Nerfed: HSBC Revolution and HSBC Everyday+ Impose New Exclusions From May 2024
If you’re a bank wanting to make stuff worse, now’s the time to do it so that your piece of bad news doesn’t get the sole limelight. HSBC probably shares this sentiment and has thrown not one, but two of its popular products under the Nerf Hammer. The popular HSBC Revolution credit card and HSBC Everyday Global Account are the latest two casualties of Nerf Fest and both will add new exclusions in May 2024.
HSBC Revolution: new exclusions of some food-related transactions and groceries
From 1st May 2024, HSBC Revolution will no longer give 10X points (4 miles per dollar or 2.5% cashback) on the following Merchant Category Codes (MCC):
- 5814 – Fast Food
- 5411 – Grocery Stores/Supermarkets
- 5499 – Misc Food Stores
Even if you don’t spend much on McDonald’s or Burger King, the removal of 5814 makes this card a lot less useful for dining. MCCs for eating places can be quite volatile, with some places that look like restaurants (and certainly charge similar prices) being tagged as 5814 instead of the more appropriate 5812 (Restaurants and Eating Places). You’re better off picking one of these cards to avoid guesswork on your dining expenses.
5499 is another big loss for foodies since this is the MCC food delivery apps are coded under.
The removal of 5411 probably isn’t too bad since there are plenty of options of good groceries cards. Those who are using the HSBC Revolution as a one-card solution would likely find this yet another devastating nerf to what used to be a pretty versatile card.
HSBC Everyday+ nerfed: removal of 1% bonus cashback for HSBC cards and GIRO exclusions
Removal of 1% cashback for HSBC credit cards
It’s not the end of bad news for HSBC credit cards – from 2nd May 2024, HSBC Everday+ programme will stop awarding 1% bonus cashback for HSBC credit cards. Only the HSBC Everyday Global Debit Card will get this cashback, and we’re not about to use a card just for 1% cashback.
Until the change, HSBC Revolution and other credit cards from the bank get the 1% cashback on top of their usual earn rates, making the HSBC Revolution a 4 miles per dollar + 1% cashback card or a 3.5% cashback card.
Exclusions for GIRO transactions getting 1% cashback
More worryingly, HSBC Everyday+ is adding exclusions to the list of GIRO transactions that would get 1% cashback. One of the best features of HSBC Everyday Global Account (EGA) is that you can set up payments to various organisations via GIRO and get 1% cashback on the transactions.
From 2nd May 2024, the bank has announced that “Payments to any financial institute and trading platforms relating to crypto-currencies, stock exchange and trades.”
Depending on how you interpret the language, it could mean that only transactions to companies dealing with crypto and stock trading are excluded. Or it could also mean that such companies are excluded as well as just “any financial institute” in general.
The latter interpretation means that even credit card GIRO transactions – a very popular use case with EGA – are excluded from the 1% cashback. This would make sense since HSBC itself is removing the 1% bonus cashback its credit cards are getting.
Multiple sources throughout the interwebs point to the first scenario where only investment-related transactions being excluded. We can probably heave a sigh of relief for now, but we will only know for sure when 2nd May rolls along.
Nerf Season probably isn’t over
In just the first few days of April 2024, HSBC has become the third major bank to announce nerfs to popular banking products. I suspect it isn’t over yet, so stay subscribed to get updates (plus great deals) on what the Nerf Hammer is coming down on next and how to react accordingly, of course.
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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