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A rewards credit card offers you rewards for every dollar you spend. These can be redeemed for cashback, air miles or points. Every card will have its own rewards system.
While it's nice to get rewards from using your credit card, it’s important to always spend within your means and understand exactly how the reward programme works.
Banks will offer different rates for earning points on your spending. There may be minimum spend requirements or caps on how much rewards you can earn. Consider your spending habits then compare credit cards to narrow down the sort of rewards you'd like to earn. This will help you decide which type of reward credit card may suit you best.
Here are some examples of rewards you can earn with your rewards credit card:
You may receive points for every purchase you make on your credit card. For instance, you might get 10 points for every SGD1 you spend. The points earned and accumulated can be exchanged for vouchers that you can spend in supermarkets, stores, or for online shopping. See how you can earn more Reward points with the HSBC Revolution Credit Card.
Some credit cards give you a percentage of what you spend as cashback. For example, you can earn up to 2.5% cashback[@advance-cards-cashback] on local and overseas spending with the HSBC Advance Credit Card. Cashback credit cards generally credit the cashback into your account monthly or annually to offset your bill.
If you spend most of your money on travelling, perhaps you'd rather be earning air miles for your next trip. Accumulated air miles can be redeemed for travel with different airlines, travel agents and hotel loyalty programmes. Your rewards card might also offer extras, like lounge passes and travel insurance. The HSBC TravelOne Credit Card is the first HSBC credit card to offer instant[@cards-instantly] redemptions on a extensive selection of airline and hotel partners, all within the HSBC Singapore app.
Rewards credit cards offer benefits beyond traditional credit facilities, such as cashback, airline miles, or points for travel, retail and gift cards. Additionally, these cards often provide perks such as travel insurance, concierge services, fraud protection, and exclusive event access.
However, before applying for a rewards credit card, keep in mind that:
As with any credit card, you want to be confident you’ll be able to repay your balance in full each month, as well as any annual fee.
Reward Points for all participating HSBC credit cards can be redeemed via the HSBC Singapore app. The Pay with Points programme on the app allows HSBC cardholders with a valid Visa or Mastercard credit card to redeem Points for statement credits.
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