Best credit cards in Hong Kong: An overview of debit cards in Hong Kong

Life in Hong Kong is easier with a credit card. From booking flights for your next trip to paying for a family gathering or indulging in some online shopping sprees, everything is quicker and more convenient with a credit card. However, with so many options available, choosing the right one is daunting. To help you out, this guide will compare the seven most popular credit cards from different providers in Hong Kong.

Table of contents
What to compare when looking for the best credit card in Hong Kong? AEON CARD WAKUWAKU Citi Cash Back Card Standard Chartered Cathay Mastercard Standard Chartered Smart Credit Card DBS Eminent Card HSBC Red Credit Card American Express Platinum Card Mox Credit Card

What to compare when looking for the best credit card in Hong Kong?

The market for credit cards in Hong Kong is massive. However, credit cards are usually tailored to different needs and customer profiles in mind, so not all card options will fit your lifestyle. Therefore, you definitely should research and explore different options before making a final decision to ensure you make the best choice!

Here are a few things to consider before applying:

Annual income and age requirement - you should check the minimum income and age requirements. The minimum income varies depending on the type of card. The general minimum age for a primary cardholder in Hong Kong is 18, but it might vary according to the bank’s policy.

Annual fee - the annual fee also varies depending on the type of card you are applying for. Depending on the promotion program of a specific credit card, sometimes you will be waived this fee.

Interest rate - if you carry a balance over a full period, you'll be charged an interest. Therefore, before applying for a credit card, you should carefully check the rates and your due date to avoid any unexpected charges.

Reward programs (travel miles, cashback, or discount) - it’s common to choose a credit card based on the reward programs alone. You might prefer to receive the highest cashback, accumulate travel miles, or get discounts at the checkout. By selecting a card that offers benefits that align with your spending habits, you can earn valuable perks on purchases you would make regardless. This way, you can get the most out of your credit card rewards program.

Foreign transaction fees - when you spend money with a credit card in a foreign currency or shop online with overseas retailers, it will typically incur an additional foreign transaction fee.

AEON CARD WAKUWAKU

The AEON Card WAKUWAKU is a product from the collaboration of Mastercard and AEON Credit Service, exclusively aimed at those who shop online and frequently travel to Japan. You can simply apply for the AEON CARD WAKUWAKU through the "AEON HK" app at the convenience of your fingertips.

Here are some eligibility, benefits, and service fees related to the AEON CARD WAKUWAKU:

Eligibility¹:

• Hong Kong resident aged 18 or above.

Benefits¹:

• Permanent Annual Fee Waiver.
• Welcome Offer Up to 16% Cash Rebate + 400 HKD Cash Rebate.
• Online Spending: 6% Cash Rebate
• Japan Spending: 3% Cash Rebate
• Local Food and Beverage Spending: 1% Cash Rebate
• Other Spending: 0.5% Cash Rebate
• Birthday Privilege

Service Fees²:

• Annual interest rate:
  • Credit Purchase: 35.02%
  • Cash Advance: 35.86%
• Late payment fees: The lower between the amount of minimum payment due OR 300 HKD.
• Fees relating to Foreign Currency Transaction: 1%.

Citi Cash Back Card

If you are seeking a credit card with the highest cashback possible, the Citi Cash Back Card might be an excellent option. Citi Cash Back Card can be used for your regular purchases in Hong Kong or overseas, anywhere Mastercard is accepted. This credit card primarily focuses on cashback rewards rather than points, air miles or lounge access. Furthermore, unlike other cards, there is no cap on the amount of cashback you can earn.

You will find eligibility, benefits, and service fees from the Citi Cash Back Card below:

Eligibility³:

• Hong Kong resident aged 18 or above;
• Annual income 120,000 HKD or above.

Benefits³:

• 2% Cash Rebate on local dining spending.
• 2% Cash Rebate on local hotel spending.
• 2% Cash Rebate on spending in foreign currency.
• 1% Cash Rebate on other spending in local currency.
• Purchases will be insured against any damages or loss for up to 7,600 USD within 30 days of purchase.

Service Fees⁴:

• Annual fee: 1,800 HKD
• Interest Rate:
  • Retail Purchase: 34.28%
  • Cash Advance: 35.81%
• Fees related to foreign currency transaction: 1.95%.

Standard Chartered Cathay Mastercard

The Standard Chartered Cathay Mastercard is one of the best earners for collecting Asia Miles. You will start with up to 60,000 welcoming Miles. You will also get the first-year annual fee waiver. For the following years, an annual fee of 2,000 HKD will be charged.

Let’s explore the eligibility, benefits, and some of its service fees:

Eligibility⁵:

• Hong Kong resident aged 18 or above;
• Annual income of 96,000 HKD or above;
• Existing Cathay Member.

Benefits⁵:

• First-year annual fee waiver
• Up to 60,000 Miles for new cardholders.
• 4 HKD = 1 Asia Mile for eligible spending on dining / food delivery platforms, online and overseas spending categories.
• Asia Miles Travel Privileges.

Service Fees⁶:

• Annual Fee: 2,000 HKD
• Interest Rate:
  • Retail Purchase: 35.70%
  • Cash Advance: 35.93 %
• Late payment fees: the lower of 5% of outstanding balance ( minimum cap of 220 HKD or maximum cap of 350 HKD) OR the Minimum Payment Due.
• Fees related to settling currencies other than HKD: 1.95%.
• Fees related to settling HKD incurred outside of Hong Kong: 1%.

Standard Chartered Smart Credit Card

Another impressive product from Standard Chartered is the Smart Credit Card. If you're constantly travelling overseas or regularly shopping from overseas websites, the Standard Chartered Smart Credit Card is the one for you. This credit card has no foreign transaction fees, annual fees, or cash advance fees. Therefore, it's often considered one of the 'best travel credit cards' in Hong Kong.

Let's explore the eligibility, benefits, and some of the service fees from the Standard Chartered for this card:

Eligibility⁷:

• Hong Kong resident aged 18 or above;
• Annual income of 96,000 HKD or above.

Benefits⁷:

• 3-month 0% Interest Instalment.
• 5% Cash Rebate On designated everyday merchants.
• No foreign exchange fees, no annual fees, no cash advance fees

Service Fees⁸:

• Interest Rate:
  • Retail Purchase: 35.70%
  • Cash Advance: 34.11 %
• Late payment fees: the lower of 5% of outstanding balance ( minimum cap of 220 HKD or maximum cap of 350 HKD) OR the Minimum Payment Due.

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DBS Eminent Card

The DBS Eminent Card is worth considering if you are looking for a credit card that offers exceptional benefits for a more exclusive lifestyle. This credit card is designed to provide you with generous spending limits for maximum financial flexibility. The DBS Eminent Card also includes a high cash rebate on dining, health, and medical experience. With the DBS Eminent Card, you can enjoy a superior lifestyle while saving money at the same time.

Here are a few points to consider before applying for a DBS Eminent Card:

Eligibility⁹:

• Hong Kong resident aged 18 or above
• Annual income of 360,000 HKD (Visa Signature) or 150,000 HKD (Visa Platinum)

Benefits⁹:

• Up to 5% Rebate for Spending on Designated Categories Details
• Year-round Privileges on shopping, dining, travelling,....

Service Fees¹⁰:

• Annual fee: 2,000 HKD (Visa Signature) or 1,800 HKD (Visa Platinum)
• Interest Rate:
  • Retail Purchase: 34.58%
  • Cash Advance: 35.94%
• Late payment fees: 350 HKD OR the minimum payment, whichever is lower.
• Fees related to settling currencies other than HKD: 1.95%.
• Fees related to settling HKD incurred outside of Hong Kong: 1%.

HSBC Red Credit Card

Suppose you are looking for a credit card from an international bank where you can access services locally and in other countries and territories worldwide. In that case, HSBC might be your perfect provider.

HSBC offers various banking services, including the HSBC Red Credit Card.

The credit card comes with many attractive cash rebates while spending locally and overseas. The HSBC Red Credit Card also offers a perpetual annual fee waiver, meaning your yearly fee will be waived perpetually as long as you remain a program member.

Eligibility¹¹:

• An annual income of 120,000 HKD or above.

Benefits¹¹:

• Perpetual annual fee waiver.
• Earn HSBC Reward+ stamps and receive RewardCash when you spend at McDonald's and various merchants
• 2% RewardCash on Hong Kong supermarket spending
• 4% RewardCash on the first 12,500 HKD online transactions and unlimited 1% RewardCash on subsequent online spending each calendar month.
• 1% RewardCash on other local and overseas spending.

Service Fees¹²:

• Annual interest rate:
  • Retail purchase: 35.42%
  • Cash advance (include handling + cash advance fees): 35.94%
  • On Cash Credit Plan: 34.17%
• Late payment fees: the amount of minimum payment due or 300 HKD, whichever is the lower .
• Fees Relating to Foreign Currency Transaction: 1.95%

American Express Platinum Card

The American Express Platinum is the most prestigious credit card you can get in Hong Kong. The American Express Platinum has a high annual fee but huge earning opportunities if you can maximise the benefits and rewards. For example, as of the research time (January 29, 2024), you can redeem 1,000,000 points as 55,555 miles, enough to redeem round trip tickets to Tokyo or Osaka for two or a round trip ticket to London or Paris¹³.

Here are some important features of the American Express Platinum Card:

Eligibility¹³:

• Hong Kong resident aged 18 or above.

Benefits:

• Online bonus of 100,000 Membership Rewards points upon first transaction made.
• 500,000 points upon spending 15,000 HKD in the first 3 months. Extra 400,000 points upon aggregate spending 50,000 HKD in the first 3 months.
• Redeem 1,000,000 points as 55,555 miles.
• Unlimited access to The Centurion Lounge at Hong Kong International Airport.
• Complimentary Travel Insurance.
• Online Fraud Protection Guarantee.

Service Fees¹⁴:

• Annual fee: 9,500 HKD
• Annual interest rate:
  • Retail purchase: 35.96%
• Late payment fees: 5% of the outstanding minimum payment due (maximum is HK$350 and the minimum is HK$300)
• Fees related to settling currencies other than HKD: 2%

Mox Credit Card

As you have already seen with the above credit cards, many credit cards actually require proof of income to apply. However, if you can't provide this information yet, the Mox Credit Card is a convenient option.

Mox Bank is a fully digital bank backed by Standard Chartered in collaboration with HKT, PCCW and Trip.com¹⁵. The Mox Credit card is a virtual credit card that is often considered the easiest one to obtain in Hong Kong. You can apply online and receive a response within minutes¹⁶.

Eligibility¹⁷:

• Have a Hong Kong Identity Card (either permanent and non-permanent resident);
• Have a valid Hong Kong residential and mailing address;
• 18 years old or above.

Benefits¹⁸:

• No annual fee. No late payment fee.
• 3% unlimited CashBack at supermarkets
• 1% unlimited CashBack everywhere else.

Service Fees¹⁹:

• Annual interest rate:
  • Retail purchase: 34.69%
  • Cash advance: 35.91%
• Fees Relating to Foreign Currency Transaction: 1.95%

Countless credit cards are available in the market, making it difficult to choose the right one. This guide summarises 7 of the best credit card options in Hong Kong.

However, it's worth noting that credit cards may not be the best option for transactions involving foreign currencies, as they may be subject to unexpected exchange rates. You may be better off using Wise to send money in such cases.

Wise uses the mid-market exchange rate with no hidden fees or markups for currency conversions. You just pay a low, transparent fee: you can see the cost and the total amount your recipient will receive before you confirm your Wise payment! Start saving more with Wise!

Send money with Wise

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Sources:

1. AEON Credit Card: AEON CARD WAKUWAKU
2. AEON Credit Card: Fee Schedule and Key Facts Statement
3. Citibank Hong Kong: Citi Cash Back Card - Cash Rebate Credit Card
4. Citibank Hong Kong: KFS and fee schedule(Card)(Effective Nov 20 2023)
5. Standard Chartered HK: Standard Chartered Cathay Mastercard
6. Standard Chartered HK: Credit Card Key Facts Statement for Standard Chartered and MANHATTAN Cardholders
7. Standard Chartered HK: Smart Credit Card (“Smart Card”)
8. Standard Chartered HK: Service Charges
9. DBS Hong Kong: DBS Eminent Card - Cash Rebate Credit Card
10. DBS Hong Kong: Key Facts Statement for DBS Credit Cards
11. HSBC HK: HSBC Red Credit Card | Earn Rebate Online & Abroad
12. HSBC HK: Bank tariff guide for HSBC Wealth and Personal Banking Customers
13. American Express Hong Kong: The Platinum Card
14. American Express Hong Kong: KEY FACTS STATEMENT / FEES AND CHARGES SCHEDULE FOR THE PLATINUM CARD
15. Mox: A brand new banking experience | About us
16. Mox: Mox Credit
17. Mox: Mox Credit. Better than a credit card.
18. Mox: Fees and Charges

Sources last checked on 8 Mar 2024