One of the biggest advantages of premium credit cards is that you will get rewards with every dollar that you spend on your card. It’s true, most consumers in Hong Kong choose their premium credit cards on the basis of rewards. During a survey, forty percent of participants admitted that they changed their credit cards to get better rewards.
If you are living in Hong Kong, you might have realised that most people use their credit cards to reap the benefits that their premium credit cards have to offer.
All the premium credit cards offer some facilities to grab the attention of new customers. If you are planning on applying for a new premium credit card, then instead of taking any on the basis of reward, you should do a fair comparison of all the cards. If you choose the right one, you will not have to switch cards that often to get better rewards.
There are different types of premium credit cards. While some give rewards for shopping, others will reward you for traveling, and some others for overseas spending. So, before choosing any of these cards, it is always important to know what type of shopper you are first.
Of all the credit cards offered in Hong Kong, which are the top 5 most rewarding? We reveal what we think are the best 5. But before deciding on any of them, it pays to do just a little more research on each of them to avail the maximum rewards. After all, the rewards on these premium credit cards change from time to time to remain ultra competitive.
1. Bank of East Asia Flyer World MasterCard
Fancy yourself a frequent flyer? The Bank of East Asia Flyer World MasterCard enables customers to earn a frequent flyer mile for every HK$5 spent, both locally and overseas, with no minimum spending requirements. You will also reap the benefit of earning miles directly since this card does not charge a fee to convert spending into miles. If you are overseas however, you might be charged a foreign currency fee typically around 1.95% of your transaction amount. You will not have the cash-back reward option with this credit card. But there will be rewards for automatic transfers, online-shopping, online-payments, and auto top-ups. Customers of this card will also earn additional bonuses as part of the World Mastercard Exclusive Privileges alliance program. Bank of East Asia also rewards new-to-bank customers with bonus miles as part of their promotions as well as a first-year annual fee waiver.
Good for: Frequent flyer.
2. HSBC VISA
HSBC VISA is regarded as one of the best premium credit cards available in the current conditions. HSBC offers three premium credit cards: HSBC Visa Platinum Card, HSBC Visa Signature Card, and HSBC Visa Gold Credit Card. The HSBC Visa Signature Card provides one air mile for every HK$2.78 spending, while both the Gold and Platinum cards offer one air mile per HK$4.17 of spend. Air miles are rewarded for both local and overseas transactions. For these cards, you will have to pay HK$300 a year for the conversion fee. But it will be for unlimited mileage redemption. Like the previous one, you will need to be wary that overseas transaction will attract a 1.95% surcharge of your total spend.
Good for: Versatility.
3. American Express Platinum Credit Card
With this premium credit card, you will have the option to apply for their turbo rewards programs absolutely free. This program can enable you to earn two rewards points for every HKD spent. In case, you do not get the turbo rewards program, you will still be entitled to the basic reward program that will enable you to earn one reward point for every HKD spent. If you are interested in the air miles, you will be able to get one air mile for every HK$7.50 spent. Their benefits list is extensive including exclusive membership discounts at restaurants, hotels, golf clubs and cinemas. Be wary though that their annual fee is HK$1,980, although new customers will enjoy complimentary sign-up offers worth HK$2,800.
Good For: Exclusive membership discounts.
4. Citibank Rewards Card
The Citibank Rewards Card is considered as one of the most versatile premium credit cards as it enables their customers to earn 5x rewards points while using this card at department stores, supermarkets, and telecom providers. It offers two types of credit cards: Mastercard and Visa card. You can choose to redeem your points for cash vouchers, or you can exchange 15 points for one air mile on over 900 partner airlines including budget airlines, as well as over 190,000 hotels and car rental companies in 90 countries. If you choose not to travel, you can also exchange the points for movie tickets. The annual fee can vary depending on the class of card, so choose wisely.
Good For: Versatility.
5. Standard Chartered WorldMiles Card
Standard Chartered offers many attractive rewards to new customers who choose their Standard Chartered WorldMiles Card. With this card, you can expect one air mile for every HKD spending with certain terms and conditions. For example, you will be entitled to this reward if you will be able to spend the required minimum amount within the first two months. As a year-round feature, this card will enable you to earn 15 points for every HK$5 on local and overseas spending. All these features make it one of the best premium credit cards.
Good For: Frequent flyer.