HOW IT EARNS
- 1 base + 9 bonus = 10 Reward points per S$1 online or contactless, capped
  at 9,000 Bonus Points per CALENDAR month (= S$1,000 of spend). Base points
  are uncapped. No annual fee, ever.
- 3.33 mpd IS THE KRISFLYER FIGURE, and the programme you transfer to
  changes it. HSBC's rewards catalogue converts at different ratios per
  partner: at 25,000 points : 10,000 units the same 10 points a dollar is
  4 mpd, which is what British Airways Executive Club (Avios) and several
  other partners pay. This rule models KrisFlyer because that is the
  programme the rest of this wallet earns into and mixing two ratios in one
  "miles" number would make the totals meaningless. Read every figure on
  this card as KrisFlyer miles; a transfer to Avios is worth about 20% more.
- 3.33 mpd, NOT the 4 the marketing says. HSBC devalued the KrisFlyer
  transfer on 16 Jan 2025 to 30,000 points : 10,000 miles, from 25,000. Ten
  points a dollar at a third of a mile each is 3.33; the old ratio would
  overstate the card by 20%. MileLion's April 2026 review agrees on 3.33,
  though it prints the BASE as 0.4 mpd, which is the pre-devaluation figure
  — clause 7.1 gives 1 Reward point per S$1, so the base is 0.33.
- Whitelist card: nothing earns the bonus unless its MCC is on the clause 7
  list, so an unrecognised merchant correctly falls to the base rate.

WATCH OUT
- Bonus points are credited LATE — clause 10, by the last day of the
  following calendar month, so up to two months after the transaction.
- The cap is per CALENDAR month while the statement cycle is not, so a
  statement straddling a month boundary contains parts of two cap windows.

NOT MODELLED
- MODELLED, not assumed: the enhanced tier is a per-card setting, off by
  default. Turn it on for this card in Wallet if you hold the balance.
  Clause 9's table, read 2026-08-06: a cardholder holding
  S$50,000+ average daily balance in an HSBC Everyday Global Account earns
  1 base + 19 bonus = 20 Reward points per S$1, capped at 22,800 Bonus
  Points a month (= S$1,200 of spend). At 30,000:10,000 that is 6.67 mpd,
  not the 8 the marketing quotes — the same devaluation that makes the
  standard tier 3.33 rather than 4. Needs a per-card user setting; this
  wallet is modelled on the standard tier and is under-reported if that
  balance is held. Now carried as a second tier and chosen by the setting.
- The 30,000-point minimum transfer is inferred from the 3:1 ratio, not
  quoted. HSBC allows 5-point top-ups past the threshold, which the DSL
  cannot express.

EVIDENCE
- Checked 2026-07-30 against the CURRENT terms. This file was written from
  the "10X Reward Points Program" document of 15 July 2024, replaced by the
  "Revolution Credit Card Reward Points Programme" from 1 April 2026. Both
  PDFs are still served, so the old citation looked healthy. The numbers
  survived the change and the tiers needed no edit.