Exchanging your points for Coles gift cards is very, very poor value for your points! You are basically getting 0.005c per point. That’s half a cent each!
From what I can see, your are able to transfer your HSBC points into Velocity, Krisflyer or Asia Miles at a 2:1 ratio (i.e. your 100,000 HSBC points is worth 50,000 airline points). In general, you receive the greatest value from points by making business/first class bookings.
Some of examples of what one-way flight those points could buy you include:
- Melbourne>Hong Kong in business class (Asia Miles) - $5000 = 0.05c per points
- Melbourne/Sydney>Singapore in business class (Krisflyer) - $2700 = 0.027c per point
- Three (3) Melbourne>Sydney in business class (Virgin) - $2250 = 0.025c per point.
These are just some examples of flights you could take and provide between 5 to 10 times more value than the Coles gift cards.
Of course, if you have no intention/need to fly, then these values mean nothing and you’d get the most personal value by redeeming for Coles vouchers.
If you do want to use them to fly, I would do some more research on Velocity, Krisflyer and Asia Miles (particularly on this website) before transferring them, as you could lose a lot of value!