to redeem these gifts.

8. Should I get the HSBC Revolution Card?

The HSBC Revolution Card is a fuss-free entry-level card that lets you earn points at a decent rate on your everyday spending. Shift as much of your spending as you can to online or contactless channels and you'll really be able to rack up points.

The card charges no annual fee, which means it's suitable for anyone regardless of how much or how little you spend.

Whether you're using it as your main credit card or just keeping it on hand for spending you have no other card for, the HSBC Revolution is convenient to have in your wallet.

Alternatives to the HSBC Revolution Card

Here are some alternative rewards cards aimed at entry level earners.

Citi Rewards Card – You earn a very attractive 10X rewards (four miles per dollar) when you shop for shoes, bags and clothes, both online and offline. Get 10X rewards too for practical reasons too, like buying groceries online and spending on rides with Grab and Gojek.

DBS Woman’s Card – This one offers 5X DBS points (10 miles per dollar) for every $5 spent online and overseas, but expenditure is capped at $1,000 a month, which is easily burst if, say, you use it for travel bookings.

UOB Preferred Platinum Card – Get up to 10 UNI$ for every $5 spent on online shopping and entertainment, and mobile contactless payment. Total UNI$ awarded is capped at $2,000 per month.

Remember, reward points are only as useful as the rewards you can redeem them for. So make sure you "shop" around each bank's rewards catalogue before deciding on which credit card to get.

It's not as simple as just comparing the earn rates, since the banks' points are different "currencies" when it comes to redeeming rewards.

The only thing that you can compare apple to apple is air miles. If you're serious about chasing air miles, the 10x rewards cards will definitely get you there faster.

If you're just starting to manage your finances, you don't want to be overwhelmed with too many terms & conditions.

The HSBC Revolution Card has a big win in this respect as one the most fuss-free cards out there, thanks to its huge range of bonus rewards categories and $0 monthly minimum spend.

ALSO READ: 7 best rewards credit cards in Singapore (2023): Citibank, OCBC, DBS and more

This article was first published in MoneySmart.