HSBC Revolution Review (2026) – Get up to 8 Miles Per Dollar or 5% Cashback
Over the years, HSBC Revolution has lived up to its name in the sense that it tends to revolve between a decent card to use to one I didn’t hesitate much to cut up. I regret doing that very much, because we are now in times where HSBC has positioned its flagship miles card to be not just a decent card, but one that is decidedly top tier.
When a card can earn 8 miles per dollar on a wide variety of spend, whether it is online or in-person contactless transactions, one simply cannot ignore it. Even if you’re a cashback person, you shouldn’t overlook this card given how it can give as much as 5% cashback with no minimum monthly spend.
Miles card of the year 2025
HSBC Revolution Credit Card
A versatile rewards card for shopping, dining, and travel bookings, with no annual fee.
The Good 🟢
- 4 or 8 miles per dollar, or 5% cashback equivalent, is a great earn rate
- No minimum spend requirement
- Relatively wide coverage across online and contactless transactions, including travel
- HSBC points are versatile, convert instantly in small blocks and have no conversion fees
- Works well with tools like Atome and HeyMax to optimise spend
- No annual fee for life
The Bad 🔴
- You will need to pay attention to merchant category codes (MCCs)
- Common MCCs such as travel agencies, fast food and groceries are not included and require workarounds
- Conversion ratios to airlines such as KrisFlyer are suboptimal
Bonus earn rate on selected transactions online or in-person
HSBC Revolution offers its bonus earn rate on a variety of transactions online as well as on in-person spending with no minimum spend required. To use the card effectively, you need to make sure that your spend falls within the eligible Merchant Category Codes (MCC).
This means having to do some legwork in finding out the MCCs of places you spend at, and the HSBC Revolution gives you a couple of compelling reasons to put in a little more effort to do which we will explore in a bit.
One more thing you have to be aware of is that when it comes to in-person spending, you have to make sure that you are using contactless payment. For HSBC Revolution, this includes both tapping the card, or using a smartphone wallet like Apple Pay or Google Pay. Do not insert or swipe the physical card.
| Online | Contactless Payment With Card | Mobile Contactless Payment | Swiping Physical Card |
|---|---|---|---|
| 🟢 Specific MCCs | 🟢 Specific MCCs | 🟢 Specific MCCs | 🔴 |
The focus on a list of eligible MCCs make the card a little more difficult to use than something like UOB Preferred Visa. UOB Preferred Visa only requires you to look at MCCs when you’re using the card online, but HSBC Revolution cardholders need to do so on both online and in-person spend.
Get 10X or 20X HSBC Points on eligible categories
For eligible categories, HSBC Revolution awards a base earn rate of 1 point per S$1 spent, followed by bonus points in the following month. Spend in non-eligible will get just the base earn rate, while excluded spend (such as insurance, AXS transactions etc.) will get nothing at all.
| Type of Points | Number of Points | Timeline |
|---|---|---|
| Base Points | 1 point per S$1 | When transaction posts (typically a few days from transaction) |
| Bonus Points For Eligible Categories | 9 points per S$1 or 19 points per S$1 (HSBC EGA with S$50,000 average balance) | Credited in the following month, usually 15th to 20th |
There are two tiers to the current iteration of HSBC Revolution, with the higher tier unlocked when an HSBC Revolution cardholder also has at least S$50,000 of monthly average balance in their HSBC EGA.
| HSBC EGA Requirement | Total Earn Rate | Monthly Spend Cap |
|---|---|---|
| No HSBC EGA or monthly balance under S$50,000 | 10 points per S$1 | S$1,000 (4,000 miles) |
| Monthly average balance of ≥S$50,000 in HSBC EGA | 20 points per S$1 | S$1,200 (9,600 miles) |
I described how I am going to balance between getting good interest on my cash and the high earn rate in my recent video, and I will have a more detailed piece on this so stay subscribed for updates.
HSBC Reward points are really good
HSBC points are one of the best forms of currencies we have in the local credit card scene, with 10 points per S$1 translating into 4 miles per dollar, or 2.5% cashback. The ability to earn 20 points per S$1 hence translates into 8 miles per dollar, or 5% cashback.
| Earn Rate | Miles Equivalent | Cashback Equivalent |
|---|---|---|
| 10 points per S$1 | 3.33 miles per dollar (Singapore Airlines) 4 miles per dollar (some airlines) | 2.5% cashback |
| 20 points per S$1 | 6.66 miles per dollar (Singapore Airlines) 8 miles per dollar (some airlines) | 5% cashback |
There is a small (or perhaps big) caveat to the card’s earn rate: HSBC points do not transfer optimally to Singapore Airlines KrisFlyer. At a rate of 30,000 points for 10,000 KrisFlyer miles, the “true” earn rate of HSBC Revolution falls to 3.33 miles per dollar or 6.66 miles per dollar if you are looking solely at KrisFlyer miles.
| Airline | Transfer Ratio | HSBC Revolution’s Earn Rate |
|---|---|---|
 Singapore Airlines | 30,000 points : 10,000 miles | 3.33 or 6.66 miles per dollar |
 British Airways | 25,000 points : 10,000 miles | 4 or 8 miles per dollar |
 Cathay Pacific | 25,000 points : 10,000 miles | 4 or 8 miles per dollar |
 EVA Air | 25,000 points : 10,000 miles | 4 or 8 miles per dollar |
Transferring your HSBC points to KrisFlyer miles, however, is something I can only describe as “eating plain rice at a seafood buffet”. With quite a few good options to pick from including British Airways and EVA Air, I would likely not waste my HSBC points on Singapore Airlines even if the ratio were the same as the other airlines above!
Even if you only want to fly in Singapore Airlines, you should know that EVA Air miles can be used to book Singapore Airlines flights in a few popular destinations for up to 26% fewer miles. Because of this, I tend to value HSBC points at a premium of around 20% compared to other cards, making HSBC Revolution’s 4 or 8 miles per dollar earn rate closer to 4.8 or 9.6 miles per dollar in my books.
Is keeping S$50,000 in HSBC EGA worth it?
Earning 8 miles per dollar sounds attractive, but maintaining S$50,000 in HSBC EGA may mean giving up interest you could earn elsewhere. The answer depends on your monthly card spending, alternative savings rate and how much you value each mile.
Instant conversions, no conversion fees, and small conversion blocks
On top of the points’ versatility, HSBC points convert instantly (or at most 1 business day) to most of its airline partners and there are no conversion fees while most other banks charge around S$27 per conversion.
There is also very little worry about leftover points because HSBC points convert into miles at extremely tiny blocks of 2 miles after the minimum 10,000 miles per conversion is reached. This means that while you will need at least 10,000 miles per conversion, you are able to clear out all your miles easily with little to no leftover points compared to other banks.
For example, if you have earned 17,851 miles worth of HSBC points, you can convert 17,850 of them leaving a negligible 1 mile behind. Other banks typically require you to convert in blocks of 10,000 miles, which means you can only convert 10,000 miles with 7,851 miles leftover.
Expiry of points
HSBC points expire 37 months after the month they are earned. This table illustrates how it works:
| Earned Period | Expiry Date |
|---|---|
| 1st to 30th April 2026 | 31st May 2029 |
| 1st to 31st May 2026 | 30th June 2029 |
While not non-expiring, this is quite a generous shelf life.
Transferring your points out to your airline would further extend the validity of the miles which should make the points having an expiry date a non-issue.
For instance, points earned in April 2026 will expire on 31st May 2029. On 31st May 2029, if you convert them to EVA Air’s Infinity MileageLand programme, the miles will be valid for another 36 months, expiring end of May 2032.
Trading points for cashback
If you want cashback instead, HSBC allows you to convert 4,000 points for S$10 cashback. Since you earn either 10 or 20 points per S$1 spent, this translates into a 2.5% or 5% cashback rate.
4 and 8 miles per dollar are easily better than 2.5% or 5% cashback, so you probably shouldn’t do this. Even redeeming your miles for something like Scoot gets you at least 1 cent per mile, which means that 4 and 8 miles per dollar translate into 4% and 8% rebates respectively.
Regardless, I still find it important to state that the HSBC Revolution can be a 5% cashback card, if only to let cashback purist realise how good 8 miles per dollar can be and not just fixate on earning cashback. So even if you’re someone who is still new to miles and unsure on its value proposition, you can always collect HSBC points first, then decide later if you truly want to get into the game.
Travel category is useful, but note the non-inclusion of MCC 4722
Travel-related spend has been a relatively difficult category to get good rewards on with a few prominent cards like Citi Rewards, Citi SMRT, and UOB Preferred Visa excluding such transactions. Cards that do support such spend often come with limited monthly caps of around S$1,000 spend per month that may not be sufficient for one’s holiday spending.
It’s a good thing that HSBC has brought back travel as a category for HSBC Revolution so that it can complement cards like DBS Woman’s World Mastercard or Maybank XL. HSBC Revolution’s list of MCCs covers quite comprehensively just about any airline, car rental agency, or hotel bookings that you can find.
Do note that MCC 4722 is a major omission on the card’s list of eligible MCCs. The MCC covers travel agencies including online ones like Agoda and Trip.com as well as Airbnb, so you shouldn’t use HSBC Revolution directly with these websites. You should instead use Atome – at least for Agoda and Trip.com (Airbnb does not support Atome) – because it gives a predictable MCC of 5999 which works with HSBC Revolution.
Dining category unfortunately does not include MCC 5814
Another significant bugbear of the HSBC Revolution is the lack of inclusion for MCC 5814 which covers fast food restaurants. This annoyance might not be so major if 5814 covers only fast food, but it is quite common for eateries and bars – expensive ones even – to code under this MCC. Such transactions get only 1 point per S$1 spent – a grand total of 0.4 miles per dollar or 0.25% cashback.
Checking MCCs is hence something you need to do quite diligently if you are using your HSBC Revolution at restaurants, particularly new ones whose MCCs you are unsure about.
While I do know some who have sworn off HSBC Revolution for their dining expenses after getting burnt on 5814 one too many times, I don’t really see it as a dealbreaker. When a restaurant bill gets a bit on the higher side, I use another card to play safe. Other times, I do indeed check the bill on the spot because it takes less than a minute to do so once you’re familiar with the methods. Occasionally, when the bill is not that huge, I even wing it, which sometimes results in the screenshot above. The way I see it, when you can earn “4.8 or 9.6 miles per dollar” with the card, some breakage is perfectly fine.
If it’s any consolation, the card is otherwise pretty comprehensive with other dining MCCs. Caterers (MCC 5811) and bars (MCC 5813) are included, and if you happen to dine at a restaurant within a hotel, HSBC Revolution will count that as eligible spend anyway since hotels are covered in its travel category.
HSBC Revolution is a strong shopping card
When it comes to retail spending, HSBC Revolution is pretty comprehensive. Whether I’m buying stuff from Apple (MCC 5732) or getting a winter jacket from a clothing store (MCC 5961), HSBC Revolution is a relatively safe card to use. The inclusion of MCCs like 5311 and 5262 mean online marketplaces like Shopee, Lazada, and Amazon are easy ways to buy just about anything you’d want with HSBC Revolution and get your points.
Getting around MCC omissions and managing spend with Atome
With MCC 5999 included in the HSBC Revolution’s list, it is also very easy to get the card’s bonus points on things that it doesn’t normally cover.
I mentioned Atome earlier for travel-related spending, and that is also true for just about anything else that Atome covers. A particular retail store may not have the right MCC for HSBC Revolution, but paying through Atome converts the transaction to MCC 5999 which is indeed covered under the list of eligible MCCs.
Atome also has the added benefit of allowing you to manage the spend amount per month better. You may be reaching the spend cap for the month soon, and paying the 2nd and 3rd instalments next month is much better. If the month is ending soon, you can also opt to clear the next instalments earlier so that you can make use of any unused spend cap in the current month.
Atome
Atome splits up your transaction and converts them into online ones. Also, discount vouchers and promos can reduce your spend.
🎁 New Users
Get S$10 off your first purchase when you sign up.
For reference only; refer to exact details in terms and conditions
Getting around MCC omissions and tracking spend with HeyMax
With MCC 5311 included, buying HeyMax vouchers is also a very good way to circumvent the lack of certain MCCs in HSBC Revolution’s MCC list.
Groceries, for instance, will not get bonus points with HSBC Revolution if you used the card directly at supermarkets. Instead, buy NTUC FairPrice or Sheng Siong vouchers through HeyMax and they’ll code as MCC 5311.
Another example would be getting Pet Lovers Centre vouchers through HeyMax. Not only are you ensuring the bonus points from HSBC Revolution, you also get bonus Max Miles from HeyMax.
HeyMax
Get bonus Max Miles on top of your usual card rewards. Max Miles can be used to redeem gift cards, airline miles and hotel loyalty points.
🎁 New Users
Verify your phone number and make your first confirmed purchase:
💳 Features
- Earn bonus Max Miles on top of usual card rewards
- Track card spending (Visa cards only)
- Look up Merchant Category Code and see what cards to use
For reference only; refer to exact details in terms and conditions
Annual fees are waived
Give the relative ease of waiving annual fees for most cards, this may be a minor point but it’s worth noting that HSBC Revolution does not have any annual fees. This really should be the default for most credit cards, but until that happens HSBC Revolution is one of the few cards you don’t have to worry about having to spend any effort in getting the annual fees waived.
The Verdict
If I were to surmise why HSBC Revolution is such a good card, it will boil down to 2 things:
- HSBC points are versatile
- The card now has the highest miles earn rate that is not tied to specific merchants (e.g. DBS yuu)
The amount of rewards one can get is often proportional to the effort required, and in that sense, HSBC Revolution is definitely not the most fuss-free of cards to use. You need to be mindful of MCCs, and also employ workarounds when needed if you want to maximise your rewards.
That said, the card’s reward to effort ratio is possibly one of the best we’ve seen in a while. It does require a bit more work to optimise this card, but the value it can give is definitely worth it in my books.
Consider this – a Singapore Airlines flight to London costs 108,500 KrisFlyer miles in business class. If you used a normal 4 miles per dollar card, it takes S$27,125 of spend to achieve the flight. HSBC Revolution, on the other hand, can access EVA Airlines to book the same flight (availability permitting) for 80,000 miles. That’s just S$10,000 of spend with an 8 miles per dollar earn rate.
I crowned this card to be best miles of the year in 2025 when it was giving just 4 miles per dollar. With 8 miles per dollar quite realistically possible, its competitors would have to do something truly revolutionary to catch up in 2026.
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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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