HSBC Rewards (Hong Kong): RewardCash Earned and Spent

Earning RewardCash

HSBC describes the base of the scheme as basic RewardCash earned through credit-card spending, with extra RewardCash available through Red Hot Offers. [1] On top of that, a cardholder who registers for Red Hot Rewards of Your Choice can earn up to 2.4% RewardCash rebate all year round and can direct the extra RC to selected spending categories. [1] The categories HSBC names for that allocation are Dining, Home, Lifestyle, Shopping, and Overseas and Mainland China Spending. [1] The page links the Terms & Conditions of 2026 Red Hot Rewards of Your Choice as a separate PDF, so the caps and conditions attached to that rate sit in that document rather than in the overview. [1]

The headline earning rate belongs to the individual card rather than to the programme. On the same site HSBC markets specific cards with their own rates: the EveryMile card with "unlimited miles at a rate as low as HKD2 = 1 mile", the Red card with up to 8% RewardCash rebate at designated merchants and up to 4% when spending online, and the Visa Signature card with up to 3.6% RewardCash rebate in designated spending categories. [3] Each of those figures is presented as a card-level proposition marked "T&Cs apply", and none is described as a programme-wide rate. [3]

HSBC also advertises an approval offer of up to $1,450 RewardCash for applying online for a card, again subject to terms and conditions. [3] The card page lists that offer alongside the applications, separately from the RewardCash redemption options. [3]

Ways to use RewardCash

HSBC lists a fixed set of redemption routes for RC, all reached through the HSBC Reward+ app, which the bank describes as the place to use RewardCash, browse offers and manage the card. [1]

• Instant redemption at merchants. RC can be used at 1 RC = HKD 1 to offset spending directly at participating merchants. [1]
• Pay with RewardCash. RC can settle the credit-card statement or individual transactions inside the Reward+ app. [1]
• Share RewardCash. RC can be sent instantly to family and friends through the app. [1]
• Merchant partner loyalty points. RC can be converted into MTR Points, MoneyBack Points, Smart Traveller ST Points and shopping-mall partners' loyalty points, which are then used as cash or for featured items in the partner's own app. [1]
• RewardCash e-Shop. RC can be exchanged for shopping vouchers and featured merchandise through the Reward+ app. [1]
• RewardCash Certificate Scheme. After enrolling, a member receives a RewardCash Certificate automatically for every $50 of RC earned, and can exchange the certificate for cash coupons at selected merchants. [1]
• Donation. RC can be donated to charities through the app. [1]
• Mileage conversion. RC can be converted into air miles, as described in the next section. [1]

The 1 RC = HKD 1 figure is stated only for instant redemption at participating merchants; HSBC does not attach that value to the voucher, donation or mileage routes on the page checked. [1]

Miles and partner conversions

HSBC says members enrol to convert RewardCash into air miles with the Cathay membership programme, British Airways Executive Club and Singapore Airlines KrisFlyer. [1] The overview page does not state a conversion ratio, a minimum conversion amount or any fee for those conversions. [1] For general background on how ratios work across programmes, see transfer ratio and the transfer points checklist.

Where converted miles land matters for the rules that then apply. Cathay's membership terms effective 1 January 2026 (Hong Kong Time) are provided by Asia Miles Limited and govern the contractual relationship between that company and members of the Cathay Membership Programme. [4] Those terms include their own sections on miles transfer and renewal, miles top-up and redemption groups. [4]

Exceptions and limits

• Hong Kong only. HSBC states that the site carrying this scheme is designed for use in Hong Kong, so the earning structure, catalogue and partner list described here apply to the Hong Kong version of the programme. [1] HSBC programmes in other markets are separate; see HSBC Rewards (Singapore).
• Registration conditions. The boosted earning rate needs registration for Red Hot Rewards of Your Choice, the certificate benefit needs enrolment in the RewardCash Certificate Scheme, and mileage conversion is presented as an enrolment feature. [1] A cardholder who has not enrolled does not get those routes on the description given. [1]
• Card-level terms govern the rate. The rebate percentages shown on the card page carry "T&Cs apply" and are tied to designated merchants or spending categories, so they are conditional rather than automatic. [3]

Related pages

Programmes: HSBC Rewards (Singapore), Amex Membership Rewards (Hong Kong). Guides: card selection framework, transfer points checklist. Terms: flexible points, transfer ratio, all glossary terms.

Sources

Sources accessed on 18 October 2026. It covers HSBC Rewards as issued in Hong Kong only; HSBC Rewards in Singapore and other markets, and the Amex Membership Rewards programme, are not covered here — see the linked programme pages.

1. HSBC Hong Kong — HSBC Rewards Programme (Red Hot Rewards) overview, checked 18 October 2026
2. HSBC Hong Kong — credit cards overview and card-level reward rates, checked 18 October 2026
3. Cathay — Cathay Membership Programme Terms and Conditions, checked 18 October 2026