HSBC Rewards Plus
How to earn points with a HSBC credit card and redeem them for gift cards, frequent flyer points and other rewards.
HSBC Rewards Plus is a credit card loyalty program in Australia that gives you a way to earn rewards points for every $1 you spend on eligible purchases. You can use these points to get rewards including cashback on your account, frequent flyer point transfers and digital gift cards for brands like Amazon, Bunnings Warehouse, Woolworths, Coles and JB Hi-Fi.
So if you have a HSBC Rewards card, or you're thinking of getting one, we've broken down the key details for HSBC Rewards Plus, as well as some tips to make the most of it.
How to earn HSBC Rewards Points
- The HSBC Platinum Credit Card and HSBC Premier World Mastercard both offer 1.5 HSBC Rewards Plus Points for every $1 on eligible purchases.
- You can earn up to 120,000 points per year.
- HSBC Rewards Plus Points expire 36 months after they have been added to your account.
Bonus point offers
Sometimes, HSBC credit cards also offer introductory bonus point offers that can give you a headstart on rewards. Usually, you'll need to apply during the offer period and meet a spend requirement to get them. For example, an offer might be "earn 80,000 bonus points when you spend $3,000 in the first 3 months".
What counts as "eligible spending"?
Most everyday transactions are eligible to earn points, including dining out, petrol and shopping for clothes or at the supermarket. Transactions that don't earn points include BPAY payments, cash advances, balance transfers, government charges, credit card fees and charges and any refunded transactions.
What rewards can you get with your points?
HSBC Rewards Plus gives you a few ways to redeem points. Sometimes the options depend on which HSBC card you have, so make sure you log in to your account to check what's available and how many points you'll need. But generally, you'll be able to redeem points for:
- Cashback. If you know exactly what you want to buy or if you want to save on purchases, you could redeem points for cashback on your credit card.
- Gift cards. You can redeem points for digital gift cards for popular stores and brands including BP, Bunnings Warehouse, Coles, David Jones, Flight Centre, JB Hi-Fi, Myer and Woolworths.
- Frequent flyer points. You can transfer HSBC Rewards points into Velocity Points at the rate of 5,000 HSBC points to 2,500 Velocity Points. Premier World Mastercard holders can also redeem Asia Miles or Singapore Airlines KrisFlyer miles at the same rate.
How much are HSBC Rewards Points worth?
HSBC Rewards Points vary in value depending on what you are redeeming them for. These examples show the value you can get from different rewards, based on details publicly shown on the HSBC Rewards Plus website when we checked in October 2023.
|Points needed||Reward||Reward value in dollars||Value per 1,000 points||Good for:|
|12,000||$50 cash back on your account||$50||$4.16||Paying for what you want|
|24,000||$100 Woolworths digital gift card||$100||$4.17||Groceries|
|60,000||$250 Flight Centre digital gift card||$250||$4.17||Weekend getaway|
Based on these examples, 1 HSBC Rewards Plus point is worth around 0.42 cents, with every 1,000 points redeemed offering $4.16 or $4.17 value.
If there are other rewards you want to get, or if the values shown when you log in are different, you just need to divide the reward's dollar value by the number of points needed to work out how much value you'll get for your points.
You can also use Finder's guide to calculating the values of rewards points to get an estimate or compare the value to other rewards.
Tips to get the most value from HSBC Rewards Plus
- Always choose rewards that you want or need, so you can at least save some cash.
- Set a rewards goal and save points until you have enough for the reward you want.
- Make sure you redeem points within 36 months so they don't expire.
- If you're planning to travel in the future, keep point transfers in mind as frequent flyer programs typically offer the most value per point when they are redeemed for flights.
HSBC Qantas Rewards
If you want Qantas Points instead of rewards program points, the HSBC Platinum Qantas Credit Card offers 1.5 Qantas Point per $1 spent on eligible purchases up to $1,000 per statement period, and 1 points per $1 spent for the rest of the statement period (up to 120,000 points per statement period).
How to redeem HSBC Rewards
To make a redemption, follow these steps online:
- Go to https://www.hsbc.com.au/rewards
- Log in using your Credit Cards Online or HSBC Personal Internet Banking details
- Choose your reward and follow the prompts to complete your redemption
Alternatively, you can make a redemption over the phone:
- General contact number: 132 152
- Premier cardholders: 1300 301 168
How to decide if HSBC Rewards Plus is worth it for you
The value of HSBC Rewards Plus points is similar to the value offered by many other credit card rewards programs. So, if you are using your credit card for regular transactions – and managing to make your repayments – then building your rewards points at the same time is a great way to save money in the long run.
But if you do not make regular purchases, being part of the rewards scheme may encourage you to use your card more to build up points. This could lead to you struggling to meet your repayments and/or paying more interest in the long-run.
So, here are 3 key factors to think about that can help you make a decision:
- The cost of the card. The card's annual fee and interest rate for purchases are key costs to weigh against the value of rewards and other perks.
- How much you'll use the card. The main way you earn HSBC Rewards points is by using your credit card for eligible spending. Think about how much you'll spend with the card each month or year, and how many points per $1 that will get you, to see how much value you can expect to get from rewards.
- If there are rewards you actually want. HSBC Rewards Plus gives you 3 main ways to redeem points: gift cards, cashback and frequent flyer point transfers. The value of these rewards usually comes down to how much you want or need it. So take a look at exactly what's on offer to help you decide if it's worth it for you.
HSBC Rewards credit cards comparison
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HSBC Platinum Credit Card
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HSBC Premier World Mastercard
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HSBC Platinum Qantas Credit Card
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