For the new card, this line in the T&C is key: EveryMile Cardholders can enjoy preferential rate when converting RewardCash to miles or points of frequent flyer programmes and hotel loyalty programmes on HSBC Reward+ App. The latest preferential rate of $1 RewardCash to 20 miles/points.

The normal rate is 1 RewardCash = 10 miles/points. EveryMile now has a redemption rate that is twice as good. This also encourages people to convert RC into Miles, instead of using it as a cash rebate.

However, I wonder if "EveryMile Cardholders" means that once you hold an EveryMile card, all your RC can be redeemed at this preferential rate, or if its only the RC earned via EveryMile.