HSBC launches new TravelOne credit card
HSBC Singapore announced today the launch of the new HSBC TravelOne credit card, tailored for travel enthusiasts who want greater flexibility, convenience and incentives as they embrace new experiences in the post-pandemic travel boom.
Launched in partnership with Mastercard and powered by both Mastercard Reward System and Ascenda, the HSBC TravelOne credit card offers an easy rewards redemption experience with a wide range of international airlines and hotel partners via the HSBC Singapore mobile application.
HSBC is the first in Singapore to offer customers the convenience of instantly redeeming their card reward points for a wide range of airline miles and hotel stays via their mobile.
Ashmita Acharya, Head of Wealth and Personal Banking, HSBC Singapore, said, “We are seeing a resurgence in overseas travel by our customers from Singapore who, post-pandemic, are embracing the freedom to travel again. Credit cards continue to be valued by customers traveling internationally, and the HSBC TravelOne credit card allows customers to easily redeem travel rewards and manage their payments flexibly all from the convenience of the HSBC mobile banking app. Alongside products and services such as HSBC Global Money Transfers, we are delighted to provide our customers with more choice and convenience for their international transactions.”
Travel roars back
According to the latest Mastercard Economics Institute report, daily outbound air travel bookings have consistently exceeded pre-pandemic averages since May 2022. The strong bookings momentum suggest much more room for resident departures in 2023 as more flight capacity is brought back online and ticket prices cool. Total resident departures have recovered to 5.2 million in 2022 compared to 830,000 in 2021 and 1.5 million in 2020. 1 Average spend per trip for 2022 was also similar to that of 2019. In 2022, travelers from Singapore said they will likely spend $3,468 on international travel over the year, similar to how much they spent in 2019 ($3,547 on average)2.
Deborah Heng, Country Manager, Singapore, Mastercard, said, “With travel demand recovering strongly and continuing to grow, Mastercard is proud to partner with HSBC to introduce the HSBC TravelOne credit card which is set to revolutionise travel with exclusive benefits and digital features for cardholders that cater to their travel preferences and needs. Cardholders can instantly redeem their rewards wherever and whenever they choose, enjoy easy access to airport lounges enabled by the Mastercard Travel Pass and have the option of flexible payments, all while being ensured secure transactions anywhere, anytime. The HSBC TravelOne credit card is set to provide unprecedented frictionless and safe travel experiences for cardholders in Singapore.”
Deepening capabilities to provide customers seamless experience and access to international banking and payment solutions
HSBC Singapore has introduced more than 70 transactional banking, wealth management and customer servicing features on its mobile app since 2020. In March, HSBC Singapore also introduced a new capability, International Credit History, which enables the Bank to use customers’ overseas credit bureau report in key markets including India, Australia and the UK.
Media enquiries to:
Betty Fong | +65 6658 4103 | betty.c.y.fong@hsbc.com.sg
Note to editors:
1. Key features of the HSBC TravelOne Credit Card include:
- The HSBC TravelOne Credit Card will bring together more than 20 international airline programmes and three global hotel chain partners on a single credit card platform by end of 2023.
- At launch, there are
- Nine participating international airline programmes: Air France – KLM Flying Blue; airasia rewards; British Airways Executive Club; Cathay Pacific Asia Miles; Etihad Guest; EVA Air Infinity MileageLands; Qantas Frequent Flyer; Singapore Airlines KrisFlyer; Vietnam Airlines Lotusmiles:
- Three participating global hotel partners: ALL-Accor Live Limitless; IHG One Rewards; Marriott Bonvoy.
- Primary cardholder is entitled to 4 complimentary visits per year to over 1,300 airport lounges around the world.
- Complimentary travel insurance coverage (including COVID-19) of up to USD100,000 for you and your family.
- Earn accelerated points: Earn 1.2 miles per SGD1 charged on purchases in Singapore; earn 2.4 miles per SGD1 charged on purchases overseas.
2. HSBC TravelOne Credit Card Reward Points Programme T&Cs apply. Visit www.hsbc.com.sg/travelone for more details
HSBC TravelOne credit card offers customers instant travel rewards redemption via the HSBC mobile banking app.
About HSBC Singapore
HSBC opened its first branch in Singapore in 1877. A qualifying full bank serving international needs of individual, corporate and institutional clients, HSBC in Singapore offers a comprehensive range of banking and financial services including retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services. It was recognised by Asiamoney as “Best International Bank in Singapore” in 2022.
About The Hongkong and Shanghai Banking Corporation Limited
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories. With assets of US$2,990bn at 31 March 2023, HSBC is one of the world’s largest banking and financial services organisations.
About Mastercard (NYSE: MA) www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
About Ascenda
Ascenda powers innovative premium rewards programs that accelerate the growth of financial services. The company delivers easy-to-deploy rewards infrastructure to rapidly scale acquisition, card spending, cross-selling, and retention. Serving major financial services brands and disruptive fintechs across the globe, Ascenda’s clients include HSBC, Brex, Virgin Money, American Express, and Capital One.
For more information about Ascenda, please visit ascendaloyalty.com.
1Outbound Departures Of Singapore Residents By Mode Of Transport, Singapore Department of Statistic.
2Consumer travel spend priorities 2022: How fintech is supporting industry renewal, Amadeus.