HSBC changes AM conversion rate again!
 

(Disclaimer: Please correct me if I'm wrong ....)

From 24 April 2010,

• All the reward points outstanding in your credit card will be automatically converted into RewardCash at the rate of $1 RewardCash for every 250 Reward Points.
• For every HK$250 spending, you'll earn $1 Reward Cash
• For Asia Miles conversion, $1 RewardCash will be converted into 15 Asia Miles.

It's also available here on HSBC's website: http://www.hsbc.com.hk/1/2/special/cards/prom169

What this means is HK$250 = $1 RewardCash = 15 Asia Miles.

The conversion rate is now 250/15 = HK$16.67 = 1 Asia Mile !!

HSBC has therefore gone from HK$12 to $15 to $16.67 per mile. Ridiculous!

Thanks for thr info. Looks like you should get one AmEx CX card.

Thanks for the heads up. The only good thing about this is that I see no mention of the annual mileage programme fee (HK$300 is it?) which exists in the current scheme. Since I only have a small number of points sitting the the account (I only use my HSBC card when there is a discount associated with the card at the specific outlet) then overall this is actually an improvement for me.

This is why I have been using my AMEX card. I am going dig around the old threads and find the best card for this. Like another OP above, i only use HSBC now for associated discounts (and more recently when they had the overseas spending offer)

HSBC Philippines has had the same ratio for at least five years.

On their HSBC Premier card you get one Asia Mile for every 35 Pesos spent. At today's exchange rate that is 1 AM = HK$ 5.93 spending. There is no fee if you have enough of a banking relationship with HSBC

Sounds like we get a good deal here