HSBC Malaysia recently unveiled its HSBC TravelOne Mastercard Credit Card, in line with a parallel launch in Singapore. For the purposes of this discussion, we'll focus solely on the Malaysian iteration.

The launch was accompanied by significant fanfare, underscored by HSBC Malaysia's extensive promotional efforts. This included roadshows in major Klang Valley malls like Mid Valley and collaborations with digital content creators and influencers. Commendably, their marketing approach was pervasive, leading many within my circle to seek my perspective on the card's value proposition.

However, it's imperative to delve deeper than the surface-level allure. A notable aspect that catches the eye is the promotion of "8x reward points" on HSBC's official site. Many, understandably, may misconstrue this to mean 8x air miles, which is a significant misunderstanding.

The distinction between reward points and air miles is crucial. To provide a straightforward assessment: if one were to critically evaluate the conversion rate of these reward points to air miles, the HSBC TravelOne might not rank among the best credit card options in Malaysia for those prioritizing air miles accumulation.

The information above shows how many airline miles you get when you use HSBC's "Reward Points". To get one Enrich air mile, you need to spend RM2.62 overseas, but if you spend locally and specifically on dining or travel, it costs more, RM4.20, to get the same one mile.

​

Any other transactions with the HSBC TravelOne credit card only earns you 1X points.

​

Here's a simpler way to see it:

• For regular spending in Malaysia, you need to spend RM21.00 to get 1 airline mile.

• If you spend money on dining or travel in Malaysia, you need to spend RM4.20 to get 1 airline mile.

• When you spend money in other countries, you need to spend RM2.62 to get 1 airline mile.

​

Compared to other banks that focus on travel, HSBC's rates don't look as good. For example, the CIMB Travel Platinum Credit Card gives you 1 airline mile for every RM2.50 you spend in other countries, and you only need to earn RM24,000 a year to get this card.

​

Likewise, the Alliance Bank Visa Infinite credit card grants you 1 Airline Mile for every RM1.875 spent when strategically topping up your E-Wallets and spending using your E-Wallets.

​

You can choose to convert HSBC points into miles with other programs, not just Enrich Miles, but these rates aren't great either. For those who fly a lot from Malaysia, finding the best way to turn spending into miles is very important.

​

For example, to turn your points into JAL Mileage Bank miles, it costs RM7.50 for one JAL mile. This rate is high, but not many people might use their HSBC Reward Points for JAL miles anyway.

​

Be sure to check out my Ultimate Guide, KrisFlyer Ultimate Guide and Asia Miles Ultimate Guide​ for comparisons on the airline miles earning rates for various credit cards.

Lounge access by the HSBC TravelOne Mastercard are the only nominal advantages to the credit card on the whole, as the airline miles accrual package is underwhelming. The accompanying table above underscores that the HSBC TravelOne Credit Card provides lounge access to merely three airports: Kuala Lumpur International Airport, Singapore Changi Airport, and Hong Kong International Airport.

Interestingly, the provisions at Singapore Changi Airport are confined to the Plaza Premium Lounge in Terminal 1 and the Blossom Lounge in Terminal 4. Given that Terminal 4 isn't seamlessly connected via the skytrain, cardholders departing from Terminals 2 and 3 are left with the sole option of the Terminal 1 lounge.

Another detail of note is the shared access between principal and supplementary cardholders, capped at six visits per annum. This isn't really a big issue, as generally you'll find it difficult to enter 6 lounges in an entire year, unless you travel frequently for work. Nevertheless, the shortcoming in this case is that you'll only be able to enter the lounges a limited number of times if you are travelling with your partner or spouse.

​

Be sure to check out my Airport Lounge Ultimate Guide to compare the best credit cards for airport lounge access in Malaysia.