Nerfed: HSBC Everyday+ Rewards Programme Reduces Cashback Rate to 0.5% From 1st August 2025
HSBC is reducing the cashback rate of the Everyday+ Rewards Programme for GIRO payments from 1% to 0.5%. This change will take place from 1st August 2025.
Cashback for GIRO payments halved to 0.5%, cashback cap unchanged
HSBC Everday+ Rewards Programme has been offering 1% cashback for recurring GIRO payments, including all kinds of bill payments like income tax and credit card bills. This will halve to 0.5% from 1st August 2025 onwards.
Fortunately, the total cashback cap has remained unchanged:
| Customer Segment | Monthly Cashback Cap |
| Personal Banking | S$300 |
| Premier | S$500 |
1% p.a. bonus interest unchanged
Another fortunate thing is that the Everyday+ Rewards Programme’s bonus 1% p.a. interest on fresh funds continues as well. Essentially, aside from the cut in cashback rate, everything else is seemingly remaining the same.
Criteria for Everyday+ Rewards Programme
As a reminder, to qualify for Everyday+ Rewards Programme’s cashback and/or bonus interest, one needs to:
- Deposit a minimum of S$2,000 (or S$5,000 for Premier customers) in the HSBC EGA Account
- Make at least 5 transactions
These 5 transactions can be credit/debit card transactions or even FAST/PayNow transactions to other bank accounts. See the terms and conditions here.
You will also need to have an HSBC EGA, and there is a rare promo that ends today:
HSBC Everyday Global Account
Monthly promos offering decent interest. Maintain S$50,000 of average daily balance and you can earn 8 miles per dollar with HSBC Revolution
New Accountholders
- S$1,600 Cash via PayNow; or
- Apple MacBook Air M4 15-inch 256GB (worth S$1,799); or
- 105,000 Max Miles(worth S$1,890)
Promotion is valid for new HSBC account customers only.
Successfully open an HSBC Premier account, deposit S$300,000 and maintain the balance for 6 months to be eligible for reward.
Promotion valid until 31st August 2026
For reference only; refer to exact details in terms and conditions
Terms and conditions
You can see the latest terms and conditions for HSBC Everyday+ Rewards Programme here.
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Given the usefulness of getting cashback each month from things that shouldn’t attract cashback, having 0.5% cashback is surely better than nothing. Those seeing this as a glass-half-empty situation may lament the drop in cashback, but personally I’m quite surprised the gravy train has lasted this long. If you have yet to hop on getting cashback for your GIRO bills, I certainly wouldn’t let this reduction in cashback rate stop me.
Regardless which half of the glass you fall into, the rate is indeed going to be half of what we have been used to starting from 1st August 2025.
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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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