7/5/2023 0 Comments Goldenratio business card![]() While this might be good for consumers in the short run, it’s ultimately not sustainable (just look at the BOC Elite Miles Card as an example). It seems as if the thought process goes something like, “What’s better than 1.2 mpd? 1.3 mpd. I’ve often believed that banks are getting the market for general spending cards wrong. That, to me, is more important than incrementally higher earn rates. It’s the new transfer partners it’s added and will continue to add throughout 2023 (more on that later). The TravelOne’s claim to fame is not its earn rates, solid though they may be. Yes, those would be excellent earn rates for a general spending card, but at the end of the day what’s changed? It’s not breaking any new ground. If HSBC had launched a card with 1.6/2.4 mpd earn rates, yet kept Asia Miles and KrisFlyer as its only transfer partners, I’d be much more indifferent. Quality of points matters as much as quantity. That must have been a fascinating internal discussion, since product managers are loath to have their baby upstaged- especially by a card for the unwashed masses! *June and Dec only, otherwise 1.1 mpd ^Assuming SGD spendįurthermore, I’m quite amazed that the HSBC TravelOne outearns the top-of-the-line HSBC Visa Infinite (1/2 mpd on local/overseas spend, upgraded to 1.25/2.25 mpd on local/overseas spend with a hefty minimum spend of S$50,000 in a membership year). In fact, given its earn rates and rounding policies, I’d say it more than holds its own against the competition all the more so for HSBC Everyday Global Account customers who can earn a bonus 1% cashback on all transactions (capped at $300 per month). ![]() Cards like the UOB Preferred Platinum Visa and UOB Visa Signature have made us so accustomed to earning 4 mpd almost everywhere that it’s become the de facto expectation for some.Īnd yet, it’s important to remember that the TravelOne is intended to be a general spending card, and we need to benchmark it to the appropriate segment. It speaks volumes about where the market is right now that more than a few comments have basically said “Not 4 mpd? Pfffft”. But that’s understandable in a way. There is no minimum spend required, nor cap on the points that can be earned.
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