In October 2024, HSBC relaunched the HSBC Premier Mastercard by converting it from a cashback card into a miles-earning option. This came with a new look and additional benefits, such as airport lounge access, complimentary limo rides, and a badge upgrade to World Elite Mastercard.
HSBC subsequently launched a foreign currency (FCY) spending promotion for the HSBC Premier Mastercard, which allows cardholders to earn an uncapped 2.8 mpd for a period of three months. This offer was originally set to lapse on 30 June 2025, but has been renewed till 15 August 2025.
As a reminder, HSBC is also offering an uncapped 1.8 mpd on local travel, dining and entertainment merchants. This has likewise been extended till 15 August 2025.
HSBC Premier Mastercard FCY spending promotion
From 1 December 2024 to 15 August 2025, HSBC Premier Mastercard customers will earn 2.8 mpd on both in-person and online FCY transactions, comprising:
- The regular 2 mpd on FCY spend (awarded in the form of 5X HSBC points per S$1)
- A bonus 0.8 mpd on FCY spend (awarded in the form of 2X HSBC points per S$1)
No minimum spend is necessary, and there is no cap on the maximum miles that can be earned. Transactions must be made during the promotional period and be posted by 22 August 2025 to qualify.
Spending on supplementary cards will also be eligible to earn 2.8 mpd, with the points awarded to the principal cardholder.
All FCY transactions are subject to a 3.25% FCY fee, so a 2.8 mpd earn rate works out to 1.16 cents per mile, before factoring in any spread charged by Mastercard (which can vary depending on currency and date, but is usually <0.5%).
At this juncture, I want to point out that the rate may be more accurately described as โup toโ 2.8 mpd. Why? HSBC has different conversion ratios for different partners, and the actual earn rate depends on which partner you choose.
| โ๏ธ HSBC TravelOne Airline Partners | |
| Frequent Flyer Programme | Conversion Ratio (HSBC Points : Partner) |
 |
50,000 : 10,000 |
 |
35,000 : 10,000 |
 |
35,000 : 10,000 |
 |
35,000 : 10,000 |
 |
35,000 : 10,000 |
 |
35,000 : 10,000 |
 |
30,000 : 10,000 |
 |
30,000 : 10,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
| ๐จ HSBC TravelOne Hotel Partners | |
| Hotel Programme | Conversion Ratio (HSBC Points : Partner) |
 |
30,000 : 10,000 |
 |
25,000 : 5,000 |
 |
25,000 : 10,000 |
 |
25,000 : 10,000 |
So the 2.8 mpd rate weโve been referring to only applies if you choose a partner with a 25,000 points : 10,000 miles ratio. Otherwise, the earn rates change as follows:
| Transfer Ratio (Points : Miles) |
HSBC Premier MC (Local)* |
HSBC Premier MC (FCY)^ |
| 25,000 : 10,000 | 1.2 mpd | 2.8 mpd |
| 30,000 : 10,000 | 1 mpd | 2.33 mpd |
| 35,000 : 10,000 | 0.86 mpd | 2 mpd |
| 40,000 : 10,000 | 0.75 mpd | 1.75 mpd |
| 50,000 : 10,000 | 0.6 mpd | 1.4 mpd |
| *3 points per S$1 on local spend ^7 points per S$1 on FCY spend |
||
Note in particular that the transfer ratio for KrisFlyer has been devalued from 16 January 2025, and if you choose to convert HSBC points to KrisFlyer miles, the earn rate with this promotion is 2.33 mpd, instead of 2.8 mpd.
What counts as qualifying spend?
Qualifying spend refers to both in-person and online FCY transactions, excluding the following:
- Charitable donations
- Education
- Government services
- Hospitals
- Insurance premiums
- Utilities
The full list of exclusions can be found at point 3 of the T&Cs.
While Amaze transactions are eligible to earn miles with the HSBC Premier Mastercard, remember that Amaze converts all transactions into SGD, so youโll only earn the local rate of 1.2 mpd.
When will the bonus miles be credited?
Cardholders will initially earn the regular 2 mpd on FCY spend, with the bonus 0.8 mpd awarded within two months of the transaction.
| Spending Period | Bonus Points Posted |
| 1-31 December 2024 | 1-28 February 2025 |
| 1-31 January 2025 | 1-31 March 2025 |
| 1-28 February 2025 | 1-30 April 2025 |
| 1-31 March 2025 | 1-31 May 2025 |
| 1-30 April 2025 | 1-30 June 2025 |
| 1-31 May 2025 | 1-31 July 2025 |
| 1-30 June 2025 | 1-31 August 2025 |
| 1-31 July 2025 | 1-30 September 2025 |
| 1-15 August 2025 | 1-31 October 2025 |
Terms & Conditions
The T&Cs of this offer can be found here.
HSBC rewards points are among the best in Singapore
Itโs worth noting that 2.8 mpd isnโt the highest possible uncapped earn rate for FCY spend. If youโre a Maybank Visa Infinite or Maybank World Mastercard customer, you can enjoy up to 3.2 mpd on FCY spend.
However, one could argue that 2.8 mpd with HSBC is worth more than 3.2 mpd with Maybank, because HSBC rewards points are extremely valuable, and probably the best rewards currency in Singapore right now.
- Conversion fees are waived until further notice
- Conversions to all but two programmes (Hainan and JAL) are instant
- Rewards points pool across all HSBC cards
- While the minimum conversion block is 10,000 miles, the subsequent block is just two miles (so you could transfer 10,002 or 20,496 miles, for example)
- Even though non-expiring points would be nice, HSBC still offers longer validity than most competing banks at 37 months
- It has 16 airline and four hotel transfer partners, by far the most of any bank in Singapore
So any opportunity to earn HSBC rewards points at an accelerated rate should be welcomed, and for the duration of this promotion, the HSBC Premier Mastercard becomes the highest-earning general spending HSBC card in Singapore.
| Card | SGD Spend | FCY Spend |
 HSBC Visa Infinite |
1 mpd | 2 mpd |
 HSBC TravelOne Card |
1.2 mpd | 2.4 mpd |
| HSBC Premier Mastercard |
1.2 mpd | 2.8 mpd |
Overview: HSBC Premier Mastercard
| HSBC Premier Mastercard |
|||
| Card T&Cs | |||
| Income Req. | S$30,000 p.a. | Annual Fee |
S$490.50* |
| Local Earn |
1.2 mpd | FCY Earn | 2.8 mpd^ |
| FCY Fee | 3.25% | Transfer Partners | 20 |
| Points Pool? | Yes | Transfer Fee | Waived |
| *Waived so long as HSBC Premier status maintained with a min. AUM: S$200,000 ^Temporary upsize till 15 August 2025 |
|||
The HSBC Premier Mastercard is the companion card for the HSBC Premier priority banking programme. It has an annual fee of S$490.50, which is waived if the cardholder has a HSBC Premier relationship and maintains a total relationship balance of at least S$200,000.
Principal cardholders enjoy four (Premier) or six (Premier Elite) free lounge visits per membership year, provided by Priority Pass. They also enjoy one (Premier) or two (Premier Elite) free airport limo rides per calendar quarter, subject to a minimum spend of S$12,000 in the preceding calendar quarter.
As a World Elite Mastercard, cardholders enjoy elite status upgrades and other perks, including:
| ๐จ Hotel Elite Status |
|
| ๐ Rental Car Elite Status | |
| ๐Other Perks |
Conclusion
From now till 15 August 2025, HSBC Premier Mastercard customers can enjoy an uncapped 2.8 mpd on FCY transactions, with no minimum spend required.
Given how flexible HSBC rewards points are, itโs great to have an opportunity to rack them up at an accelerated rate. However, do remember that KrisFlyer was nerfed on 16 January 2025, and is no longer a good option for transferring HSBC points. Instead, you should be looking at alternative frequent flyer programmes!
Confidence lost oreddy with HSBC.
For the first $1000 the Chocolate card is better value. That is 2mpd and 0% fee is better than 2.8mpd and a 3.25% fee.
Yes, but Iโd argue that chocolate cap is better conserved for transactions that are normally ineligible to earn rewards
Given the AXS decision, much less opportunity to use the Chocolate card for such cases. Taxes gone. Condo fees gone. I guess insurance may remain. And I hope I donโt have any hospital bills to worry about !
Just used for all the FCY transactions during my recent trip but found that the forex spread is horrible. When asked, HSBC said that they converted my yen to USD before converting back to SGD for the billing.
This is not new. The only guaranteed way to avoid double conversion with a Singapore credit card is not using it and changing cash at the Arcade. To avoid maybe try using something like youtrip but thatโs also a MC I think, and definitely not for car rentals. Basically SGD is a โsmallโ currency compared to USD EUR JPY CNY RMB. Itโs not always stated in the fine print either. Asking at the bank would depend on who you speak to but generally senior staff are more aware of this. Asking telephone CSO also depends on who you speak to.โฆ Read more ยป
I was declined this card โ even if Iโm already a HSBC VI card holder for years (Iโm sure my earning is enough)
Do you need to be a premier customer?
Did you read from Aaronโs article above? โThe HSBC Premier Mastercard is the companion card for the HSBC Premier priority banking programme.โ If youโre earning enough then you can easily transfer in 200K AUM doesnโt have to be cash.