HSBC Premier Mastercard offering uncapped 2.8 mpd on FCY spend

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 28 February 2025, but has been renewed till 30 June 2025. 

HSBC Premier Mastercard FCY spending promotion

From 1 December 2024 to 30 June 2025, HSBC Premier Mastercard customers will earn 2.8 mpd on both in-person and online FCY transactions, comprising of:

• 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 7 July 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 “up to” 2.8 mpd. Why? HSBC has different conversion ratios for different partners, and the actual earn rate depends on which partner you choose.

✈️ 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

🏨 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 we’ve been referring to only applies if you choose a partner with a 25,000 points : 10,000 miles ratio. Otherwise, the earn rates changes as follows:

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 you’ll 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.

Terms & Conditions

The T&Cs of this offer can be found here.

HSBC rewards points are among the best in Singapore

It’s worth noting that 2.8 mpd isn’t the highest possible uncapped earn rate for FCY spend. If you’re 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 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 mpd
FCY Fee	3.25%	Transfer Partners	20
Points Pool?	Yes	Transfer Fee	Waived
*Waived so long as HSBC Premier status maintained (min. AUM: S$200,000)

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: 

• Brilliant by Langham Ruby status
• CentaraThe1 Platinum status
• GHA DISCOVERY Titanium status
• IPrefer Titanium status (+25,000 IPrefer points after the first stay)
• Swiss-Belexecutive Platinum Connoisseur
• Wyndham Rewards Diamond status
• HoteLux Elite Plus membership
• Avis President’s Club status
• Annual 3GB Flexiroam data package
• Complimentary golf games

Conclusion

From now till 30 June 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, it’s 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 now not a good option for transferring HSBC points. Instead, you should be looking at alternative frequent flyer programmes!

(HT: Oscar)