HSBC Rewards is one of the newest programs around, and it is fairly focused on travel redemptions. However, it also allows you to redeem your points for a credit into your HSBC savings account or mortgage – which is more flexibility than most banks allow!
The most popular redemption options are below:
Travel. You can redeem your HSBC Rewards points for most travel costs such as flights, hotels, and rental cars that have been charged to your HSBC credit card. This redemption option will provide a point value of 0.50 cents (eg. 25,000 points will get you $125).
Cashback. HSBC Rewards lets you redeem for cash in three different ways.
First, you can redeem points for a rebate on your credit card statement. This redemption provides a point value of only 0.30 cents (eg. 25,000 points wil get you $75).
Second, you can redeem points for cash into your HSBC savings account. This redemption also provides a point value of only 0.30 cents (eg. 25,000 points wil get you $75).
Third, you can redeem points for a rebate on your HSBC mortgage account. This redemption will provide a point value of 0.40 cents (eg. 25000 points wil get you $100).
Merchandise. The only time this redemption option makes sense would be when they have a BIG sale on the items they’re offering. Otherwise, it’s better to just buy the item on your credit card through a normal channel, and then use the cashback redemption option. The HSBC store does have sales every week though so you can find some deals that will allow you to recover more than 0.30 cents per point.