HSBC Rewards Update: Costlier KrisFlyer Transfers From 16th January 2025, Fee Waiver Extended
Have HSBC Rewards points? Note that you will need more points to transfer to Singapore Airlines’ KrisFlyer miles starting from 16th January 2025. If you have been intending to use points earned on your HSBC credit cards for KrisFlyer miles, you should make plans to transfer them before that date. I personally wouldn’t, but more on that later.
At the same time, there’s a little bit of good news: the fee waiver for converting HSBC points into airline miles has been extended indefinitely.
New conversion ratio
Until 16th January 2025, HSBC Rewards points can be converted at a ratio of 25,000 points to 10,000 miles. After the change, the ratio will be 30,000 points to 10,000 miles – a price hike of 20%.
If you have been keeping your HSBC points for KrisFlyer, you have about a month to take advantage of the current conversion ratio.
Like many other bank points, HSBC Rewards points require a minimum of 10,000 miles to be converted, meaning to say you need at least 25,000 points. If you’re slightly short of this amount, you have the next month or so to collect more points.
The good news is that unlike many other banks which allow you to only convert in blocks of 10,000 miles, HSBC allows you to transfer in blocks of just 2 miles beyond the first 10,000 miles per conversion. For example, if you have 26,007 points, you are able to convert 26,005 points into 10,402 miles, leaving just 2 points behind.
Look beyond KrisFlyer miles
Personally, I’m shrugging this news off because my HSBC Rewards points were never intended for KrisFlyer miles. With a variety of other airlines to choose from, HSBC Rewards points are a valuable form of currency.
Even if you like to fly with Singapore Airlines, you are able to book SQ flights through airlines part of the Star Alliance such as EVA Air. I described this in a recent short video:
That said, depending on how many miles you already have in your KrisFlyer account, it may not be practical to go for non-Singapore Airlines carriers. Besides, non-KrisFlyer miles may be relatively challenging to acquire, with only a few good cards in the market that can earn such miles. I intend to do a piece on this soon so subscribe for more updates.
No conversion fee indefinitely
Previously ending on 31st January 2025, HSBC has announced that the redemption fee will be waived Indefinitely.
Good news for some, bad news for KrisFlyer purists
If you’re someone using HSBC Rewards points for airlines other than Singapore Airlines, you now have more time to take advantage of fee-free conversions, so this piece of news is nothing but positive. I was planning to clear out my HSBC points before end of January 2025, and now I have more time rather than just a month to decide what to do with them.
For those who have been counting on their points going to KrisFlyer, however, now find themselves with just a month to transfer their miles before the new, pricier rate kicks in.
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Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.
He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.
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