The HSBC Advance currently gives you 4 miles per $1 on local dining and online spending, without any caps. I don’t need to tell you how amazing a deal this is, if you’re willing to park $30K in a HSBC Advance account or transfer $2,500 a month into one for 12 months (which is required to get a HSBC Advance card).
We knew from the start that this was never going to be sustainable over the long term. Offering 4 miles per $1 (10X rewards points) on spending is a loss leader strategy for HSBC to get people to park money with them (and perhaps eventually target some of these individuals for priority banking products). It can’t be anything other than that, because I imagine they lose money every time someone does a 4 mpd transaction.
Originally the 10X HSBC Rewards points program was scheduled to end on 31 Dec 2016. However, I’ve just been informed (thanks Carl) by a reader that HSBC has quietly updated the T&C on their site, which now read-
- The programme period for the 10x HSBC Rewards points programme ends on 31 March 2017 or such other date as may be determined by HSBC at its sole discretion.
I don’t know how HSBC is financing this. Frankly, I don’t care. All I know is 4mpd without caps continues and it feels so good.
If you’re still on the fence about getting a HSBC Advance card, this should provide you some extra impetus to do so.