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Credit card rewards explained

What is a reward credit card?

A credit card that lets you earn reward points for your everyday spending. When you want to redeem points, you can use them for different goods and services, such as cashback, shopping vouchers, gifts, hotel points at a selected hotel, and airline miles from a range of airlines. They can also be used to cover your card's annual fee.

While reward points can be a smart way to benefit from your normal spending, it’s important to understand exactly how the reward programme works. You might find that you are better off getting a card with a lower interest rate or no annual fee.

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What rewards are available?

There are different rates for earning reward points depending on what you spend on, and also different redemption options you can use your points for. If you’re considering a reward credit card, consider how you’ll spend and what you’d like to redeem them for. This will help you figure out which reward credit card best suits your needs. Here are some examples of how this can work.

Shopping vouchers

You can receive points for every purchase you make on your credit card, for instance, 1 reward point for every VND1,000 you spend. The points earned can be accumulated and exchanged for vouchers that you can spend in supermarkets and certain stores.

Air miles

If you’re a frequent flyer, it may be worth considering a credit card that earns you air miles on every purchase you make. These miles can then be exchanged for free flights or converted to your preferred frequent flyer programme.

Hotel Points

Hotel points act as type of currency that you can spend with the hotel chains. Some of credit cards allow you to book rooms by redeeming your reward points into the hotel loyalty points that you can spend at a wide range selection of hotels.


Some credit cards give you a percentage of what you spend as cashback. For example, if you spend VND100,000 at a supermarket and your card pays 8% cashback for grocery spends, you’ll earn VND8,000. These credit cards generally pay cashback into your account monthly or annually.

Pay with Points

The Pay with Points feature is a service which allows HSBC cardholders to use reward points to make payment for the credit card balance via HSBC Vietnam app. Cardholders can settle payment for any outstanding balance due on card or used for future purchases  (“Statement Credits”). The redemption amount can be treated as payment, which will be recorded into your credit card account within 2 working days. Redemption will also immediately increase your available limit.

What to consider before taking a reward credit card

As they offer such rewards, these kinds of credit cards may have higher fees and potentially a higher interest rate. So before taking a reward credit card, you want to be confident you’ll be able to repay your balance in full each month and can also afford to pay the annual fee. If not, you may end up paying more in interests and fees than you earn in rewards.

HSBC has a variety of cards to suit every lifestyle.

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