Are HSBC Credit Cards Still Relevant for Airline Miles in Malaysia?
- Refined Points
- Jun 29
- 6 min read
It’s been a long time since I’ve come across anyone actively using an HSBC credit card as their go-to for earning airline miles in Malaysia.
Across the hundreds of articles published here on Refined Points, HSBC credit cards have barely made a dent in the conversation—except, of course, when we talk about how poor the airline miles conversion rates are on the HSBC TravelOne Mastercard. Spoiler alert: it’s one of the worst in the market.
But let’s not get ahead of ourselves. Instead, let’s examine HSBC’s current offerings and how they stack up against the competition.
The High Spenders
HSBC operates in the affluent credit card segment with two key products in Malaysia: the HSBC Premier World Mastercard and the HSBC Premier Travel Mastercard.
In recent years, the bank has shifted focus to a relationship-led model, pushing these cards primarily to customers with assets under management (AUM), rather than competing in the open market for affluent credit card users.
From a business perspective, this strategy has merit. After all, customers with significant AUM already benefit from HSBC Premier’s global capabilities—particularly when it comes to overseas fund transfers for families with children studying abroad. However, the trade-off is clear: the cards themselves are nowhere near market-leading when it comes to airline miles or travel perks.
Take the HSBC Premier Travel Mastercard, for instance. After HSBC introduced its Premier Elite tier, this card now requires RM3 million in AUM—putting it in direct competition with the likes of UOB Visa Infinite Metal and Standard Chartered Priority Banking Visa Infinite.
Unfortunately, the HSBC offering feels outdated and underwhelming. It earns just 0.25 MPR on local spend and 1.11 MPR on overseas spend. That alone is weak, but when you look at its airline partners—namely KrisFlyer and Asia Miles—it drops even further to 0.125 MPR (local) and 0.45 MPR (overseas). For a card targeting the high-net-worth segment, this is simply not acceptable.
Compare that to the UOB Visa Infinite Metal, which also requires RM3 million in AUM. It offers double the MPR on all fronts and comes packed with perks like unlimited airport limo transfers and broader DragonPass global lounge access.
Even the Standard Chartered Priority Banking Visa Infinite, whose "Priority Private" tier also begins at RM3 million, delivers better MPR rates and complimentary overseas limo service. Yes, UOB’s card comes with a RM3,000 annual fee—but at this level, it’s about value, not price.
Now, let’s talk about the HSBC Premier World Mastercard. This card has flown under the radar but actually offers some unique value propositions—if you can navigate the fine print.
Recent (and seemingly quiet) revisions now grant up to 0.53 MPR for local contactless spend, 0.33 MPR for groceries, and 0.33 MPR for online transactions. Surprisingly, these same rates apply when converting to KrisFlyer and Asia Miles.
At first glance, that seems competitive—especially since no other card in Malaysia offers a direct 0.53 MPR on contactless spend.
But here’s the catch: all of these boosted earn rates are capped at just RM1,000 per category per month. Any spend above that drops sharply to 0.06 MPR. Even if you max out the contactless spend each month, you’ll still need at least two months just to earn enough points for a minimum airline miles transfer.
Worst of all, the HSBC Premier World Mastercard's overseas MPR of 0.66 is only awarded for face-to-face overseas transactions, meaning all online FX transactions will default to 0.06 MPR. This isn't the first instance of implementation in Malaysia, but it's worth noting, as I'm pretty sure many do not know this key fact!
If you’re the kind of cardholder who tracks your spend closely and plays within caps, this might be a niche card worth considering. But most would find better value in cards like the CIMB Visa Infinite, which offers tiered MPR rates and more practical flexibility without having to micromanage spending.
HSBC's Mass Market Credit Cards are Popular
When it comes to HSBC’s more accessible credit card lineup—namely the HSBC TravelOne Mastercard, HSBC Live+, and HSBC Visa Signature—there’s no denying their popularity.
Backed by the strength of HSBC’s global brand, these cards have become status symbols among Malaysia’s emerging affluent. For many, they serve as a stepping stone into the world of international banking, offshore investments, and global account management, which HSBC is renowned for.
In that light, it’s not surprising that these cards remain widely adopted despite offering lacklustre rewards and features. The HSBC Visa Signature, for example, continues to enjoy strong popularity across Malaysia. Yet it offers one of the weakest miles-per-Ringgit (MPR) earn rates in its category, only basic lounge access, and carries a steep RM600 annual fee—though this is frequently waived for most users.
Then there’s the HSBC TravelOne Mastercard. It deserves credit for being the card with the widest selection of airline transfer partners in Malaysia. But beyond that, it fails to deliver. The MPR earn rates are shockingly poor—worse than several mass-market, graduate-friendly cards.
In short, you’d be better off earning miles with just about any other dedicated travel card, especially the CIMB Visa Infinite if your spend goes above RM3,000. Unlike HSBC credit cards which penalizes you for spending more, the CIMB Visa Infinite actually rewards you substantially more if you meet the spending threshold required.
That said, HSBC struck gold with timing and marketing. At a time when lounge access perks were gaining attention, HSBC cleverly introduced supplementary lounge access for TravelOne cardholders.
Despite its limited lounge network, this move drove massive uptake. It wouldn’t be a stretch to say that a large chunk of the crowd at Plaza Premium Lounge KLIA Terminal 1 today likely got there with an HSBC card.
Combine that with aggressive influencer campaigns and a well-executed launch strategy, and the TravelOne card ended up in the wallets of many Malaysians—especially those less financially literate in the nuances of airline miles. If you’re not chasing miles, no problem. But if you are, and you picked this card based on branding alone, then unfortunately you’ve probably been overpaying for subpar value.
Last but not least, we have the HSBC Visa Platinum credit card. This is a fairly bare-bones card with limited benefits—no meaningful lounge access and no standout features. It pales in comparison with other graduate-friendly options in the market such as the CIMB Travel Platinum Mastercard, Alliance Bank Visa Platinum, and even the AmBank Enrich Visa Platinum.
However, it does offer 0.38 MPR on contactless spend, capped at around RM420 per month. That might sound appealing at first glance, especially for unassuming miles collectors with lower incomes.
But here's the catch: even if you max out the cap every single month, you’d still need a minimum of seven months just to reach the 21,000 points required to convert to a meagre 1,000 Enrich Miles.
As I’ve written previously, stranded points are a real problem—and this card is a prime example. MPR rates aren’t everything. You also need enough spending power to make meaningful redemptions.
If you're a young professional with side income or rising spend capacity, I’d suggest skipping capped cards altogether. Opt for alternatives like the CIMB Travel Platinum Mastercard or AmBank Enrich Visa Platinum, which offer uncapped earnings and a more straightforward path to miles.
Final Thoughts
Among global banks operating in Malaysia, HSBC finds itself in a privileged but complacent position. With Citibank’s consumer portfolio now under UOB and Standard Chartered’s credit card offerings largely out of sync with market demand, HSBC doesn’t face much serious competition in the premium or mass-market global banking space.
And yet, that lack of pressure shows.
Across both its affluent and mass-market credit card segments, HSBC’s airline miles proposition is uninspiring. The high-net-worth Premier Travel Mastercard delivers shockingly low MPR rates for a RM3 million AUM card. Meanwhile, mass-market options like the TravelOne Mastercard, Visa Signature, and Visa Platinum cards rely more on branding and marketing than on actual value for airline miles chasers.
To HSBC’s credit, the brand power and prestige still attract a significant base of cardholders. But for savvy consumers who understand how airline miles, reward caps, and conversion thresholds work, there’s little to be gained here.
At Refined Points, we’ve always stressed that a smart miles strategy isn't just about collecting points—it’s about doing so efficiently, without overpaying, and without falling into marketing traps. Until HSBC gets serious about delivering real value, its credit cards will remain more popular than they are practical.
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