Credit Card Showdown: HSBC Revolution vs UOB Preferred Platinum Visa

The HSBC Revolution will be getting a major upgrade from 1 August 2020, which turns it from also-ran to virtually essential.

Gone is the anemic 2 mpd on online spending, dining and entertainment. In its place comes a beefy 4 mpd on online spending and offline contactless payments. It’s going to give the HSBC Revolution a new lease of life, and I for one am excited. 

But some of you may have spotted how similar the new HSBC Revolution will be to a tried-and-tested incumbent: the UOB Preferred Platinum Visa. How exactly do the two cards measure up, and which one’s the better option? 

Let’s take a look. 

How do the requirements and annual fees compare?

	HSBC Revolution	UOB Pref. Plat Visa
Income Requirement	S$30,000	S$30,000
Annual Fee	None	S$192.60 (First year free)
Application Link	Apply Here	Apply Here

Both the HSBC Revolution and UOB Preferred Platinum Visa are entry-level credit cards with S$30,000 income requirements. 

When it comes to annual fees, however, it’s no contest. From 1 August 2020, the HSBC Revolution will scrap its S$160.50 annual fee, becoming a free-to-hold credit card. This represents phenomenal value, considering the fact you’ll also get a complimentary copy of The Entertainer too.

The UOB Preferred Platinum Visa, on the other hand, has a S$192.60 annual fee that’s waived for the first year. In theory, it shouldn’t be too difficult to secure a waiver in subsequent years- I’ve never had any issues. That said, YMMV, and you’ll need to watch out for UOB’s automatic points deductions for annual fee waivers. 

What bonus categories does each card have?

	HSBC Revolution	UOB Pref. Plat Visa
Regular Spending	0.4 mpd	0.4 mpd
Online Shopping	4 mpd (Whitelist)	4 mpd (Whitelist)
Offline Contactless	4 mpd (Whitelist)	4 mpd (Blacklist)
Monthly Cap	S$1,000	S$1,110

On paper, the HSBC Revolution and UOB Preferred Platinum Visa have very similar bonus categories. They both offer 4 mpd on online shopping and offline contactless payments, with the UOB Preferred Platinum Visa enjoying a monthly cap that’s 11% higher. 

However, there are some important differences in the fine print. 

Online shopping

When it comes to online shopping, both HSBC and UOB adopt a “whitelist” approach. What this means is that only specified categories will earn 4 mpd. You can do a full comparison with the T&Cs (HSBC, UOB), but here’s my summary: 

	HSBC Revolution	UOB Pref. Plat Visa
Attraction Tickets	✗	✔
Cinemas	✗	✔
Department Stores	✔	✔
E-Commerce Merchants	✔	✔
Fashion Stores	✔	✔
Florists	✔	✔
Food Delivery	✔	✔
Gym Memberships *	✔	✔
Supermarkets	✔	✔
Taxis	✔	✗
Travel	✔	✗
*Assuming your gym membership codes under 7997. Some gym memberships may code under 8699

It’s more or less the same, but do note that only the HSBC Revolution covers travel, and only the UOB Preferred Platinum Visa covers recreation. 

Offline Contactless Spending

When it comes to offline contactless spending, the picture changes. HSBC keeps the same  “whitelist” approach and categories as for online spending (e.g supermarket transactions earn 4 mpd, whether done online or offline via contactless).

In contrast, UOB adopts a “blacklist” approach. Any offline contactless transaction will earn 4 mpd, so long as the merchant is not on the exclusion list (e.g education, insurance, government agencies, non-profits). This makes the UOB Preferred Platinum Visa a much more idiot-proof option, as you can earn 4 mpd almost everywhere. 

Another point of difference regards eligible contactless payments. You’ll have more options with the UOB Preferred Platinum Visa, which can be added to Apple Pay, Google Pay, Fitbit Pay, and Samsung Pay. The HSBC Revolution only supports Apple Pay at the moment. 

	HSBC Revolution	UOB Pref. Plat Visa
	✔	✔
	✗	✗
	✗	✔
	✗	✔
	✗	✔
(see note below)	✔	✗
You can earn 4 mpd by tapping the physical HSBC Revolution card at a credit card terminal. You can no longer do so with the UOB Preferred Platinum Visa effective 22 May 2020.

How are points calculated and awarded?

	HSBC Revolution	UOB Pref. Plat Visa
Earning Blocks	S$1	S$5
Bonus Credited	End of following month	Immediately

The HSBC Revolution earns points in blocks of S$1, while the UOB Preferred Platinum Visa, infamously, earns in blocks of S$5. 

What does this mean? It means the minimum spending to earn points on the HSBC Revolution is S$1, versus S$5 for the UOB Preferred Platinum Visa. It also means that you’ll lose more miles due to rounding on the latter, because every transaction is rounded down to the nearest S$5. 

To illustrate, consider the following:

	HSBC Revolution	UOB Pref. Plat Visa
$5	20 miles	20 miles
$9.99	39.6 miles	20 miles
$15	60 miles	60 miles
$19.99	79.6 miles	60 miles
$25	100 miles	100 miles
$29.99	119.6 miles	100 miles

On the plus side, it should be easier to reconcile points on the UOB Preferred Platinum Visa, which credits both base and bonus points when the transaction posts. 

The HSBC Revolution awards 0.4 mpd when the transaction posts, and the remaining 3.6 mpd as a lump sum figure at the end of the following calendar month. 

Which card has better points policies? 

	HSBC Revolution	UOB Pref. Plat Visa
Points Expiry	37 months	2 years
Points Pool?	No	Yes
Transfer Fee	S$42.80 (per year)	S$25 (per transfer)
Transfer Partners	Singapore Airlines Cathay Pacific	Singapore Airlines Cathay Pacific
Min Transfer Block	25,000 points (10,000 miles)	5,000 UNI$ (10,000 miles)

HSBC Points have a longer validity period (37 months) than UOB UNI$ (2 years). That might matter for some people who accumulate points at a slower rate, but I don’t think that’s a deal-breaker as such. 

UOB pools points across different cards. This means that if you have several UOB cards, you can combine your points and cash them out by paying a single transfer fee of S$25. With HSBC cards, each account must have a minimum of 25,000 points (10,000 miles) before a conversion can be done (you’ll pay a single S$42.80 fee that covers unlimited transfers from all your HSBC cards). 

There’s no difference in transfer partners or minimum transfers blocks between HSBC and UOB; both partner with Singapore Airlines and Cathay Pacific, and both require a minimum conversion of 10,000 miles. 

What sign-up gifts are on offer? 

	HSBC Revolution	UOB Pref. Plat Visa
Must be new-to-bank?	Yes	Yes
Minimum Spending	S$800 in 1-2 months (depends when you open card)	S$1,500 in 30 days
Gift	S$150 cashback or Samsonite Prestige 69cm Luggage	S$150 cashback
Capped?	No	First 400 customers
Application Link	Apply Here	Apply Here
T&Cs	Link	Link

While the HSBC Revolution and UOB Preferred Platinum Visa both have an offer for new-to-bank customers, the former is clearly the winner.

Spending S$800 on the HSBC Revolution by the end of the calendar month after approval gets you S$150 cashback, or a Samsonite luggage bag. There’s no cap on the number of eligible customers, and they’ll throw in a bonus S$30 of Grab vouchers when you apply using SingPass MyInfo. 

The UOB Preferred Platinum Visa requires you to spend S$1,500 within 30 days to get S$150 cashback…and only if you’re in the first 400 customers! That cap, mind you, is shared with all other UOB credit cards, so good luck getting it. 

Conclusion

Both the HSBC Revolution and UOB Preferred Platinum Visa will be excellent options for miles collectors. The former has no annual fee, a more beneficial rounding policy, longer points validity and the absence of pesky SMART$ merchants, while the latter boasts a much wider scope for 4 mpd (due to the “blacklist” approach), points pooling, and more mobile wallet support. 

Let’s be frank: this whole exercise is a false dichotomy, insofar as there’s nothing stopping you from having both. However, this may bring up the issue of orphan points- if your total monthly spending is more modest, splitting your points across two different banks may create problems down the road. 

I’m personally going to be holding both cards, using the HSBC Revolution’s more restrictive 4 mpd cap before the UOB Preferred Platinum Visa’s less restrictive one. 

Will you get the HSBC Revolution, the UOB Preferred Platinum Visa, or both?