HSBC is has launched a new acquisition offer for the HSBC Visa Infinite that’s quite different from anything we’ve seen before.
Historically, new cardholders have received 35,000 miles as a welcome gift (occasionally boosted to 40,000 miles). From now till the end of 2021, HSBC has swapped that out for S$550 of Mandarin Oriental Singapore vouchers instead.
Get S$550 Mandarin Oriental vouchers with HSBC Visa Infinite
Customers who apply for a HSBC Visa Infinite card from 1 September to 31 December 2021 (with approval received by 15 January 2022) will receive S$550 of Mandarin Oriental Singapore vouchers as a welcome gift. HSBC does not specify the validity of the vouchers, but they can be redeemed for dining, spa or hotel stays.
Applicants who apply via SingPass MyInfo will be entitled to a further S$30 cashback.
|⚠️ HSBC MyInfo woes|
|As previous HSBC applicants may be aware, HSBC’s MyInfo system is extremely buggy, and the bank doesn’t seem particularly inclined to fix it. All I can advise is to try and apply via the HSBC app or mobile browser.|
No minimum spend is required, but customers must pay the first year’s annual fee which is:
- HSBC Premier customers: S$488
- Regular customers: S$650
There is no need to be new-to-bank to qualify for this offer, i.e. it’s OK if you hold other HSBC credit cards. However, those who cancelled a HSBC Visa Infinite credit card within the past 12 months will not be eligible for this offer.
Gifts will be fulfilled according to the following timeline.
|Card Opening Date||Notification (MO vouchers)||Notification (S$30)|
|1-30 Sep 2021||By 31 Oct 2021||By 30 Nov 2021|
|1-31 Oct 2021||By 30 Nov 2021||By 31 Dec 2021|
|1-30 Nov 2021||By 31 Dec 2021||By 31 Jan 2022|
|1-31 Dec 2021||By 31 Jan 2022||By 28 Feb 2022|
|1-15 Jan 2022||By 28 Feb 2022||By 31 Mar 2022|
|*Remember, your application must be submitted by 31 Oct 2021, but the approval (and card opening date) may come a few days later|
The full T&C of this offer can be found here.
Is it worth it?
HSBC has traditionally given new Visa Infinite cardholders 35,000 miles (in the form of 87,500 rewards points), upon approval and payment of the annual fee.
35,000 miles are worth roughly S$630, based on a valuation of 1.8 cents per mile. However, in the current staycation-heavy climate, I can think of quite a few people who would prefer staycation vouchers over miles.
Another way to see it is that by taking S$550 of Mandarin Oriental vouchers over 35,000 miles, you’re implicitly accepting a value of 1.57 cents per mile. It’s not the best, but to be fair I’ve accepted that kind of valuation during this period.
Do remember that the welcome gift is only given in the first year; subsequently cardholders don’t get anything by way of renewal (although you might get 25,000 miles if you make noise, YMMV).
I reviewed the Mandarin Oriental back in January this year, and although the rooms are so-so and the breakfast is nothing to rave about, the service was great and it’s got one of the prettier pools in Singapore. If nothing else, you don’t have to stay; you could spend those S$550 vouchers for an amazing evening at the MO Bar, one of Asia’s top 50 bars.
If you’ve been eyeing a HSBC Visa Infinite card but were already good in the miles department, HSBC finally has an alternative gift for you.
The HSBC Visa Infinite has one of the most generous airport limo benefits, giving cardholders two (regular) or four (HSBC Premier) free rides per year. The spending requirement of S$2,000 per month for one ride is also one of the lowest in the market.
Principle cardholders also enjoy a complimentary LoungeKey with unlimited visits, and up to five supplementary cardholders will enjoy the same benefit too.
These could prove to be very useful benefits, if additional VTL arrangements open up.