Review: HSBC TravelOne Card

Here’s The MileLion’s review of the HSBC TravelOne Card, which triggered a huge shake-up of the miles game when it launched in May 2023 with 12 transfer partners, free and 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? 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), probably yes.

From the second year onwards, however, it’s not so straightforward. With its anaemic earn rates, lack of bonus categories, and exclusion of bill payments services like CardUp or ipaymy, it’s very difficult to accumulate points. And with HSBC getting strict about annual fee waivers, I’m not convinced that everyone needs to stay onboard.

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?
The HSBC TravelOne Card offers versatile points and a generous lounge allowance— 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 (i.e. eight in first membership year)	Lacks a bonus spend category No miles purchase facility, and excludes CardUp and ipaymy transactions Annual fee is difficult to waive Criteria for welcome offers has been tightened More than half of its airline partners have poor transfer ratios, including KrisFlyer
💳 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.	Points Validity	37 months
Annual Fee (Including GST)	S$196.20	Min. Transfer	25,000 points (10,000 miles)^
Miles with Annual Fee	10,000	Transfer Partners	20
FCY Fee	3.25%	Transfer Fee	Free
Local Earn	Up to 1.2 mpd	Points Pool?	Yes
FCY Earn	Up to 2.4 mpd	Lounge Access?	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?

The HSBC TravelOne Card has an income requirement of S$30,000 p.a., the MAS-mandated minimum to hold a credit card.

If you do not meet the minimum income requirement, you may apply for a secured version of this card by depositing at least S$10,000 in a fixed deposit account. The application form can be found here.

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. 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 25,000 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 25,000 HSBC points, 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 you get the annual fee waived.

What sign-up bonus or gifts are available?

HSBC

Apply here

From 1 April to 30 June 2025, 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

It’s worth noting that HSBC has tightened its eligibility criteria for welcome offers. Prior to January 2025, new cardholders were defined as anyone who had not cancelled a HSBC TravelOne Card in the past 12 months, a much looser criteria.

Also, where existing cardholders are concerned, 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 <6 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!

SingSaver

Apply here

Customers who apply for a HSBC TravelOne Card via SingSaver can choose from one of the following gifts:

• Dyson Supersonic
• Sony HT-AX7
• Dyson WashG1 Wet Floor Cleaner
• Apple iPad (A16) 11″ Wi-Fi 128GB
• S$370 cash

Gifts rotate regularly, so always refer to the T&Cs for the latest. 

Applicants must:

• Pay the annual fee of S$196.20
• Spend at least S$500 by the end of the month following approval
• Opt-in for marketing communications during the sign-up (don’t forget this step- it’s just as important as the first two)

For avoidance of doubt, the HSBC and SingSaver offers are mutually exclusive. You cannot enjoy both at the same time.

How many miles do I earn?

SGD/FCY Spend

HSBC TravelOne Card cardholders will earn:

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

The “up to” caveat is necessary because the actual earn rates depend on the partner you choose— 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 highest-earning general spending cards in Singapore.

💳 Earn Rates for General Spending Cards (income req.: S$30K)
Cards	Local Spend	FCY Spend
UOB PRVI Miles Card	1.4 mpd	3 mpd IDR, MR, THB, VND 2.4 mpd All Others
HSBC TravelOne Card	1.2 mpd	2.4 mpd
DBS Altitude Card	1.3 mpd	2.2 mpd
OCBC 90°N Card	1.3 mpd	2.1 mpd
Citi PremierMiles Card	1.2 mpd	2.2 mpd
StanChart Journey Card	1.2 mpd	2 mpd
BOC Elite Miles	1 mpd	2 mpd
AMEX KrisFlyer Ascend	1.2 mpd	1.2 mpd
AMEX KrisFlyer Credit Card	1.1 mpd	1.1 mpd
KrisFlyer UOB Credit Card	1.2 mpd	1.2 mpd

All FCY transactions are subject to a 3.25% fee, which 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.

There is also the option of pairing the HSBC TravelOne Card with Amaze in order to enjoy better conversion rates, but you’ll earn 1.2 mpd instead of 2.4 mpd in that case since transactions will be converted 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.

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 10 HSBC points per S$1 (up to 4 mpd).

When are HSBC Rewards Points credited?

HSBC Rewards Points are credited when the transactions 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 Earn Rate: 1.2 mpd	UOB PRVI Miles Card Earn Rate: 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 > View More > 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

HSBC Points expire at the end of 37 months following the time they were earned.

For example, any points awarded from 1-31 August 2022 will expire on 30 September 2025. This means the actual validity is 36-37 months, depending on when the points are earned.

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.

Card	Network	Free Lounge Visits (per year)
HSBC TravelOne Card	DragonPass	4X*
UOB PRVI Miles Card	Priority Pass	4X*
Citi PremierMiles Card	Priority Pass	2X*
DBS Altitude Card	Priority Pass	2X (Visa Version Only)
StanChart Journey Card	Priority Pass	2X
AMEX KrisFlyer Ascend	N/A	N/A
AMEX KrisFlyer Credit Card	N/A	N/A
BOC Elite Miles Card	N/A	N/A
KrisFlyer UOB Credit Card	N/A	N/A
OCBC 90°N Card	N/A	N/A
*Awarded based on calendar year

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

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 Travel One 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.

But outside the welcome bonus, the HSBC TravelOne Card earns miles at a relatively sedate pace, with no bonus category or miles purchase facility to accelerate your earnings. Moreover, this is not the card to use if you want to earn KrisFlyer miles, following the devaluation to the transfer ratio in early 2025.

HSBC has also tightened its stance on annual fee waivers, and not everyone will be willing to stump up the second year’s fee for 10,000 miles and four more lounge passes.

Definitely worth the first year at least— beyond that, things get more marginal.

What do you make of the HSBC TravelOne Card?