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HSBC Rewards Plus

How to earn and build points by using your HSBC credit card, plus where you can redeem them.

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With HSBC Rewards Plus, you can earn rewards points for every $1 you spend on eligible purchases with a HSBC credit card. 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.

HSBC Credit Card Offer

HSBC Platinum Credit Card

0% p.a. for 36 months on balance transfers
Discounted $29 first-year annual fee

Eligibility criteria, terms and conditions, fees and charges apply

HSBC Credit Card Offer

Enjoy a 0% introductory balance transfer rate for 36 months, with no balance transfer fee.

  • $29 first-year annual fee (reverts to $129 thereafter)
  • Complimentary travel insurance and 2 lounge passes per year
  • Earn 1 HSBC Rewards Point per $1 spent in Australia and 2 overseas
  • Purchase rate: 19.99% p.a. | Cash advance rate: 21.99% p.a.
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How to earn HSBC Rewards Points

With a HSBC Platinum or Premier credit card linked to the HSBC Rewards Plus program, you can earn HSBC Rewards Points for every $1 spent on eligible purchases. When you have earned enough points, these points can then be redeemed for rewards via the Rewards Plus program.

Credit CardEarn ratePoints cap
HSBC Platinum Credit Card
  • 1 reward point per $1 spent on eligible purchases in Australia
  • 2 points per $1 spent overseas
10,000 per statement period
HSBC Premier World Mastercard
  • 1 point per $1 on eligible spending in Australia
  • 1.5 points per $1 spent overseas
10,000 per statement period

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, credit card rates and fee costs, any refunded transactions and government charges.

What rewards can you get with your points?

HSBC Rewards Plus gives you a mix of ways to use 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.

  • Cashback. If you'd prefer to spend your Rewards Points exactly how you like, you can get cashback on your credit card.
  • Gift cards or vouchers. Redeem your points for gift cards or vouchers at major stores including David Jones, Myer, Coles, Woolworths, JB Hi-Fi, Westfield, BP and Bunnings Warehouse.
  • Travel. The HSBC Rewards Plus program allows you to redeem your points for vouchers you can use at Flight Centre or transfer to a partner loyalty program.
  • Frequent flyer points. You can convert your 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.

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 on 20 April 2022.

Points neededRewardReward value in dollarsValue per 1,000 pointsGood for:
10,000$50 cash back on your account$50$5Paying for what you want
24,000$100 Uber digital gift card$100$4.17A night on the town
60,000$250 Flight Centre digital gift card$250$4.17Weekend getaway

Based on these examples, you would get the most value from your points by redeeming them for cashback on your account, which would give you $5 value for every 1,000 points redeemed.

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 as a cheat sheet.

How 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. If there's nothing you want, keep saving points until you have enough for a reward you do want.

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.

Shadow of plane flying over beach

How to redeem HSBC Rewards

To make a redemption, follow these steps online:

  1. Go to https://www.hsbc.com.au/rewards
  2. Log in using your Credit Cards Online or HSBC Personal Internet Banking details
  3. Choose your reward and follow the prompts to complete your redemption

Alternatively, you can call any of the following numbers to make a redemption over the phone:

  • General contact number: 132 152
  • Premier cardholders: 1300 301 168

Woman with credit card

Key features of the HSBC Rewards Plus program

  • No annual fee. This program is complimentary for HSBC Platinum and Premier cardholders.
  • Points expiry. HSBC Rewards Points expire 3 years after their date of issue. You will be reminded in your statement if your points are about to expire.
  • Eligible purchases. You can earn Rewards Points on all eligible purchases. This excludes interest-free and other promotions, balance transfers, business expenses, cash advances, fees and charges, disputed transactions, BPAY transactions and government fees or charges.
  • Bonus points. Depending on when you apply for a HSBC credit card, you could get an introductory bonus points offer that gives you thousands of bonus points when you meet a spend requirement. HSBC may also offer bonus points at partner stores, or when you are informed of special promotions.

HSBC Qantas Rewards

If you want Qantas Points instead of rewards program points, the HSBC Platinum Qantas Credit Card offers 1 Qantas Point per $1 spent on eligible purchases up to $1,000 per statement period, and 0.5 points per $1 spent for the rest of the statement period (up to 7,500 points per statement period).

How to decide if HSBC Rewards Plus is worth it for you

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.

However, 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:

  1. 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.
  2. 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.
  3. If there are rewards you actually want. HSBC Rewards Plus gives you 3 main ways to redeem points: gift cards, cashback and travel – including 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

1 - 1 of 1
Name Product Bonus points Rewards program Rewards points per $ spent Purchase rate p.a. Annual fee
HSBC Platinum Credit Card
HSBC Rewards Plus
$29 for the first year ($129 thereafter)
Save money with a 0% balance transfer rate for 36 months (with no BT fee), a first-year annual fee discount and free travel insurance.

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More guides on Finder

  • HSBC Platinum Credit Card

    This card offers 0% interest on balance transfers for 36 months, a discounted $29 first year annual fee and platinum benefits including airport lounge passes and complimentary insurance covers.

  • HSBC Platinum Credit Card – Balance Transfer Offer

    Receive a 26-month interest-free balance transfer, a $0 first-year annual fee, plus platinum benefits including complimentary insurance covers.

  • HSBC Corporate Card

    The HSBC Corporate Card offers expense management, flexible spending controls, liability protection and worldwide acceptance through the Mastercard network.

  • HSBC Premier World Mastercard

    Designed for premium HSBC customers, the HSBC Premier World Mastercard offers points, complimentary insurance, airport lounge access and more.

  • HSBC credit cards complimentary travel insurance

    Travel with peace of mind and save with complimentary travel insurance with your HSBC credit card.

  • HSBC Platinum Qantas Credit Card

    The HSBC Platinum Qantas Credit Card is a premium option that earns frequent flyer points per $1 spent and offers complimentary insurance.

  • HSBC Platinum Credit Card – Bonus Points Offer

    Take advantage of 84,000 bonus points, plus platinum benefits such as complimentary insurance covers, airport lounge access and Instant Savings.

  • HSBC Low Rate Credit Card

    The HSBC Low Rate Credit Card is designed for people who want to cut their costs with a low balance transfer offer and competitive purchase interest rate.

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4 Responses

  1. Default Gravatar
    FrankFebruary 3, 2015

    Good Afternoon. With the Platinum Rewards card is there a capped quantity of points per annum? And how long do the points last before they expire?

    • Avatarfinder Customer Care
      ElizabethFebruary 3, 2015Staff

      Hi Frank,

      Thanks for your question.

      There is no points cap for the HSBC Platinum Credit Card. Regarding your points expiry, according to the terms and conditions of the program: ‘Any points not redeemed 36 months after the end of the month in which the points were recorded will expire and be deducted from the points balance appearing on your statement for your program account.’

      I hope this has helped.



  2. Default Gravatar
    MarkSeptember 10, 2013

    I already have a HSBC Visa card can I earn Qantas frequent flyer points?

    • Avatarfinder Customer Care
      JacobSeptember 10, 2013Staff

      Hi Mark,

      Thanks for your inquiry.

      Yes, while HSBC has its own credit card rewards program, you may choose to link this card to your Qantas Frequent Flyer account. You will earn 1 Qantas Point per $1 spent on all eligible purchases.

      Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered on your transactions.

      I hope this helps.


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