HSBC has signed up as a new Velocity partner, offering the opportunity to transfer points from the HSBC Rewards Plus program across to Velocity. While Premier cardholders have had the opportuntiy to transfer to Cathay Pacific or Singapore Airlines, this is the first time that Platinum cardholders have had an opportunity to transfer to a Frequent Flyer program.
As an introductory offer, Velocity is offering a 15% bonus on any points transferred across to Velocity by 15 October.
The transfer rate from HSBC is 2 Rewards Plus points to 1 Velocity Point, and a minimum transfer of 5,000 HSBC points is required (which converts to 2,500 Velocity Points).
For a HSBC Platinum cardholder, that equates to an effective earning rate of 0.5 points for each dollar spent on the card. Premier cardholders have a slightly higherÂ effective earn rate of 0.625 points per dollar.
While these are not the highest earning rates around, the HSBC Platinum card does have an advantage in that you can often obtain the card without an annual fee for the life of the card.