Nerfed: HSBC Everyday+ Rewards Programme Removing Cashback on GIRO Payments From 1st November 2025

From 1st November 2025, HSBC will no longer award cashback for GIRO bill payments as part of the HSBC Everyday+ Rewards Programme.

This follows the recent reduction of cashback from 1% to 0.5% that took effect on 1st August 2025.

New terms and conditions make no mention of cashback for GIRO payments

Terms and conditions of HSBC Everyday+ Rewards Programme have included the following clause, 2(ii), detailing the cashback for GIRO payments:

This clause is entirely missing from the latest terms and conditions document published by HSBC, which also means that there will no longer be cashback awarded on GIRO payments once the new terms and conditions come into effect.

October 2025 is the last month for cashback on GIRO payments

Since the new terms and conditions take effect from 1st November 2025, October 2025 is the last month to earn cashback on GIRO payments.

GIRO transactions can take weeks to set up, so it may be too late to add on new arrangements to take advantage of the cashback in its final month.

Annual income for HSBC credit cards going up

Tangentially related would be that the annual income requirements for HSBC credit cards will be increasing from tomorrow (1st October 2025) onwards. If you wish to avoid placing funds with the bank to side-step the new income requirements, 30th September 2025 is the last day you can sign up for HSBC cards under the old income figures (and current promo).

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While it’s sad that this eventual demise has happened, it’s quite incredible how long this “free money hack” has been going on. For years now, people have been getting cashback on all manner of GIRO bills, including insurance premiums, tax payments, and even credit card repayment to the tune of hundreds of dollars per month. I even know of entire families setting up accounts for this purpose, getting cashback that could rival monthly salaries.

The recent drop from 1% to 0.5% cashback gave some hope that the feature would continue for much longer, but HSBC has finally decided to pull the plug.

In any case, if you’re someone who wants to earn more from credit cards, savings accounts and other financial deals, stay subscribed to the Telegram so you can be notified of news and deals. Leave notifications turned on so that you don’t miss time-sensitive updates!

H/T: Thanks IT for sharing

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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