Review: HSBC TravelOne Card

Here’s The MileLion’s review of the HSBC TravelOne Card, which shook up the market when it launched in May 2023 with 12 transfer partners, free, instant points conversions, and a welcome bonus even existing HSBC cardholders could enjoy.

In the months that followed, the number of transfer partners grew to 20, points pooling was added, and free conversions — originally a limited-time perk — were made evergreen (thank goodness that absurdly-expensive 10,000 points conversion fee never saw the light of day!).

So does that make the HSBC TravelOne Card an essential addition to your wallet? Well, I can’t say that any non-4 mpd card is truly essential, but it’s certainly a capable general spending option. In the first year, with the welcome bonus and “extra” lounge visits (derived from tapping the second calendar year’s entitlement; more on this later), it’s hard to lose.

The earning potential is somewhat stunted by the lack of bonus categories and the exclusion of bill payment services like CardUp or ipaymy, but it can pair well with the 8 mpd HSBC Revolution. And even though HSBC is reportedly getting tough on annual fee waivers, it’s also increased the incentive for paying it.

Provided you’re not a “KrisFlyer-only” person, then the TravelOne would be worth some consideration.

HSBC TravelOne Card
🦁 MileLion Verdict
First Year	Recurring
☑ Take It ☐ Take It Or Leave It ☐ Leave It	☐ Take It ☑Take It Or Leave It ☐ Leave It
What do these ratings mean?
Versatile points and a generous lounge benefit make the HSBC TravelOne Card a solid general spending option — though it’s not the card you want to earn KrisFlyer miles with.
👍 The good	👎 The bad
Instant points conversions with no conversion fees 20 transfer partners, the most of any bank in Singapore Min. conversion block of just 2 miles after the first 10,000 miles Four lounge visits per calendar year 12,000 miles for paying the annual fee, 20% more than competitors	Lacks a bonus spend category No miles purchase facility, and excludes CardUp and ipaymy transactions Annual fee is reportedly difficult to waive Poor transfer rates to KrisFlyer S$65K minimum income unless you deposit S$50K with HSBC
💳 Full List of Credit Card Reviews

Overview: HSBC TravelOne Card

Let’s start this review by looking at the key features of the HSBC TravelOne Card.

Apply
Income Req.	S$30,000 p.a. (with S$50K TRB) S$65,000 p.a. (otherwise)	Points Validity	37 months
Annual Fee	S$196.20	Min. Transfer	25,000 points (10,000 miles)^
Miles with Annual Fee	12,000	Transfer Partners	20
FCY Fee	3.25%	Transfer Fee	Free
Local Earn	1.2 mpd	Points Pool?	Yes
FCY Earn	2.4 mpd	Lounge Access?	Yes (4X)
Special Earn	N/A	Airport Limo?	No
Cardholder Terms and Conditions
^After the first block of 10,000 miles, additional transfers are in blocks of 2 miles

Fun fact: the HSBC TravelOne Card continues the trend towards “portrait-style” credit cards, designed vertically instead of horizontally. This supposedly allows for a smoother user experience, as it mimics how customers typically handle their cards when they tap to pay or dip the card into a chip reader. It’s even got a notch at the bottom, a thoughtful touch that’s designed as an accessibility feature for the visually-impaired (so they know which end they insert into the card reader).

But Apple and Google Pay wallets don’t support vertical card faces yet, so if you add it to your phone, you’ll see the secondary design that HSBC created, in landscape.

Despite its silver Mastercard logo, do note that the HSBC TravelOne Card is a World Mastercard and not a World Elite Mastercard.

How much must I earn to qualify for a HSBC TravelOne Card?

Back in October 2025, HSBC made a major change to the minimum income requirements for their entire suite of cards.

The HSBC TravelOne Card now has a minimum income requirement of:

• S$30,000 a year, for customers with a minimum Total Relationship Balance (TRB) of S$50,000
• S$65,000 a year, for everyone else

The S$50,000 does not necessarily have to be in a fixed deposit or savings account; you can use it to invest in equities, money market securities, insurance or whatever other products HSBC has to offer.

Still, that’s a significant hurdle for fresh graduates who don’t already have a pre-existing banking relationship with HSBC, and from what I understand, the bank is enforcing the requirement quite strictly.

How much is the HSBC TravelOne Card’s annual fee? 

The HSBC TravelOne Card has an annual fee of S$196.20 for principal cardholders. All supplementary cards are free for life.

In subsequent years, the annual fee can be waived with a minimum spend of S$25,000 in the previous membership year.

It’s unclear just how strictly HSBC enforces this requirement because of the conflicting data points out there. 

1. Some cardholders (myself included) managed to get a fee waiver despite spending nowhere near S$25,000
2. Other cardholders have been told that fee waivers will not be granted if the minimum spend is not met
3. Still other cardholders have been told that fee waivers will not be granted and they must still pay the annual fee even if they cancel the card!

Needless to say, point (3) is absolute nonsense, and you shouldn’t accept it. The annual fee is charged in respect of the upcoming year, so if you decide to cancel your card after the first year, you should be getting a refund of the second year’s fee.

Two caveats to this. I’m assuming: 

• You haven’t waited more than a month after the renewal date to cancel the card. If it’s been two or more months already, then the bank has a stronger case to deny you a fee waiver even if you cancel the card
• You haven’t redeemed any of the HSBC points credited for paying the second year’s annual fee. If so, then the bank has the right to charge you for those

If you fail to get a fee waiver, paying the second and subsequent years’ annual fees gets you 30,000 HSBC points (12,000 miles) from 1 January 2026 onwards (prior to which it was 25,000 HSBC points). This will be credited 2-3 months after the annual fee is charged.

For the avoidance of doubt, your annual lounge entitlements (see below) will be renewed even if the annual fee is waived. However, do remember that they are only renewed at the start of the calendar year, and not upon card renewal.

What sign-up bonus or gifts are available?

Apply

From now till 31 March 2026, customers who apply for a HSBC TravelOne Card will receive a welcome bonus of up to 33,600 miles, as summarised in the table below.

Cardholders must meet a minimum spend of S$500 or S$1,000 by the end of the month following approval to receive the bonus miles.

In addition to meeting the minimum spend all applicants must also:

• Pay the first year’s S$196.20 annual fee
• Provide consent to receiving marketing and promotional materials during application (an important step that people often forget!)

The welcome bonus is in addition to the base miles that HSBC TravelOne Cardholders usually earn, namely 1.2 mpd for local currency spend, and 2.4 mpd for foreign currency spend.

For example, a new-to-HSBC cardholder who spends the full S$1,000 in foreign currency will receive a total of 36,000 miles (33,600 bonus, 2,400 base). This is the assumption that HSBC makes in its marketing materials, hence the advertised 36,000 miles figure.

HSBC defines new and existing cardholders as follows:

• New cardholders: Customers who do not hold any existing principal HSBC credit card, and have not cancelled a principal HSBC credit card in the past 12 months
• Existing cardholders: Customers whose most recent principal HSBC credit card was issued more than 12 months ago, and have not cancelled a principal HSBC credit card within the past 12 months

While other banks define an existing cardholder as anyone who doesn’t meet the new cardholder definition, HSBC does things a little differently.

To meet the “existing cardholder” definition, at least 12 months must have passed since your last principal HSBC credit card was approved, and you must not have cancelled any principal HSBC credit card in the past 12 months.

For example:

• John has a HSBC Revolution Card approved six months ago. He will not be eligible for the HSBC TravelOne Card’s existing cardholder welcome bonus
• Jack has a HSBC Revolution Card approved >12 months ago, and a HSBC Live+ Card approved >12 months ago. Last month, he cancelled his HSBC Live+ Card. He will not be eligible for the HSBC TravelOne Card’s existing cardholder welcome bonus either

Therefore, when it comes to HSBC, it’s possible that you’re neither new nor existing!

How many miles do I earn?

SGD/FCY Spend

HSBC TravelOne Card cardholders will earn:

• 3 HSBC points per S$1 (1.2 mpd) on local spend
• 6 HSBC points per S$1 (2.4 mpd) on foreign currency spend

Remember, the actual earn rates depend on the partner you choose, because different partners have different conversion ratios (I cover this in more detail later in the review).

Assuming 1.2/2.4 mpd rates, however, this would make the HSBC TravelOne Card one of the better general spending cards in Singapore.

💳 Earn Rates for General Spending Cards (Income Req: S$30K)
Cards	Local Spend	FCY Spend
UOB PRVI Miles Card Apply	1.4 mpd	3 mpd IDR, MR, THB, VND 2.4 mpd All Others
BOC Elite Miles Card Apply	1.4 mpd	2.8 mpd
HSBC TravelOne Card Apply	1.2 mpd	2.4 mpd
DBS Altitude Card Apply	1.3 mpd	2.2 mpd
OCBC 90°N Card Apply	1.3 mpd	2.1 mpd
Citi PremierMiles Card Apply	1.2 mpd	2.2 mpd
StanChart Journey Card Apply	1.2 mpd	2 mpd
AMEX KrisFlyer Ascend Apply	1.2 mpd	1.2 mpd
KrisFlyer UOB Credit Card Apply	1.2 mpd	1.2 mpd
AMEX KrisFlyer Credit Card Apply	1.1 mpd	1.1 mpd

Bonus Spend

Unfortunately, the HSBC TravelOne Card does not have a bonus earn category.

Those who want to rack up HSBC points more quickly should pair this card with the HSBC Revolution to tap its higher earning power of up to 8 mpd.

What is the FCY transaction fee?

All FCY transactions are subject to a 3.25% fee, which is on par with the market.

With a 2.4 mpd earn rate and a 3.25% FCY fee, using the HSBC TravelOne Card overseas represents buying miles at 1.35 cents apiece.

It is possible to pair the HSBC TravelOne Card with Amaze to enjoy better conversion rates, but you’ll earn 1.2 mpd instead of 2.4 mpd, since Amaze converts transactions into SGD. Based on Amaze’s ~2% spread, the cost per mile is actually higher at 1.67 cents apiece, so I would not recommend pairing it.

When are HSBC Rewards Points credited?

HSBC Rewards Points are credited when the transaction posts, usually in 1-3 days.

How are HSBC Rewards Points calculated?

Here’s how you can work out the HSBC Rewards Points earned on your HSBC TravelOne Card.

The minimum spend required to earn points is S$0.25 (SGD) and S$0.10 (FCY) respectively.

This means that the HSBC TravelOne Card (1.2 mpd) can outperform the ostensibly higher earning UOB PRVI Miles Card (1.4 mpd) in certain circumstances, depending on transaction size. 

	HSBC TravelOne Card 1.2 mpd	UOB PRVI Miles Card 1.4 mpd
S$5	6 miles	6 miles
S$9.99	12 miles	6 miles
S$15	18 miles	20 miles
S$19.99	24 miles	20 miles
S$25	30 miles	34 miles
S$29.99	36 miles	34 miles

If you’re an Excel geek, here’s the formulas you need to calculate points: 

HSBC provides transaction-level points breakdowns, which can be found on the HSBC mobile app. To view this, log in to the HSBC mobile app and tap on your HSBC TravelOne Credit Card > Redeem Your Points

On the next screen, tap ‘Show points history’, and you’ll see a breakdown of points earned per transaction. 

For the full list of formulas that banks use to calculate credit card points, do refer to these articles:

• General Spending Cards
• Specialised Spending Cards

What transactions aren’t eligible for HSBC Rewards Points?

A full list of transactions that do not earn HSBC Points can be found in the T&Cs (at Point 3).

I’ve highlighted a few noteworthy categories below:

• Charitable Donations
• Education
• Government Services 
• GrabPay top-ups
• Hospitals
• Insurance
• Professional services providers (e.g. Google & Facebook Ads, AWS)
• Real Estate Agents & Managers
• Utilities

HSBC also excludes CardUp, ipaymy and RentHero transactions from earning points. In a way, this does compound the problem of the lack of a bonus category, since you couldn’t even buy additional HSBC Points via these payments services if you were so inclined. 

What do I need to know about HSBC Rewards Points?

Expiry

All HSBC points expire at the end of a 37-month period which commences from the month subsequent to the month in which the points were earned.

For the purpose of illustration:

Pooling

In May 2024, HSBC added points pooling to its cards, bringing them all onto the same platform. 

Therefore, if you have 10,000 HSBC Points on the HSBC TravelOne Card, and 15,000 HSBC Points on the HSBC Revolution Card, you can redeem a combined balance of 25,000 HSBC Points.

Do note that even though HSBC Points pool, you will lose any unutilised points if you cancel a card. Be sure to cash them out before cancelling.

Transfer Partners & Fees

The HSBC TravelOne Card launched with 12 airline and hotel partners, a number that has now increased to 20. This is by far the most programmes offered by any bank in Singapore.

✈️ 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

The catch is that not all partners share the same transfer ratios. With airlines, for instance, the ratio ranges from 25,000 – 50,000 points : 10,000 miles.

This is important, because the TravelOne Card’s advertised earn rates of 1.2/2.4 mpd only apply if you choose a partner with a 25,000 points : 10,000 miles ratio. The earn rates drop as the transfer ratio worsens, going as low as 0.6/1.2 mpd at the other end of the spectrum. 

It’s especially important to highlight that the transfer ratio for Singapore Airlines KrisFlyer was devalued to 30,000 points : 10,000 miles on 16 January 2025, which makes the HSBC TravelOne Card a 1/2 mpd card if KrisFlyer miles are your goal. Needless to say, you can do much better with other alternatives, and if you only want to earn KrisFlyer miles, this isn’t the card for you. 

Cardholders will need to convert a minimum of 10,000 miles. However, the subsequent conversion block drops to just 2 miles after that, which means you could convert 10,002 miles, or 200,006 miles for instance. This is a great feature, because it helps avoid the problem of orphan miles. So long as you keep at least 10,000 miles in your account, you can cash out your entire balance with almost nothing left behind.

All conversion fees are waived until further notice.

Transfer Time

All HSBC Points transfers are processed instantly, with the exception of:

• Hainan Airlines Fortune Wings Club (5 working days)
• JAL Mileage Bank (10 working days)

Other card perks

Four complimentary lounge visits

Lounge Benefit T&Cs

Principal HSBC TravelOne Cardholders enjoy four complimentary lounge visits per year, provided via DragonPass.

Effective 17 October 2024, lounge visits can be shared with a guest or guests. For example, a cardholder with one guest could visit two times, and a cardholder with three guests could visit one time.

Allowances are awarded by calendar year, which means you can enjoy up to eight visits in your first membership year. For example, if your card is approved in June 2025, you will be awarded:

• On date of approval: 4 visits (expires 31 December 2025)
• On 1 January 2026: 4 visits (expires 31 December 2026)

Allowances cannot be rolled over to the following year, so be sure to fully utilise your visits by the end of the calendar year.

Here’s how to start enjoying the benefit:

Four visits is relatively generous for an entry-level credit card.

💳 Credit Cards with Airport Lounge Access (Income Req.: S$30K p.a.)
Card	Network	Free Lounge Visits (per year)
HSBC TravelOne Card Apply	DragonPass	4 CY Share
UOB PRVI Miles Card Apply	Priority Pass	4 CY No Share
Citi PremierMiles Card Apply	Priority Pass	2 CY Share
DBS Altitude Visa Apply	Priority Pass	2 MY Share
StanChart Journey Card Apply	Priority Pass	2 MY Share
Legend
Whether visits are tracked by calendar year CY or membership year MY Whether lounge visits can or can’t be shared with guests Share No Share

Entertainer with HSBC

ENTERTAINER with HSBC

Principal HSBC TravelOne Cardholders receive a complimentary ENTERTAINER with HSBC app membership, which includes:

• 1-for-1 dine-in offers at more than 150 merchants across Singapore, including Sushi Jiro @ PARKROYAL COLLECTION, Bangkok Jam, Paul Bakery and more
• 1-for-1 takeaway offers at more than 50 merchants including Canadian 2 For 1 Pizza, Andersen’s of Denmark and more
• Up to 50% off leisure, attraction and wellness offers at BOUNCE Singapore, Spa Infinity, Virtual Room and more
• 1-for-1 stays in rooms at over 175 hotels around the world

You’ll need an activation key to start using your ENTERTAINER membership. This should have been emailed to you; if not you’ll need to call 1800 4722 669 to get it from customer service.

Complimentary travel insurance

Principal and supplementary HSBC TravelOne Cardholders receive complimentary travel insurance when they:

• Use their TravelOne Card to purchase air tickets, or
• Use their TravelOne Card to pay for the taxes and surcharges on a ticket redeemed with airline miles

This provides coverage of S$75,000 for accidental death, S$150,000 for overseas medical expenses, S$1 million for emergency medical evacuation, as well as coverage for travel inconveniences like flight delays and lost luggage.

Do note that there is no coverage for personal liability or rental vehicle excess, so you may need to purchase supplementary coverage if this is important to you.

Summary Review: HSBC TravelOne Card

Apply
🦁 MileLion Verdict
First Year	Recurring
☑ Take It ☐ Take It Or Leave It ☐ Leave It	☐ Take It ☑Take It Or Leave It ☐ Leave It
What do these ratings mean?

The HSBC TravelOne Card is a solid general spending option, offering a decent welcome bonus and up to eight lounge visits in the first membership year— more than enough to cover the S$196.20 annual fee. What’s more, with 20 airline and hotel partners, free and instant conversions, and conversion blocks as small as two miles, HSBC Points are extremely versatile.

From the second year onwards it’s a bit more marginal, but the 30,000 HSBC points received for paying the annual fee are worth 6,000 Accor points, or €120 (~S$177). Together with four additional lounge visits, it might still be worthwhile.

The key weaknesses of this card are its relatively low earn rate for local spending, with no bonus categories or miles purchase facility to accelerate your earnings. Also, this is not the card to use if you want to earn KrisFlyer miles, following the devaluation to the transfer ratio in early 2025.

What do you make of the HSBC TravelOne Card?