Top 6 Credit Cards in Hong Kong: A 2024 Guide

A credit card is an incredibly powerful tool. Not only does it help you pay for high-value purchases and build your credit history, but it also offers a variety of perks, such as reward points and airline miles.

Not all credit cards are created equal. They vary in terms of benefits, and their suitability depends on your spending habits and financial goals. Picking a credit card in Hong Kong is far from a straightforward task.

What to Consider Before Choosing a Credit Card

It is incredibly overwhelming to pick the right credit card, given the countless options available in the market.

Here are some key factors to help you choose the best credit card in HK that suits your financial needs:

Annual Percentage Rate

The APR on your credit card denotes the interest rate chargeable if you don't pay the full outstanding amount at the end of your credit cycle.

Some issuers offer promotional APR at 0% to attract new customers, and no interest is charged during the initial 12-21-month period. Once the promotional period is over, regular APR kicks in.

When choosing a credit card in HK, opt for an APR lower than the average credit card interest rate. Even though the Hong Kong Monetary Authority (HKMA) doesn't impose any interest rate restrictions on the card issuer, they cannot charge disproportionately high-interest rates.

Annual Fee

The amount you pay to the card issuer every year to maintain your account is known as the annual fee. 

A credit card with a higher annual fee usually entitles you to more perks and benefits. Similarly, cards with low or no annual fees typically offer fewer perks.

Credit Limit

Your credit limit is the maximum amount of money you can spend using your credit card. The card-issuing bank determines it based on a few factors, such as your monthly income, creditworthiness, employment status, and more.

The initial credit limit depends on your credit score and income. It can change subject to the issuer's discretion. Pay attention to the minimum limits when researching credit cards in Hong Kong, as the final limit is only disclosed once your application is approved. 

Cash Advance Fees

Be aware of any fees associated with taking cash advances using your credit card. These fees can be a flat amount or a percentage of the amount advanced and are typically higher than the APR for purchases. Note that some credit cards charge foreign transaction fees for transactions made in a foreign currency.

Rewards Programs

Consider the credit card's rewards program. This could include a cash rebate, airline miles, points, travel insurance, or other benefits. Make sure to understand which are eligible transactions for earning rewards. Some cards may exclude certain categories or offer bonus points on specific purchases. Choose a program that aligns with your spending habits and goals.

Local and Overseas Spending

Consider how much you spend locally versus overseas. Some cards offer better rewards programs for specific types of spending, so choose a card that aligns with your spending habits.

Top 6 HK Credit Cards to Choose in 2024

Choosing the right credit card can make or break new credit card customers' financial journey. 

Here’s a look at the top 6 credit cards in Hong Kong you can choose from:

1. Citi Prestige Card

Citibank credit cards can be good, but it depends on your spending habits and financial goals. An ultra-premium travel and lifestyle credit card, the Citi Prestige Card from Citibank has an excellent rewards program. For high-income credit card customers, this one is a top choice for all the perks it provides.

Features

• Annual fee - HKD 3,800
• Annual Percentage Rate - 34.28%
• 58 days interest-free period
• Every HKD 6 spent locally earns you 1 airline mile
• Every HKD 4 overseas spending earns you 1 airline mile

To apply, you should:

• Be at least 18 years
• Have a minimum income of HKD 600,000

Pros

• “FlexiBill" installment program allows you to convert your bill into smaller payments
• Receive 20,000 Miles every year as a Thank You gift
• Get a free night stay when you book any hotel for a minimum of 4 consecutive nights 

Cons

• High annual fees and minimum income requirement  
• No travel insurance or purchase protection

2. DBS Black World Mastercard

DBS's Black World Mastercard is a great choice for those looking for a credit card that offers airline miles without any expiry date. 

Features

• Annual fee - waived for the first year, subsequently HKD 3,600 
• Annual Percentage Rate - 34.58%
• 60 days interest-free period
• Every HKD 6 spent locally earns you 1 airline mile
• Every HKD 4 spent overseas earns you 1 airline mile

To apply, you should:

• Be at least 18 years
• Have a minimum income of HKD 240,000

Pros

•  45% off when you redeem the rewards for air tickets and hotel accommodations on iGO Rewards
• Welcome offer of up to 42,000 miles 
• New customers get an extra 2,000 Miles for successful accumulation of Octopus Automatic Add-Value transactions totaling HKD1,000 or more

Cons

• High annual fees  
• No travel insurance 

3. HSBC Red Credit Card

If you enjoy shopping online or at local supermarkets, there’s probably no better card than HSBC Red Credit Card -- thanks to the generous rewards offered for every swipe. Issued by HSBC Bank, this one stands out for various reasons:

Features

• Annual fee - Permanently waived
• Annual Percentage Rate - 35.42%
• 56 days interest-free period
• 4% RewardCash on your initial HKD 12,500 online spending and an ongoing 1% RewardCash for subsequent online expenditures every month
• 2% RewardCash for local supermarket spending

To apply, you should:

• be at least 18 years
• have a minimum income of HKD 120,000

Pros

• You can share the RewardCash with family and friends
• Earn an additional HKD 200 RewardCash when you apply for a Cash Instalment Plan
• RewardCash can be redeemed for air miles or offset both monthly spending and individual transactions

Cons

Some rewards/offers may be time-limited 

4. Standard Chartered Cathay Mastercard

Formerly known as Asia Miles Mastercard, Standard Chartered credit cards are the only HK credit cards that allow you to earn miles by using banking services. They are also popular for having the lowest air mile conversion rate. 

Features

• Annual fee - HKD 2000, first year fee waived
• Annual Percentage Rate - 35.70%
• 56 days interest-free period
• Earn 1 Asia Mile on Cathay and HK Express for every HKD 2 spent 
• Earn 1 Asia Mile per HKD 4- HKD 6 eligible spending on dining/food delivery platforms, online and overseas
• Earn 40,000 Asia Miles when you make a new deposit of HKD 100,000

To apply, you should:

• be at least 18 years
• have a minimum income of HKD 96,000

Pros

• Welcome offer of up to 60,000 Miles
• No cap on the Asia Miles earned every month
• Additional discount on hotel bookings through Agoda and Expedia

Cons  

• No travel insurance or purchase protection

5. Hang Seng enJoy Card

This credit card is a collaboration between Hang Seng Bank and Yuu Rewards Program. Anyone who uses a credit card for daily expenditures can enjoy extra rewards offered by this card.

Features

• Annual fee - perpetual annual fee waiver if you apply between 1 January and 30 June 2024, otherwise HKD 1500
• Annual Percentage Rate - 35.72%
• 56 days interest-free period
• Up to 4X yuu Reward Points all year round for swiping  enJoy Card at the enJoy Card Designated Merchants 
• For other retail spending, every HKD 1 spent earns 1 point

To apply, you should:

• be at least 18 years
• have a minimum income of HKD150,000 (except for full-time university / tertiary students)
• be a resident of Hong Kong

Pros

• 120,000 yuu Points for new customers and 80,000 yuu points for existing customers
• A centralized Yuu reward app available for earning and redeeming point 
• Local spending earns 2% cashback

Cons 

• No travel insurance or purchase protection

6. American Express® Platinum Credit Card

This American Express credit card is a premium offering that provides a diverse range of privileges. While most of these pertain to travel, you can also earn reward points and redeem them for shopping, gym memberships, and digital entertainment.

To apply, you must:

• be at least 18 years old
• have a minimum annual income of HKD 300,000
• be a resident of Hong Kong or Macau

Features

• Annual fee - HKD 2200
• Annual Percentage Rate - 35.96%
• 56 days interest-free period
• Spending HKD 1 earns you up to 3 points for the first HKD 120,000 spent. For spending above HKD 120,001, every HKD 1 spent fetches you 1 point

Pros

• Points can be redeemed for complimentary flights, airline upgrades, and companion tickets
• Attractive introductory offers include 4 complimentary movie tickets and cash vouchers up to HKD 500  
• Complimentary travel insurance 
• Year-round Buy-1-Get-1-Free offer on Fridays on 3D, 2D, and IMAX

Cons

• Steep annual fees 

Bottom Line

The multitude of options available in the market makes it challenging to find the perfect HK credit card for you. It helps to research and compare various credit cards in Hong Kong to identify what works best. 

No matter what your end goal is, don’t settle for the first card that comes your way. Looking to open a company bank account in Hong Kong? Let Air Corporate help you!